FULL HOME SALE EXCLUSION FOR SURVIVING SPOUSE

Q: My husband passed away 1 ½ years ago. Can I still claim the joint home sale exclusion if I roll over funds into another place?

A: Yes. The full $500,000 home sale exclusion (which is reduced to $250,000 for single filers) is still available for up to two years after the death of a spouse. But both spouses must meet the requirements of use and ownership of the home as a principal residence for at least two out of the five previous years. Also, a surviving spouse can’t remarry before the sale.

Tip: You don’t have to “roll over” funds into another home. The rollover requirement was eliminated years ago.

AMERICANS WORK 2 HOURS, 13 MINUTES A DAY TO PAY TAX

According to the Tax Foundation, in 2011, Americans will devote 2 hours and 13 minutes of every eight-hour workday, or over a quarter of their working hours (27.7%), to paying taxes. In a nine-to-five workday, it takes until 11:13 a.m. to earn enough to pay that day's share of taxes at the federal, state and local level.

If we add the federal deficit to the picture—that is, if the federal government were planning to collect enough in taxes during 2011 to finance all of its spending—Americans would work until lunchtime, 12:07 p.m., for the government, before keeping any of their earnings for themselves.

OBAMA FLOATS PLAN TO TAX CARS BY THE MILE

As a member of the State Chamber of Commerce Board of Directors, we often get into discussion on funding highway improvement and repairs. There is just not enough money to go around. Since the road budget is funded by the gasoline tax, part of the problem is that people are buying hybrid and electric cars which don’t use as much gas, and therefore, do not pay as much in gas tax.

TheHill.com reports, "The Obama administration has floated a transportation authorization bill that would require the study and implementation of a plan to tax automobile drivers based on how many miles they drive." The story notes this comes after "a March Congressional Budget Office report that supported the idea of taxing drivers based on miles driven."

Among other things, CBO suggested that a vehicle miles traveled (VMT) tax could be tracked by installing electronic equipment on each car to determine how many miles were driven; payment could take place electronically at filling stations. The issue is that if there are GPS devices in our vehicles, the government could keep tabs on where we are at all time....kind of like George Orwell’s, Big Brother.

http://thehill.com/blogs/floor-action/house/159397-obama-floats-plan-to-tax-cars-by-the-mile

WHAT WAS THAT BOOK???

Larry
I read some time ago in your blog about a book that you recommended for scalp disorders. Can you tell me what the name of it was again please?

Blessings-
Bambi

Bambi-

Please check out the book 'Common Disorders of the Skin, Scalp & Hair':
http://www.centerforbeautyandhealthexcellence.com/Resource_Tools.html

Good Luck, Larry

ASK LASKAS

A month or so ago in the “Ask Laskas” feature of the Readers Digest they had the following question/response that I thought that you might be interested in.



Ask Laskas
I own a hair salon and one of my clients is habitually late. When she finally arrives, she either uses our tanning bed or browses our jewelry display cases. She usually takes my last appointment of the day and her lateness often keeps me at work until 9 or 10, even 11. I have two young sons who need me at home. She’s so inconsiderate that I’m not sure anything I could say would get through to her. Help!

~Needing a Kind Cut


Dear Kind Cut,

There’s a reason stores have hours and offices shut down at the end of the day...the workers have to go home. People have lives! It’s no different here. The next time "Tardy Lady" arrives late, say “I’ll have to reschedule you for another day because I leave at 7 p.m.” Invite her to tan or browse until the salon closes and be firm. The worst that could happen is you lose one client and your boys get their mom home in time for a good-night kiss.

HAPPY MOTHERS DAY – WHAT MOTHER HAD THE MOST CHILDREN

Can you beat 69? The most children born to one mother, according to the Guinness Book of World Records, was a woman from Russia who gave birth to 16 pairs of twins, seven sets of triplets, and four sets of quadruplets. Don't expect the reality show too soon as this happened between the years 1725-1765.

WHERE DID MY TAX DOLLARS GO???

Have you ever wondered where it goes- and I don't mean for food and in your gas tank.

Check this out:
http://wheredidmytaxdollarsgo.com