Taxing Times 
June 2010 
In This Issue
Scam of the Month Club
Death, Dying
MO Tax Credits
Prescription Drug Card
 
 
 
Read my latest blog post:
 
 Scam of the Month Club
 
Tax deductible cruises?
Cruise Ship
 
 
 
 
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Roberg Tax Solutions logo
 
 
 
Follow-up Links
 
 
Thanks for reading the June edition of Taxing Times.  I took a vacation last month to the United Kingdom to visit my son David, who was attending school at the University of Edinburgh in Scotland.  If you're a glutton for punishment, you can click on the link at the bottom left to see my cheesy tourist photos. 
 
Death, Dying and All that Jazz
Lilies If you've seen the movie "The Sixth Sense," then you're familiar with the line, "I see dead people."  One part of my job is, I do taxes for dead people.  It doesn't seem fair, but even if you die, the government wants its share of your money. 
   So here's my question for you this month:  who do you want to receive your money when you die?  Your spouse?  Your children? Your grandchildren?  I'm assuming it's the people you love. 
   Now take about 10 minutes and check your insurance policies, your IRAs, bank documents, etc.  Who do you have listed as your beneficiaries?  Do you even have beneficiaries listed? 
   Over the years,  I've had to deal with some unfortunate situations:  a million dollars left to an ex-wife, a bank account left to a deceased relative (deceased for 14 years!), a trust set up to protect the children but was never funded, and an assortment of other issues that I suspect were not the intentions of the people who died.  Oh, and if you are thinking of leaving all of your money to your cat or dog (a la Leona Helmsley) talk to me first.  (That sounds like a joke, but it's not.  There are tax issues that you need to know before you do that.)
   Once a year, you should just check these things.  This is one situation where, if it's too late, it really is too late. 
Missouri Tax Credits for Business Owners
Elderly man learning computerThe state of Missouri has over 50 miscellaneous tax credits that are available to Missouri taxpayers.  Although Governor Nixon tried to get rid of tax credits recently, he didn't have enough support to end the program. 
   The tax credit program is a great way for someone to support the community in a big way at a reduced cost.  For example, if you're in the 28% tax bracket, let's say you make a $10,000 cash contribution to a charity.  After your 50% Missouri tax credit and your state and federal tax savings, your net out of pocket cost for the gift would be $2,900.  You can see why tax credits are popular with Missouri taxpayers.
   Now you may be wondering, "How can I get in on something like that?"  (Or you may be thinking, "I don't have $10,000 to donate" - legitimate thought, but that was just an example.)
   If you want to participate in a Missouri tax credit program, you need to know what organizations are able to offer them.  It's kind of tricky because an organization is only given so much in tax credits and once they're gone, they're gone.  But, I know about one that is still open if you're interested. 
   The St. Louis Naturally Occurring Retirement Community (NORC) helps seniors with home repairs, safety adaptations, computer assistance, educational programs, and a host of other things.  It's run through the Jewish Federation, but you do not have to be Jewish to receive benefits, nor do you have to be Jewish to contribute.  What's cool about this program is that I actually know people who have donated to it and people who have benefited from the program so I can vouch for it.  (Otherwise this would never make my newsletter.)
   Qualified donors for this program must be either a business, or an individual with business income such as an S Corp, partnership or LLC.  Also, the minimum donation for participating in the tax credit program is $1,000. 
   If this sounds like something you'd be interested in learning more about, please contact Ken Weintraub at (314) 442-3731 or at [email protected]
Prescription Drug Card
Click on the card for full size version
MHCC Prescription Drug Card
The Maryland Heights Chamber of Commerce has a prescription drug card that you can use at most major drug stores anywhere in the United States.  And, you don't even need to be a chamber member to use it.  If you do not have prescription drug coverage, or if your coverage isn't very comprehensive, print out a copy and bring it with you the next time you need to have a prescription filled.  It may just save you some money.   
Thank you for taking the time to read Taxing Times.  Have a great summer.  Oh, if you didn't check out the found money site last month, I've put the link in again on the left. Congratulations to the folks who called and said they found money.  That's pretty cool!
 
Sincerely,
Jan
Roberg Tax Solutions
 
(314) 275-9160