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Thread: Your TAXES

  1. #26
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    I'm a partner at my company so 2/3's of my income is pass thru LLC distributions (just like dipshit Trump) so I'm pretty stoked this year. Bad for the country, though.

  2. #27
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    Amazon will pay $0 in federal taxes this year, despite $11.2 billion in profits

    Amazon confirmed the amount but said it followed all appropriate tax rules.
    When you see something that is not right, not just, not fair, you have a moral obligation to say something. To do something." Rep. John Lewis


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  3. #28
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    Quote Originally Posted by Marshall Tucker View Post
    You should always owe 1-2k with your return/extension (i.e. a payment that has to be made by april 15th). , and StrawJack is spot on. It IS an interest free loan. In the purest sense of the term. Refund is the inverse of that, you loan trump money interest free. Always cracks me up people talking about thier refunds. Kinda like other CPA/dentists who instantly get all defensive trying to argue about buying a new car vs slightly used. .
    I think most people live right on the edge and can't come up with enough money to pay a 1-2k tax bill

    I know a CPA who at some point realized he was 1 year older than he thot so according to his balance sheet he could buy a new truck, but how does a guy who plans that closely forget how old he is?
    Lee Lau - xxx-er is the laziest Asian canuck I know

  4. #29
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    Quote Originally Posted by Marshall Tucker View Post
    You should always owe 1-2k with your return/extension (i.e. a payment that has to be made by april 15th).
    Fuck that. You need to keep that money in a liquid account that is going to pay 2-3% interest. I lost out on $20 in interest I could have earned, BFD.

  5. #30
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    Quote Originally Posted by Dantheman View Post
    Fuck that. You need to keep that money in a liquid account that is going to pay 2-3% interest. I lost out on $20 in interest I could have earned, BFD.
    Can I have your $20?

  6. #31
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    Quote Originally Posted by Dantheman View Post
    Fuck that. You need to keep that money in a liquid account that is going to pay 2-3% interest. I lost out on $20 in interest I could have earned, BFD.
    See, this is why us dentists don't want to share very often. Maybe, just maybe, adjusting your withholding allows you to up your contribution to your 401k that gets matched by your employer. Maybe, Just maybe, it allows you to put $6k in your wife's IRA at the start of the year and you get S&P return on that $ for the year. it's not rocket surgery rube. a lot of nickels add up to a lot of money over time. Wanna laugh at us? that's fine. We're laughin too. all the way to the bank.
    "Can't you see..."

  7. #32
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    Too bad TurboTax doesn’t show you what your tax bill would have been under the old rules. Hard to compare apples to apples if there was any change to your situation.

    My tax rate increased from 13.9% to 15.8%, not including FICA taxes. Kind of annoying that it went up, but my income also went up about 30% so I won’t whine too much.

  8. #33
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    Quote Originally Posted by Marshall Tucker View Post
    Maybe, just maybe, adjusting your withholding allows you to up your contribution to your 401k that gets matched by your employer. Maybe, Just maybe, it allows you to put $6k in your wife's IRA at the start of the year and you get S&P return on that $ for the year.
    No 401k match from my employer, so that's pretty irrelevant for me. I didn't realize until just now that you could draw from an IRA penalty-free to make tax payments, so that does make some sense. But, there's certainly risk that the market could tank that year and you lose money instead.

  9. #34
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    Oct 2007
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    I'm not so much against my taxes going up, I'm against them going up, while the deficit goes up, and taxes are being used on shit I don't agree with.

    That said, I don't have the final numbers in yet, but I'm guessing we'll end up paying a few thousand more this year than last because the loss of deductions. We'll reevaluate and adjust this year, as I hope millions of americans will too.

  10. #35
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    SALT is BRUTAL!!!

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  11. #36
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    Quote Originally Posted by XXX-er View Post
    I think most people live right on the edge and can't come up with enough money to pay a 1-2k tax bill

    I know a CPA who at some point realized he was 1 year older than he thot so according to his balance sheet he could buy a new truck, but how does a guy who plans that closely forget how old he is?
    Funny. I honestly thought I was turning 48 last year until my wife reminded me I was turning 47. I was like "I got an extra year to live!!!"
    Gimme five, I'm still alive!
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  12. #37
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    Quote Originally Posted by alias_rice View Post
    Too bad TurboTax doesn’t show you what your tax bill would have been under the old rules. Hard to compare apples to apples if there was any change to your situation.
    If you have a copy of turbotax 2017, you can find out. Just input your 2018 info into 2017.
    I've concluded that DJSapp was never DJSapp, and Not DJSapp is also not DJSapp, so that means he's telling the truth now and he was lying before.

  13. #38
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    What does the the Strategic Arms Limitation Treaty have to do with all this?

  14. #39
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    Quote Originally Posted by DJSapp View Post
    If you have a copy of turbotax 2017, you can find out. Just input your 2018 info into 2017.
    Lots of work for a lazy ass like myself. Plus I use the online version.

  15. #40
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    Quote Originally Posted by iceman View Post
    What does the the Strategic Arms Limitation Treaty have to do with all this?
    You are now limited in that you can't deduct any nuclear missiles you buy anymore. I think.

  16. #41
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    Well thank God I bought my new nuke tax-free in Delaware, then.

    They have an outlet store for everything in Delaware btw.

  17. #42
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    I buy mine right from the Iranians, but if that source dries up, Delaware it is. Good to know.

  18. #43
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    Nukes-R-Us is right next to the Coach outlet so you can pick up some decent leather goods on the same trip.

  19. #44
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    Quote Originally Posted by TahoeJ View Post
    I'm a partner at my company so 2/3's of my income is pass thru LLC distributions (just like dipshit Trump) so I'm pretty stoked this year. Bad for the country, though.
    Maybe deep six my desire for a Sch. C and form a LLC? Looking to legally cheat.
    A few people feel the rain. Most people just get wet.

  20. #45
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    Yahoo had a piece claiming the average joe six pack would pay about $1300 more?


    Had about forgot about SALT for those of you in them thar areas.


    Think only going back 2 years on a loss, instead of 5, is going to affect me this year?


    Hell, the SALT thing may be getting me? Don't have zillion dollar nuke in a nice neighborhood, but do have lots of crappy stuff.

  21. #46
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    If we're loaning Trump free money I'd be worried about getting any refund, given his record on paying back loans.

  22. #47
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    Oct 2007
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    Problem is, most people will pay a lot more, and not even know it.

    Crazy, they tell you taxes are getting cut, but they actually go up, and the deficit goes up at the same time. Repubs don't care, they'll be out of office and working in the private sector reaping their rewards from the CEO's and companies they benefitted before the dumbass public figures it out anyway

  23. #48
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    Oct 2015
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    So I ended up making 5 trips to the local goodwill store and have 5 signed but blank receipts. Initially I just put a few hundred bucks for each one, but what’s the downside of upping it to a few grand per receipt? How does anyone know what I actually gave?

  24. #49
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    Quote Originally Posted by alias_rice View Post
    So I ended up making 5 trips to the local goodwill store and have 5 signed but blank receipts. Initially I just put a few hundred bucks for each one, but what’s the downside of upping it to a few grand per receipt? How does anyone know what I actually gave?
    They call those deductions 'safe harbors' or something, it's not a red flag to get an audit. Or so I was told by my accountant.

  25. #50
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    Bulls make money, bears make money, pigs get slaughtered"
    A few people feel the rain. Most people just get wet.

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