Thursday, October 1, 2009

Your W-4 (Employee’s Withholding Allowance Certificate) allows you to make an educated guess at your tax responsibility for the current year. If you guess wrong a penalty is possible.

If you make an honest evaluation that your income may plunge in the current tax year you can adjust your W-4 to so correct your with holdings from your paychecks.

This tax year is pretty much caste in plastic but January is another story.

In December make an educated guess as to whether you may be fired, be part of a layoff in 2010 or have reduced gross income by directive.  If in your heart you feel you may suffer such a circumstance you are legally allowed to reduce your withholdings in anticipation of such an event.

All the roaches and termites in D.C. depend on you sending them money out of your paychecks to fund their favorite scheme and provide them with their own paychecks.

As a general observation it appears that the US economic situation is doomed to stagnation for about 5 years or perhaps more.  If certain Congressional efforts should succeed a “Depression” is very likely and probable.

Whatever happens the government is already insolvent and toying with implicit bankruptcy.  Every individual needs to evaluate their specific circumstances and situation and consider how that might effect their 2010 income.

What it boils down to is that the Demercrats have crippled the economy and are bound and determined to make sure any recovery is hampered as best as they can assist.  Our new “Socialist” economy by design is to be mediocre at best.

As a conscientious citizen, parent and/or spouse it is you duty to examine the economic prospects of your personal situation and adjust your W-4 to the best of your ability and knowledge.

The Demercrat Progressive Socialists are hoping you will be stupid and send them money on every payday actually expecting they will have money to send you if you paid too much…

Malcolm T. Hedges