taxes are the suck

[OUHOMER]

So we go get out taxes done yesterday, And i have finally have graduated to the point of not having any deductions.....

kind of like being very young again except without kids

I have got to do something....
I am thinking about buying a tractor and start brush hogging, That should give me enough deductions to help pay for the tractor and my taxes...


I don't understand this you make too much money and being broke at the same time

[85Sooner]

Yep the taxes suck. Check the amount you paid in fed taxes then add up your mortgage payments plus all utilities for the year. Which one is bigger. I paid the government more than it cost for my house and utilities for the year. What a GREAT system theis is , yeah right.

For all those who live off of it and are able to get a job you know what we think of you.

[olevetonahill]

Its called the Golden Years fer a reason .
The Gov. gets all the Gold you can make .

[OUHOMER]

I have been reading tax laws today regarding, deprecation, small business deductions etc. I am now blind and more confused I think than ever.

But i think i figured it out. let say you buy a tractor ,trailer, mower etc, You can deprecate it out over 7 years. So $20000.00 divided by 7 is $2857 deduction.
plus fuel and other expenses, plus mileage on the truck to pull it.

So i think a guy could pull an easy $4000 in deductions which would in reality pay for all the equipment.

All in all a wash for taxes but it pays for the equipment.


Does that sound right?

[Gandalf_The_Grey]

http://video.google.com/videoplay?do...arch&plindex=3

[OUHOMER]

Thanks, But i think i want to stay on this side of the IRS and play by their rules

[Roncalli]

well, if you really need the stuff I can see buying something for the deduction.

but this kinda reminds me of the people that told me when I paid my house off I wouldn't have the mortgage deduction. Good problem to have in my eyes.

[OUHOMER]

well, if you really need the stuff I can see buying something for the deduction.

but this kinda reminds me of the people that told me when I paid my house off I wouldn't have the mortgage deduction. Good problem to have in my eyes.

Well, you did kind of catch me there, I would like a tractor to help take care of my place and maybe make some extra cash on the side. So if i can get it all deducted I win

[mdklatt]

So i think a guy could pull an easy $4000 in deductions which would in reality pay for all the equipment.

...

Does that sound right?

You know that deductions come from your taxable income not the amount of taxes you pay, right? So unless you're in the 100% tax bracket you're still losing money.

[Hamhock]

I have been reading tax laws today regarding, deprecation, small business deductions etc. I am now blind and more confused I think than ever.

But i think i figured it out. let say you buy a tractor ,trailer, mower etc, You can deprecate it out over 7 years. So $20000.00 divided by 7 is $2857 deduction.
plus fuel and other expenses, plus mileage on the truck to pull it.

So i think a guy could pull an easy $4000 in deductions which would in reality pay for all the equipment.

All in all a wash for taxes but it pays for the equipment.


Does that sound right?

if it is a legitimate business, you may be able to take section 179 deduction and expense it all in the first year. you need to show a profit 3 out of 5 years.

[soonerbrat]

all I know is ...i got a really nice raise this year and my takehome pay is $400/month less than it was before I got the raise.

[sooner_born_1960]

all I know is ...i got a really nice raise this year and my takehome pay is $400/month less than it was before I got the raise.

You know, I've heard of that happening, but have never experienced it. I guess you were real close to the maximum for one rate and the raise moved you to a higher withholding rate.

[TheHumanAlphabet]

I've paid so much off on my house, I no longer qualify for itemized deductions. Sucks...missing a lot of deducts that I would have gotten if I could itemize, not deducts on the standard deduct...

[soonerbrat]

You know, I've heard of that happening, but have never experienced it. I guess you were real close to the maximum for one rate and the raise moved you to a higher withholding rate.

i'm gonna start putting more in my 401K making my taxable rate lower..my paycheck won't be more than it is now, but at least that will be going for my benefit and not to the IRS

[Hamhock]

all I know is ...i got a really nice raise this year and my takehome pay is $400/month less than it was before I got the raise.

this is just a witholding issue. the tax rates are marginal. meaning if you made $100 before and now make $110, the $100 is taxed exactly the same. The $10 may be taxed at a higher rate. there is no way you got a raise and are keeping less net dollars at the end of the day.

[soonerbrat]

this is just a witholding issue. the tax rates are marginal. meaning if you made $100 before and now make $110, the $100 is taxed exactly the same. The $10 may be taxed at a higher rate. there is no way you got a raise and are keeping less net dollars at the end of the day.

um. ok.

[olevetonahill]

um. ok.

I believe Ya

[Beef]

I love paying out the *** in cap. gains and seeing my portfolio going down a crapload. Nothing like paying taxes on "losing" money.

[Hamhock]

I believe Ya

i believe her. my point is that the witholding you see on your check has zero bearing on how much tax a person actually pays. ceteris paribus, she'll get a bigger refund.

[olevetonahill]

i believe her. my point is that the witholding you see on your check has zero bearing on how much tax a person actually pays. ceteris paribus, she'll get a bigger refund.

Then she Needs to increase her Dependant amount to Bring the Money Home Now rathere than let the Gov. use it interest free .
I see what ya sayin