OK THIS IF FOR THOSE OF YOU THAT THINK MY BLOGS ARE TOO CONSERVATIVE

Occasionally I get emails from people that say my blogs are too conservative or slanted. I was even called Glenn Beck. So this should help to balance it out... http://www.youtube.com/watch?v=0xJkD18WyLw&feature=player_embedded

GO FIGURE

According to First Data Corporation the average gift card holder spends $33 beyond the value of the card.

David Letterman's Top Ten Tax Tips

10. IRS deadlines are just suggestions. File your taxes whenever you want.

9. Warlocks may not claim trolls as dependents

8. Make filing more personable by naming your calculator. Mine is named “Owen.”

7. Make sure your accountant went to a real school and not a phony internet college like I did.

6. H Block: Good guy, R Block: complete grease ball

5. Getting a refund? Log on to IRS.gov to spin the wheel and play “double or nothing”

4. If you don’t remember your social security number, make one up

3. Do not use Wesley Snipes’ accountant

2. Not really a tax tip, but accountants are wild in the sack

1. Take it from me, prison’s not so bad

HEALTH CARE REFORM: NFL PLAYERS ON PARENTS HEALTH INSURANCE PLAN

Professional football player Craig Steltz, age 24, who plays for the Chicago Bears. Steltz notes that he currently doesn't have health insurance due to the NFL players' union dispute with NFL owners. Steltz says he went on his parents plan since he is only 24, as allowed by President Obama's health care law. The story notes that the "new federal health care law allows those who are 26 years old and younger to return to their parents' health insurance." Steltz told the paper, "Out of the blue, someone reminded me that 'Man, you are 24; you can get on your parents' insurance.' ... I said, 'Man, this is awesome. I'm a professional athlete and I am getting on my parent's insurance.'"

PERSONAL NOTE

As most of you know my daughter-in-law, Jessica Bedient, was killed by a drunk driver last fall. Last week the young man was sentenced to 10 – 14 years in prison. Jessica was an outstanding human being. She was so into giving. Below is a link to a news report that aired Sunday 04.24.11.

Check it out: http://www.ketv.com/news/27659158/detail.html


To honor Jessica, my step-son Tony is raising money for Tanzania. My son, other family members and friends are honoring Jess by running in the Lincoln Half Marathon. We are raising money in order to carry out Jess’s dream of building a school and missionary support in this poor county that Jessica had done missionary work in a Tanzanian orphanage.

To support Running for Jess: http://www.firstgiving.com/fundraiser/larrykopsa/teamjess-lincolnmarathon?fge=ask

I want to thank you for your support and prayers.
Larry Kopsa

BANK WROTE OFF PORTION OF HOME LOAN

Q. The bank wrote off a portion of my home loan. I thought that was a good deal now somebody told me that was taxable. I thought if anybody could help me you could. So help! Tell me it isn’t so. A. First and foremost this can be complicated so make sure you get help to advise you on your particular circumstances. Here are the basic rules. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. Mortgage debt that is partly or entirely forgiven during tax years 2007 through 2012, may allow you to be able to claim special tax relief and exclude the debt forgiven from your income. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion but proceeds of refinanced debt used for other purposes – for example, to pay off credit card debt – do not qualify for the exclusion. Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the tax relief provision; however, other tax relief provisions – such as insolvency – may be applicable. IRS Form 982 provides more details about these provisions. You normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed. Examine the Form 1099-C carefully. As I said at the beginning, make sure you obtain counsel on your particular case from a trusted advisor.

IT'S OFFICIAL - THE BURDENSOME 1099 LAW REPEALED

President Signs 1099 Repeal into Law President Obama signed legislation Thursday repealing the expanded 1099 reporting requirements in the health care reform law and Small Business Jobs Act.