Palin’s Tax Returns Released

3 10 2008

All across the nation, forensic accountants are polishing their reading glasses, dusting off their fine-toothed combs and plunging in to Sarah and Todd Palin’s newly released tax returns that became available on McCain’s webisite the day after the Vice Presidential debate.

To view the tax returns and the Public Financial disclosures, go HERE.


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84 responses

3 10 2008
enjay AKA Turbine Yukon

I wonder if the church will bill the Palin’s for the balance of 10%

3 10 2008
Let'sGetReal

I feel dirty going to John McShame’s website! ewwww

3 10 2008
nswfm

Why on earth would it take so long to release them? What is she trying to hide?

3 10 2008
enjay AKA Turbine Yukon

ATTN anyone in PA – send on to those in the area

“” Vote-scam fliers target black neighborhoods
By CATHERINE LUCEY
Philadelphia Daily News

luceyc@phillynews.com 215-854-4172

With just weeks to go before the presidential election, voter intimidation has reared its ugly head.
An anonymous flier circulating in African-American neighborhoods in North and West Philadelphia states that voters who are facing outstanding arrest warrants or who have unpaid traffic tickets may be arrested at the polls on Election Day.

Deputy Mayor for Public Safety Everett Gillison, who learned of the flier last week, said that the message is completely false. “””

Read more @ http://www.philly.com/philly/hp/news_update/20081002_Vote-scam_fliers_target_black_neighborhoods.html

3 10 2008
NMJ

AKM, I love the fine-toothed comb!

3 10 2008
ezekiel

they just filed their 07 return on Sept 3rd

3 10 2008
Wondering_Lake

I’m sorry, but I don’t believe for a second that these documents aren’t a total fabrication. Please. What a joke.

She fought to hide them until today … why? because she had something to hide. I assume it’s now hidden.

3 10 2008
JoeAlvord aka Spoon Archer Palin

They’re not too quick with the documents, are they?
Sarah’s carwash business was forcibly closed because of nonpayment of lisencing fees.

3 10 2008
Wondering_Lake

RE: they just filed their 07 return on Sept 3rd

Nah, it’s not suspicious at all. What else could they have been busy with on Sept 3rd? The day before Palin’s speech at the RNC ….. seems like the perfect day to file a late tax return, huh?

3 10 2008
NoCalGal

I am no supported of SP- but it is not unheard of for businesses and affluant ppl to delay their taxes, report late, pay penalties etc. That in and of itself does not constitute fraud or wrongdoing. I encourage you all to comb through the returns- but concentrate on what is real, and do not be sidetracked by “non-issues:.

3 10 2008
mhrt

palin and the witch hunter hit san francisco gate today……alot of people read this guy…..
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2008/10/03/notes100308.DTL

sorry i do not know how to make it link

3 10 2008
NoCalGal

I brought over from last thread as we seem to follow the most current thread and I am curious about this…

Andrew Sullivan posted the following:

“Just compare this recording of Palin in Alaska in 2006 to what you heard last night. Ask yourself where the folksiness is. See how many times she says “doggone” in 2006. Or “betcha”. Or “Joe Six-Pack”. Make up your own mind. In my judgment she is the biggest fraud we have seen in national politics in generations. She makes the Clintons look honest, and Nixon look as if he has nothing to hide.”

http://andrewsullivan.theatlantic.com/the_daily_dish/2008/10/
palin-on-benefi.html about 2 minutes in.

What say you Alaskans.. did she talk with all this folksy cuteness while Mayor or governor? Does this sound like acting to you?

I am really curious…

3 10 2008
delnorteco

Yuk,We have to go to granpa and sissys’page.

3 10 2008
nswfm

and where are her medical records for crying out loud? Does she not want people to know she really isn’t Trig’s mom? and that the kid is her daughters, but she uses him as a prop? I thought the transcontinental trip was BS when I first heard she left TX, but after last night’s debate, she comes off as a bigger liar than when the baby story was out. Oh, by the way couldn’t get the kid adpoted because he has Down’s Syndrome, but I’m gonna pass him off as mine, like Bree on Desparate Housewives.

3 10 2008
Gari

$178 for tax filing. Where are they finding an accountant/preparer this cheap on a tax return like this. I realize this $178 is for the previous year but seems damn cheap to me.

3 10 2008
TheraP

Just passing along the (hopefully) last word on Palin. It’s fun blog and I think you’ll enjoy the comments too:

VAMP: a type of “femme fatale”

http://tpmcafe.talkingpointsmemo.com/talk/2008/10/vamp-a-type-of-femme-fatale.php

Enjoy!

3 10 2008
A Sousley

I am not from AK, guess you would say I am an outsider, but I have a question. If they live in a $500,000 home, have well 5 kids now, a plane and several thousand dollars in a 401k, which she claims, becuase she made the statement that they took at $20,000 hit when the stock market fell the other day, how does that compute??

I know from what I have read the cost of living is pretty high in AK, and even where I am in MO, I just don’t see being able to afford, feeding even say 4 kids, 2 adults, keeping the house up, gas in the vehicles, and putting back any kind of money to amount to enough to be having that kind of money in savings, even a 401K of Todd’s would be a pretty good chunk, wouldn’t it???

I just can’t figure it out. Thanks for any answers you could give me.

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

Cassie Jeep Pike Palin (Wish I were Trout) (15:49:31) :

Alert–

Looking at the public Financing report–there may be a discrepancy on the Wages for Sarah. There are two asterisks on the disclosure form indicated that wages reported by the State of Alaska are $196,531.50.

This is Not what the State of Alaska reported for 2007—her W-2 states $107,987.

The difference is $88,544.50.

Does this mean that the McC pencil guys reported the per diem for the disclosure, but the Palins failed to report it to IRS?

I would guess there is an amended return in the works!

Sorry–I was on the last post…some other revelations are there as well.

3 10 2008
Aussie Puck Mule Revlon Red Palin

@Gari (15:36:50) :

$178 for tax filing. Where are they finding an accountant/preparer this cheap on a tax return like this. I realize this $178 is for the previous year but seems damn cheap to me.

——————————–

The PDF is still loading on my computer, but as an accountant I find it extraordinary that they hired a downmarket storefront operation to do their taxes……

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

Gari (15:36:50) :

As for tax return fees, they are probably allocated amoung the various activities, i.e. some on sched C, some on the other sched C, some on schedule A.

3 10 2008
Aussie Puck Mule Revlon Red Palin

@Cassie Jeep Pike Palin (Wish I were Trout) (15:58:32) :

Cassie, I’m thinking it’s possible that allowances wrongly claimed from the government have been repaid.

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

I just knew you were an accountant, too! 😉

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

I don’t agree. I think the state reported them to the McCain people for the disclosure prep, but they were not reported at the end of 2007.

Someone here…or at the ADN had a quote from the state saying they “never report per diem”…or something to that effect.

I think the McC camp decided to include them and an amended return will be filed to include that income and the tax due.

3 10 2008
knikgoose

Oh my! Now she’s complaining about McNut’s decision to pull out of Michigan and wants to go back since she wasn’t consulted (I’m guessing, since she says she didn’t find out until this morning)
Wtf? She wants to expand her VP duties already and take over the whole campaign?
She’s a sociopath.

3 10 2008
squee

Murkowski was paid $86,000 salary for 2006

Palin was paid $125,000 salary for 2007, according to the AK website.

Nice raise!

3 10 2008
knikgoose

What kind of pension do they get from holding office?

3 10 2008
Rake Trinket

Can you post me the 125K link please? … her W2 was just over 122K for medicare taxable… and so i guess that doesn’t include per diem and travel expenses…??… can’t wait for someone with more knowledge then me to start combing…

3 10 2008
Barb Snow

http://www.huffingtonpost.com/2008/10/03/palins-tax-return-mystery_n_131791.html

More questions about the per diem payments and the travel expenses for the family that she charged to the State of Alaska…

I am so upset about the delay again…corruption to the core.

3 10 2008
Aussie Puck Mule Revlon Red Palin

Here in Australia when politicians get caught at the trough they repay the money and apologise for their “mistake” and that is always (politically) the end of it.

Every single dollar of income is declarable, however (and sorely itemised).

3 10 2008
disenchanted tore

I’m thinking either they’ve received a *love letter* from the IRS in the past (with an accountant) or they know someone who works at Block.

$178. for tax prep at HRBlock? It must be a franchise AND a good friend doing the prep. With all of those forms, that return would cost $350.-$400.+ (state return included) EASILY in NJ!

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

Rake Trinket (16:12:46) :

Can you post me the 125K link please? … her W2 was just over 122K for medicare taxable… and so i guess that doesn’t include per diem and travel expenses…??
————————————————————————

The difference would be her contribution to her retirement plan…not sure what it is for Alaska state—they don’t pay into Social Security at all.

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

Barb Snow (16:13:26) :

See, Barb–yoou’re in the right place! We’re asking that on Mudflats, too—see above posts! 😉

3 10 2008
caplatt

The Breeacuda didn’t report $60K in per diems. What a great gig it is to be a governor. I had to report my $50 in interest from a checking account and she doesn’t have to report $60K. I make much less than her and pay more than her. I’m hiring her tax accountant.

3 10 2008
squee

Rake, the financial reports can be found here:

http://fin.admin.state.ak.us/dof/financial_reports/ctep_toc.jsp

3 10 2008
Regi

A friend just said she wants to call CPS on her after seeing the family on stage last night. She said the little girl looked lost holding the baby in the crowd? I didn’t catch it. I’d love to see a Democrat run under the same circumstances as Palin, what a beating she’d take.

3 10 2008
strangelet (Speck Backfire Palin)

@Cassie: The reporting period for a new filer of the Form is all last calendar year, plus the current calendar year up to the report date, so about 19 months worth of income. (If I’m reading the small print correctly).

So the 190K doesn’t seem WAY off. It’s also possible (although there’s no way to tell) that AK included in this figure some of the per diem payments for living at home.

3 10 2008
Packy
3 10 2008
VP, Flat Earth Society

Not very charitable considering what they bring in. We bring in far less and contribute more to charity than these “good folk”.

3 10 2008
strangelet (Speck Backfire Palin)

Well, I don’t see any real depth charges. They over-value their charitable contributions, but so does everyone else. (I mean, I’ve bought stuff at the Sally — just visualize the size of the heap of clothes you could buy for $825).

It looks like both the fishing and racing businesses are legit, which is not the same as saying the numbers are true :>). I wondered about the racing, but it looks like he’s got some kind of sponsorship income as well as the occasional prize money. The racing biz did show a small profit in 2006, and would have had a small loss in 2007, except that they took Sec 179 on “2 sleds”. That is, they wrote off the whole lifetime depreciation of the sleds all at once. This is allowed for some classes of assets. Don’t know about snowmachine racing. Don’t care much either.

We don’t appear to be reporting the per diem payments, or travel expense reimbursements for the fam, or any of the $25,000 in “courtesy gifts” Palin has received as Gov (I particularly like the $1,500 gold nugget from the City of Nome). I’m not a tax attorney, so I have no idea if that’s right or not. Maybe that’s one of the reasons they didn’t file until Sep 3 (the limit date for a single extension is Aug 15, as I know from having lazily filed several of them). The McCampaign attorneys may have reviewed it.

At a guess, they decided to brazen it out. If they get called on it, they just say “oops, sorry, didn’t understand, my bad, you betcha” and file an amended return and pay. If they don’t get called on it, they’re money ahead.

There is one amusing, I guess you’d call it a typo, on the 2007 Form 8283. That’s the non-cash (or imaginary) charitable contributions form. There is a place where, for each donation, you are supposed to put in Column A the name and address of the donee organization, and in Column B a description of the donation (immaculate clothing, $2 a pair Bill Clinton boxers, whatever).

In their one entry, they got the organization (Wasilla Salvation Army) right, but what appears in the box that describes the donation is:
“WASILLA ALASKA”.

I didn’t know she could still give it away.

This may explain why their H&R Block fee is so small.

3 10 2008
SC Strike Chipper Palin

Well, I’m about as far from a forensic accountant as it’s possible to get, so I’m going to just hide and watch.
Have at it, mudpuppies!

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

strangelet (Speck Backfire Palin) (16:39:52) :

I’m thinking that once the “error” in reporting came to the attention of the paymaster for the state of AK, they just added the 2006 per diem to the 2007 amounts and that is the $ difference—-60,000 in 2007 and the balance for 2006.

Reasonable to me!

3 10 2008
strangelet (Speck Backfire Palin)

Oh, speaking of “you betcha”. I finally realized why that was grating on me so particularly. I grew up in Wisconsin, and have relatives in the Twin Cities, and as I recall, “You Betcha” is what Northwoods Wisconsinites and Minnesotans say when they are making fun of themselves (or of the stereotype).

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

strangelet (Speck Backfire Palin) (17:10:01) :
It looks like both the fishing and racing businesses are legit,
___________________________________________________________________________________

I’m not sure I agree. An IRS auditor would most certainly disallow the $9,600 LOSS claimed in 2007—even though 2006 reported some income — as a “hobby loss”.

Todd has a real job, he’s not trying to make a living in the Steel or Iron Dog business…or whatever…. it’s a hobby. At the very least, IRS would reduce the loss by the “personal pleasure derived” theory.

Probably reduce it to oh, maybe, zero!

3 10 2008
strangelet (Speck Backfire Palin)

@Cassie — could be. I think they’re gonna have to address the per diem publicly. Most states pay their elected officials a per diem to be at the capital during business days — rather than forcing them to sell their houses and move — which is reasonable. Taking per diem to live at home, rather than in the Governor’s Mansion, is a bit of a stretch.

I mean, I can understand not wanting to sell the house, but she wouldn’t have to: the Mansion is free. I can understand not wanting to dislocate her family, but, you know, that might just be part of the job. It’s not unheard of for other Governors to spend the week at the capital, and the weekends at home.

The thing is, she’s got to be getting the per diem payments from a business travel account of some kind. Employees are generally allowed to not declare such reimbursements on their taxes because it is assumed that they incurred deductible business expenses of at least the same amount, so it washes out to no net income, right? And it saves a lot of bother.

But, in Palin’s case, even if the AK Governor’s office (oh, wait), and the Legislature, and the people are okay with the extra compensation, I wonder if the IRS is going to consider “living at home” as a legitimate justification for a deductible business expense.

I just thought.. there’s an IRS snitch line, isn’t there?

Cheers

3 10 2008
strangelet (Speck Backfire Palin)

@Cassie — woops, we’re skipping over each other. You’re allowed to lose money in a Sched C business, aren’t you? Just not all the time. Something like you’re supposed to make a profit 3 years out of 5, ish?? And I’m sure they look hard at cumulative profit — no “make $100 each year for four years and then lose $100,000”.

We don’t know how long he’s been racing — 2006 did not have the first-year box checked –or what his previous P&L looks like (but the IRS do). All I meant was that IF the Sec 179 deduction in 2007 is legit, then from what we can see, it looks reasonable — without that item, he made a couple thou in 2006 and lost a couple thou in 2007.

If he closes the business, or sells the sleds, before their depreciation period ends, the IRS recaptures the “unused” part.

3 10 2008
thelogicalsmoker

Honestly, for her sake…
She should pull out and sue Larry Flynt for the look-a-like porno!!!

She got smoked last night…hands down…she clearly avoided many questions and brought it back to energy and taxes…

C’mon…we aren’t that dumb…

http://andthisismyamerica.com/2008/10/03/palin-vs-biden/

3 10 2008
calico cat

Have you noticed (sorry if this has already been discussed) how much SP looks/talks like Peggy Hill on King of the Hill? I googled this and was delighted to find others thought so as well, but took it one step further to point out that JM looks/talks like Cotton HIll. Laffed so hard, I startled the real calico cat.

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

strangelet (Speck Backfire Palin) (17:38:38) :

You’ve certainly summed it up. But didn’t I see a picture of Willow in a Juneau basketball uniform? So was Willow in school in Juneau? Does that account for some of the family travel expenses? It just gets sordid…and it’s sloppy accounting—how much does that cost the rest of us?

From a tax standpoint, they are wrong, clearly. They should amend their returns, claim the per diem payments, cough up the extra tax money and be done with it.

Now if they don’t, yeah, there is the IRS TIP line.

Tomorrow, I want to look at their investments….looks like Todd discovered etrading!

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

“You’re allowed to lose money in a Sched C business, aren’t you? Just not all the time. ”
—————————————————————————

I’ve seen the IRS deny the LOSS in the very first year, if they suspect a “personal pleasure” element to the activity. I’ve also seen them question the losses incurred by a lumber mill, in business for 30 years with 20 employees! The auditor should have linked the losing of a dependent (due to marriage) to the loss since the building of a house for the newly weds, in part, accounted for the loss….but hey! I wasn’t working for the IRS!! 😉

Todd is not engaged in this racing activity to provide for his family. Clearly, he races because he enjoys it. You can get the 3 out of 5 years thing if you really go to the mat with the iRS, but in most cases, they just wait you out—-they have the”personal pleasure” thing to fall back on!

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

P>S—he did recapture depreciation….it’s in the other room, but he sold an asste for 5K that was fully depreciated and they claimed the income.

The only issue I see is the per diem. Possibly the hobby income/LOSS.

3 10 2008
arkangel3

Cassie said “Does this mean that the McC pencil guys reported the per diem for the disclosure, but the Palins failed to report it to IRS?”

AH…interesting stuff, huh? I also found it amazing that PIPER had dividend income THAT WAS REPORTABLE. This kid must have one hell of a trust fund. We put away some money for the kids once in a while (when our budget is running in the black on a particular month)…but NONE of the interest is at a threshold where it must be reported.

They are HIDING money under their kids name, pure and simple. I was a banker folks, and I’ve seen this one a thousand times. They would have been smarter dividing it up between the kids under 18 and they may not have had to report it.

This is what you get when you use H&R Block. My accountant charges me based on a percentage of what he is able to get back from me and what helps out on my return. On average, I pay the guy $300-400 a year. And yes, he is an AWESOME accountant. He is also our Attorney and close friend. When we owe, we usually par around $200. Whoever their accountant was did this as a RUSH JOB. Not only that, it was filed AFTER THE EXTENSION DEADLINE.

You betcha there’s more going on here!😀

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

arkangel3 (18:44:58) :
__________________________________________________________________________________

Piper’s reported (under 12, reported on parents) was her Alaska dividend…whatever…it’s perfectly legitimate. Nothing there. Older kids reported it on their own returns!

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

arkangel3 (18:44:58) :

Repeat–there is nothing there about the APF being reported ( for Piper) on their return. It’s not a trust fund nor an attempt to hide money.

Curious, though…I have NEVER charged for a return by what the taxpayer got back!!!!

That’s ridiculous….I always tried to have people PAY @ $400….no need to loan the Government money…just know, in January, that you would owe $400 in April and call it even.

Tax prep invoices were always charged by the amount of time needed to prepare the return!

Old fashioned, I guess.

3 10 2008
akmuckraker

@arkangel3
That’s probably the Alaska Permanent Fund Dividend check. Every man, woman and child gets one every year. Last year it was almost $2000 per person. This year more.

3 10 2008
emma

I don’t think it’s ethical for an accountant to charge a percentage of the refund.

But for the governor of the state of Alaska to be using H&R Block is ridiculous! *I* fix returns prepared by them.

On one of the Sch C’s there is a legal an professional fee of $200. I bet the preparer put some of the tax prep fee there, and the rest on the Sch A, of $178. Thus making the real total $378.

The correct way to handle per diem is to report it all as income, then detail out the expenses on Form 2106. It is possible that they receive poor tax advice from Block.

I would bet that McCain camp had nothing to do with this return. They would have never allowed their VP to have used Block. I bet the goons about died when they saw the returns.

And why such horrible copies? They might have been faxed and copied a number of times.

3 10 2008
Jim, aka Pitt Bull Hockey Palin

Back when I worked for the Confused State of California, my per diem wasn’t generally taxable. Mileage reimbursement was, but meals and incidentals weren’t. Lodging was paid per receipt, so was paid by me from after-tax income and reimbursed, so therefore also not taxed.

I’m sure there’s got to be *something* fishy there, but nothing glaring. Darn it.

3 10 2008
Carol

calico cat- you are so right about Peggy Hill and Cotton. Nice catch.

3 10 2008
emma

Oh, yeah…the office in the home is sooo going to be denied.

One of Todd’s fishing Schedule C is taking a deduction for an office in the home. You just can’t take a deduction for an office in the home because you want one. You have to be earning money from that office. Todd earns money by fishing on his boat, not doing paperwork in the office.

There is a famous tax case of Solomon, the doctor, whose office in the home was denied. The IRS said he made money in the hospital, not the office. Even though he used his office to bill patients.

And did you notice that the house was 3600 square feet? And valued at more than $500,000?

3 10 2008
arkangel3

AKM…thanks for the clarification.

The rest of you guys: Hey, my accountant is awesome. Everything is prepared neat and tide, completely honest…and yeah, there are years I owe. Also, it’s based on time invested as well.

We have a complex situation (one FT bread winner, I’m on disability, there are medications that I need daily and doctors visits which puts us over that Un-Reimbursed Medical Threshold; two kids…and NO, we don’t write off the cats, LOL). I wouldn’t even know where to start…and I sure as hell wouldn’t go to HR Block!

If I were running for office, I’d have no problem putting out my returns. Then again, who would vote for a bi-polar guy with PTSD who’s also a recovering alcoholic? Jeez…my wife scored a trifecta, huh?😀

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

emma (19:20:20) : “The correct way to handle per diem is to report it all as income, then detail out the expenses on Form 2106. It is possible that they receive poor tax advice from Block.”
_________________________________________________________________________________

see previous post—I think AK gov’t didn’t include it in W-2….should have. Then 2106 expense would have netted it to zero.

But not for the “family’s expenses”.

I go to a conference, required by my employer. She gives me $1000.00 which gets included in my W-2 wages.

1) I go to the conference, pay for a hotel and meals for $1200.00. My form 2106 shows a $200. deficit.
2) I go to a conference, pay NOTHING for a hotel and meals ( I stayed with Mom and she fed me). The $1000.00 is in my w-2 but I have no (zero) offsetting deduction on my form 2106, so it is taxable income.

I can never deduct the cost of taking my spouse, or my kids on the trip. It’s a No-Go.

3 10 2008
arkangel3

WAY back when, I used to have a Corporate Card (American Express), which paid for EVERYTHING on a Business Trip. Hotels, meals, happy hours (we had to be clever on this one), etc. But we had per diem limits that we weren’t allowed to go over or the boss would have a fit.

So it was never income or expense for me, it was all on the corporation’s dime and THEY are the one’s who get the write offs and the shareholders either get screwed or rewarded based on expenses.

3 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

G’night, guys.

I need some sleep. Keep on keepi’n on.

See you in the a.m.

I’ll need to look at Todd’s investments—first glance says foreign, not American!

3 10 2008
strangelet (Speck Backfire Palin)

Jim, aka Pitt Bull Hockey Palin (19:33:35) :

What’s fishy is that most of her per diem came to “reimburse” her for living in her own home in Wasilla, instead of being in Juneau where the Governor’s office is.

3 10 2008
strangelet (Speck Backfire Palin)

Cassie Jeep Pike Palin (Wish I were Trout) (18:18:50) :

Thanks. I wasn’t aware of the “personal pleasure” consideration — none of my few Sched C businesses have afforded me much personal pleasure.

You’re certainly right about the not providing for his family part — the fishing biz looks reasonable, but the racing “biz” is a whole lotta time and work to net +/- a couple thou a year. The income is clearly not the prime motivation, unless there is some higher league of snowmachine racing that he’s trying to break into.

That’s gonna be an expensive hobby.

4 10 2008
GJ in Idaho

I was just wondering why Sarah only made, $3,905.12 in 2006? Didn’t she work any where else that year? Seemed odd to me that Todd made $128, 005.00 in 2006, at B.P. Expo and then only $43,518.67 in 2007. Did he go on 1/4 time at B.P. in 2007, when she started making $107,987.00? These figures don’t reflect there businesses, but they were listed as Todd’s not hers, so I figured he ran the businesses not her. Just curious to know, when did she take office was it late in 2006?

4 10 2008
Memphis, NY a/k/a Churn Scorpion P.

I CANNOT believe that the Vice-Presidential candidate would go to HR Block aren’t there tax accountants in Alaska
I worked for Block for 10 years (2nd and/or 3rd Job someyears) as a seasonal tax preparer. Most tax preparers there have little knowledge and experience. Yes they do have some Enrolled Agents and seasoned tax preparers but?
I remember one time a lady walked in with a shoe box. The other prepares got nervous and said give her to J…., That’s me. Had to laugh when I opened the shoe box it was losing lottery tickets she wanted to deduct as gambling losses
But the point no one wanted the lady with the shoe box

4 10 2008
obamariz

When one accepts gifts (and Sarah Palin accepted $25K worth) they
should be reported as imputed income and are taxable. Did not see the gifts on the tax returns.

Hmmmm….

4 10 2008
Deep Throat 2

Palin’s (oops, RNC’s) legal explaination of September 30, 2008 on her taxes:

http://taxprof.typepad.com/taxprof_blog/files/palin_opinion_letter.pdf

4 10 2008
Nebraska Native AKA Froth Moonshine Palin

ArkAngel… ah, my friend, you do know that PTSD, Bipolar, and substance abuse are a very very common trifecta don’t you? Alcohol helps both Bipolar and PTSD symptoms, it’s just that it’s not very effective. You know, we do the best we can with what we know, and when we learn more, we do better. 🙂 Sounds like you have moved over to the doing better column!
Interesting read for you, my son sent it to me, and I hope this works:
http://www.fredoneverything.net/McCain

4 10 2008
you'rekidding,right?

Just a picky thing, but every page of that Form 278 says Sarah H. Palin….isn’t her middle name Louise?
Can’t Johnny Mac’s campaign get anything right?

4 10 2008
Laura Lee

you’rekidding,right? (05:29:21) :
Just a picky thing, but every page of that Form 278 says Sarah H. Palin….isn’t her middle name Louise?

This could be for Heath (maiden name.) I live in Louisiana and they put your maiden name followed by your married name on your paperwork, driver’s license, etc.

4 10 2008
you'rekidding,right?

doh!
I’m sure that’s it.

4 10 2008
Elizabeth

It all may be legally filed, but I wish I’d earned $1107 in dividends, in 2006, like little 5 year-old Piper did: Form 8814…

4 10 2008
BigPete

It’s interesting that on the McCain Web site it’s not readily apparent that Palin earned 166,000 thou(?)….that wouldn’t do for for a Josephine-six-pack, who is JUST LIKE US. Instead we are treated to the Republican obsession with taxes….look at how much the poor baby had to pay….it ain’t fair!

4 10 2008
Halcrow

ABC has givrn their take on the released returns and figure that Palin may owe $60,000 in taxes.

http://blogs.abcnews.com/politicalradar/2008/10/palins-taxes.html

…”According to the most recent return, Todd Palin’s fishing business grossed less than $50,000 in 2007 for a profit of $15,513. His snow machine racing business grossed $17,000 but home office expenses meant that he claimed a net loss of nearly $10,000.

It is, however, Sarah Palin’s income that is liable to draw the scrutiny of tax authorities. And it is not immediately clear whether the figures detailed in these newly-released forms will resolve questions that have already been raised.

Of particular interest: roughly $17,000 in state-issued per diems for evenings spent in her own home in Wasilla. The Washington Post recently reported that the per diems and associated travel costs from the state capital in Juneau for Palin’s family could mean a tax liability of more than $60,000 for Palin’s first year and a half as governor.

The address listed on the 1040’s is Palin’s family home in Wasilla, which would seem to suggest Palin considers that, not the governor’s mansion in Juneau, her “tax home.” However the McCain-Palin campaign maintains that her “tax home” is technically the governor’s mansion in Juneau…

4 10 2008
Dema

WHY HAVEN’T THE PALINS BEEN AUDITED??? Clearly, they’re hiding income from the IRS…otherwise, how could they possibly afford that lakefront house and the private plane? Where is the money coming from for all of that?

I find this kind of thing infuriating. My income is completely verifiable and I pay taxes on every penny I make. But the Palins’ get away with fiscal murder.

4 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

Deep Throat 2 (05:21:39) :

Palin’s (oops, RNC’s) legal explaination of September 30, 2008 on her taxes:

http://taxprof.typepad.com/taxprof_blog/files/palin_opinion_letter.pdf
**********

Thanks for this, Deep, but the IRS doesn’t really give a flying hoot what Mr. Olson opines!

Taxpayers—all taxpayers—are required to claim all their income, period. Most embezzlers, if caught, do time for evasion of tax on their ill gotten gains, not because they stole it, but because they didn’t pay income tax on it. Same applies to drug dealing and prostitution.

Besides, lawyers can always give a persuasive argument to support their client’s position…that’s why it’s called an opinion.

I thought in the beginning of the “legal opinion” he was placing blame on the State of AK, and in a way, he is. Poor SHWNBN cannot report income that is not reflected on her w-2. How would she know?

Wrong. You don’t get a w-2 for jury duty, but it’s reportable income. You don’t get a w-2 for notary fees, but it’s reportable income. You don’t get a w-2 for being the executor of an estate, but it’s reportable income. You don’t get a w-2 for the $500 gas card you won when the Relay for Life raffled it, but it’s reportable income.

Whether the state of AK erred or not, Sarah…but more importantly Todd who is not an Alaska Government employee…received compensation that was not taxed. Now if they had legitimate offsetting expenses, then it’s a wash. But it still needs to be reported.

I think the IRS would see it in that light. Will they? I figure it would get them about $15K to $17K (tax and underpayment penalty, possibly even substantial underpayment penalty give the $s involved. That’s not a whole lot of money to the IRS. On the other hand, the publicity that would be garnered—and remember, knowing what the IRS can do to you keeps most taxpayer honest—would be PRICELESS.

I would guess that the RNC has already filed for a private letter ruling on the per diem. Perhaps that will be expedited, too.

4 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

Elizabeth (07:35:11) :

It all may be legally filed, but I wish I’d earned $1107 in dividends, in 2006, like little 5 year-old Piper did: Form 8814…
*******

That dividend is the Alaska Permanent Fund payment—-I know, we in the lower 48(49) know nothing of this!😉 Every man, woman and child in Alaska gets a yearly dividend from the State having to do with oil revenues. Piper is under 12, so they report in on the parents return. The olser kids are required to file a federal return showing it on their own tax return.

4 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

Halcrow (08:06:14) :

ABC has givrn their take on the released returns and figure that Palin may owe $60,000 in taxes.
******************************
Thanks, Halcrow, for the link. I don’t think the taxes would be that high. see previous post, I would put it somewhere around 15K to 17K.

But they are saying what I’ve been shouting—she considers her tax home to be Wasilla, and she files that way. Fine—she would then be eligible for per diem in Juneau EXCEPT that Alaska gives her a free mansion to live in there–no per diem applies.

I think Alaska has been under-reporting this since statehood came about. But a tax preparer a little more knowledgeable than H & R Block would have known that and would have questioned it.

4 10 2008
Terpsichore

My husband thinks it’s not a big deal and maybe he’s right, but the check written to pay the Palin’s estimated tax for 2007 (dated 4/11/2008) was number 6896, while the check written to pay estimated taxes for 2006 (dated 4/6/2007) was number 7083. It was from the same account.

I know I have written checks out of order before. It’s not impossible. But I’d feel better if I had some explanation as to why the check s/he wrote in 2008 had a LOWER number than the one s/he wrote in 2007.

As much as I love investigation, this will be beyond me. Feel free everyone, to send this info anyone who can investigate it properly to see if it means anything at all.

4 10 2008
Cassie Jeep Pike Palin (Wish I were Trout)

Terpsichore (11:55:57) : Re: non sequential check numbers…
*************

It’s not really possible to know that they were drawn on the same account at Wells Fargo since the account numbers have been concealed. For years, in our household, we had the blue checkbook and the green checkbook–both covers were brown, but the checks themselves were blue and green. (chuckle)

Also, (terrible admission coming) my husband knows NOTHING about bank accounts and has very often just grabbed a packet of checks out of order, re-ordered checks a year before we would be needing them, etc. I’m an accountant so, therefore, you now know why we had a blue checkbook and a green checkbook to begin with!🙂 We’ve managed to stay married for 38 years and four kids. Who knew the secret to success was to have multiple checkbooks?

I genuinely feel that the Palins owe federal income tax on a certain amount of unclaimed income. I’m not completely sure that it was in any way intentional. I expect this practice will be looked into by the iRS and will be quietly corrected and clarified.

But my concern is about the mentality that would accept, in the first place, that you could get all those “benefits”—travel, lodging for family, and per diem in the form of CASH PAYMENTS—free of income tax. No income is free from Income tax.

4 10 2008
Libbs

Since Palin was chosen in part to pull the Right wing Christian vote…it is interesting that she didn’t report a 10% tithe. Walk the walk, Governor…

5 10 2008
digital dolly

I have read over this whole “mess” and have never seen so much hatefulness. Are you people all jealous of Mrs. Palin and what she has accomplished so far? Has she done
something to y ou personally to make you so hateful? Would you like the IRS to come
snooping into all y our personal money affairs? Would they find a discrepancy in
any of your tax filings? You are ALL quick to point the finger. did Mrs. Palin do something to you personally to make you state some of the harshest criticisms of her? I have been reading blogs on many, many sites and find people I sure wouldn’t want to have as friends. They will stab you in the back if you don’t come across as you want them to be. I tell you I have just not ever found so much displeasure as you anti-Palin people have for the VP candidate. I guess you all would much rather live under a “Dictator” and that is what you are going to have sooner or later. Just you wait!!!! The time is coming!!!

5 10 2008
ergot

digital dolly (12:45:42) :
“Would you like the IRS to come snooping into all y our personal money affairs? Would they find a discrepancy in any of your tax filings?”

Not particuarly, but then none of US is running for VP either.
Commando Coalfire Palin




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