Does anyone else hate taxes?

[Schneed10]

LOL at this thread.

If you dig this thread up a year from now and read it really closely, guaranteed you'll laugh your ass off!

[Monkeydad]

Originally Posted by Schneed10

LOL at this thread.

If you dig this thread up a year from now and read it really closely, guaranteed you'll laugh your ass off!

Especially if firstdown has been missing from the board for a while.

[Trample the Elderly]

Originally Posted by Schneed10

LOL at this thread.

If you dig this thread up a year from now and read it really closely, guaranteed you'll laugh your ass off!

Perhaps . . . perhaps not.

[tryfuhl]

Originally Posted by mlmpetert

It was my junior year at VCU, I had to take a tax accounting class as part of my major. Sec. 183 Hobby Loss Rules. Basically the IRS doesn’t want people to have “businesses” that are in fact hobbies taking the deduction from their other income sources. Example. You make 150k at your sole crushing job. Your spouse runs a “business” like a nursery, farm, craft making, car restoring, painting or something else that takes up time but doesn’t earn money. People used to call these hobbies business so they could deduct the losses against the income their spouse earned. I think in the 70’s the IRS put a stop to this by adding in the Sec 183 Hobby Loss Rules. Basically you can take losses (cost of business) against the income your hobby earns, but you cant take it against the other income earned in your household unless your hobby makes more then it losses in a 3 out of a 5 year period. This is true for all but one exception. If your hobby involves horses (breading, racing, showing, ext). If horses are your hobby you are in luck; you only have to earn a profit for your hobby in 2 out of 7 years for it to be considered a business to take a tax deduction.

I remember my teacher telling me the details around this. I think there was a senator that had family members with horses so he put in this earmark. It was at that point that I lost a lot faith in government and despised our tax system not only because of its complexity but now also because of its “unfairness”. Don’t fool yourself into thinking our code is progressive, its not. Only rich people own horses.

Back when I was 15 and had my first W2 earning job I quickly learned to dislike taxes like most everyone else. Back then it was not just because of the decrease in what you take home but the complexity surrounding them. I think it took me a good 3 or 4 jobs before I could finally fill out my withholding forms (W-4) without help, because of the terminology. I did 1040EZ's until 3 years ago and the first time I remember doing it I thought it was complicated as all hell (the 1040EZ!). Ive always done my taxes the old fashion way, because im somewhat of a masochist and it keeps me fresh on knowing limits and stuff, but this year I have a complex tax situation and I might break and use turbo tax. I haven’t decided yet. I am also a procrastinator.

My other big beef is capital gains. Why should capital gains be taxed? If you told a Founding Father his after tax money (money he already paid taxes on) that he used to invest in someone or something would be taxed again on any gains it earned, he would challenge you to a duel. He really would. Taxes on capital gains is almost as absurd as taxes on interest.

I work with a CPA and his big beef with taxes is the intellectual property America has that’s tied up in tax code. As of 2006 there were 1,274,000 accountants. Most accountants out there, particularly ones with credentials, are pretty smart people. Imagine if they were all doctors, entrepreneurs, teachers or something better then bean counters.

Now that most of us are officially tackling tax season, what do you guys hate about taxes the most?

I agree on mostly just the level of taxes. The Revolution had a good amount to do with taxes on some basic items and man our money passes through the govt's hands so much it's ridiculous.

Can anybody defend property tax, estate tax, etc logically other than "it gives the govt much needed money" in the least?

And yes, politicians are after their own interests as well as those of their supporters (re: large financial) and if you ask me, that should not be allowed. Earmarks and the like only serve to screw up what could be progression as far as policy and partisan ties. If there's ever a "I'll vote on this, but only if you do this for blah blah" it should be criminal. I understand that politicians have to lobby for their local causes but it's ridiculous the amount of money and vote-swaying that things like this bring. You get politicians who sign off on a bill and then don't vote for it. Aren't they supposed to be choosing what's best for us?

[MTK]

I do have people, but not because of this place. Believe me I wish I had that problem.

[Monkeydad]

Originally Posted by Mattyk

I do have people, but not because of this place. Believe me I wish I had that problem.

I am people. Too bad you'd have to pay for my fuel and lodging, or I'd give you a Redskins discount.

[Player_HTTR]

I sell professional tax software for a living. Thankfully Mo Money Taxes is not a customer (but with 250 locations I will give him a call thanks for the lead.) Their website is down now which is a little scary, but to be honest most preparers are including CPAs. If I can answer your tax question you should not be paid to prepare someone else's return and I can answer most of them.

[tryfuhl]

Originally Posted by Player_HTTR

I sell professional tax software for a living. Thankfully Mo Money Taxes is not a customer (but with 250 locations I will give him a call thanks for the lead.) Their website is down now which is a little scary, but to be honest most preparers are including CPAs. If I can answer your tax question you should not be paid to prepare someone else's return and I can answer most of them.

I'll be more than happy to collect a finder's fee.

[Player_HTTR]

Originally Posted by tryfuhl

I'll be more than happy to collect a finder's fee.

I'd be more than happy to give you one. I stuck these guys in the Lead Database, pissed on my territory, and emailed the clips in the office(not alot going on this time of year as far as New Sales). Evidently, we have had some contact with them in the past and have tried to stay away from them.

[tryfuhl]

Originally Posted by Player_HTTR

I'd be more than happy to give you one. I stuck these guys in the Lead Database, pissed on my territory, and emailed the clips in the office(not alot going on this time of year as far as New Sales). Evidently, we have had some contact with them in the past and have tried to stay away from them.

Can't say that I'm overly surprised.

[saden1]

Didn't Wesley Snipes use Mo Money Taxes services?

[Trample the Elderly]

Originally Posted by saden1

Didn't Wesley Snipes use Mo Money Taxes services?

There you go talking smack about my boy Blade! That was his money!

[saden1]

Originally Posted by Trample the Elderly

There you go talking smack about my boy Blade! That was his money!

Only whatever is left over after Uncle Sam gets what belongs to him. You should take a cue from Mr. Snipes and size up Uncle Sam.

[mlmpetert]

IRS Seeks a Road Map to Aggressive Deductions - BusinessWeek

IRS Commissioner Doug Shulman says tax auditors waste more than 25 percent of their time combing through thousands of pages of corporate returns to spot errors and challenge deductions. Now he's sparked an uproar by asking companies to do a lot of that work for him.
Shulman wants those with $10 million or more in assets to provide the IRS with a road map of what to look for in their returns. A rule proposed on Apr. 19 would require companies to list all tax-saving transactions that might be challenged—along with the maximum they would owe if the IRS won on every issue. Comments from the public are due by June 1, after which the IRS could adopt the rule as final. The new form, Shulman told corporate tax executives in Washington last month, would be "a game-changer with respect to our relationships with and responsibility to our large corporate taxpayers."

[Slingin Sammy 33]

I didn't want to start a thread on this, so I guess this is the best place.

If the FTC and Obama Admin have their way, we'll be looking at an extra 5% tax on all the cool new TVs and gadgets to pay for the failing newspaper industry. Nothing like gov't control in journalism, I guess it's payback for all the favorable press and support from the NY Times, LA Times, and Huffing....oops..Washington Post.

FOXNews.com - Journalism 'Reinvention' Smacks of Government Control, Critics Say

"- a 5 percent tax on consumer electronics, which would generate roughly $4 billion annually, to pay for increased public funding."