"Proclaim liberty throughout all the land unto all the inhabitants thereof"

Word from your Host

Click title above to see past “Word from your Host” entries and video clips.

September 19, 2011 – Obama’s New Tax Hikes

View more videos at: http://nbclosangeles.com.

Did you hear of President Obama’s most recent plan to increase taxes? Last week he released his proposed $447 billion jobs bill to Congress stressing the importance of gaining revenue through the elimination of tax deductions. Just this morning he called for $1.5 trillion in new taxes as part of a 10-year deficit reduction package! I’ll be sharing how these new tax hikes could affect you tonight on NBC’s Nonstop News LA.

Tune in to NBC’s Nonstop News LA tonight at 6:30 PM for a half hour live newscast anchored by Colleen Williams as we discuss this important story of the day!

In Los Angeles, California Nonstop can be seen over-the-air on NBC4 LA’s Digital Channel 4.2 and on the following cable systems:

Time Warner – Channel 225

Cox – Channel 804

Charter – Channel 304

Verizon FIOS – Channel 460

In San Jose/San Francisco, California Nonstop can be seen over-the-air on Digital Channel 11.2 and on the following cable system:

Comcast – Channel 186

In San Diego, California Nonstop can be seen over-the-air on Digital Channel 39.2 and on the following cable systems:

Time Warner – Channel 253

Cox – Channel 107

Liberty Speaks, Loud and Clear, for “We The People!”

Phil Liberatore

September 7, 2011 – The Undefeated

I am happy to announce that the next Liberatore Lectures Series will feature the screening of the highly acclaimed documentary “The Undefeated” by award winning filmmaker, Stephen K. Bannon. Please plan to join me at the Lido Theater in Newport Beach on September 7th at 7:00 p.m. as we will not only view this phenonmenal film, but will have the privilege to meet & hear directly from my special guests, both filmmaker, Stephen K. Bannon and Producer Glenn Evans. Mr. Bannon, along with Producer, Glenn Evans will be my special guests. You will have the rare opportunity to interact with these gentlemen along with other personalities involved in the film’s production.

There will be a special VIP Hors d’oeuvres Reception and photo opportunity with our special guests following the viewing of the film at Regatta Cafe.

I look forward to seeing you at the Lido on the 7th. Please Click Here to purchase tickets.

Liberty Speaks, Loud and Clear, for “We The People!”

Phil Liberatore

June 15, 2011 – Audited by the IRS

View more videos at: http://www.nbclosangeles.com.

Did you hear about the increased number of auditors the IRS has hired? As your IRS Problem Solver I have some important information to share with you regarding audits and what to do if you are audited. Tune in to NBC’s Nonstop News LA tonight at 7 PM for a one hour live newscast anchored by Colleen Williams as we discuss this important story of the day!

In Los Angeles, California Nonstop can be seen over-the-air on NBC4 LA’s Digital Channel 4.2 and on the following cable systems:

Time Warner – Channel 225

Cox – Channel 804

Charter – Channel 304

Verizon FIOS – Channel 460

In San Jose/San Francisco, California Nonstop can be seen over-the-air on Digital Channel 11.2 and on the following cable system:

Comcast – Channel 186

In San Diego, California Nonstop can be seen over-the-air on Digital Channel 39.2 and on the following cable systems:

Time Warner – Channel 253

Cox – Channel 107

Liberty Speaks, Loud and Clear, for “We The People!”

Phil Liberatore

May 16, 2011 – California’s Budget Crisis

View more videos at: http://www.nbclosangeles.com.

Did you hear California Governor Brown unveiled his revised plan to close the budget deficit today? You can view the new budget in it’s entirety by clicking here. The reason for a revise in our state budget is primarily because tax season is over and the state has a better understanding of its revenues.

As your IRS Problem Solver I have some important information to share with you regarding Governor Brown’s tax breaks. Tune in to NBC’s Nonstop News LA tonight at 7 PM for a one hour live newscast anchored by Colleen Williams as we discuss this important story of the day!

In Los Angeles, California Nonstop can be seen over-the-air on NBC4 LA’s Digital Channel 4.2 and on the following cable systems:

Time Warner – Channel 225

Cox – Channel 804

Charter – Channel 304

Verizon FIOS – Channel 460

In San Jose/San Francisco, California Nonstop can be seen over-the-air on Digital Channel 11.2 and on the following cable system:

Comcast – Channel 186

In San Diego, California Nonstop can be seen over-the-air on Digital Channel 39.2 and on the following cable systems:

Time Warner – Channel 253

Cox – Channel 107

Liberty Speaks, Loud and Clear, for “We The People!”

Phil Liberatore

April 27, 2011 – One Nation Under God

Did you know there is an organization called the Freedom From Religion Foundation that is trying to compromise the faith of our Founding Fathers? Their underlying purpose is in “protecting the constitutional principle of the separation of state and church,” a principle they have misunderstood and misused. This outspoken group of atheists have made it their goal to declare the Pledge of Allegiance unconstitutional in public schools because of two words: “Under God.”

I not only find this absurd but a waste of time and money. A local federal appeals court in New Hampshire where the case originated seems to agree. They ruled that the voluntary recitation of the Pledge in public schools does not endorse religion but embraces patriotism.

Of course the Freedom From Religion Foundation is not willing to accept the decision. They are taking the case to the Supreme Court where they hope to overturn the ruling. In the words of President Reagan, “If we ever forget that we are One Nation Under God, then we will be a nation gone under.”

Liberty Speaks, Loud and Clear, for “We The People!”

Phil Liberatore

April 12, 2011 – Is a Government Shutdown Such a Bad Idea?

Well, folks, we just barely dodged a government shutdown. This weekend in Washington, DC our elected officials finally came to a budget agreement. But what does that agreement really look like?

The deal includes $38.5 billion in cuts for the entire year. To put it in terms you and I can comprehend, these cuts are as if an individual were $1600 in the red and cut back $38 in spending to try and deal with the problem.  Simply put: the budget deal wasn’t much of a deal. We still have a $1.6 trillion budget deficit to deal with.

If it were me, I would have fought harder, to save more money for America!  We should have cut spending by defunding certain non-critical agencies or agencies not helpful to everyday Americans.  We needed to shut some parts of the government to save money with targeted cuts.

It will be interesting to see how the Conservative side of the Republican Party will move forward from here.  Over the next 10 years let’s hope the GOP follows through with plans to cut over $6 trillion.  It’s about time to get our country back on track!

Liberty Speaks, Loud and Clear, for “We The People!”

Phil Liberatore

March 31, 2011 – The Danger of Multiculturalism

Our Founding Fathers gave us the rights and privileges we exercise today. Those men who sacrificed all they had, to establish our nation, all shared something in common – their Judeo-Christian beliefs and values. Whether we like it or not, that’s what the US Constitution says. Just look at our US Constitution’s preamble.

As a matter of fact, look at EVERY one of our 50 United States and you’ll see in each of their preambles a recognition, acknowledgement, and honor of God, our Creator. We ARE a Christian nation. It’s in black & white. We’re not a nation based on the principles of Buddha or Mohammed. We are a nation that appreciates, loves, honors, and recognizes God, our Creator. And with that comes HIS values, which were the values and principles of our Founding Fathers.

Our Constitution, our nation’s law, is based the values of Christianity. Sharia law, like it, hate it, or love it; is not part of our national culture.

Remember folks, we may be a nation of many, many ethnicities, but we are a nation of ONE culture – the American culture. Muslim, Italian, Chinese, Russian, Swahili, or any other culture is NOT American culture. America is governed by the United States Constitution. That is the law of our land. We pledge our allegiance to the flag of the United States of America, for which it stands, ONE nation, Under GOD, indivisible, with liberty and justice for all. Those liberties and justices come from the law of our land, the United States Constitution, and not from anywhere else.

Liberty Speaks, Loud and Clear, for “We The People!”

Phil Liberatore

March 24, 2011 – Hot Tax Tips

Over the past 2 years, the IRS has hired between 2,000 and 3,500 additional new IRS enforcement employees. This hiring is the largest in history and largely includes auditors and tax collectors.

In February 2011, U.S. News & World Report stated that the IRS will be adding more than 1,000 new hires to its battalion of auditors in addition to those already hired in years past. The new hires are needed to audit and enforce the healthcare reform that President Obama introduced in 2010.

The newly released IRS budget added that “The Affordable Care Act will require additional resources to build new IT systems; modify existing tax processing systems; provide taxpayer outreach and assistance services; make enhancements to notices, collections, and case management systems to address and resolve taxpayer issues timely and accurately; and conduct focused examinations to encourage compliance.”

In order to maximize your tax savings, see the tips below…

First of all, the IRS has a gift for you: an extra three days to file your returns! Individual taxpayers will have until Monday, April 18, to file their returns. The reason: Friday, April 15, is a legal holiday in the District of Columbia, and because D.C. holidays affect tax deadlines in the same way federal holidays do, all taxpayers are being given an extra three days to file their returns. Now, on to your tax return: Claim these often overlooked deductions and credits and you just might be able to pay less to the IRS.

IRA/ROTH CONVERSION

When you contribute to an individual retirement account, you help fund a future goal while lowering your current tax bill. In other words, socking cash in an IRA is like saving with help from your Uncle Sam.

The rules are pretty simple: You have until taxing filing (again, that’s April 18) to contribute up to $5,000 to a 2010 IRA ($6,000 if you are older 50). If you are self-employed, have a Keogh or SEP-IRA, and have filed for an extension to October 15, you can even wait until then to put 2010 money into those accounts.

Even if you’re covered by a retirement plan at work, you can deduct some or all of your IRA contribution if you are single and your income is less than $66,000 (less than $109,000 if married). If you are not covered by a workplace retirement plan but are married to someone who is, you can deduct some or all of your IRA contribution if your joint income is less than $176,000 or less.

Roth IRA conversion rules: Just a reminder for those who converted form a traditional IRA into Roth IRA in 2010—don’t forget that you owe taxes on that conversion! The amount of money that was converted is considered income that can be spread over a two-year period, beginning in 2011. This means you include one-half of the amounts as income in 2011 and the other half as income in 2012. You can elect to include all of the income in 2011, which may be advantageous if your tax bracket is likely to be lower in that tax year than it will be in the future.

NEW RULES ON ITEMIZED DEDUCTIONS

Itemized deductions and personal exemptions: The itemized deduction limitation is repealed for 2010 (and through 2012). This means that taxpayers can deduct the full amount of their itemized deductions in 2010. The personal exemption phase-out rules also do not apply through 2012.

GET THE CREDIT(S) YOU DESERVE

Tax credits are even better than deductions because they lower your taxes dollar for dollar, instead of being calculated based on your tax bracket. A number of credits and deductions that were set to expire for 2010 were retroactively extended by the 2010 Tax Relief Act and are therefore available for taxpayers who qualify—so don’t miss them!

Making work pay: The payroll “tax holiday” is still in effect for 2010. That means that workers get a tax credit of 6.2% on their earned income—but credit maxes out at $400 for single filers and $800 for joint filers. The credit is subject to income limits and starts phasing out at $75,000 for singles and $150,000 for joint filers. You will need to file for this credit on a Schedule M.

The Child Tax Credit: is up to $1,000 for each qualifying child who was under the age of 17 at the end of 2010. This credit can be claimed in addition to the credit for child and dependent care expenses.

The Earned Income Tax Credit: for married couples filing jointly with 2010 earned income under $48,362 and singles with income under $43,352.

The Child and Dependent Care Credit: up to $1,050 per child or $2,100 for two or more children is calculated bases on your expenses paid for the care of your kids under age 13 to enable you to work or to look for work in 2010. The credit is 20 to 35 percent of your child-care expenses up to $6,000—the size of your credit depends on your income.

The Retirement Savings Contributions Credit is designed to help low and moderate income workers save for retirement. Individuals with incomes of up to $27,750 and married couples with joint incomes of up to $55,000 may qualify for a credit up to $1,000 per person. Check out Form 8880 for the rules.

First time homebuyer credit: The first-time homebuyer credit expired during 2010. It is available for eligible taxpayers who closed on their home purchase on or before Sept. 30, 2010. (Under a binding contract in place before May 1, 2010). The closing date deadline was moved during the year from June 30 to Sept 30 by the Homebuyer Assistance and Improvement Act. The credit allows you to claim a credit of 10 percent of the purchase price, up to $8,000. There is a different credit of up to $6,500 for those who already own a home but purchased a new primary residence. The details are mind-numbing.

While we’re on the subject: If you claimed the First-time Homebuyer Credit in 2008, it’s time to pay up. The 2008 credit was worth up to $7,500 and was similar to an interest free loan. Taxpayers generally must begin repaying it in equal payments for 15 years. If the taxpayer no longer lives in the house, then the credit must be repaid in full with the next tax return. Taxpayers who claimed the credit in 2009 and 2010 will not have to repay it unless the house is sold or no longer their principal residence within three years of purchase.

Energy and appliance tax credit: If you made any energy-efficient improvements to your home in 2010, you may be eligible for a tax credit. You can deduct up to 30% of the cost up to $1,500 for many energy improvements to your existing home. Not that the credit does not apply to rental properties or new homes. Approved improvements include new windows, insulation, high efficiency furnaces, water heaters and air conditioning. It also covers alternative energy such as solar equipment, small wind turbines and fuel cells.

COLLEGE COSTS

The Hope Credit was been replaced with the American Opportunity Tax Credit. Each student can now get a $2,500 “higher education tax credit” for the first four years of college. The credit is based on 100 percent of the first $2,000 of tuition and related expenses, including books, paid during the tax year, plus and 25 percent of the next $2,000 of tuition and related expenses paid during the tax year (subject to income phase-outs starting at $80,000 for singles and $160,000 for joint filers.)

The December tax compromise included a new deduction for families with college costs. Every family can deduct up to $4,000 of college tuition and fees in 2010 and 2011. Note: The new form for taking this deduction will be available from the IRS in February.

Also, for anyone with a 520 college savings plan: Computers and Internet access qualify as “qualified education expenses” for the 2010 tax year, so you can pay for them tax-free.

ADD UP THOSE ITEMIZED DEDUCTIONS

Nearly two out of three taxpayers take the standard deduction rater than itemizing deductions. Some of those folds are leaving money on the table. If you deductible expenses exceeded the 2010 standard deduction of $5,700 for singles and $11,400 for married couples filing jointly, be sure you itemize and grab these write-offs.

Miscellaneous deductions: These are deductibles if they total more than 2 percent of your adjusted gross income. They include tax-preparation fees, job hunting expenses, business car expenses, and professional dues.

Sales Tax: You can deduct sales tax pain in 2010 if the amount was greater than the state and local income taxes you paid. In other words, you get to choose: Write off your sales taxes or write off your income taxes. If you didn’t keep your sales-tax receipts, use the IRS’ sales tax deduction estimator. Even if you claim the sales tax amount from the IRS tables, you can add in tax paid on more than the general sales tax rate. Of you live in a state with a high income tax, like California or New York, you will probably be better off claiming your state and local income taxes rather than the sales tax. If you live in a state with no income tax, like Florida, Texas, or Washington, be sure to take the sales tax deduction when you itemize.

Medical expenses: This one is hard to claim, because the bar is so high to qualify. You can only deduct the portion of your 2010 medical expenses that exceed 7.5 percent of your adjusted gross income.

Mileage: Deducting miles driven for work or other purposes can be a huge tax break and save you significant money. Too bad the IRS cut the standard mileage deduction rates for 2010. Here are the new rules: Business mileage=50 cents per mile (a 9 cent cut!); medical and moving=16.5 cents; and charitable=14cents per mile.

One last thing: The first $2,400 of unemployment benefits you receive in 2010 is no longer tax-deductible

Restore your Freedom
Regain your Life

Contact us
877-6-SOLVER
877-676-5837

www.yourirsproblemsolvers.com

March 16, 2011 – The Prospect of the Japanese

The disaster in Japan is devastating. There have been over 4,500 recorded deaths with over 8,700 still missing. At least 10 aftershocks of 5.0-magnitude or greater have been recorded just today. The catastrophe is far from over and the cry for help extends from a possible nuclear meltdown to a threatening economic crisis.

As one of the United States’ greatest allies, it is important that we rally together to do all we can to help Japan in the recovery process. Unfortunately, we have a president who doesn’t seem to grasp the gravity of the situation. While he was golfing, selecting his March Madness basketball brackets, and getting ready for his five-day trip to Latin America this week, we have been striving to figure out how we can help our Japanese neighbors as individual citizens.

In moments like these we must be willing to set aside our agendas and policy playbooks to seek to bring relief to a neighbor in need. How Japan recovers from this crisis will be a defining moment in history. I just hope and pray that our role in it will be a positive one and not one of neglect.

Liberty Speaks, Loud and Clear, for “We The People!”

Phil Liberatore

For more information on how you can help Japan, please visit The Red Cross or World Vision.