Taxes. Just great. :(

Lucky's

Lucky's

Active Member
May 25, 2010
1,873
Jupiter, FL
Boat Info
2006 320DA w/Black hull;
(2) 2016 3-up Seadoo Sparks
Engines
350 Mercruiser MPI V drives
As if they colossal cost of moving us and the boat to FL weren't enough, I just got a call from our accountant and found out we owe 2k to federal this year! Perfect!! Anyone else getting hosed by taxes this year??


Shaun
Sent from my iPhone
 
Lucky's said:
As if they colossal cost of moving us and the boat to FL weren't enough, I just got a call from our accountant and found out we owe 2k to federal this year! Perfect!! Anyone else getting hosed by taxes this year??


Shaun
Sent from my iPhone
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We joined the "hosed by taxes club" too!!!
 
BritLady said:
We joined the "hosed by taxes club" too!!!
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I almost liked it better when we made less money! What fun is being successful in life when you pay it all away! We pay thousands every month in taxes out of our checks just to find out we owe thousands at the end of the year! I'm honestly thinking about having Heather work less so we can keep more of the money we make. There's really no way to be a "part time" funeral director but she can cut down her hours in surgery. Might be an option.
 
As a general rule I don't believe that avoiding income is ever a good strategy. Are you saying that you would net more if you earned less? I would get another opinion on that. On the upside you are moving to a state without a state income tax.
 
I thought when we had our first child that we would be better off tax wise (all the stories you hear form other parents) but it sure doesn't seemt that way. I don't think we get back more or pay less (depending on the year) either way.
 
Just be thankful you don't live here in Tax-ville NY. :smt089

I'm waiting for them to dream-up a personal sex tax for banging my wife. :smt021
 
Taxes are getting so bad this year, I am cutting WAY back on my charitable donations to pay tax. I know they are deductible too, but we are getting asked to help everything from a high school basketball player getting into the travelling team (what happened to fundraisers??) to the local police DARE program. I have 5 kids...when the twins came along, my accountant was excited that year. Success these days doesn't mean what it used to.

Mike
 
Phlorida said:
As a general rule I don't believe that avoiding income is ever a good strategy. Are you saying that you would net more if you earned less? I would get another opinion on that. On the upside you are moving to a state without a state income tax.
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I really don't know if it would help or not. Just a thought coming from anger and frustration. When you're accountant tells you that you're in a new tax bracket and are paying way more because you're making more, my initial reaction is to say f it, let's make less then! We won't make any hasty moves though until we get settled into our new home, jobs and routine and see how things land.
 
Yeah, the worst part is that while you are having to pay more, hundreds of thousands of people are getting every dime back they paid in plus several thousand more. So essentially, that 2K is going right from you (who earned it) to someone who did not earn it so they can buy a new TV. But then again, it is these programs that makes loyal voters out of so many people.
 
You just need to have a Business at home that you can use your boat/toys as a business expense. I can't do that with my business other than entertaining. If I shot more video from the water/watersports I could. I should start doing video shoots for Poker Runs and purchase a nice Formula that can keep up with the pack.....expense that baby! It would be cheaper than a helicopter! I'll drive and hire a Camera person. Also hire a tax accountant....saves me a few thousands of $$$$$.
 
sfergson727 said:
I think that only works if you pop out about a dozen and then get on youtube and proclaim "Somebody has got to pay for these kids, somebody needs to be held accountable!"
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I saw that video and she happened to live in Tampa Fl. I made a comment similar to this on another thread and got blasted by (I won't say who) and then my comments were removed. I agree, I think "they" have the math down and know exactly how many it takes to make it profitable.
 
CV-23 said:
You just need to have a Business at home that you can use your boat/toys as a business expense. I can't do that with my business other than entertaining. If I shot more video from the water/watersports I could. I should start doing video shoots for Poker Runs and purchase a nice Formula that can keep up with the pack.....expense that baby! It would be cheaper than a helicopter! I'll drive and hire a Camera person. Also hire a tax accountant....saves me a few thousands of $$$$$.
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Be careful with that thought. If you try to get a mortgage lenders require taxes (and then pull tax transcripts from the IRS). Deductions of those sorts will lower your usable qualifying income and may hinder your chances at getting a loan.

On a side note - I just lost a loan due to tax fraud. He was a disabled vet and hadn;t filed taxes in 15+ years (didn't have to). We needed some information form him so I had him call our local IRS office. They told him he filed in 2011 showing ALOT of income and with a HUGE refund. How in the hell doesn't the IRS catch this? He didn't file for years and all of a sudden he made more than he ever has in his life with a 5 digit refund. Remarkable!
 
Bucit said:
Be careful with that thought. If you try to get a mortgage lenders require taxes (and then pull tax transcripts from the IRS). Deductions of those sorts will lower your usable qualifying income and may hinder your chances at getting a loan.

On a side note - I just lost a loan due to tax fraud. He was a disabled vet and hadn;t filed taxes in 15+ years (didn't have to). We needed some information form him so I had him call our local IRS office. They told him he filed in 2011 showing ALOT of income and with a HUGE refund. How in the hell doesn't the IRS catch this? He didn't file for years and all of a sudden he made more than he ever has in his life with a 5 digit refund. Remarkable!
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That's why I pay to get my taxes done right! They basically tell me where and what to spend on my business. I'm not a six figure guy by any means. You have to play the tax game with professionals to win I hate to admit and I stay debt free at 53, Mike.
 
CV-23 said:
That's why I pay to get my taxes done right! They basically tell me where and what to spend on my business. I'm not a six figure guy by any means. You have to play the tax game with professionals to win I hate to admit and I stay debt free at 53, Mike.
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I agree. I let the professionals do mine for that exact reason.
 
Lucky's said:
I really don't know if it would help or not. Just a thought coming from anger and frustration. When you're accountant tells you that you're in a new tax bracket and are paying way more because you're making more, my initial reaction is to say f it, let's make less then! We won't make any hasty moves though until we get settled into our new home, jobs and routine and see how things land.
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I hear you Shaun, taxes can be frustrating. I try to target as close to zero taxes or refund as possible and missed by a long shot this year. Oh well, I need to remind myself that most of what I owe was caused by having a great year.
 
Lucky's said:
I really don't know if it would help or not. Just a thought coming from anger and frustration. When you're accountant tells you that you're in a new tax bracket and are paying way more because you're making more, my initial reaction is to say f it, let's make less then! We won't make any hasty moves though until we get settled into our new home, jobs and routine and see how things land.
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Make the money and pay the tax. Watch your 'effective tax rate' for the affect of things you do. If you were in the 28% bracket and income jumped 100K into the 33% bracket would you really consider giving it all up because Uncle Sam hit you for an additional 5k on that portion? If you want more, you have to make more for yourself…. and Uncle Sam. I'd like to have paid millions in income tax this year...it would of course be paid with part of that huge associated income. Depends on how you want to look at things Lucky
 
Woody said:
Make the money and pay the tax. Watch your 'effective tax rate' for the affect of things you do. If you were in the 28% bracket and income jumped 100K into the 33% bracket would you really consider giving it all up because Uncle Sam hit you for an additional 5k on that portion? If you want more, you have to make more for yourself…. and Uncle Sam. I'd like to have paid millions in income tax this year...it would of course be paid with part of that huge associated income. Depends on how you want to look at things Lucky
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Fair enough and point taken. Just been a frustrating day and that was the poop frosting on the cake.
 
Lucky's said:
Fair enough and point taken. Just been a frustrating day and that was the poop frosting on the cake.
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Just remeber that there is 80 degrees and sunshine waiting for you! :smt038
 
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