Topic: Taxes
started by: jim
Posted by jim on Apr. 19 2002,16:14
Well, tax day has come and gone, but my anger lives on...I really, really need to find some ways to get some more deductions on my return.
I'm hoping that opening a bar my give me an excuse to claim a loss every year or something...
I paid $30,491 this year in taxes. And $4,000 of that I had to pay on April 15th.
This is just bullshit. I can't believe that I give the government that much money every year. That is just from me, 1 man!!! 1 man gives the Uncle fucking Sam $30,491 a year.... Fucking cock suckers.
Posted by Nikita on Apr. 19 2002,16:43
Ouch. I hope that you're making a hella lotta money to justify paying a hella lotta tax ...
Posted by kuru on Apr. 19 2002,17:39
My best deduction this year was the good ol SLI. Student Loan Interest.Thanks to that I get back every cent I gave Unca Sammy.
Tax Math thanks to the tax rate tables.
30,491$ in taxes / 39.6% (highest tax rate in the table) = 76997.474
However according to the same table, a total income of 76997.474 would be taxed at a rate of: 31% which is: 23869.216$ of FIT.
Which basically means that .... the math don't add up.
Posted by Wiley on Apr. 19 2002,18:23
Jim,You really need to work on your deductions. Here's some tips for you. Claim that you give $20 a week to the church ...there's no receipt for putting money in the basket. Then donate some old clothes to the salvation army or goodwill. Most often they will just give you a blank receipt to fill out yourself. Write on there that you donated an old stereo and a 28" television ...maybe an old computer too. Then deduct the present value of that stuff. Owning a business will help as well because you can write just about anything off. The nice thing is that anybody can start a buisness and then take a loss on it for a few years. You just need a DBA and a company bank account. Hmmm ...what kind of company should I make up this year.
Posted by ic0n0 on Apr. 19 2002,19:05
My father paid roughly 45,500 in taxes this year.
Posted by jim on Apr. 19 2002,19:13
I can come up with plenty of "deductions". The problem is that they NEVER even come close to being more than the standard deduction.This year will be different, only because I just bought a home at the end of last year. So I should have over $4500 in house interest alone...
I've started dumping every cent they will let give to my 401(k) in an attempt to lower my taxable income....
Hmmm, ok. Since I don't really care, and I'd really appreciate some tips. Here are the rounded numbers of this years tax return.
Income: $142,000
Deductions: $4,550
Exemptions: $2,600
Taxable Income: $135,000
Payments: $31,000
Amount Owed: $4,500
My health care is free, so no deductions there.
I don't work at home, nothing there.
I don't take care of anyone, etc...
I don't give to charities, except my Rugby dues which total around $170 a year.
No theft losses over $14,000
No non-reimbursed job expenses over $2k
I think I need an accountant. This is depressing me.
Posted by jim on Apr. 19 2002,19:17
Hey, could I open a web-development business and buy myself a new computer with a DVD-Burner, etc... And write that off? 
How could I open the business with-out actually ever having to work at it?
I like that idea!
Posted by kuru on Apr. 19 2002,19:54
Hmm. I have a whole bunch of tax forms and books, and I know a few CPAs. Now have numbers to play with.
I'll get back to you.
Posted by damien_s_lucifer on Apr. 19 2002,22:12
| Quote (jim @ 19 April 2002,11:13) |
| I've started dumping every cent they will let give to my 401(k) in an attempt to lower my taxable income.... |
I did that last year. It was enough to drop me into a lower tax bracket... so the gov't owes ME money
Unfortunately, your income is so high that I don't think it's going to make a difference.
Posted by Wiley on Apr. 19 2002,22:43
| Quote (jim @ 19 April 2002,11:13) |
| No non-reimbursed job expenses over $2k |
I write off suits, fuel, cell phone, home computer, Internet connection, long distance, books, parking (when I'm not in my primary office), some stationary, lunches, dinners and the occasional limo. 2K isn't too hard to hit
| Quote |
| Hey, could I open a web-development business and buy myself a new computer with a DVD-Burner, etc... And write that off? |
And some speakers, a digital video camera and a video capture card ...you want to make snazzy multimedia sites don't you
Get a business license and a DBA at city hall, then open a company checking account. Presto! Jim's Webdesign Emporium is officially a business. You don't even need to advertise ...in fact you don't want any customers, you want to take a loss. ..it's genius I tell you.