Category Archives: Finances

Virgil Goode, Rob Bell & Frank Ruff Meet Me for Lunch

Rep. Virgil Goode speaks with Carrie WigalLast weekend I had the opportunity to attend a Barbecue put on by the Fluvanna Taxpayers Association and was able to meet with several of our elected officials. I chatted for a little bit with our State Senator Frank Ruff. Being a delegate to the Congressional District Convention last month for the first time, we discussed that event for a bit. I told him I sat next to Shaun Kenney while he blogged away about the whole event. It was an eye-opening experience and I was looking forward to the State Convention.

After we all had the chance to eat, the various leaders got up to speak about tax-related issues and some of the folks in attendance had great questions. Supervisor Don Weaver was there and he was one of the first to grill the guys. We heard from Senator Ruff, Delegates Watt Abbitt and Rob Bell, and Congressman Virgil Goode. After their talks and a general Q & A, the leaders mingled with the guests for some one-on-one conversation.

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Fluvanna BBQ for Fiscal Conservatives

Sack of MoneyThe Fluvanna Taxpayers Association is holding a lunch barbecue tomorrow (Saturday), May 10th, 2008 starting at Noon. It is open to all Fluvanna County citizens concerned about their taxes regardless of political affiliation.

Scheduled speakers include the following elected officials:

Congressional Representative Virgil Goode (R, 5th District)
State Senator Frank Ruff (R-15)
State Delegate Watkins (Watt) Abbitt (I-59)
State Delegate Rob Bell (R-58)

There is no cost, however a $10 donation per person is suggested. It is being held at the home of Doug Johnson, 571 Long Acre Road in Palmyra.

This is an excellent opportunity to meet & speak to your elected leaders! I encourage you to come…and bring a friend. Please RSVP with a head count below.

You’re Not Welcome, Uncle Sam!

Stacks of Dollar BillsI just finished preparing my federal income tax return late last night and got it off in the mail today with my payment…GRRR. My husband was really hoping for a refund again this year, since we had an added deduction and major medical expenses for that delivery. But no, we had to pay!

You see, despite having a lower sales volume (in dollars) in our business, we drastically improved our gross profit margin, maintained similar expenses (in total dollars) and somehow ended up with a much higher self-employment tax. Our exemptions and itemized deductions wiped out our adjusted gross income, but our tax credits weren’t enough to offset our self-employment tax. Okay, so we didn’t end up owing any income tax, but the bottom line is we had to write out a check!

But you know, that’s not the worst of it…the worst part is the stress and unsettling feeling of…what if I get audited? It was such a nightmare pulling all those receipts and paperwork together, generating spreadsheets, compiling reports, hoping I was doing everything right. I didn’t claim anything I didn’t have a receipt for and this year I made sure we had written documentation on the business use of our vehicle so I could claim that expense. Unfortunately I didn’t have receipts for the donations I made to the thrift store all year, but that didn’t matter since it wouldn’t have lowered our bottom line anyway.

I used Turbo Tax (for the third year in a row), with the idea I could take advantage of all the little known deductions available…after all, when you take your paperwork to a tax accountant to prepare your return, they just enter it all into Turbo Tax and charge you bigger bucks. Oh yeah, they sign their name too. I’m glad I had the software to walk me through it. But truth be told, I wish I didn’t have to go through all the trouble of the whole mess.

All in all, I did my duty. I rendered to Caesar Uncle Sam what was due to him…but I’m not going to lie. I didn’t like it one bit.

How can we prevent this stress going forward? Spread the word about the FairTax proposal!

Huckabee’s Political Action Committee

HuckPAC: Huckabee Political Action CommitteeI mentioned a pending announcement from MikeHuckabee.com a few days ago, and today I learned a teensy bit more about it. There’s going to be a new Political Action Committee (PAC) forming called HuckPAC. In fact, there’s already a Facebook group in place, which I just joined this morning. The group’s description states,

“HuckPac is committed to electing conservative Republicans nationwide.”

There’s a blog post at USNews.com indicating the April 15th announcement pertains to this new PAC group:

“That’s when Huck is expected to announce the formation of a new economically based political action committee. The question is this: Will it be a PAC to push his tax issues or one to help him raise money to influence the upcoming House, Senate, and presidential elections and keep him in the running for the GOP vice presidency?”

My guess was to promote the FairTax but I’m now thinking it’s going to be even bigger than that. We shall see. One thing is for sure, we have definitely not seen the last of Mike Huckabee!

Preparing Tax Returns: A Real Drag

Huckabee shredding the IRS Form 1040The dreaded April 15th is just around the corner, and I’m feverishly working to get my Federal Income Tax Return done. Uggh. Thank goodness for TurboTax software…while I had to shell out about $75 to purchase it this year, it was cheaper than hiring an accountant. But I gotta tell you, doing the whole “filing taxes” thing myself is still a real drag!

A few days ago I decided to join the grassroots effort to promote the FairTax and I started my own local meetup group called the Fluvanna County FairTax Meetup Group. I haven’t planned our first event yet…I’m a little sidetracked at the moment, but I’m thinking of an “After-Tax-Day Celebration“.

What got me thinking about it, is besides the fact that I really think the FairTax is a much better alternative to our current federal tax structure, and how I wish it was already in place so I can quit entering all this data from my checkbooks & credit card statements, I received word that Mike Huckabee is making some kind of announcement on April 15, 2008. If you check out his website, there’s a countdown ticker on the homepage with great anticipation building about what’s in store.

Some are speculating a VP announcement (although I’d love it if Huckabee received the nod, I’m not expecting that), others have mentioned he might go “independent” (I doubt this also since he’s already made it clear he’s going to do all that he can to help Senator McCain get elected), but my guess it’s going to relate to the FairTax. What better day to announce to the country you are leading a coalition to abolish the IRS? Of course, I don’t know this for sure, but it sounds good to me. Continue reading

FairTax: Mike Huckabee Makes Sense

FairTax.orgThis is a great video from Mike Huckabee on why he supports the FairTax. I read about this proposal several years ago, and when I heard Governor Huckabee speak on the subject, I checked into it further.

If you have no clue about what the FairTax is, watch this video first and then hop on over to www.FairTax.org to get more information. It really is a common sense plan. I’m an accountant by education and career experience, and from what I can see, this is a very sound alternative to the current Internal Revenue Service.

If you’d like April 15th to be just another spring day, then sign the “Pass the FairTax ” April 15th Petition today.

Handling Finances: Predictor of Future Spending?

So who is the best manager?

HUCKABEE SPENT SEVEN TIMES LESS PER VOTE THAN ROMNEY
Huckabee $11.77 per vote, McCain $32.37 per vote, Romney $77.44 per vote
DEBT: Romney $35 million, McCain $4.5 million, Huckabee $97,600

LITTLE ROCK, Ark. — Based on quarterly filings with the FEC, Mike Huckabee has been the best financial manager of his campaign of the GOP candidates. Mitt Romney has not lived up to his reputation as a “great financial manager” — his campaign has the worst efficiency and debt problems.

Huckabee spent a thrifty $11.77 per vote so far. John McCain spent nearly three times per vote more than Huckabee, dishing out $32.37 per vote. Romney splurged, spending almost seven times as much as Huckabee per vote, a whopping $77.44 each.

“Can you buy the White House? Mitt Romney looks like he is giving it a try,” said Lucas Roebuck, Public Affairs Officer for HucksArmy.com. “If you want someone who can make your tax dollars stretch, you should vote for Huckabee.”

Romney’s campaign also has the biggest credit card. His campaign reported $35 million in debt, more than 360 times the amount of debt carried by Huckabee ($97,000). McCain has $4.5 million in debt.

McCain has $2.9 million cash on hand. Romney has $2.4 million. Huckabee has $1.9 million.

“If Romney were running this country like he’s running his campaign, our national debt and budget deficits would be astronomical,” said Roebuck. “Only Huckabee is running a surplus operation.”

It’s true that much of Romney’s debt comes from personal loans to his campaign. Even after the election is over, Romney’s campaign is allowed to raise money to pay the candidate back.

“Romney claims to not be beholden to Washington special interests,” Roebuck said. “But if he wins, the special interest money — which loves to pay off the winner — will make sure that Romney in the end doesn’t have to spend a dime of his own money. How is this not the most blatant form of buying influence?”

About HucksArmy.com
With core values of faith, family and freedom, HucksArmy.com is an online grassroots movement not owned or operated by any candidate or political campaign. With more than 16,000 recruits, HucksArmy.com is dedicated to mobilize support for candidates who honor God and country.

*Sources: AP, CNN. Caucus delegates and votes were counted from Iowa, New Hampshire, Michigan, Florida, Nevada and South Carolina.

Max Out For Mike Huckabee

Max Out For Mike

There’s a national grassroots fundraiser taking place this Friday, February 1st called “Max Out For Mike“. Check it out now. Mike Huckabee needs our help. He is not made of money, and needs financial resources to help get his message out before Super Tuesday next week.

I’ve already given a few times, but I haven’t maxed out my allowed contribution ($2,300/individual or $4,600/couple) yet. I intend on going on a “scavenger hunt” in my home, “auctioning” off some personal items, and getting inventive over the next few days to come up with more money to contribute to his campaign. If you’re strapped for cash, here are some ideas on where to find some funds…

  1. Clean Sweep Your Furniture…move couches, lazy-boys and beds, remove cushions, and see what currency you can find.
  2. Check Your Drawers…rummage through your closets and empty coat & pants pockets, scout out catch-all shelves & junk drawers where change may be lying around, and snatch up all the moolah you discover.
  3. Got Scrap?…see if you have any scrap metal lying around the yard or garage, take it to your local scrap yard and cash in on your trash.
  4. Sell it on Ebay?…have you ever sold anything on eBay, then this should be a piece of cake…find SOMEthing you can sell…a dress/suit you’ve never worn, boxes of kids’ or maternity clothes stored in the attic/basement, books, records, wall hangings, trading cards, those gifts you got for Christmas you know you’re never going to use… You get the idea. Bring in some quick bucks that way.
  5. Hold a Bake Sale…bake some brownies, cupcakes and/or cookies and offer them “for sale” at your workplace. Keep them at your desk or put them in the break room, write a note about why you’re trying to raise funds to support Mike Huckabee & leave out a can to accept “donations” in exchange for the goodies.

Get creative. Where there’s a will, there’s a way.
Please sign up today to participate (it’s free to sign up) and then see what you can round up to contribute on Friday…even if it’s only twenty bucks. We can make a difference!

5 Guiding Principles in Huckabee’s Economic Plans

Mike Huckabee just released a Stimulus Package that focuses on five principles to guide his economic policy-making.

  1. Family: Focus on Middle Class Families: More Income, Better Jobs, More Secure Homeownership.
  2. Fed: Work with the Federal Reserve for a Pro-Growth, Low Inflation Economy
  3. Fight: Create Jobs as We Build Up Our Defenses and Build Up Our Infrastructure
  4. Fuel: Invest in Energy Independence — A Great Nation Must Be Able to Fuel Itself, and Defend Itself
  5. FAIR: Move Toward FAIR TAXation

He expands on each of these points at MikeHuckabee.com.

Personally I like the idea of using American ingenuity to come up with ways of becoming energy independent. And the idea of having Americans build the fence(s) to secure our borders, rebuild our highways and strengthen our military defense with new ships, planes & armed vehicles strikes a positive chord with me. And the FairTax plan is a fantastic idea!

Read more about these five points at www.MikeHuckabee.com.