Who do you support for U.S. Senate in...

Since: Jan 10

Location hidden

#2451 Jan 21, 2013
Oh really wrote:
<quoted text>
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

Location hidden

#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

#2453 Jan 21, 2013
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

Location hidden

#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

Location hidden

#2455 Jan 21, 2013
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.
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"...

“Liberals are closet raaacists!”

Since: Nov 08

Location hidden

#2456 Jan 21, 2013
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

#2457 Jan 21, 2013
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

#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.

“Liberals are closet raaacists!”

Since: Nov 08

Location hidden

#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.

“Liberals are closet raaacists!”

Since: Nov 08

Location hidden

#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.

“Liberals are closet raaacists!”

Since: Nov 08

Location hidden

#2461 Jan 21, 2013
ME II wrote:
<quoted text>
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

Jesup, GA

#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

#2463 Jan 21, 2013
To the best
jeb stuart

Jesup, GA

#2464 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.
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?

“Liberals are closet raaacists!”

Since: Nov 08

Location hidden

#2465 Jan 21, 2013
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

Young Harris, GA

#2466 Jan 21, 2013
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.
Oh really

Young Harris, GA

#2467 Jan 21, 2013
Synergy wrote:
<quoted text>
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.
Big business and the super-wealthy won't allow you to change it. They own the Congress-person, who represents them, not you, me or anyone who works for wages! To think otherwise is to live in fantasy-land.
Frank

Carrollton, GA

#2468 Jan 21, 2013
Thomas County Blogger wrote:
Repubs have had their chance, especially the Georgia Repubs. They got the country into the economic mess we're in and it will take Democrats to get us out.
explain how you get get out of a mess spending money you dont have.Explain how putting everybody on food stamps is getting people out of an economical mess.
Interview

Young Harris, GA

#2469 Jan 22, 2013
Frank wrote:
<quoted text>
explain how you get get out of a mess spending money you dont have.Explain how putting everybody on food stamps is getting people out of an economical mess.
Congress has a "plan" to get people off food stamps - discontinue the program. Their theory is that if the poor die they won't need help and the country will be better off.

Actually they are planning to cut back on the program by twenty percent in FY13-14 so there may be some truth in that.
Informed Opinion

United States

#2470 Jan 22, 2013
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?
Unfortunately, that's true.

Businesses have lobbyists. People don't. Businesses people understand the tactic of decrying subsidies and tax breaks, all the while lobbying and paying off lawmakers to obtain subsidies and tax breaks for them.

The rules of the game determine who wins.

Whoever makes the rules ...wins.

Wall Street didn't pay politicians $200 Million in the 2012 election because they wanted "fairness", they paid because they want to pay even lower taxes than you and me.

Thanks to their lobbyists income I earn actually working are taxes at 2X the rate of the income I earn selling stock while having a bourbon with my neighbor the stock broker. Thanks.

Thanks to the Realtors' lobbyists'$26 Million in 2012, renters everywhere can subsidize my purchase of my new home by keeping my mortgage interest payments deductible. Oh, and also the interest payments on my Cabin.

Maybe if their taxes weren't higher, so mine can be lower, they could own a house, or even a cabin, too. Thanks.

Thanks to the Chamber of Commerce, which paid politicians $100 Million in 2012, my trip to Orlando for a business conference this week, and of course the family's visit to Disney, is subsidized by all the folks who would like to visit Disney, but can't afford it.
Thanks.

Thanks to the American Christian Lobbyists Association the rest of your can pay higher taxes to keep my church from paying any taxes at all. Gotta love it when we are forced to contribute to religions and churches we don't believe in. Oh, you can also support my church for me by letting me deduct my voluntary donations from my income. Glad everyone is into Zen Buddhism and Liberal Protestantism. Thanks.

Sorry for tirade.

When Americans learn that the tax code exists to give politicians the ability to sell tax breaks, maybe something will change.

One tax rate - all income- all taxed the same- all the time - no deductions - ever.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Rincon Discussions

Title Updated Last By Comments
News Vox Populi: - People want to know who is commit... May 1 Pooler Resident 1
Pooler Parkway Dental. Pooler, GA Apr '17 PoolerParkwayDent... 1
Live Bait Vending Machine Apr '17 Denise 2
Hank Thompson-------why Apr '17 Denise 1
News Vox Populi: - Everybody that lives on my street... Apr '17 Spotted Girl 1
Beware of Pedophiles wearing robes (Mar '16) Apr '17 Shaquela Lambrose 5
dead beet shit head cops in port wentworth GA (Jul '08) Mar '17 Taft Turner 81

Rincon Jobs

More from around the web

Personal Finance

Rincon Mortgages