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Re: income tax returns [Re: west river rogue] #7546868
04/02/22 04:32 PM
04/02/22 04:32 PM
Joined: Sep 2013
Posts: 13,225
Green County Wisconsin
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GREENCOUNTYPETE Offline
trapper
GREENCOUNTYPETE  Offline
trapper
G

Joined: Sep 2013
Posts: 13,225
Green County Wisconsin
filed in Feb , got fed check back paid the state their piece and good to go for another year


America only has one issue, we have a Responsibility crisis and everything else stems from it.
Re: income tax returns [Re: WadeRyan] #7547275
04/03/22 07:51 AM
04/03/22 07:51 AM
Joined: Nov 2010
Posts: 505
Iowa
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beeman Offline
trapper
beeman  Offline
trapper
B

Joined: Nov 2010
Posts: 505
Iowa
Originally Posted by WadeRyan
Originally Posted by yousowise
If you had to pay a lot, then you made a lot.


What baffles my mind is in my case, with only my income I pay in $3172 a month between Federal and State. Have to file quarterly. At the end of the year I got $47 back from state and paid in $6900 Federal. Yet someone that doesn't work an hour in the year gets a "return." If you can explain how that's a good thing I will let my mind be at ease.


You say you paid close to $45,000 in State and Federal taxes. Your income had to be in the neighborhood of $200,000. You still had $150,000 left to live on. My question would you rather pay taxes on $200,000 or taxes on $50,000.

Donít get me wrong I donít like to pay taxes any better than anyone else, but given the choice of paying taxes on $50,000 and $200,000. I chose $200,00.

Re: income tax returns [Re: grumley701] #7547285
04/03/22 08:03 AM
04/03/22 08:03 AM
Joined: Feb 2015
Posts: 6,565
Iowa
T
trapdog1 Offline
trapper
trapdog1  Offline
trapper
T

Joined: Feb 2015
Posts: 6,565
Iowa
Originally Posted by grumley701
Originally Posted by yousowise
If you had to pay a lot, then you made a lot.


sounds like theft to me...

Exactly. Bunch of (This word is unacceptable on Trapperman) thieves.

Re: income tax returns [Re: west river rogue] #7547301
04/03/22 08:20 AM
04/03/22 08:20 AM
Joined: Dec 2006
Posts: 51,475
Minnesota
330-Trapper Offline
trapper
330-Trapper  Offline
trapper

Joined: Dec 2006
Posts: 51,475
Minnesota
Originally Posted by west river rogue
Originally Posted by rick olson
Last year it took over 5 months to get the federal back,hope this year it will be 2 weeks or less,find out next tue.

so Rick,,did u get it in 2 weeks?

He might Sleep in. grin


NRA and NTA Life Member
www.BackroadsRevised@etsy.com




Re: income tax returns [Re: trappingthomas] #7547611
04/03/22 02:25 PM
04/03/22 02:25 PM
Joined: Jan 2007
Posts: 131
SW Idaho
Y
yousowise Offline
trapper
yousowise  Offline
trapper
Y

Joined: Jan 2007
Posts: 131
SW Idaho
Originally Posted by trappingthomas
Originally Posted by bblwi
If you have a 9k per month mortgage payment for say a 20 year mortgage which means you borrowed several million dollars to generate $120 K per that is not the IRS's fault you did that. Also if you paid that much for the properties your depreciation would be high enough to wipe out any profit you may have. You could own this for many years with no taxable income but when you sell you would need to claim as income all the depreciation you claimed. If the selling price goes up enough there will be gain to cover if not you could have a substantial tax liability to pay. I did taxes for several rental owners and almost all were losing monies even when they were able to do almost all the remodeling and maintenance themselves. Many chose to invest in these to hide income and grow assets. Many were carpenters, plumbers, etc. that were handy, made very good money and chose to invest in rental RE.

Bryce


In my experience noting is the the IRS's fault. LOL Just pointing out to yousowise that paying taxes on a bunch of money does not mean you have a dime.

My example was not real life. The one in real life was an land contract amortized much shorter then 20 years with a triple net lease. Was a small part of a bigger deal with a business being purchased separately. Was still the losing part of the deal. As you say does erase a bit of income and hopefully it is a asset that maintains or grows in value.


Iíll stand by the large income equals large taxes. A good chunk of that payment would have been paying down your mortgage giving you lots of equity. Like I said above, no one likes taxes and our tax system is messed up, but I would rather make a lot and pay a lot, than make little and pay little.

Re: income tax returns [Re: west river rogue] #7547654
04/03/22 03:50 PM
04/03/22 03:50 PM
Joined: Mar 2007
Posts: 33,527
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 33,527
McGrath, AK
I have problems with the dregs of society who pay nothing but make a lot.........relatively speaking


Mean As Nails
Re: income tax returns [Re: west river rogue] #7547656
04/03/22 03:54 PM
04/03/22 03:54 PM
Joined: Jan 2007
Posts: 131
SW Idaho
Y
yousowise Offline
trapper
yousowise  Offline
trapper
Y

Joined: Jan 2007
Posts: 131
SW Idaho
Me too, I also have problems with social security, the largest Ponzi scheme known to man. But I still have to pay in.

Re: income tax returns [Re: west river rogue] #7547658
04/03/22 03:55 PM
04/03/22 03:55 PM
Joined: Mar 2007
Posts: 33,527
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 33,527
McGrath, AK
X2


Mean As Nails
Re: income tax returns [Re: 330-Trapper] #7547734
04/03/22 05:19 PM
04/03/22 05:19 PM
Joined: Apr 2012
Posts: 6,118
Northern Mn
rick olson Offline
trapper
rick olson  Offline
trapper

Joined: Apr 2012
Posts: 6,118
Northern Mn
Hope to sign for them tomorrow so hopefully in 2 weeks they will show up at the bank.

Re: income tax returns [Re: west river rogue] #7548092
04/03/22 10:54 PM
04/03/22 10:54 PM
Joined: Dec 2006
Posts: 9,782
East-Central Wisconsin
B
bblwi Offline
trapper
bblwi  Offline
trapper
B

Joined: Dec 2006
Posts: 9,782
East-Central Wisconsin
Net worth or equity comes in handy when you die or when you want to borrow money. Those that know how to leverage their equity and borrow against their equity and make sound investment or business decisions do very well. Especially over the last couple decades where we have incredibly low interest rates, and until recently very low inflation which many tangible assets have risen considerably in value. The proof of that to me is the massive decline in small to medium sized businesses in almost all sectors. The growing firms are willing to pay small business owners more to work for them then they feel or know they can make for themselves and their life is not as vulnerable.
Yes we are in times of high inflation and yes that hurts everyone but the wealthy have more equity to leverage over the long term than those with less. Also inflation for living things like housing, food, energy, education etc. costs the lower income earners percentage of total income far more than the wealthy. Job turnover rates are at extremely high levels and with UE low that means many positions are vacant and my stay that way for a while. Several moving for more money and benefits. Also we are seeing that many that moved for higher pay the las year or two are not satisfied with their choices and thus more turnover and lower productivity and performance. Many tech school enrollments are down a lot. Many taking on 15-20 per hour with no training, suggests we will be short of higher tech industrial skills in a few years or businesses paying for the education over time. Many concrete and mortar schools may really struggle in the near future.
Bryce

Re: income tax returns [Re: west river rogue] #7548340
04/04/22 09:04 AM
04/04/22 09:04 AM
Joined: Jul 2012
Posts: 2,615
Nebraska
WadeRyan Offline
trapper
WadeRyan  Offline
trapper

Joined: Jul 2012
Posts: 2,615
Nebraska
"You say you paid close to $45,000 in State and Federal taxes. Your income had to be in the neighborhood of $200,000. You still had $150,000 left to live on. My question would you rather pay taxes on $200,000 or taxes on $50,000.

Donít get me wrong I donít like to pay taxes any better than anyone else, but given the choice of paying taxes on $50,000 and $200,000. I chose $200,00."

I agree, I live very well and I'm not saying even close to I can't live off what I make. Just because I can live comfortably doesn't make me want to give up money I earned to deadbeats. I guess that's just my philosophy. I'd like to go out and buy a thermal tomorrow because I can but now that I've paid for $6900 worth of someone sitting on a couch I guess I'll have to wait a month or two smile


Follow me on YouTube if youíre bored

https://www.youtube.com/channel/UC5Ulx1woYMmCN3IPLB0wwFw


Re: income tax returns [Re: west river rogue] #7548384
04/04/22 09:52 AM
04/04/22 09:52 AM
Joined: Dec 2006
Posts: 41,525
Northern Maine
Bruce T Offline
trapper
Bruce T  Offline
trapper

Joined: Dec 2006
Posts: 41,525
Northern Maine
I will file for an extension and pay it off while I'm working.


Nevada bound
Re: income tax returns [Re: yousowise] #7548389
04/04/22 09:58 AM
04/04/22 09:58 AM
Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
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Gary Benson Offline
trapper
Gary Benson  Offline
trapper
G

Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
Originally Posted by yousowise
Me too, I also have problems with social security, the largest Ponzi scheme known to man. But I still have to pay in.

You will feel differently about it when you reach retirement age.


Life ain't supposed to be easy.
Re: income tax returns [Re: WadeRyan] #7548523
04/04/22 12:31 PM
04/04/22 12:31 PM
Joined: Aug 2011
Posts: 37,169
james bay frontierOnt.
B
Boco Offline
trapper
Boco  Offline
trapper
B

Joined: Aug 2011
Posts: 37,169
james bay frontierOnt.
Originally Posted by WadeRyan
"You say you paid close to $45,000 in State and Federal taxes. Your income had to be in the neighborhood of $200,000. You still had $150,000 left to live on. My question would you rather pay taxes on $200,000 or taxes on $50,000.

Donít get me wrong I donít like to pay taxes any better than anyone else, but given the choice of paying taxes on $50,000 and $200,000. I chose $200,00."

I agree, I live very well and I'm not saying even close to I can't live off what I make. Just because I can live comfortably doesn't make me want to give up money I earned to deadbeats. I guess that's just my philosophy. I'd like to go out and buy a thermal tomorrow because I can but now that I've paid for $6900 worth of someone sitting on a couch I guess I'll have to wait a month or two smile



Its all good,if you want to hoard money and not share it with the unfortunate the govŤt will do it for you.


Forget that fear of gravity-get a little savagery in your life.
Re: income tax returns [Re: west river rogue] #7548530
04/04/22 12:39 PM
04/04/22 12:39 PM
Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
G
Gary Benson Offline
trapper
Gary Benson  Offline
trapper
G

Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
Spoken like a true socialist.


Life ain't supposed to be easy.
Re: income tax returns [Re: west river rogue] #7548652
04/04/22 04:19 PM
04/04/22 04:19 PM
Joined: Aug 2011
Posts: 37,169
james bay frontierOnt.
B
Boco Offline
trapper
Boco  Offline
trapper
B

Joined: Aug 2011
Posts: 37,169
james bay frontierOnt.
Calm down cowboy,never said I agree with it-pointing out how govt dis-incentivises people accumulating wealth.
The more money you have the less they can control you.
I prefer to give extra money to support causes that are important to me instead of giving it to the gov't to use against me.
That way I control where it goes and keep it out of the hands of the beurocrats as much as possible.
Just spending it adds to what the govt gets of your hard earned money.
Barter is the way to go whenever possible,I use the barter system extensively.
Lots of country/rural folk have a great many skills that fit into the barter system very well.


Forget that fear of gravity-get a little savagery in your life.
Re: income tax returns [Re: west river rogue] #7548667
04/04/22 04:43 PM
04/04/22 04:43 PM
Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
G
Gary Benson Offline
trapper
Gary Benson  Offline
trapper
G

Joined: Dec 2006
Posts: 17,736
Sandhills Nebraska
I agree with that Boco.


Life ain't supposed to be easy.
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