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Tax man cometh

Gtrplyr78 said:
Tax brackets system that is rigged to take from the ones working/progressing forward in life.

I dated a girl in 2010, she was making $120k or better a year, single mother with a teenager. At that time she was paying ~ $40k in taxes, which was more than most people we knew in regular jobs were making at that time (annual gross pay).

Isn't 250k and after filled with certain loopholes not available to the ones bellow it? Anyone care to share some real life input on this?
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no such thing. stop repeating it.
 
Gtrplyr78 said:
Tax brackets system that is rigged to take from the ones working/progressing forward in life.

I dated a girl in 2010, she was making $120k or better a year, single mother with a teenager. At that time she was paying ~ $40k in taxes, which was more than most people we knew in regular jobs were making at that time (annual gross pay).

Isn't 250k and after filled with certain loopholes not available to the ones bellow it? Anyone care to share some real life input on this?
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No, it gets worse rhe more you make

The only loophole is being wealthy enough that you don't w2 yourself anything
 
Gtrplyr78 said:
Isn't 250k and after filled with certain loopholes not available to the ones bellow it? Anyone care to share some real life input on this?
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rockota got it already, but the answer is an emphatic no.

and there's an extra medicare tax on income above a certain level, and i think its a 3.5% rate. and they are talking about adding to that because screw anyone who is successfull and working.
 
Provience said:
No, it gets worse rhe more you make

The only loophole is being wealthy enough that you don't w2 yourself anything
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maybe.

except now they want to put capital gains at 39% and corporate tax at 28%.

if capital gains goes to 39%, people will be TRYING to put that income on a W2 as their normal tax bracket should be lower than 39%.
 
Gtrplyr78 said:
Why I asked, don't remember repeating it prior to this thread.

Thanks for input.
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It’s a lie that government, media and educators repeat over and over. The IRS’ own data show it’s false.
 
u2slow said:
Mortgage interest component is declining over time, as you pay it down... could be part of it.
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I mean that I was getting a substantial refund making similar money before I had any interest at all to write off and no kid.
 
east_beast said:
I mean that I was getting a substantial refund making similar money before I had any interest at all to write off and no kid.
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Well bummer. :homer: Was pointing out the interest/principle shift, that not everybody realizes.

Payroll gets my tax right +/- $40 each year, and we can't write off mortgage interest on primary residence here in Canuckistan.
 
Texas97 said:
maybe.

except now they want to put capital gains at 39% and corporate tax at 28%.

if capital gains goes to 39%, people will be TRYING to put that income on a W2 as their normal tax bracket should be lower than 39%.
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Trying vs are, when they do, those with means will adjust
 
Provience said:
Trying vs are, when they do, those with means will adjust
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To what?

Off shore, most likely… hidden under LLC’s.

We’ll see a lot of corporate HQ’s move out of country as well.

But no mean tweets
 
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east_beast said:
I don't even remember the last time I didn't owe. I miss the days when I used to get decent refunds. It's wild. I don't make considerably more money. I have mortgage interest to write off. A kid. And yet I still owe every year when in years past making similar money, no kid, and no mortgage interest I was getting decent refunds.
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u2slow said:
Mortgage interest component is declining over time, as you pay it down... could be part of it.
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If you have W-2 income from an employer, the IRS has made changes to your tax withholdings that on an overall basis resulted in less tax being withheld from your wages.
 
u2slow said:
Well bummer. :homer: Was pointing out the interest/principle shift, that not everybody realizes.

Payroll gets my tax right +/- $40 each year, and we can't write off mortgage interest on primary residence here in Canuckistan.
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Yeah, I know that a lot of people are completely ignorant of how compound interest repayment schedules work but I'm not one of them.
 
spaceman said:
If you have W-2 income from an employer, the IRS has made changes to your tax withholdings that on an overall basis resulted in less tax being withheld from your wages.
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Hell, I've always claimed zero and still fucking owe.
 
Texas97 said:
i maxed my 401k contributions last year, hit the $22,500 max yearly contribution.

ill get a pay raise this year as i just changed my percentage contributed back down so i can still hit the max but it will be up through the last paycheck and not hit the max in August.
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If your old enough you can do make up payments and pur more in. I think it's like an extra 6K.
 
And it's only going to get worse until some blood flows.
 
spaceman said:
If you have W-2 income from an employer, the IRS has made changes to your tax withholdings that on an overall basis resulted in less tax being withheld from your wages.
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Fact.
 
Paying $280 to fed, but getting a small refund from state. Just about breaking even.
 
Now that I think about it, the state still owes me damn near $3k from last year because they double billed me. Claimed the electronic draft didn't go through so I had to resubmit it and both went through. I should've disputed it with my fucking bank because damn near a year later I'm still waiting for them to issue the refund. They'd be trying to fucking garnish my wages or something if the roles were reversed.
 
Thatg9659 said:
I was 30 when I met somebody that paid more quarterly taxes than I made in a year, I felt guilty bitching about taxes after that.
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Damn, quarterly is hardcore unless you were flipping burgers.

I used to know a guy that brought in 200k+ and he paid over 60k in taxes which was a bit over what I grossed that year. :laughing:
 
east_beast said:
Now that I think about it, the state still owes me damn near $3k from last year because they double billed me. Claimed the electronic draft didn't go through so I had to resubmit it and both went through. I should've disputed it with my fucking bank because damn near a year later I'm still waiting for them to issue the refund. They'd be trying to fucking garnish my wages or something if the roles were reversed.
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Get after the fuckers, lawyer up and get additional monies for waiting/distress (interest) - not like they would not bill you interest if you were to owe on taxes and had to do payment plan...

See if local news outlet has interest in this story...
 
u2slow said:
Can't you buy some more rrsp/401k here at the last minute?

Sometimes aggressive working/earning eats up so much of your time that you have to make other dumb expenditures based on convenience. Take a step back and streeeetttttch that dollar. :idea:
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From my understanding, can't after the year end for 401k.

Can do IRA until April 15, but that's $6k max.

If you're in the 22% bracket, 6k less earned would be ~$1300 less in taxes.


Im putting together mine. I'm hoping to not owe over $6k.
Each job I worked only taxed based off those earnings.
 
Even after having a kid last year and paying $$$ out of pocket, we still owed an additional $5700 on top of what we paid. This year isn’t going to be any better.
 
One thing I haven't seen this year is all the tax refund rich people bragging on Facebook as they usually do...
 
I would have been screwed if it wasn't for starting a company and dumping 2x what I made from it into it. Goal is to break even on it yearly (side gig) but use it to write off most shop expenses

Surprisingly I got a refund from the state. Usually I get that one right and owe around 70 bucks. They are also talking about a rebate again as the state ended with a surplus
 
bdkw1 said:
If your old enough you can do make up payments and pur more in. I think it's like an extra 6K.
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I just read over this it's 50 and older for $6500 for catching up I'm looking at making some changes myself
 
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