Tax time ... FUCK ME!

[huckbucket]

I think I'm officially a repub after this year. I'm in for $3K. FAAACK!!

[Jer]

Welcome to the 1%.

[huckbucket]

Wondering if I can deduct putting up with your stupid shit on this forum every day?

[warthog]

They say it is better to owe. Never feels better.

What I want to know is, if they take 36% of my commissions, plus the normal amount for wages, how the fuck can we owe anything? Kills me every time.

[huckbucket]

Yea ... just like

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magnets

[Tuckerman]

Well put your nose to the grindstone and earn a high priced tax attorney to help you hide your money.

[freezorburn]

Thank Obama. It's called redistribution of wealth.

He lied I don't make his 250k number but he is responcible for changing other tax codes that screw the middle class.

[systemoverblow'd]

They say it is better to owe. Never feels better.

What I want to know is, if they take 36% of my commissions, plus the normal amount for wages, how the fuck can we owe anything? Kills me every time.

Yup, because essentially you could be earning interest on that money instead of the government having it. Still blows.

[Buke]

Yup, because essentially you could be earning interest on that money instead of the government having it. Still blows.

Wait, is it possible to earn interest?

[systemoverblow'd]

Wait, is it possible to earn interest?

LOL... I'm interested

[Tippster]

Alright. Bend over.

[wooley12]

The problem is that you make money the old fashion way, you earn it. You need to invest in a bankruptcy scheme like Mitt and be paid with dividends and uncollectible loans.

BTW, my skis broke last week and there is no snow and the dog got sick. Fucking Obama, it's all his fault.

[PassTheDutchie]

Thank Obama. It's called redistribution of wealth.

He lied I don't make his 250k number but he is responcible for changing other tax codes that screw the middle class.

Really? Like what? I'm actually curious as to what Obama (or Congress for that matter) has changed in the tax code for individuals over the last three years. Tell me.

[Sirshredalot]

Thank Obama. It's called redistribution of wealth.

He lied I don't make his 250k number but he is responcible for changing other tax codes that screw the middle class.

This just confuses the hell out of me, and not just because of the poor spelling and the fact that it's posted in the wrong forum.

a.) The President doesn't write tax law, Congress does.
b.) Republican Congressional leadership just had a showdown with the Presidential administration because they wanted to torpedo the extension of the payroll tax cut. This is a big tax cut for the middle class and the administration has gone to the mat to fight for it.
c.) Federal tax revenues as a share of GDP are at historical lows, in no small part because tax cuts and credits have been dispersed on a nearly across the board basis as part of the ARRA, which the Presidential administration endorsed. Nobody's individual income tax rates have gone on up anything (at the Federal level) over the past 4 years, to the best of my knowledge.
d.) To the best of my knowledge, the administration has not even publicly talked about raising rates on anyone who makes $250,000 ever.

[freezorburn]

Really? Like what? I'm actually curious as to what Obama (or Congress for that matter) has changed in the tax code for individuals over the last three years. Tell me.

If your lucky enough to own commercial Property, you can no longer take a tax deduction against you personal income when you shell out $$$ to fix the property up. You can only deduct against the income of the property but most Middle class property owners just break even till mortgage is payed.

This is hurts every small time realistate person or anyone that owns and rents a condo.

Again bending over to hurt the middle class. We are taxed over 30% Poor are not and the Truely "rich" poeple >1 million a year don't pay anywhere near that.

[Pegleg]

Again bending over to hurt the middle class. We are taxed over 30% Poor are not and the Truely "rich" poeple >1 million a year don't pay anywhere near that.

I don't see how this is "bending over to hurt the middle class." Seems like the upper classes probably own much, much more commercial property than the middle class.

Let's offset that against the 2% payroll tax cut that Obama went to the mat to defend. If you factor both in, did the average middle class person pay more or less taxes total? I'd wager a lot less, since the average middle class person earns a hell of a lot more money from working than from their commercial property investments (if they have any at all, which the vast majority don't).

I don't like paying taxes any more than everyone else, but I do understand that (a) Americans pay way less in taxes than most of the rest of the first world, and (b) if I earn enough money to live a comfortable life (like, say, enough to have all of my basic needs covered so that I'm investing in commercial property), then I have a responsibility to pay a share of that to help maintain the social structures and safety nets that helped me to do so.

[freezorburn]

Let's offset that against the 2% payroll tax cut that Obama went to the mat to defend.

Yes, Wonderfull a 2% Payroll tax cut, that would have been great if thats all it was.

You know how that was to be offset? Going to be offset by restricting and in some cases removing your ablility to DEDUCT your home morgage interest from your income.

I hear about all this BS your paying less in tax but its a lie.

You own a home, have a business, work for yourself or have a little bit of cash and you have been paying more then ever before.

Look at the money in your pocket, your personal income. if your income has been increasing the past few years then vote for this guy again.

[stuckathuntermtn]

Thank Obama. It's called redistribution of wealth.

He lied I don't make his 250k number but he is responcible for changing other tax codes that screw the middle class.

Yes, we're redistributing it upwards. See, if you're a trustafarian "earning" residuals and your job is telemarking, you pay about 15%.

[Sirshredalot]

If your lucky enough to own commercial Property, you can no longer take a tax deduction against you personal income when you shell out $$$ to fix the property up. You can only deduct against the income of the property but most Middle class property owners just break even till mortgage is payed.

This is hurts every small time realistate person or anyone that owns and rents a condo.

Again bending over to hurt the middle class. We are taxed over 30% Poor are not and the Truely "rich" poeple >1 million a year don't pay anywhere near that.

http://www.irs.gov/publications/p527/ch03.html

Looks to me like you are allowed to use paper losses on your rental property to offset real income, provided that you actively manage it. If you own multiple rental properties as a strictly passive interest, you can use accounting losses on one to zero out your income from all the others. And you get incredibly generous amounts of deductions in order to generate these accounting losses. You're very high-income because you already pay an aggregate 30% on your normal income, even after zeroing out your rental properties, which you manage passively.

Two thoughts occur to me:
1.) I highly doubt anyone at the level of the Presidency was getting heavily involved in specific decisions over the implementation of the deductibility of active vs. passive income wrt rental properties.
2.) This is exactly the sort of real estate speculation that contributed greatly to driving our economy over the cliff, and it's extremely heavily subsidized through the tax code. I'm having trouble finding my tiny violin for you right now ...

[Tuckerman]

a.) The President doesn't write tax law, Congress does.

That's right but the POTUS can promote programs which have to be paid for.

[freezorburn]

http://www.irs.gov/publications/p527/ch03.html
This is exactly the sort of real estate speculation that contributed greatly to driving our economy over the cliff, and it's extremely heavily subsidized through the tax code. I'm having trouble finding my tiny violin for you right now ...

wow You just said exactly what i did with a bunch of wonderfully articulated words and a random link to an irrelevant tax code.

Personal income spent on an investment property can no longer be deducted from your income as an out of pocket expense.

So you feel anyone in relistate should get screwed, ok fine.

but what about:

A electrician could not deduct his cost of his supplies from his income? Only the income from the business.
A Plumber?
A maid?
Lanscaper?

Anyone who's business income is closely tied or the same as there personal income.

[Pegleg]

You know how that was to be offset? Going to be offset by restricting and in some cases removing your ablility to DEDUCT your home morgage interest from your income.

I hear about all this BS your paying less in tax but its a lie.

What does "going to be offset" mean? AFAIK, the 2% payroll tax was in effect for 2011, and remains in effect right now, and I'm still able to deduct my home mortgage interest. So I don't see how this phantom "going to happen" affected my taxes one way or the other. Fact is, a 2% actual deduction in payroll meant that working people, like me, actually had more money in their bank account every month. And yes, I've looked at my taxes and although my income went up I'm paying roughly the same (a little less, actually, because I took advantage of some of the home energy reduction credits). So again, I think you're manipulating the facts to make the point that you don't like Obama.

[ak_powder_monkey]

I wish I made enough money to pay $3000 of tax

[mcsquared]

wow You just said exactly what i did with a bunch of wonderfully articulated words and a random link to an irrelevant tax code.

Personal income spent on an investment property can no longer be deducted from your income as an out of pocket expense.

So you feel anyone in relistate should get screwed, ok fine.

but what about:

A electrician could not deduct his cost of his supplies from his income? Only the income from the business.
A Plumber?
A maid?
Lanscaper?

Anyone who's business income is closely tied or the same as there personal income.

First of all, are you spelling it relistate to appear clever or something? Is this some new meme I am not aware of? Second of all, have an adult look over your taxes. I own a few rental properties, some commercial. And what you are saying isn't true. I have a net loss every year on a couple properties after interest, maintenance, taxes, and depreciation. That net loss reduces my total taxable income (within limits)

[strawjack]

A electrician could not deduct his cost of his supplies from his income? Only the income from the business.

just don't do what he did...

Renato Maldini, owner of Maldini Electric Inc., owes Internal Revenue Service $467,000. A Greenland business owner has pleaded guilty to four counts of federal tax evasion, according to the Union Leader.

U.S. Attorney John P. Kacavas issued a press release stating that Renato Maldini, 53, of Newington, owner of Maldini Electric Inc., in Greenland, failed to report $1,419,120 in earnings, avoiding $467,000 in taxes, on federal tax returns he submitted to the Internal Revenue Service for tax years 2004 through 2007, the Union Leader reported.

The newspaper reported that the federal prosecutor said Maldini misrepresented 123 non-payroll checks, totalling $1,419,120, as payments to a vendor when they were paid to him personally.

The newspaper reported that Maldini is scheduled to be sentenced by U.S. District Court Judge Paul Barbadoro on April 25.

The Union Leader reported that, according to court documents, Maldini is currently free on personal recognizance bail and the business is still open.

The maximum prison term for tax evasion is five years and the maximum fine for the offense is $100,000, the newspaper reported.

The Union Leader also reported the case was investigated by the IRS and prosecuted by Assistant U.S. Attorney Robert Kinsella.