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Since: Jan 10

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#2447
Jan 21, 2013
 

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Oh really wrote:
<quoted text>
Yeah, but what I can deduct and what you can, or could when you were working, is different.
The big difference is in the accounting and legal counsel, and tax breaks. You're under the mistaken impression that "the law" applies equally to everyone. It does - until the special (accounting) conditions, the details and tax breaks, kick in.
Remember, bean-counters rule the world!
Aside: GE doesn't pay corporate tax, HD does, a little.
http://www.nytimes.com/2011/03/25/business/ec...
Yep. I am (or was) one of those bean counters, CFO for several companies. I've signed more tax returns than the number of days the POTUSA has been in office...

The GE tax situation has been addressed ad nauseum in here.

To say GE doesn't pay corporate tax (based upon one year, 2010 I believe) is misinformed about how the tax system works (NOLs, investment credits, etc.).
martini olive

Jacksons Gap, AL

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#2448
Jan 21, 2013
 

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Sure you do. You cry every night for the "every day working" family, dont you?

Since: Jan 10

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#2449
Jan 21, 2013
 
ME II wrote:
<quoted text>
OK, enough with the double talk... Basically, the rich and big companies find a lot more ways to reduce their TAXABLE income than most of the regular Joes out there.
When I worked for a big company, I, as an individual worker, didn't have many ways to claim tax deductions. Now that I have my own business, I find that I can write off most anything. Business lunches?? Oh yeah, I can deduct that. But those every day Joes can't.
Business meals are not 100% deductible, but I'm sure you were aware of that...

Oh yeah, you're still spending the money for those expenses, unless it's a 100% write off (or credit), the expenses outweigh the tax benefits. But I bet you knew that, too...

Since: Jan 10

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#2450
Jan 21, 2013
 

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Bill said: "The tax rate for your C corp is the same as the tax rate for my (former C corp), Home Depot, GE, etc."
Oh really wrote:
<quoted text>
Yeah,...
'nuff said.

Since: Jan 10

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#2451
Jan 21, 2013
 

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Oh really wrote:
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Those are the rules you may (or may not) go by, but they're not mine, according to the IRS.
Not that I really care, but you're wrong. You may be getting bad advice or whatever...

Do some research as to when it's appropriate to issue the form I mentioned.

Been audited lately? Or, at all?

Since: Jan 10

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#2452
Jan 21, 2013
 
ME II wrote:
<quoted text>
...
When I worked for a big company, I, as an individual worker, didn't have many ways to claim tax deductions. Now that I have my own business, I find that I can write off most anything. Business lunches?? Oh yeah, I can deduct that. But those every day Joes can't.
"When I worked for a big company, I, as an individual worker, didn't have many ways to claim tax deductions."

That's because a business can deduct legitimate operating expenses, individuals cannot. Driving to and from work is not a deduction. Lunch at work is not a deduction. Both are considered personal expenses.

If you're intimating that individuals should be able to deduct personal expenses, well that's a whole different can of worms.
ME II

Dahlonega, GA

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#2453
Jan 21, 2013
 

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Bill in Dville wrote:
<quoted text>
Business meals are not 100% deductible, but I'm sure you were aware of that...
Oh yeah, you're still spending the money for those expenses, unless it's a 100% write off (or credit), the expenses outweigh the tax benefits. But I bet you knew that, too...
Again, your arrogance is showing. Yes, I know business expenses are not 100% deductible. As for you saying that the "expenses outweigh the tax benefits" that really depends. If you were going to take a client out for lunch regardless of whether you're getting a tax deduction then ANY amount of deductions you can make will work to your benefit. If you think you're making money by having business lunches all the time, that's just plain dumb.

Since: Jan 10

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#2454
Jan 21, 2013
 
Oh really wrote:
<quoted text>
Tell me about it. I know of one contract that called for escrow accounts be funded for the person's children and grand children (a Ricky Fund)- and at the time of signing, he and his wife had neither, but it helped turn a net loss (NOT a misprint), which was needed (which became another deduction, a capital loss). It was all legal too.
Google (or otherwise research) "transfer pricing" if you want to see something interesting. I earned MANY frequent flyer miles to/from Europe, Bermuda and other places implementing transfer pricing projects.

Since: Jan 10

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#2455
Jan 21, 2013
 

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ME II wrote:
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Sure I am. But we all know it really, really isn't fair to take such deductions when the working man can't.
You seem to be confusing what a business is allowed to do and what an individual is allowed to do...

To pay any more in taxes than one is legally required to do so, is poor business sense.

I forgot who said it, but it's close to what my first (of many) tax professors said:

"Tax evasion is illegal. Tax avoidance is prudent and sound business practice"...

Since: Nov 08

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#2456
Jan 21, 2013
 

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ME II wrote:
<quoted text>
Sure I am. But we all know it really, really isn't fair to take such deductions when the working man can't.
Then why are you taking them? Because YOU CAN. Same goes for all businesses. All of those who DON'T own their own business complain about it, but if they become a business OWNER, then all bets are off. So, it can be deduced that those who can't, complain. Those who can, do. It's all about choices. People complain that it's not fair; perhaps not. But the truth of the matter is.....it's not FAIR to complain simply because you AREN'T a business owner. Start a business or don't. Choice.
ME II

Dahlonega, GA

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#2457
Jan 21, 2013
 

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Bill in Dville wrote:
<quoted text>
"When I worked for a big company, I, as an individual worker, didn't have many ways to claim tax deductions."
That's because a business can deduct legitimate operating expenses, individuals cannot. Driving to and from work is not a deduction. Lunch at work is not a deduction. Both are considered personal expenses.
If you're intimating that individuals should be able to deduct personal expenses, well that's a whole different can of worms.
You just hit the nail on the head and you don't even know it. How is that a business has "legitimate operating expenses" yet an individual doesn't? A business can deduct for a vehicle, for example, but a private individual can not. Yet without a vehicle, a private individual can not get to his job.

Don't get me wrong, I'm not really saying that individuals SHOULD be able to deduct such things. But from an individual's point of view, a business has much more leeway in reducing what they are taxed upon.
ME II

Dahlonega, GA

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#2458
Jan 21, 2013
 
Synergy wrote:
<quoted text>
Then why are you taking them? Because YOU CAN. Same goes for all businesses. All of those who DON'T own their own business complain about it, but if they become a business OWNER, then all bets are off. So, it can be deduced that those who can't, complain. Those who can, do. It's all about choices. People complain that it's not fair; perhaps not. But the truth of the matter is.....it's not FAIR to complain simply because you AREN'T a business owner. Start a business or don't. Choice.
Sure it's fair to complain if someone isn't a business owner. That's what freedom of speech is all about.

Since: Nov 08

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#2459
Jan 21, 2013
 
jeb stuart wrote:
<quoted text>good point,syn.some of these posts seem to me to suggest that no one is breaking the law unless they get caught doing so.
Just human nature when it comes to taxes. That is ONE of the reasons why I won't use the H & R Block types when it comes to filing income taxes. Of course they'll represent you if you get audited. They won't ride it "close to the line", so they aren't worrying about you being audited. Actually, they might miss money/deductions that you are due because they are so busy playing it safe. I don't expect nor want my CPA to break the law, but I DO expect him to give me every single break he can find and justify.

Since: Nov 08

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#2460
Jan 21, 2013
 
martini olive wrote:
Well then, you're just as low as imprisoned inmates filing millions in false tax returns. And you boast about it? How disgusting?
Not so. The deductions are legal. What the inmates are doing is ILLegal. Major difference. If you don't understand the difference, you need someone other than yourself to do your taxes. Just sayin.

Since: Nov 08

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#2461
Jan 21, 2013
 

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ME II wrote:
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Sure it's fair to complain if someone isn't a business owner. That's what freedom of speech is all about.
*smiling* Yeah, but it doesn't change anything for the one doing the complaining except bore everyone else to death. If one doesn't like ones lot in life, do something about it or tolerate it. We all have to do it.
jeb stuart

Savannah, GA

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#2462
Jan 21, 2013
 
Synergy wrote:
<quoted text>
Just human nature when it comes to taxes. That is ONE of the reasons why I won't use the H & R Block types when it comes to filing income taxes. Of course they'll represent you if you get audited. They won't ride it "close to the line", so they aren't worrying about you being audited. Actually, they might miss money/deductions that you are due because they are so busy playing it safe. I don't expect nor want my CPA to break the law, but I DO expect him to give me every single break he can find and justify.
no one can blame you or anyone for that.
YEs

Douglas, GA

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#2463
Jan 21, 2013
 
To the best
jeb stuart

Savannah, GA

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#2464
Jan 21, 2013
 

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Synergy wrote:
<quoted text>
Then why are you taking them? Because YOU CAN. Same goes for all businesses. All of those who DON'T own their own business complain about it, but if they become a business OWNER, then all bets are off. So, it can be deduced that those who can't, complain. Those who can, do. It's all about choices. People complain that it's not fair; perhaps not. But the truth of the matter is.....it's not FAIR to complain simply because you AREN'T a business owner. Start a business or don't. Choice.
not sure i follow you here.are you saying that anyone who chooses a profession other than a business owner(i.e.,nurse,teacher,etc.) deserves to be at a tax disadvantage?

Since: Nov 08

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#2465
Jan 21, 2013
 

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jeb stuart wrote:
<quoted text>not sure i follow you here.are you saying that anyone who chooses a profession other than a business owner(i.e.,nurse,teacher,etc.) deserves to be at a tax disadvantage?
I am saying that if you aren't happy, change it. If you wait on the government to make you happy, you'll be waiting forever.
Oh really

Blairsville, GA

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#2466
Jan 21, 2013
 

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Synergy wrote:
<quoted text>
So! Are you taking those deductions?
What a silly question. We all do. Romney didn't one year, so he could get his payment UP to 13%, but he is the exception and by this time I'm sure he's gone back and amended the return.

The richer you are, the bigger and better the deductions and tax breaks but for the really rich, that is still peanuts. They need off-setting losses where they don't actually lose any money. Several industries and hundreds of projects are designed to give them exactly that. One is professional sports (Limited Partnerships). One that's local and on a very small scale: the mostly empty townhouses there on the lake.

It's all perfectly legal.

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