http://www.foxnews.com/story/0,2933,99962,00.html

This is not the story our paper had. (I mentioned in an earlier post, so you already know how I feel - hehe). But it had the gist of it.

I loved this line in particular:

""It was a peer build-up with all the other ladies talking about this," said Owen. "It became, 'What did you get?' so obviously something had to be done.""

Well, obviously. *rollseyes*

Is this the most important aspect of personal finance? Ignoring peer pressure? Sure makes life easier. PRobably should be at the top. I read a line like that and just think, "you have got to be kidding me." Much as I did not have to have a fancy engagement or wessing ring, I don't need a fancy push present to be happy. Somehow I have survived...

I think the other thing that bugged me about the whole idea is that when we had both kids was a time of great financial sacrifice. There wasn't income coming in, so we could be home with them. So the idea of going back to work the next day to afford diamonds, or putting them on a credit card, just sounds ludicrous to me. Most of the upper middle class
people I know around here (IRL) had a financial setback with their children. IF diamonds make them happy, so be it. But why are they whining incessantly about their bills? Just more "entitlement" for stuff most of us can't truly afford...

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Well, I haven't been around much. It is crunch time at work. I think this is worse than tax season. All this number crunching has to be done by 12/31, and there is no extension.

Mostly tax planning, paying out profits from corporations, etc. BUT this whole AMT thing is NOT helping.

What every taxpayer needs to know is that by not making up AMT revenues elsewhere, that Congress is clearly saying they rather stick it to the middle class than find a viable solution. Seriously, it's maddening. IT's extra maddening to me because states like California are so seriously weighted against with AMT. (NY & CA come to mind).

Yes, my family will get hit by AMT this year. Barely. But will get hit, is there is no fix. Because you know we are of the richest variety trying to evade our taxes. (That's who the tax was originally aimed for).

The ironic thing is we'll pay AMT tax, BUT we'll also ge a $2k child tax credit. How friggin ridiculous is that? We're in the 15% tax bracket otherwise. (We are still squarely 15% even with a $15k ROTH conversion this year!) Make up your stinking mind. Are we insanely rich or do we need government handouts? Apparently a little of both? I'd vote neither. But I guess that's the thing. They can't fund the handouts without the AMT. So a lot of us get both. We get to fund our own handouts. Oh, we'll be paying them for years to come. Which is why, frankly, I could do without. It's been extremely helpful these one-income years. But I know the big picture is we'll pay this back tenfold down the road. Well, someone will.

But yeah, it's all smoke and mirrors. What it comes down to. Like anyone can make any sense of it all. I barely can any more, and I Am paid to make sense of it.

All I Can see is the CPA community out here has been screaming about this for years. (Think ISOs for one). & it seems to fall on death ears. I get the feeling no one cars until it starts hitting the people making $50k. There will be a lot of screaming then. But places like CA & NY will be paying way more than their fair share long before that happens.

I am fairly certain that there will be a quick fix this year so the homeowners/families making $75k in Cali won't get blindsided. But lord knows they are taking their sweet time.

It's just so maddening. IT is making our job very hard in the interim. & IRS is talking about delayed refunds and all that too. As for us, we aren't expecting one. But a lot of our clients are. We may not even be able to file anything until February. Craziness.

I wasn't intending to rant about AMT but it is hard not to mention it. It is driving me nuts I guess. Clients with these huge tax bills that we didn't expect, and we can't assure them 1000% it will go away by 12/31. THough probably will... But who knows.