Pitt,
In your opinion is it okay for the government to tax anyone more than 50% of their earnings?
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
I wanted to put this out there for all those that feel the rich don’t pay their share. Flacco will likely pay, “a combined marginal income tax rate of 51.98 percent.”
I would venture a guess as to say most of the “rich” are folks like this. They aren’t living off capital gains, although Flacco will one day. They are instead living off wages that are heavily taxed.
The government is going to take more than half of what he is contracted to make. Not to mention all of the other taxes he will pay, such as sales, gas, etc…
How can you defend this?[/quote]
I agree he paid too much in tax , I bet our Beans could have helped him . The 2 points I will make is this is Breitbart and second is Flacco is not your typical person in his income bracket .
A simple tax code would take care of this problem . 1rst $30 k tax free from 30 k to 50k %10 and so on . The reason Flacco had to pay so much is that too many wealthy people pay little or no tax
[/quote]
No Pitt, the reason Flacco will pay this much is because that is how the tax code is written. It has nothing to do with other rich people or how much other rich people pay. That is the whole point of this thread. This is what the majority of the top 10% pay in tax. They don’t live off that magical 15% capital gains rate we hear so much about. Instead 50%+ of thier income is taken, by force, by the various governments they live “under”.
We could simplify the code, have it tiered, with no deductions and he would still pay 50%+. [/quote]
I know a few people that make a million plus a year . One person left America to avoid paying less of a percentage than Mitt’s 14%.
Discussing tax code is not my area of expertise .I doubt it is your either .
My point is tax code needs to be simple enough so you and I to have a conversation with out relying on that RAG called Breitbart Report .
If some one making the same amount as he a paying 8% than that is where the disparity lies . I promise you not every one in his tax bracket pays 52%[/quote]
Everything you need to know is in the code. It can be complicated, but even if you simplified the code by eliminating deducitons and having a tiered system like you’ve said, the amount we pay isn’t going to change. I promise you that the majority in the highest tax bracket are not paying 8%. [/quote]
I do not think you quite understand finance
1rst the tax code (IS FUCKING COMPLICATED) 72,000 pages of confusion
Our Gov. is supposed to bring in the amount they spend if I pay $8 on a hundred and you pay $52 on a hundred and some one that would be fair minded says hey if they both pay $30 we get the same amount . That is what I am talking about
Right now for the most part the progressive tax system is working exactly opposite of what was originally thought . Now the poor pay no taxes the middle class bends over and are not allow to moan (ORDERS FROM THE RICH) and the wealthy pay little or no taxes save a few not so bright rich people
[quote]usmccds423 wrote:
Pitt,
In your opinion is it okay for the government to tax anyone more than 50% of their earnings? [/quote]
no it is not ok if every one paid their fair share no one would be taxed to that degree . If the 40% of all income that the upper income earners earn are taxed @ 8% and they had to pay what the middle class paid IE 20% every one’s taxes would come down except for the very wealthy pay 8%
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
I wanted to put this out there for all those that feel the rich don’t pay their share. Flacco will likely pay, “a combined marginal income tax rate of 51.98 percent.”
I would venture a guess as to say most of the “rich” are folks like this. They aren’t living off capital gains, although Flacco will one day. They are instead living off wages that are heavily taxed.
The government is going to take more than half of what he is contracted to make. Not to mention all of the other taxes he will pay, such as sales, gas, etc…
How can you defend this?[/quote]
I agree he paid too much in tax , I bet our Beans could have helped him . The 2 points I will make is this is Breitbart and second is Flacco is not your typical person in his income bracket .
A simple tax code would take care of this problem . 1rst $30 k tax free from 30 k to 50k %10 and so on . The reason Flacco had to pay so much is that too many wealthy people pay little or no tax
[/quote]
No Pitt, the reason Flacco will pay this much is because that is how the tax code is written. It has nothing to do with other rich people or how much other rich people pay. That is the whole point of this thread. This is what the majority of the top 10% pay in tax. They don’t live off that magical 15% capital gains rate we hear so much about. Instead 50%+ of thier income is taken, by force, by the various governments they live “under”.
We could simplify the code, have it tiered, with no deductions and he would still pay 50%+. [/quote]
I know a few people that make a million plus a year . One person left America to avoid paying less of a percentage than Mitt’s 14%.
Discussing tax code is not my area of expertise .I doubt it is your either .
My point is tax code needs to be simple enough so you and I to have a conversation with out relying on that RAG called Breitbart Report .
If some one making the same amount as he a paying 8% than that is where the disparity lies . I promise you not every one in his tax bracket pays 52%[/quote]
Everything you need to know is in the code. It can be complicated, but even if you simplified the code by eliminating deducitons and having a tiered system like you’ve said, the amount we pay isn’t going to change. I promise you that the majority in the highest tax bracket are not paying 8%. [/quote]
I do not think you quite understand finance
1rst the tax code (IS FUCKING COMPLICATED) 72,000 pages of confusion
Our Gov. is supposed to bring in the amount they spend if I pay $8 on a hundred and you pay $52 on a hundred and some one that would be fair minded says hey if they both pay $30 we get the same amount . That is what I am talking about
Right now for the most part the progressive tax system is working exactly opposite of what was originally thought . Now the poor pay no taxes the middle class bends over and are not allow to moan (ORDERS FROM THE RICH) and the wealthy pay little or no taxes save a few not so bright rich people
[/quote]
Finance and tax are two differnet things. I think I most likely understand it better than you do, I am an accountant after all. Like I said, the code is there people just don’t want to read through all the code sections.
Why would we both pay $30, that doesn’t fit your tiered tax system suggestion.
The wealthy pay a lot in taxes, i.e. the example I provided. Flacco could potentially pay over $60 million in federal and state tax over the next 6 years. How is that okay?
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
Pitt,
In your opinion is it okay for the government to tax anyone more than 50% of their earnings? [/quote]
no it is not ok if every one paid their fair share no one would be taxed to that degree . If the 40% of all income that the upper income earners earn are taxed @ 8% and they had to pay what the middle class paid IE 20% every one’s taxes would come down except for the very wealthy pay 8%
[/quote]
You’re going to have to explain what you mean because I can’t follow your thought above.
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
I wanted to put this out there for all those that feel the rich don’t pay their share. Flacco will likely pay, “a combined marginal income tax rate of 51.98 percent.”
I would venture a guess as to say most of the “rich” are folks like this. They aren’t living off capital gains, although Flacco will one day. They are instead living off wages that are heavily taxed.
The government is going to take more than half of what he is contracted to make. Not to mention all of the other taxes he will pay, such as sales, gas, etc…
How can you defend this?[/quote]
I agree he paid too much in tax , I bet our Beans could have helped him . The 2 points I will make is this is Breitbart and second is Flacco is not your typical person in his income bracket .
A simple tax code would take care of this problem . 1rst $30 k tax free from 30 k to 50k %10 and so on . The reason Flacco had to pay so much is that too many wealthy people pay little or no tax
[/quote]
No Pitt, the reason Flacco will pay this much is because that is how the tax code is written. It has nothing to do with other rich people or how much other rich people pay. That is the whole point of this thread. This is what the majority of the top 10% pay in tax. They don’t live off that magical 15% capital gains rate we hear so much about. Instead 50%+ of thier income is taken, by force, by the various governments they live “under”.
We could simplify the code, have it tiered, with no deductions and he would still pay 50%+. [/quote]
I know a few people that make a million plus a year . One person left America to avoid paying less of a percentage than Mitt’s 14%.
Discussing tax code is not my area of expertise .I doubt it is your either .
My point is tax code needs to be simple enough so you and I to have a conversation with out relying on that RAG called Breitbart Report .
If some one making the same amount as he a paying 8% than that is where the disparity lies . I promise you not every one in his tax bracket pays 52%[/quote]
Everything you need to know is in the code. It can be complicated, but even if you simplified the code by eliminating deducitons and having a tiered system like you’ve said, the amount we pay isn’t going to change. I promise you that the majority in the highest tax bracket are not paying 8%. [/quote]
I do not think you quite understand finance
1rst the tax code (IS FUCKING COMPLICATED) 72,000 pages of confusion
Our Gov. is supposed to bring in the amount they spend if I pay $8 on a hundred and you pay $52 on a hundred and some one that would be fair minded says hey if they both pay $30 we get the same amount . That is what I am talking about
Right now for the most part the progressive tax system is working exactly opposite of what was originally thought . Now the poor pay no taxes the middle class bends over and are not allow to moan (ORDERS FROM THE RICH) and the wealthy pay little or no taxes save a few not so bright rich people
[/quote]
Finance and tax are two differnet things. I think I most likely understand it better than you do, I am an accountant after all. Like I said, the code is there people just don’t want to read through all the code sections.
Why would we both pay $30, that doesn’t fit your tiered tax system suggestion.
The wealthy pay a lot in taxes, i.e. the example I provided. Flacco could potentially pay over $60 million in federal and state tax over the next 6 years. How is that okay? [/quote]
holy shit there are 2 of you .
I do know if Flacco plans he can get out of that bracket
[quote]usmccds423 wrote:
Why would we both pay $30, that doesn’t fit your tiered tax system suggestion.
[/quote]
It would sure be better than working in reverse now where middle class pays the brunt . The very wealthy are paying little or no taxes .
Just curious are you telling me you have a firm grasp on those 72,000 pages of tax code ? Are they just a little confusing ?
[quote]usmccds423 wrote:
[quote]dmaddox wrote:
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
I wanted to put this out there for all those that feel the rich don’t pay their share. Flacco will likely pay, “a combined marginal income tax rate of 51.98 percent.”
I would venture a guess as to say most of the “rich” are folks like this. They aren’t living off capital gains, although Flacco will one day. They are instead living off wages that are heavily taxed.
The government is going to take more than half of what he is contracted to make. Not to mention all of the other taxes he will pay, such as sales, gas, etc…
How can you defend this?[/quote]
I agree he paid too much in tax , I bet our Beans could have helped him . The 2 points I will make is this is Breitbart and second is Flacco is not your typical person in his income bracket .
A simple tax code would take care of this problem . 1rst $30 k tax free from 30 k to 50k %10 and so on . The reason Flacco had to pay so much is that too many wealthy people pay little or no tax
[/quote]
No Pitt, the reason Flacco will pay this much is because that is how the tax code is written. It has nothing to do with other rich people or how much other rich people pay. That is the whole point of this thread. This is what the majority of the top 10% pay in tax. They don’t live off that magical 15% capital gains rate we hear so much about. Instead 50%+ of thier income is taken, by force, by the various governments they live “under”.
We could simplify the code, have it tiered, with no deductions and he would still pay 50%+. [/quote]
I know a few people that make a million plus a year . One person left America to avoid paying less of a percentage than Mitt’s 14%.
Discussing tax code is not my area of expertise .I doubt it is your either .
My point is tax code needs to be simple enough so you and I to have a conversation with out relying on that RAG called Breitbart Report .
If some one making the same amount as he a paying 8% than that is where the disparity lies . I promise you not every one in his tax bracket pays 52%[/quote]
Everything you need to know is in the code. It can be complicated, but even if you simplified the code by eliminating deducitons and having a tiered system like you’ve said, the amount we pay isn’t going to change. I promise you that the majority in the highest tax bracket are not paying 8%. [/quote]
There are some people that make $500,000+ a year that pay 0, zero, zip, zilch in income taxes. The rich own their assets in businesses and have enough depreciation to bring all their profits to zero, zilch, nada. This is the bad thing about being middle class. We like our W-2 jobs, and that is where the income tax hits hardest. [/quote]
I like my W-2 job because risk is non-existant for me. An important element we tend to forget. [/quote]
Risk is non-existant? What happens tomorrow if you boss calls you into his office and says, “we have to make some cuts, and I chose you.” I have had that happen to me 3 times in my career, and I decided to never let that happen again. Yeah I have a part time W-2 job, but I also have my business and I make as much money from that as I do my W-2, and my business income is more stable. My W-2 position is on commission so changes from month to month. My business is about to purchase an asset that will pay me $60k a year tax free, and might even get some tax write offs from my W-2 income.
Stop thinking middle class, and start to think like a Billionaire.
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
Why would we both pay $30, that doesn’t fit your tiered tax system suggestion.
[/quote]
It would sure be better than working in reverse now where middle class pays the brunt . The very wealthy are paying little or no taxes .
Just curious are you telling me you have a firm grasp on those 72,000 pages of tax code ? Are they just a little confusing ?
[/quote]
How does the middle class pay the brunt of taxes?
No, what I’m saying is they are there to be read. I don’t know them off the top of my head, quite the opposite. I do know they are there for everyone to read and they’re written in plain English. Code for individuals is far less complicated than taxes for businesses in my opinion anyway.
[quote]pittbulll wrote:
Just curious are you telling me you have a firm grasp on those 72,000 pages of tax code ? Are they just a little confusing ?
[/quote]
Beans has a good grasp on it, and my tax preparer has a good grasp on it. I rely on the people smarter than me to figure it out, and I am willing to pay for it.
[quote]dmaddox wrote:
[quote]usmccds423 wrote:
[quote]dmaddox wrote:
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
I wanted to put this out there for all those that feel the rich don’t pay their share. Flacco will likely pay, “a combined marginal income tax rate of 51.98 percent.”
I would venture a guess as to say most of the “rich” are folks like this. They aren’t living off capital gains, although Flacco will one day. They are instead living off wages that are heavily taxed.
The government is going to take more than half of what he is contracted to make. Not to mention all of the other taxes he will pay, such as sales, gas, etc…
How can you defend this?[/quote]
I agree he paid too much in tax , I bet our Beans could have helped him . The 2 points I will make is this is Breitbart and second is Flacco is not your typical person in his income bracket .
A simple tax code would take care of this problem . 1rst $30 k tax free from 30 k to 50k %10 and so on . The reason Flacco had to pay so much is that too many wealthy people pay little or no tax
[/quote]
No Pitt, the reason Flacco will pay this much is because that is how the tax code is written. It has nothing to do with other rich people or how much other rich people pay. That is the whole point of this thread. This is what the majority of the top 10% pay in tax. They don’t live off that magical 15% capital gains rate we hear so much about. Instead 50%+ of thier income is taken, by force, by the various governments they live “under”.
We could simplify the code, have it tiered, with no deductions and he would still pay 50%+. [/quote]
I know a few people that make a million plus a year . One person left America to avoid paying less of a percentage than Mitt’s 14%.
Discussing tax code is not my area of expertise .I doubt it is your either .
My point is tax code needs to be simple enough so you and I to have a conversation with out relying on that RAG called Breitbart Report .
If some one making the same amount as he a paying 8% than that is where the disparity lies . I promise you not every one in his tax bracket pays 52%[/quote]
Everything you need to know is in the code. It can be complicated, but even if you simplified the code by eliminating deducitons and having a tiered system like you’ve said, the amount we pay isn’t going to change. I promise you that the majority in the highest tax bracket are not paying 8%. [/quote]
There are some people that make $500,000+ a year that pay 0, zero, zip, zilch in income taxes. The rich own their assets in businesses and have enough depreciation to bring all their profits to zero, zilch, nada. This is the bad thing about being middle class. We like our W-2 jobs, and that is where the income tax hits hardest. [/quote]
I like my W-2 job because risk is non-existant for me. An important element we tend to forget. [/quote]
Risk is non-existant? What happens tomorrow if you boss calls you into his office and says, “we have to make some cuts, and I chose you.” I have had that happen to me 3 times in my career, and I decided to never let that happen again. Yeah I have a part time W-2 job, but I also have my business and I make as much money from that as I do my W-2, and my business income is more stable. My W-2 position is on commission so changes from month to month. My business is about to purchase an asset that will pay me $60k a year tax free, and might even get some tax write offs from my W-2 income.
Stop thinking middle class, and start to think like a Billionaire.[/quote]
What I mean is, risk is non-existant in the sense that you are guranteed under the law to earn a wage, what ever that may be, for the work you do. A business owner could go out of business and be ruined for life or take home $0 because he had to pay you. Being his employee, you just have to find another job if his business fails.
Your job is also different because it is commision based = greater risk.
[quote]usmccds423 wrote:
Code for individuals is far less complicated than taxes for businesses in my opinion anyway. [/quote]
I am sure sure the EZ form is easier than considering
Multiple state tax returns due to out-of-state K-1s, rental properties, or Part-Year residency,
Multiple K-1s from Partnerships, S-Corps, or Trusts....Correct treatment of Publicly Traded Partnership K-1s....Correct calculation of K-1 Capital Account basis....Correct translation from GAAP basis to Tax Basis of K-1 Capital Account basis, IRC Sec 988 Foreign Currency Income(Loss), correct treatment of Foreign Tax Credits and their impact on Capital Account basis, and many other K-1 complexities,
Correct calculation of the percentage of non-taxability on the state tax return of Municipal Bonds and U.S. Treasury interest and dividend income,
Correct treatment of passive Real Estate Partnership K-1s. How do you overcome the passive character to allow losses to be deductible? What is â??Active Participationâ??? How do you qualify as a "Real Estate Professional"? Do you have to deduct depreciation? Can you deduct the value of your own labor? The IRS is currently targeting not only Schedule E rentals on personal returns, but also Real Estate Partnership K-1s. The correct treatment of Rental income & expense requires a tax professional,
Multiple Schedule C self-employment income and expenses,
Multiple Schedule D Form 1099-B Gross Proceeds transactions (stock sales). If you have hundreds or thousands of transactions that can be downloaded into Excel, we can greatly discount your fee because we can directly upload a properly formatted Excel file directly into Schedule D of our tax software,
Proper treatment of the home office deductionâ?¦when is the home office a red flag versus when is it a legitimate deduction that you should not be afraid to take advantage ofâ?¦even on Schedule A?
Exclusion of Cancellation of Debt income (COD) from taxable income on the foreclosure or short sale of your personal residence or investment/rental property. When should you include the Insolvency worksheet? Can you exclude COD income from credit cards by utilizing the Insolvency worksheet? How do you properly treat COD income for a rental or investment property? What if the lender has not sent you a Form 1099-C or 1099-A?
Multiple Schedule E rental properties, Oil & Gas Royalty properties with depletion including Schedule C Working Interest Oil & Gas properties,
When is a rental property a Schedule E For-Profit rental versus a Not-For-Profit rental income property,
Excess mortgage interest on Schedule A,
If you paid Alternative Minimum Tax (AMT) on a prior year return, even the best tax software does not properly handle AMT Credits in the following year or make it clear to a subsequent tax preparer that an AMT credit may even exist.
[quote]dmaddox wrote:
[quote]pittbulll wrote:
Just curious are you telling me you have a firm grasp on those 72,000 pages of tax code ? Are they just a little confusing ?
[/quote]
Beans has a good grasp on it, and my tax preparer has a good grasp on it. I rely on the people smarter than me to figure it out, and I am willing to pay for it.[/quote]
And that’s fine, actually I’m gald. It puts food on the table 
My point is, you could figure it out on your own if you wanted to. The code is there and it can be understood. Will it take time and patience, yes. Will you need to look possibly at tax court ruling or toher examples of application, yes? That doesn’t mean it’s complicated, just expansive and time consuming.
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
Code for individuals is far less complicated than taxes for businesses in my opinion anyway. [/quote]
I am sure sure the EZ form is easier than considering
Multiple state tax returns due to out-of-state K-1s, rental properties, or Part-Year residency,
Multiple K-1s from Partnerships, S-Corps, or Trusts....Correct treatment of Publicly Traded Partnership K-1s....Correct calculation of K-1 Capital Account basis....Correct translation from GAAP basis to Tax Basis of K-1 Capital Account basis, IRC Sec 988 Foreign Currency Income(Loss), correct treatment of Foreign Tax Credits and their impact on Capital Account basis, and many other K-1 complexities,
Correct calculation of the percentage of non-taxability on the state tax return of Municipal Bonds and U.S. Treasury interest and dividend income,
Correct treatment of passive Real Estate Partnership K-1s. How do you overcome the passive character to allow losses to be deductible? What is â??Active Participationâ??? How do you qualify as a "Real Estate Professional"? Do you have to deduct depreciation? Can you deduct the value of your own labor? The IRS is currently targeting not only Schedule E rentals on personal returns, but also Real Estate Partnership K-1s. The correct treatment of Rental income & expense requires a tax professional,
Multiple Schedule C self-employment income and expenses,
Multiple Schedule D Form 1099-B Gross Proceeds transactions (stock sales). If you have hundreds or thousands of transactions that can be downloaded into Excel, we can greatly discount your fee because we can directly upload a properly formatted Excel file directly into Schedule D of our tax software,
Proper treatment of the home office deductionâ?¦when is the home office a red flag versus when is it a legitimate deduction that you should not be afraid to take advantage ofâ?¦even on Schedule A?
Exclusion of Cancellation of Debt income (COD) from taxable income on the foreclosure or short sale of your personal residence or investment/rental property. When should you include the Insolvency worksheet? Can you exclude COD income from credit cards by utilizing the Insolvency worksheet? How do you properly treat COD income for a rental or investment property? What if the lender has not sent you a Form 1099-C or 1099-A?
Multiple Schedule E rental properties, Oil & Gas Royalty properties with depletion including Schedule C Working Interest Oil & Gas properties,
When is a rental property a Schedule E For-Profit rental versus a Not-For-Profit rental income property,
Excess mortgage interest on Schedule A,
If you paid Alternative Minimum Tax (AMT) on a prior year return, even the best tax software does not properly handle AMT Credits in the following year or make it clear to a subsequent tax preparer that an AMT credit may even exist.
[/quote]
All the instructions are in the code to fill all the forms out. Funny thing is most of what you put above is the stuff, “rich folk,” need. How many people in the middle class have to worry about AMT or multiple K-1s from Partnerships, S-Corps, or Trusts for example?
Where’d you get that list from, Pitt?
[quote]usmccds423 wrote:
What I mean is, risk is non-existant in the sense that you are guranteed under the law to earn a wage, what ever that may be, for the work you do. A business owner could go out of business and be ruined for life or take home $0 because he had to pay you. Being his employee, you just have to find another job if his business fails.
Your job is also different because it is commision based = greater risk. [/quote]
Risk is relevant. I used to think like you do until my job was based on what someone else produced. That made risk go sky high and I had a good job. And when a business owner goes out of business then you go out of business and have to find another company to work for just like that person does. If that business owner was smart they put some assets in another company that is not tied to the business so they are not ruined for life. There are better ways to mitigate risk as a business owner then as an employee. It feels like a nice warm fuzzy blanket, but it is nothing more than thin air.
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
Code for individuals is far less complicated than taxes for businesses in my opinion anyway. [/quote]
I am sure sure the EZ form is easier than considering
Multiple state tax returns due to out-of-state K-1s, rental properties, or Part-Year residency,
Multiple K-1s from Partnerships, S-Corps, or Trusts....Correct treatment of Publicly Traded Partnership K-1s....Correct calculation of K-1 Capital Account basis....Correct translation from GAAP basis to Tax Basis of K-1 Capital Account basis, IRC Sec 988 Foreign Currency Income(Loss), correct treatment of Foreign Tax Credits and their impact on Capital Account basis, and many other K-1 complexities,
Correct calculation of the percentage of non-taxability on the state tax return of Municipal Bonds and U.S. Treasury interest and dividend income,
Correct treatment of passive Real Estate Partnership K-1s. How do you overcome the passive character to allow losses to be deductible? What is �¢??Active Participation�¢??? How do you qualify as a "Real Estate Professional"? Do you have to deduct depreciation? Can you deduct the value of your own labor? The IRS is currently targeting not only Schedule E rentals on personal returns, but also Real Estate Partnership K-1s. The correct treatment of Rental income & expense requires a tax professional,
Multiple Schedule C self-employment income and expenses,
Multiple Schedule D Form 1099-B Gross Proceeds transactions (stock sales). If you have hundreds or thousands of transactions that can be downloaded into Excel, we can greatly discount your fee because we can directly upload a properly formatted Excel file directly into Schedule D of our tax software,
Proper treatment of the home office deduction�¢?�¦when is the home office a red flag versus when is it a legitimate deduction that you should not be afraid to take advantage of�¢?�¦even on Schedule A?
Exclusion of Cancellation of Debt income (COD) from taxable income on the foreclosure or short sale of your personal residence or investment/rental property. When should you include the Insolvency worksheet? Can you exclude COD income from credit cards by utilizing the Insolvency worksheet? How do you properly treat COD income for a rental or investment property? What if the lender has not sent you a Form 1099-C or 1099-A?
Multiple Schedule E rental properties, Oil & Gas Royalty properties with depletion including Schedule C Working Interest Oil & Gas properties,
When is a rental property a Schedule E For-Profit rental versus a Not-For-Profit rental income property,
Excess mortgage interest on Schedule A,
If you paid Alternative Minimum Tax (AMT) on a prior year return, even the best tax software does not properly handle AMT Credits in the following year or make it clear to a subsequent tax preparer that an AMT credit may even exist.
[/quote]
All the instructions are in the code to fill all the forms out. Funny thing is most of what you put above is the stuff, “rich folk,” need. How many people in the middle class have to worry about AMT or multiple K-1s from Partnerships, S-Corps, or Trusts for example?[/quote]
I am not rich by Obama’s standard and I have a lot of that.
By the way I am not trying to be an ass, just trying to open your mind to the greener side of the fence. And yes it is greener over here than where most of America is now.
[quote]usmccds423 wrote:
[quote]dmaddox wrote:
[quote]usmccds423 wrote:
[quote]dmaddox wrote:
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
[quote]pittbulll wrote:
[quote]usmccds423 wrote:
I wanted to put this out there for all those that feel the rich don’t pay their share. Flacco will likely pay, “a combined marginal income tax rate of 51.98 percent.”
I would venture a guess as to say most of the “rich” are folks like this. They aren’t living off capital gains, although Flacco will one day. They are instead living off wages that are heavily taxed.
The government is going to take more than half of what he is contracted to make. Not to mention all of the other taxes he will pay, such as sales, gas, etc…
How can you defend this?[/quote]
I agree he paid too much in tax , I bet our Beans could have helped him . The 2 points I will make is this is Breitbart and second is Flacco is not your typical person in his income bracket .
A simple tax code would take care of this problem . 1rst $30 k tax free from 30 k to 50k %10 and so on . The reason Flacco had to pay so much is that too many wealthy people pay little or no tax
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No Pitt, the reason Flacco will pay this much is because that is how the tax code is written. It has nothing to do with other rich people or how much other rich people pay. That is the whole point of this thread. This is what the majority of the top 10% pay in tax. They don’t live off that magical 15% capital gains rate we hear so much about. Instead 50%+ of thier income is taken, by force, by the various governments they live “under”.
We could simplify the code, have it tiered, with no deductions and he would still pay 50%+. [/quote]
I know a few people that make a million plus a year . One person left America to avoid paying less of a percentage than Mitt’s 14%.
Discussing tax code is not my area of expertise .I doubt it is your either .
My point is tax code needs to be simple enough so you and I to have a conversation with out relying on that RAG called Breitbart Report .
If some one making the same amount as he a paying 8% than that is where the disparity lies . I promise you not every one in his tax bracket pays 52%[/quote]
Everything you need to know is in the code. It can be complicated, but even if you simplified the code by eliminating deducitons and having a tiered system like you’ve said, the amount we pay isn’t going to change. I promise you that the majority in the highest tax bracket are not paying 8%. [/quote]
There are some people that make $500,000+ a year that pay 0, zero, zip, zilch in income taxes. The rich own their assets in businesses and have enough depreciation to bring all their profits to zero, zilch, nada. This is the bad thing about being middle class. We like our W-2 jobs, and that is where the income tax hits hardest. [/quote]
I like my W-2 job because risk is non-existant for me. An important element we tend to forget. [/quote]
Risk is non-existant? What happens tomorrow if you boss calls you into his office and says, “we have to make some cuts, and I chose you.” I have had that happen to me 3 times in my career, and I decided to never let that happen again. Yeah I have a part time W-2 job, but I also have my business and I make as much money from that as I do my W-2, and my business income is more stable. My W-2 position is on commission so changes from month to month. My business is about to purchase an asset that will pay me $60k a year tax free, and might even get some tax write offs from my W-2 income.
Stop thinking middle class, and start to think like a Billionaire.[/quote]
What I mean is, risk is non-existant in the sense that you are guranteed under the law to earn a wage, what ever that may be, for the work you do. A business owner could go out of business and be ruined for life or take home $0 because he had to pay you. Being his employee, you just have to find another job if his business fails.
Your job is also different because it is commision based = greater risk. [/quote]
I have been self employed for over 20 years of my working life . I had a comparable discussion with beans and found out I know little about tax code and I love my accountant
But my point is I should not have to have an accountant . the tax code should be simple enough for all to understand .
The part of your explanation about business owners is inconsequential , that business owner has the same right to go work for some one else as well. I presently have 2 LLC s just waiting for the economy to get better . And it is
[quote]usmccds423 wrote:
Where’d you get that list from, Pitt? [/quote]
[quote]pittbulll wrote:
I presently have 2 LLC s just waiting for the economy to get better . And it is
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What do the 2 LLC s for? I have 3 LLCs, and about to add a 4th this year. All own Income producing assets in them. The CPA lobby wont allow the flat/fair tax. It would put 100’s of thousands if not a million people out of work.