Todd's Tax Service LLC

Description

When purchasing mutual funds, the SEC now requires firms to provide you with a summary prospectus, providing certain information about the fund including standardized information on the funds fees, making it easier for you to compare fees among funds. Given a choice between 2 similar mutual funds, choose the fund with lower fees to increase your odds of better returns and overall investment performance. The fees charged won't show up anywhere on your mutual fund statement, rather the fund pays itself first from the fund's income and distributes anything leftover to the fund's shareholders as dividends or capital gain distributions. This way the mutual fund manager is guaranteed to get paid regardless of fund performance, whereas the shareholder may or may not make any money from their investment. Paying for professional advice and personal service will usually involve some form of additional fees, used to compensate the sales person and their staff. These fees could take the form of "front end Loads", taken directly off the amount invested. These front end loads or sales charges tend to decline as a percentage of the amount invested when larger amounts of money are invested.

You may also pick up your refund checks in our office. We provide a "letter of good funds" with all checks, designed to reduce any difficulty you may experience in cashing your check.

The National Commission on Fiscal Responsibility and Reform presented it's report to the President in December 2010. A link to the commission's website can be found at the bottom of the "Economic solutions" page. The report includes some excellent recommendations with regard to tax reform. Regrettably, the report was dismissed by your representatives in Washington. The commission's recommendations include a radical simplification of the tax code but retain some important elements such as the child tax credit and the earned income tax credit. Minnesota's and Wisconsin's tax systems run parallel to the federal system, often charging no income tax to the folks with the lowest incomes, but instead redistributing funds via various refundable credits. Warren Buffet and Bill Gates have both spoken about the injustice of the current system which provides generous tax breaks to the ultra-wealthy, who often pay at a lower rate than a middle class person. Many tax changes taking effect for 2013 will dramatically increase taxes on the high earners, somewhat mitigating this inequity.

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