S8ET6 Posted March 9, 2016 Report Share Posted March 9, 2016 46 minutes ago, ErikS said: Ok, agree to disagree then. Our lives are busy enough and we have no desire to buy property and rent, or start a home business. Erik, I'm not calling BS on your previous statement, your busy lives or claimed income... Specifically, I was calling bullshit on: " No FA or accountant we went to was able to do anything" My point, as echoed by Alain, is that a good FA would understand your financial situation and be able to suggest strategies and tactics to lower your future taxable income. Link to comment Share on other sites More sharing options...
Timbo Slice Posted March 9, 2016 Report Share Posted March 9, 2016 1 hour ago, ErikS said: Ok, agree to disagree then. Our lives are busy enough and we have no desire to buy property and rent, or start a home business. This is exactly the point I'm trying to make. Maybe then people who are higher earners with straight salary income should just take it on the chin when they don't have the time or desire to reach the loopholes in the system. Maybe I'm lazy? Link to comment Share on other sites More sharing options...
Fudge_Brownie Posted March 9, 2016 Report Share Posted March 9, 2016 13 minutes ago, Timbo Slice said: This is exactly the point I'm trying to make. Maybe then people who are higher earners with straight salary income should just take it on the chin when they don't have the time or desire to reach the loopholes in the system. Well... yes. That's exactly how a tax rate works. A tax rate means a high income earner pays a higher share. I'm not saying I agree with it, but that is precisely how it is supposed to work. If anything, the flaw might be the deductions. Though there's so many, that may have negative consequences, or a mixed result. But by removing the deductions, therefore increasing tax revenue, it could provide justification to also lower the higher bracket rates a bit too. 1 Link to comment Share on other sites More sharing options...
Burn-E Posted March 9, 2016 Report Share Posted March 9, 2016 Money never sleeps. It's either increasing or decreasing for you. You have to reach a point where you're comfortable that you're putting forth a best effort to protect what you've earned in the structure of the market and government impacts. The more you have the more it will cost you to hold on to it but as an inverse the cheaper it becomes to grow because many alternatives open up to you. Link to comment Share on other sites More sharing options...
S8ET6 Posted March 9, 2016 Report Share Posted March 9, 2016 19 minutes ago, Timbo Slice said: This is exactly the point I'm trying to make. Maybe then people who are higher earners with straight salary income should just take it on the chin when they don't have the time or desire to reach the loopholes in the system. Maybe I'm lazy? You just reiterated the point that I was trying to make with Erik... There are enough of ways to reduce his effective tax rate that arguing nothing can be done for straight salary recipients simply isn't true. Either his guy is too lazy to do the legwork on Erik's behalf or Erik's too lazy to find a new guy. 1 Link to comment Share on other sites More sharing options...
Yellow95 Posted March 9, 2016 Report Share Posted March 9, 2016 4 hours ago, theForgottenone said: Obviously, they are not working class for sure based on Timmo motion since only the riches are the hardest working people. Just because you are not successful doesn't meant aren't hardest working people. what you call people holding 2 or 3 jobs to provide for their families? Leaches/freeloader of the society? If they expect to take from me to support their life style, they are certainly leaching pieces of shit. 3 hours ago, theForgottenone said: I will be damn if I pay effective tax rate of 25% of my AGI income. I been paying my accountant pretty cheap and I never paid more than 15% 😂 https://www.irs.com/articles/2015-federal-tax-rates-personal-exemptions-and-standard-deductions So you want that socialist lifestyle but pay an accountant to make sure you don't pay in your fair share. Look up hypocrite. I know you don't know what it means. Link to comment Share on other sites More sharing options...
Burn-E Posted March 9, 2016 Report Share Posted March 9, 2016 So Gary, what's your back up plan if you get injured and cannot work. Do you pay for long term disability or will you depend on social security? 3 Link to comment Share on other sites More sharing options...
Burn-E Posted March 9, 2016 Report Share Posted March 9, 2016 Why are people supporting Trump and Sanders? Because they're both pitching some form of change that isn't attached to a continual message of bland accommodation that doesn't accomplish much. Trumpers want someone to actually do something to protect them in their independence. Berners think the corporations of the world are out to F#$% them over (probably right) and think someone should ensure there is a safety net that someone else should pay for. But why is there so much partisanship? Here's the question for each of you. To what extent should there a solution to each of these problems: 1. reasonable gun control 2. immigration reform 3. investing in infrastructure 4. regulating Wall Street 5. ensuring the well-being of the elderly and disadvantaged 6. providing health care for all Americans 7. bringing in enough tax revenue to pay for government services that almost all Americans agree are necessary or desirable. I believe finding a solution to each of these is actually supported by true conservative and liberal political stances. What we have today are false approximations of these beliefs within the separate parties that are overrun by technocrats who simply leverage the existence of these issues as a means for keeping their jobs without actually doing much about any of them. 1 Link to comment Share on other sites More sharing options...
ErikS Posted March 9, 2016 Report Share Posted March 9, 2016 1 hour ago, S8ET6 said: There are enough of ways to reduce his effective tax rate that arguing nothing can be done for straight salary recipients simply isn't true. What makes you think we don't do what we can first, and then get advice? I'm sure we could cheat and not get caught, but hey - not going down that road. 1 Link to comment Share on other sites More sharing options...
theForgottenone Posted March 9, 2016 Report Share Posted March 9, 2016 3 hours ago, Yellow95 said: So you want that socialist lifestyle but pay an accountant to make sure you don't pay in your fair share. Look up hypocrite. I know you don't know what it means. No, it is called being smart. Last time i check, accountant is a profession where people pay to get their service. I'm paying my fair share of tax. Tell me where I'm not paying my fair share according to IRS guideline because I haven't got audit or being ask to pay back owed tax on previous filing. Ask Mitt Romney about effective tax rate because he surely know which 47% population should be paying their share. who said I want socialist lifestyle? Not being Trump supporter make me a hypocrite? 1 Link to comment Share on other sites More sharing options...
Burn-E Posted March 10, 2016 Report Share Posted March 10, 2016 3 hours ago, Yellow95 said: So you want that socialist lifestyle but pay an accountant to make sure you don't pay in your fair share. Look up hypocrite. I know you don't know what it means. Fair share is paying what you're required to after taking all of the deductions that you are eligible to take. The tx code is sufficiently complex that paying for a good accountant is necessary if you're doing more than just a 1040EZ. 1 Link to comment Share on other sites More sharing options...
S8ET6 Posted March 10, 2016 Report Share Posted March 10, 2016 5 hours ago, ErikS said: What makes you think we don't do what we can first, and then get advice? I'm sure we could cheat and not get caught, but hey - not going down that road. Nothing - I'm simply going by what you post.... and based off of your post, I believe that you do act in that order. But here is the thing... you said that your federal taxes have been six figures the last three years (not taxable income, but actual taxes paid, correct?) And, you said that no FA or accountant was able to do anything and that's what you get when you have an all salary income (which implies that you wanted different results than what you experienced) So my point is, if you change the order of your actions, and get advice before you act you should be in a position to pay less than 6 figures in taxes going forward. I don't understand how operating within the tax guidelines can be considered "cheating", nor am i advocating "cheating". But if you're fine with the status quo, then I'm happy for ya. Link to comment Share on other sites More sharing options...
flyfishing3 Posted March 10, 2016 Author Report Share Posted March 10, 2016 Paying 92 on 250 made me laugh out loud. That was a joke right. 1 Link to comment Share on other sites More sharing options...
Yellow95 Posted March 10, 2016 Report Share Posted March 10, 2016 13 hours ago, Burn-E said: Fair share is paying what you're required to after taking all of the deductions that you are eligible to take. The tx code is sufficiently complex that paying for a good accountant is necessary if you're doing more than just a 1040EZ. But that doesn't fit my point Alain. ;) 1 Link to comment Share on other sites More sharing options...
Burn-E Posted March 10, 2016 Report Share Posted March 10, 2016 36 minutes ago, Yellow95 said: But that doesn't fit my point Alain. ;) I know, it's terribly inconvenient isn't it? 2 Link to comment Share on other sites More sharing options...
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