I Agree With President Obama
Essex & Associates:: http://www.essexinc.biz May 8, 2011
President Obama outlined his plan for reducing the budget deficit by $4 trillion in the next 12 years during a speech Wednesday, April 13th in which he said taxes would need to be raised on the wealthy and itemized deductions limited.
Obama urged Congress to let the recently extended Bush-era tax cuts expire for upper-income individuals when they end in late 2012. "My budget calls for limiting itemized deductions for the wealthiest 2 percent of Americans-a reform that would reduce the deficit by $320 billion over ten years," he said.
"But to reduce the deficit, I believe we should go further. That's why I'm calling on Congress to reform our individual tax code so that it is fair and simple-so that the amount of taxes you pay isn't determined by what kind of accountant you can afford. "
Obama acknowledged that some itemized deductions made sense. "While I agree with the goals of many of these deductions, like homeownership or charitable giving, we cannot ignore the fact that they provide millionaires an average tax break of $75,000 while doing nothing for the typical middle-class family that doesn't itemize," he said.
Mr. Obama is absolutely correct; the amount of taxes you pay is determined by the tax knowledge of your accountant. A good tax accountant is not inexpensive. However, it is not a cost but an investment. A good tax accountant will save you exponentially more than their fees.
You really should not be doing your own taxes or even using off-the-shelf tax preparation software. The money you "save" by using TurboTax or other similar products, you give back and much more to the government in the form of paying higher taxes.
If you think you may have over paid your taxes this last season, let our firm do a FREE review of your return by our highly trained and experienced preparers as well as using our very sophisticated tax preparation software.
Wishing you many happy returns,
Wayne T. Essex Ph.D.
Essex & Associates
Tax, Accounting, HR, Payroll
7501 Paragon Road
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