AMT – 2008 Tax Law changes

Posted on December 27, 2007 by Jorge Costales

December 27, 2007

IRS: Tax Fix Delays Refunds

By THE ASSOCIATED PRESS

WASHINGTON (AP) — More than 3 million people will have to wait until February to get their tax refunds because of Congress’ late fix to the alternative minimum tax, the IRS said Thursday.

Congress put a one-year freeze on growth of the alternative minimum tax last week, shielding many middle- and upper-middle income taxpayers from first exposure to the tax. But Congress’ late action means the Internal Revenue Service won’t be able to start processing five AMT-related forms until February, delaying potential refunds for those people until that month.

”We regret the inconvenience the delay will mean for million of early tax filers, especially those expecting a refund,” acting IRS Commissioner Linda Stiff said. [JC note: there was no record of laughter following her remarks].

As many as 13.5 million people will have to wait until February 11 to start filing with the five AMT-related forms, but the IRS said filing patterns show only between 3 million to 4 million of those people file during the early tax season anyhow.

The five forms affected by the delay are:

— Form 8863, Education Credits.

— Form 5695, Residential Energy Credits.

— Form 1040A’s Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers.

— Form 8396, Mortgage Interest Credit and

— Form 8859, District of Columbia First-Time Homebuyer Credit.

Source: NYT article

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Elephant Man by Gabriela Costales

Posted on November 11, 2007 by Jorge Costales

Nov 2007

This movie is not one of my favorite ones because it is very sad and the black and white feature makes it scary. John Merrick, or as known by everyone else in the world, the Elephant Man, due to his enormous features, has been treated terribly all his life.

He makes a living by being part of a traveling freak show carnival group. Everyone does not believe that he could possibly be human, so he frightens many people. He would frighten me too because he looked like something – not someone – that’s in my nightmares. One day a surgeon named Frederick Treves realized that John was human and decided to admit him into the hospital where he worked. Once there they learn that John is an intelligent man who can speak, read and write. He even begins to construct a model of a Church that is outside his window.

What really made this movie depressing was how people treated John as an animal and how for him, a simple task like watching a play, was a miracle. Another sad part was to realize that although John loved his mother dearly and thought she was the ‘most beautiful woman in the world,’ she probably hated him for his deformities. This movie gave me a new perspective on life – to know that there are others that suffer a million times worse than we do.

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Zulu Pigeon

Posted on July 25, 2007 by Jorge Costales

A transponder, either directly hit or affected by nearby lightning, exploded with a flash and loud bang and sent debris flying at least 30 feet. A pigeon who had been on the line, flew up, hovered for about 5 seconds and sat right back down on the line.

Bad asses know no species-limitations.

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Christopher Buckley

Posted on June 27, 2007 by Jorge Costales

From the book, Thank You for Smoking: Tobacco company executive addressing his cowed sales team:

People, what is going on out there? I look down this table, all I see are white flags. Our numbers are down all across the board. Teen smoking, our bread and butter, is falling like a shit from heaven! We don’t sell Tic-Tacs for Christ’s sake. We sell cigarettes. And they’re cool and available and addictive. The job is almost done for us!

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Surf’s Up by Daniel Costales — # 41486

Posted on June 8, 2007 by Jorge Costales

This movie was about a penguin named Cody Maverick who was the only surfer in his town. He had a brother and a mom. When he was young he met a legend name big Z. He was the one who really taught him surfing. All his life, Cody wanted to be just like him. But one day, a whale came to take any surfer to Penguin ‘U’ for the Big Z. Memorial surf-off.

When they got there, they found that Cody, couldn’t see what he could do and left. But Cody chased after them and eventually came back to surf. On the way there he met a chicken named Chicken Joe, who was also a surfer who came from Wisconsin. When they got there, Cody saw Big Z’s shrine from his death, then he saw the champ who was named Tank Evans. When he was there, he did a one-on-one with him, lost, and step on a red urchin. So the lifeguard took him to a tree where this man was and cured him by peeing on his foot. A little later, Cody took him to a beach and then realized that he was Big Z, and realized that he didn’t die. Then later on, the surf-off began and Tank Evans, Cody Maverick, and Chicken Joe were the finalists. Cody lost trying to save Chicken Joe from Tank Evans.

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Indiana Jones 4 by Nicole Galego

Posted on May 28, 2007 by Jorge Costales


This past weekend, my family and I went to the movies to see Indiana Jones. As anyone else would, I had high expectations for the film due to the prior success of the famous Indiana Jones trilogy. I was excited to see what this new plot had to offer.

With past events like rolling boulders, temples of doom and cracking whips, I was experiencing a mixture of confusion and disappointment when I sat down to find a storyline full of paranormal discoveries, Russian communists and glowing skulls. Although some people were fascinated by the newer events in Indiana’s adventures, I was unfazed by Steven Spielberg’s attempts to have the last movie of the bunch be fresh & comedic.

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Words That Work by Frank Luntz

Posted on April 23, 2007 by Jorge Costales

I was listening to an audio book [Words That Work] by Frank Luntz. He is known for his political work, but much of his insights are applicable outside the political arena. His main point is summarized in the following sentence;

It’s not what you say, it’s what people hear.

I’ve heard him on Fox discuss the ANWAR controversy and make the following point; exploring for alternate sources of energies is a better message than than drilling for oil, even if they constitute the same thing. It’s one of those things which are annoyingly true. Below are his 10 rules of effective communication:

  1. Simplicity: Use small words. Avoid words that might force someone to reach for the dictionary, because most Americans won’t.
  2. Brevity: Use short sentences. Be brief as possible. Never us a sentence when a phrase will do.
  3. Credibility Is as Important as Philosophy. People have to believe it to buy it. If your words lack sincerity or if they contradict accepted facts, circumstances or perceptions, they will lack impact.
  4. Consistency Matters. Repetition. Repetition. Repetition.
  5. Novelty: Offer something new. Words that work often involve a new definition of an old idea.
  6. Sound and Texture Matter. A string of words that have the same first letter, the same sound or the same syllabic cadence is more memorable than a random collection of sounds.
  7. Speak Aspirationally. The key to successful aspirational language is to personalize and humanize the message to trigger an emotional remembrance.
  8. Visualize. Paint a vivid picture.
  9. Ask a Question. A statement put in the form of a rhetorical question can have much greater impact than a plain assertion.
  10. Provide Context and Explain Relevance. You have to give people the “why” of a message before you tell them the “therefore” and the “so what.”
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January 2008 – Business and tax reminders

Posted on January 1, 2007 by Jorge Costales

01/01 – Federal [Bank] Holiday

01/07 – IRA reminder – eligible to make IRA contributions up until April 15th

01/15 – All employers – payroll taxes due for monthly deposit filers

01/15 – Individuals. Make a payment of your estimated tax for 2007 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES. This is the final installment date for 2007 estimated tax. However, you do not have to make this payment if you file your 2007 return (Form 1040) and pay any tax due by January 31, 2008.

01/21 – Federal [Bank] Holiday – MLK Day

01/22 – State of Florida sales taxes are due

01/31 – All businesses – furnish Forms 1098 & 1099 to applicable recipients

01/31 – All employers – deposit FUTA tax owed thru Dec 2007 – if $500 or less

01/31 – All employers – Form 941, Employer’s QUARTERLY Federal Tax Return. This form is due 1 month after the calendar quarter ends. Use it to report social security and Medicare taxes and withheld income taxes on wages if your employees are not farm workers or household employees.

01/31 – All employers. Give your employees their copies of Form W-2 for 2007 by January 31, 2008. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting by January 31.

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When to Depart The Departed

Posted on October 1, 2006 by Jorge Costales

-We are out there among you. We represent an outwardly unidentifiable sub-culture of intense movie fans that regard casual movie fans as unconscionable dilettantes. Outside the movie theaters, we can’t even tell who our fellow members are until someone goes into just a little too much detail or describes with just a little too much intensity a scene from some movie. That type of innocuous behavior may go undetected with the masses, but to fellow celluloid freaks (FCF’s), it represents a clarion call as effective as smoke signals among the Iroquois Indians. FCF’s are frequently surprised to discover one another. Once I was attempting to recall a classic movie line, “Luke, I am your father’s brother’s nephew’s cousin’s former roommate ” at a trendy happy hour bar and an unknown guy walked up to our group. He looked as though he had stepped out of one of those magazines which feature very attractive humans who stare somberly into the camera lens seemingly either puzzled by their genetic good fortune or miffed by the request to spit out their gum. He proceeded to repeat the line perfectly. Curiosity very temporarily getting the better of jealousy, I asked when he last saw the movie. “Years ago as a kid”, he responded. I was both impressed and depressed; I had seen the movie three times while on vacation with my kids just two weeks ago and had been flubbing it badly. Fearful that he would soon regale the group with details from his recent volunteer efforts in Calcutta – we, OK me – proceeded to subtly communicate that the Kumbaya moment had passed, so don’t let the door hit your phony light saber on the way out buddy. But, I digress.

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Degenerate Sports Fan – Sample Citation

Posted on September 29, 2006 by Jorge Costales

citation-nohighlightSample citation and shameless appeal exhibits – names redacted to protect the inconsiderate:

Letter #1     ____________________
From: Jorge Costales
Sent: Friday, September 29, 2006
Subject: DSF Citation

Dear [redacted]:

We regret to inform you that you have been issued a Degenerate Sports Fan Citation.

By scheduling a party for your son during a University of Miami home football game you have shown a callous disregard for the well being of those whose life revolves around meaningless sporting events.

I doubt this would have occurred if the Canes had a winning record. Forgive me, normally I don’t point fingers, except for giant styrofoam ones. You are of course free to appeal this Citation directly to the [redacted] noting any extenuating circumstances – i.e. late schedule announcements (weak!). But given the performance of his team [St Louis Cardinals] recently, success appears as likely as an Islamic Jihadist Gay Day Parade.

See you Saturday. If you are a Satellite subscriber, please have an antenna enabled television available in case of inclement weather.

Jorge

Letter #2________________________________________
From: [redacted]
Subject: RE: DSF Citation

Dear Jorge:

I am very upset that I have been issued a Degenerate Sports Fan Violation for irresponsibly scheduling a party during a UM football game. If sustained, it will mean an end to my perfect record of never having received a DSFV – a feat I share with few.

It hasn’t been easy over the years. I, like any other degenerate sports fan, have always scheduled family events (baptisms, wedding, funerals) around any event that has a point spread. I am proud to say that until my son’s b-day party I have never put myself or my friends in a game day predicament- except missing the ’88 UM-UCLA game on my honeymoon (but I didn’t drag down anybody with me).

Although my wife pulled a fast one on me by the timing of this party, I was relieved to see that my friends were not affected by it. You, an experienced degenerate, ignored the invitation. [Redacted], also well seasoned, enjoyed the game but showed some weakness by attending the party after the game. [Redacted], on the other hand, had to work some magic. He could not avoid [redacted’s] wrath so he smoothly convinced her to drop off their daughter and head to a nice restaurant for a romantic dinner, Duffy’s next to a big screen (classic DSF 101).

Based on my record and the fact that no harm was done I ask that the citation be rescinded.

Letter #3________________________________________
From: Jorge Costales
Subject: RE: DSF Citation

Dear [redacted]:

First I admire the skill of your response – immediately I am on the defensive – please be advised that I most certainly did not ignore the invitation; like [redacted] my intentions were to come by after the game – except my youngest offspring fell asleep – apparently shuttling off to watch the 2nd half of the UM game after a pool party was too tiring for these next generation types. So I begin with an apology for the lack of even a drive-by appearance.

Your defense highlights why the Citation was such a difficult decision to begin with. Your seemingly flawless track record; your good-natured willingness to hear oh-so-slightly differing variations of the same Miami Senior High lore from myself or [redacted] in the most inappropriate of circumstances, volunteer coaching background and kids thoroughly empapado in sports.

I just didn’t see it coming, which is why it probably hurt so much. So while I want to rescind, what kind of a message does that send to the aforementioned kids?

A proposed solution – una escuelita – fortunately one is being offered the weekend of Nov 17th at Casa Manresa – only requirement is to wear a white rose polo shirt to Mass and harass your friends about non-sports related subjects.

Jorge

ps – I’m involved in planning another wedding for next summer – contingent parameters include, but are not limited to; MLB All-Star weekend, Tour de France, Zo’s Summer Grove, Heat Summer Camp & Disney blackout weekends. The one problem is with Marlin home dates which are released late, but I am in contact with MLB as we speak.

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