GIVE ME ONE OF THOSE STEM CELL BURGERS

Using the stem cells from an adult cow, a Dutch physiologist has grown a sliver of edible artificial "meat."  He claimed this could offer a better way than traditional animal farming to satisfy the world's booming taste for meat. 

According to researchers within the next 50 years meat production will have to double worldwide to meet the demands of a growing population.  This method could help avoid the cost of using precious farmland.

But you might not want to order a stem cell burger just yet.  The first patty, promised for later this year will cost $300,000.

HOW MUCH OF YOUR GAS PRICE IS TAX - SEE THE MAP

This new map show the state gasoline tax rates. How much does your state tax gas?

A REMINDER: FEDERAL TAX FILING DEADLINE IS APRIL 17 THIS YEAR

The good old IRS sent us a reminder, they sent out a video this week reminding everyone that this year's tax filing deadline is Tuesday, April 17, 2012. This is because the traditional April 15 deadline is a Sunday, and April 16 is a holiday in the District of Columbia.

This give us two extra days to get your taxes in!

ONE OF THE WALL STREET PROTESTERS SALUTED ME

I can't figure out why this happened. I have been trying to figure out the psychology of why a young man would for some reason give me the middle finger salute. I finally came to the conclusion that he was angry at me because I was part of the establishment.

Here is what happen. First of all I have to tell you I have a nice car. Not a Rolls or a Porsche, but a really nice black Infinite. I have to tell you I have earned this vehicle by working hard (and smart). For example during the last two weeks I have put in over 70 hours each week. I am not complaining but just trying to justify my Infinite 50FX. It is a good car for me because it is like me. It is a SUV that thinks it is a sports car and I am a old guy (63) who thinks he is a young guy.

On Monday I was in Waterloo Iowa doing a class on how to take your business to the next level. My wife Maggie came along with me.

After the program I put my brief case in the back of my SUV. My car was dirty so I grabbed my California Duster and started wiping down my car. I noticed a guy who was about 25 years old with tattooed arms and sloppy clothes walking accross the parking lot to a car behind me.

I noticed him but did not even make eye contact because I was concentrating on my car. When I got in my car my wife, who was waiting patiently in the car said that before the young man got into his car looked towards me and although i was not looking he felt it necessary to give me the middle finger salute.

Just why would he do that? Because I have a nice car. Because I cared how it looked? Because apparently I am successful. If someone knows why I deserved this please let me know. I know that my new friend will not be reading this. I doubt if he can read. By the way new friend, if you do happen to be reading this, I did notice that your pants were falling off.

STATE BEER TAX

Did you ever wondered what the state excise tax rates on off-premise beer sales were? Well take a look at this....

http://www.taxfoundation.org/UserFiles/Image/maps/beermap_large_r1.png

WHICH PRESIDENTS TAX PROPOSAL IS BEST... AND DOES IT REALLY MATTER?

Q: We are seeing a lot of proposals to revamp the tax system.  Obama has a plan and Rommey has a plan.  Which one do you think would be better for the average person?

A: Tax reform plans are popping up all over, like robins showing up in the spring, but don't get too excited.  If you think about it this is just election posturing.  It takes more than just the president to change the tax code.  Legislation must first start with the House Ways and Means Committee and then make it all the way through Congress before it hits the president’s desk.  Sure the president has some power to influence but that is about all.  Because of this I don't get too excited about election promises. 

We are watching and will keep you posted.

YOU MAY OWE TAX IF CREDIT CARD DEBT FORGIVEN

Q: I just received a 1099C from a credit card company.  The attachment says that the amount is due to debt that they forgave.  They said that it may be taxable. Can you explain?  I did not get any money from the company.  How can that be taxable?  The amount is $31,269.

A: This can be a little complicated.  I strongly suggest that you work with a competent professional on this matter. 

You aren't the only ones surprised by 1099C's.  There are a lot of them being sent out due to the poor economy.  Lenders, like the credit card companies, are required to send out these 1099's or face steep penalties.  Realize that they also send a copy to the IRS.  We have found some discrepancies in the 1099's.  Discrepancies include amount of debt written off, when the debt was written off and wrong taxpayer numbers.

Here is the deal on the tax law:  Debt that is canceled or forgiven is considered taxable income.   There are a couple of exceptions which is why you need to be working with a competent professional.  If you can prove that the debt was discharged in bankruptcy or if you were insolvent then you might meet the exception. 

If you happen to meet one of the exceptions you still need to recognize the 1099C on the tax return and then explain why it was not taxable.  If you do not, you most likely will get a letter or visit from the IRS.