Taxes

[sys]

will do, may take me a while tho.

[catastrophe]

That makes no sense to me unless maybe you have some kind of regular expenses that could be considered business expenses.  I mean, if you have a regular job then your income is going to be taxed, so it would have to be a question of deductions either way.

[catastrophe]

ksuw, have you considered taking a job that pays less, in order to take advantage of the lower tax rate?

Have you considered the inherent inequity of progressive taxation?

Everyone has their own opinion of taxes, but I kinda like the way the current system is structured.  By making the rate higher for higher income it incentivizes people with more expendable income to do stuff with their money that benefits others.  Charitable donations being an obvious one, but HSAs, 401ks, and home ownership all provide benefits to the economy.  Plus you have an entire tax preparation industry that richer people are more likely to use, which creates jobs.

[sys]

That makes no sense to me unless maybe you have some kind of regular expenses that could be considered business expenses.  I mean, if you have a regular job then your income is going to be taxed, so it would have to be a question of deductions either way.

i quit my regular job and apparently now have to either be a sole proprietor, an llc or an scorp.

[sys]

btw, after about 5 minutes of googling i think my sorta coworker is prolly wrong.  or at least it doesn't seem worth the trouble.

[Spracne]

Do you have a job that exposes you to potentially substantial personal liability? No? Well, then it's probably not for you. But I will say the idea of having an llc or Corp between you and your employer does smack of liberty. 'Murica, boys...

[steve dave]

ksuw, have you considered taking a job that pays less, in order to take advantage of the lower tax rate?

Have you considered the inherent inequity of progressive taxation?

Everyone has their own opinion of taxes, but I kinda like the way the current system is structured.  By making the rate higher for higher income it incentivizes people with more expendable income to do stuff with their money that benefits others.  Charitable donations being an obvious one, but HSAs, 401ks, and home ownership all provide benefits to the economy.  Plus you have an entire tax preparation industry that richer people are more likely to use, which creates jobs.

agreed

[puniraptor]

I made some tax mistakes this year and am going to get BRUTALIZED

[Tobias]

congrats puni

[Dugout DickStone]

My wife doesn't work and just spends money all day, so I save a ton on taxes but take it in the ass on lost income and credit card bills.

Congrats on making enough so your wife doesn't need to work.  It means you've made it and are no longer a paycheck to paychecker.  Buy some rental property and you might get invited up to the club.

[puniraptor]

congrats puni

its hard out there for a MENRY

[Woogy]

Everyone has their own opinion of taxes, but I kinda like the way the current system is structured.  By making the rate higher for higher income it incentivizes people with more expendable income to do stuff with their money that benefits others.  Charitable donations being an obvious one, but HSAs, 401ks, and home ownership all provide benefits to the economy.  Plus you have an entire tax preparation industry that richer people are more likely to use, which creates jobs.

Pretty much agree also, although the games that get played with what is income and credits and deductions.....

Neither here nor there - national average figures for 2015 out of TaxAct: Mortgage Interest Deduction: $7,622 vs. claimed Charitable Contributions: $3,176

[420seriouscat69]

I think Mrs. Wacky did ours wrong, guys. Not as cocky as before. I think she's taking me down with her. Apparently when you're married and you file separately, you can't get credit for student loan interest? Right now it's showing she gets a decent amount back and I'll be even. 

[Rage Against the McKee]

I think Mrs. Wacky did ours wrong, guys. Not as cocky as before. I think she's taking me down with her. Apparently when you're married and you file separately, you can't get credit for student loan interest? Right now it's showing she gets a decent amount back and I'll be even. 

Why on earth would you file separately when she didn't work?

[steve dave]

classic wacky

[Tobias]

congrats on getting that AGI over the threshold for being able to take full/any student loan interest deductions wacks

[Tobias]

i post it every year but this thread is the absolute bitb for people revealing more of their personal life than they ever think about

[Rage Against the McKee]

Wacky, my guess is (and it's really just a guess) you would probably get a return between $3k and $4k filing jointly.

[420seriouscat69]

Wacky, my guess is (and it's really just a guess) you would probably get a return between $3k and $4k filing jointly.

That's what it was showing at first and then she put my stuff in and it cut it in half somehow.

I think Mrs. Wacky did ours wrong, guys. Not as cocky as before. I think she's taking me down with her. Apparently when you're married and you file separately, you can't get credit for student loan interest? Right now it's showing she gets a decent amount back and I'll be even. 

Why on earth would you file separately when she didn't work?

She didn't work for like 4 months. Not sure how much that would effect it. The girl who did my taxes this year told me to files seperately. We didn't get married until June 7th. I don't know guys, I hate this stuff. 

[420seriouscat69]

I'll just call Jennie from Minnesota guys. She'll clear this thing up. TIA.

[pissclams]

i post it every year but this thread is the absolute bitb for people revealing more of their personal life than they ever think about

was thinking the same thing.  will read someone's post and think, "they shouldn't have said that".  but then again, the only people who see through some of that stuff are the you, me, and gordon gecko

[pissclams]

you know, wacky, paying a professional a couple hundred dollars to do your taxes is really worth your time

[420seriouscat69]

you know, wacky, paying a professional a couple hundred dollars to do your taxes is really worth your time

Yeah, I did it last year and the year before that. Just being stingy I guess. Classic Wacky.

[steve dave]

you know, wacky, paying a professional a couple hundred dollars to do your taxes is really worth your time

Yes

[Rage Against the McKee]

Or just use turbotax. It only takes about 30 minutes.