Taxes Done!!!!

[digthemup]

My taxes were just completed by my accountant the other day. I owe around $47k after giving the thieves enough money to purchase a new, loaded Ranger bass boat. I'm getting a refund from the State after aggressively going through my monthly bank statements to find a lot of sales taxes paid throughout the year. I needed to recoup an extortion tax of $3,500 on my 80 acres the State imposed.....to long of a story to explain.

Our Government is corrupt as hell and I hope it gets dismantled by 80%. The government is being exposed, but some people still can't see it....unbelievable...

M

How much are you being penalized for not having estimated your taxes? since owing $47,000.00 would carry a big penalty on state taxes alone in NYS. Congrats on being blessed with that much income though.

[MMyles]

How much are you being penalized for not having estimated your taxes? since owing $47,000.00 would carry a big penalty on state taxes alone in NYS. Congrats on being blessed with that much income though.

I am not being penalized at all, other than having to pay taxes...lol.

We follow what the accountant tells us to do throughout the year and once he completes the calculations, he lets us know how much we will owe or how much of a refund we get based on our personal tax burden since we are an "S" Corp.

We rarely get refunds because of what is mentioned above, why pay them in advance? Our accountant calculates the amount due for both my brother and I based on our individual tax burden and then send them a check, which is bonused out to each of us to pay the thieving pri*ks.

What a ponzi scheme......all to enrich the elite. They have it figured out to take as much as possible. A flat tax would be fair to all, and make sense, but [They] don't want that. It's easier to steal your money with smoke & mirrors.

M

[rid 05 198]

I am not being penalized at all, other than having to pay taxes...lol.

We follow what the accountant tells us to do throughout the year and once he completes the calculations, he lets us know how much we will owe or how much of a refund we get based on our personal tax burden since we are an "S" Corp.

We rarely get refunds because of what is mentioned above, why pay them in advance? Our accountant calculates the amount due for both my brother and I based on our individual tax burden and then send them a check, which is bonused out to each of us to pay the thieving pri*ks.

What a ponzi scheme......all to enrich the elite. They have it figured out to take as much as possible. A flat tax would be fair to all, and make sense, but [They] don't want that. It's easier to steal your money with smoke & mirrors.

M

I flat tax would raise the income tax on over half of the people. There is a reason for the brackets. Just look at who pushes for the flat tax. It's not the low and middle income groups.

[davidsa]

I flat tax would raise the income tax on over half of the people. There is a reason for the brackets. Just look at who pushes for the flat tax. It's not the low and middle income groups.

I think it matters how such a simple tax would be applied and deep understanding of tax demographics today. for example, no one is taxed on the first 50k of earnings then a flat tax kicks in. I don't have a business or complex investments but I also hear that some of the wealthiest families in the US can legally hide income. Assume those exclusions were now taxed, generating revenue, such that the flat rate did not have to be super high.

[rid 05 198]

I think it matters how such a simple tax would be applied and deep understanding of tax demographics today. for example, no one is taxed on the first 50k of earnings then a flat tax kicks in. I don't have a business or complex investments but I also hear that some of the wealthiest families in the US can legally hide income. Assume those exclusions were now taxed, generating revenue, such that the flat rate did not have to be super high.

Yes a lot of income is not called earned income. That's were high income groups cash in. Most people the income for them is earned income. Make all income earned income. Big money donors will have something to say about that.

[Dixie-Raven]

Yes a lot of income is not called earned income. That's were high income groups cash in. Most people the income for them is earned income. Make all income earned income.

Which ones? You want all these forms taxed? Some already are. Which are the ones the rich are taking advantage of that the normal guy cannot?

Income that is not considered earned income includes:

Interest and dividends
Retirement income
Social Security benefits
Alimony
Unemployment benefits
Child support
Nontaxable employee pay
Investment-type income such as taxable interest, ordinary dividends, and capital gains distributions
Distributions from a trust

[rid 05 198]

Which ones? You want all these forms taxed? Some already are. Which are the ones the rich are taking advantage of that the normal guy cannot?

Income that is not considered earned income includes:

Interest and dividends
Retirement income
Social Security benefits
Alimony
Unemployment benefits
Child support
Nontaxable employee pay
Investment-type income such as taxable interest, ordinary dividends, and capital gains distributions
Distributions from a trust

Which ones? All you listed and more. Qualified dividends is a big one. "Do you work for your money or does your money work for you"? My point was to make all income taxed at the same rate, if you work for it or not. Do that and then hear which pigs squeal the loudest.

[AMSDJS]

I am not being penalized at all, other than having to pay taxes...lol.

We follow what the accountant tells us to do throughout the year and once he completes the calculations, he lets us know how much we will owe or how much of a refund we get based on our personal tax burden since we are an "S" Corp.

We rarely get refunds because of what is mentioned above, why pay them in advance? Our accountant calculates the amount due for both my brother and I based on our individual tax burden and then send them a check, which is bonused out to each of us to pay the thieving pri*ks.

What a ponzi scheme......all to enrich the elite. They have it figured out to take as much as possible. A flat tax would be fair to all, and make sense, but [They] don't want that. It's easier to steal your money with smoke & mirrors.

M

I agree with you and n2ratfishin, but the wealthy will never vote a flat tax because they would lose all their loopholes to avoid paying their "fair share". Which we will all argue and debate over what defines a fair share. And as mentioned by others, I also agree that all income should be included as earned income and taxed at the flat rate. Very simplistically, let's say there was a 10% flat tax each year on all income besides payroll earnings. The family making say $50K is taxed $5,000 leaving $45K net. The family making $1M is taxed $100K (20x more), leaving $900K net. Of course this sounds absurd to pay $100K in taxes but the family still has $900K disposable income (20x more) than the other family. Now I am in no way a socialist as I have the same disdain for the IRS and government waste. Just trying to say that the tax system is indeed rigged for the wealthy (top 5%) to pay less than a fair share compared to their fellow Americans.

That said, the better way to get rid of govt waste and improve efficiency, is not to fire people actually working. Get rid off all welfare handouts and crack down on unemployment compensation. There are plenty of jobs to be filled in this country. If one chooses not to work, then no free money. Go after the freeloaders first.

[davidsa]

The family making say $50K is taxed $5,000 leaving $45K net. The family making $1M is taxed $100K (20x more), leaving $900K net. Of course this sounds absurd to pay $100K in taxes but the family still has $900K disposable income (20x more) than the other family.

I would think many elite earning households would love a flat tax. Assume you make $1million in income, dividends and profit from asset sell. Very little to no way to hide this. The family making $1M in income from such forms will pay about $280K in federal tax for 2024 and that is with the 2016 tax cuts in place. The flat tax of 100K would be a massive benefit to this group. I'm sure they would argue that it gets them closer to fair share

[Bueller]

I agree with you and n2ratfishin, but the wealthy will never vote a flat tax because they would lose all their loopholes to avoid paying their "fair share". Which we will all argue and debate over what defines a fair share. And as mentioned by others, I also agree that all income should be included as earned income and taxed at the flat rate. Very simplistically, let's say there was a 10% flat tax each year on all income besides payroll earnings. The family making say $50K is taxed $5,000 leaving $45K net. The family making $1M is taxed $100K (20x more), leaving $900K net. Of course this sounds absurd to pay $100K in taxes but the family still has $900K disposable income (20x more) than the other family. Now I am in no way a socialist as I have the same disdain for the IRS and government waste. Just trying to say that the tax system is indeed rigged for the wealthy (top 5%) to pay less than a fair share compared to their fellow Americans.

That said, the better way to get rid of govt waste and improve efficiency, is not to fire people actually working. Get rid off all welfare handouts and crack down on unemployment compensation. There are plenty of jobs to be filled in this country. If one chooses not to work, then no free money. Go after the freeloaders first.

You might be surprised to learn that a $1 million income falls in to the 28% tax bracket and will owe $280,000 in Federal taxes.

[davidsa]

You might be surprised to learn that a $1 million income falls in to the 28% tax bracket and will owe $280,000 in Federal taxes.

actually it is in the 37% bracket but the weighted average or effective tax rate is 28%.

by contrast someone married filing jointly making 50k pays about 5% effective federal tax rate.

[pavi69]

actually it is in the 37% bracket but the weighted average or effective tax rate is 28%.

by contrast someone married filing jointly making 50k pays about 5% effective federal tax rate.

$50,000 married filing joint. Easy to leave out the Medicare and Social Security tax
tax on 50k.JPG

[AMSDJS]

You might be surprised to learn that a $1 million income falls in to the 28% tax bracket and will owe $280,000 in Federal taxes.

I am aware of this but I guarantee they or their accountant will easily figure out mechanisms to reduce their actual taxes they pay for the year.

[ProVle]

I am aware of this but I guarantee they or their accountant will easily figure out mechanisms to reduce their actual taxes they pay for the year.

Is there a problem with that? It works for everyone the same way.

[Bueller]

I am aware of this but I guarantee they or their accountant will easily figure out mechanisms to reduce their actual taxes they pay for the year.

CPA may get to down to 20% which is, you know, $200,000. And it’s far from easy.

[davidsa]

I am aware of this but I guarantee they or their accountant will easily figure out mechanisms to reduce their actual taxes they pay for the year.

You are wrong. Like I said previously, if some has prior year losses, things they can depreciate then maybe reductions are possible but on plain income reported by an employer, a bank, a brokerage house, etc you will get caught if you cheat. The reason is all of these institutions send the govt a copy of your earnings and in the years after you file they can do a compare of what what was reported to the IRS vs what you claimed. You get a very nice letter on the differences suggesting a settlement.

The notion that somehow households making a lot of money don't pay tax is nonsense.

oh, and everyone gets hit with medicare, social security, state and local taxes as well.

[boneil]

You are wrong. Like I said previously, if some has prior year losses, things they can depreciate then maybe reductions are possible but on plain income reported by an employer, a bank, a brokerage house, etc you will get caught if you cheat. The reason is all of these institutions send the govt a copy of your earnings and in the years after you file they can do a compare of what what was reported to the IRS vs what you claimed. You get a very nice letter on the differences suggesting a settlement.

The notion that somehow households making a lot of money don't pay tax is nonsense.

oh, and everyone gets hit with medicare, social security, state and local taxes as well.

Many people only pay social security for a couple months out of the year. While most pay it year round. Not sure thats really fair.