Because posting that they have a car with 184,000 miles on it is flaunting, right?
anybody making over 100K should get no tax credits.
Wow... Because 100k is so much money? Here is a clue... It is not.
It's more than 2x the national average.....
Just did my taxes last night. I'm so pissed how much tax I'm going to have to pay. I'm no longer eligibile for many deductions. I haven't even gotten to the AMT part yet!!!!!! Depending how this pans out I might switch political parties.....
It's more than 2x the reported national average.....
Yes. Real Americans drive cars with 400k miles
I don't make anywhere near 100k and my life is cushy as hell. If I want something, I go out and buy it without a second thought. Keep in mind I live in Canada where everything is 30x as expensive. A Big Mac at McDonalds is about $4.50 and a US gallon of gasoline is $3.75. A Honda Civic is over $20,000.So what? 100K isn't as much as you think it is.
The tag says automatic transmission. It should automatically not fuck up. My Subaru has a manual and it doesn't rev up to 6k or cry like a rape victim when I try to go up a hill with 4 people in the car and shit in the trunk. When people talk about "Jap scrap" they are talking about Toyota.Yep, b/c we know how to drive unlike some who destroy their Corolla's transmission b/c they don't know how to drive.
Companies always report wages correctly because wage paid out is tax deductible. Are you saying a lot of Americans are drug dealers or something?A lot of income goes unreported.
So what? 100K isn't as much as you think it is.
So what do you make, you were bragging that you have an F150 that cost over $45k.
Canada is 30x more expensive than which country? Zimbabwe?
You've heard how to turn a Democrat into a Republican?
Make them earn and save $100K.
Worked like a charm for me.
lolnoCompanies always report wages correctly because wage paid out is tax deductible.
Are you saying a lot of Americans are drug dealers or something?
USA. You guys get 10 CDs for a penny. I get 10 homeless people hassling me for a penny.
Wife pulled in 296k last year and the amount of taxes we paid was sick... CPA is doing it for us as we have to deal with amt...
217 posts for this let down.UPDATE
Well it looks like I'm in a much better situation then when I started this thread. I scrubbed up a bunch of receipts and looked at my HUD-1 from last year. I was able to deduct lots of expenses for my rental unit. I also found one of my 1099-MISC didn't require reporting. I had fees and points I paid on my last mortgage which were tax deductable. All in all I'm going to get around 2K back from the fed and another 2K back from the state. This is mainly due to deductions. I don't believe this will happen next year. I'm going to have to do some smart shit this year around... I found i wasen't property depreciating my rental property. As well as every item for the rental unit....
217 posts for this let down.
Sad. I was betting on jail time.
kidding.
Me too. Waiting on the wife's w-2.I'm still paying tax. I don't know my rate so far. I need to double check and print the forms and do a more detailed check. There are still some questions. But next year around I will definatley be paying some tax. I did some reading on how people use rental properties as tax shelters, this is where the depreciation comes in.
Me too. Waiting on the wife's w-2.
The depreciation isn't a shelter, imo. Just postponing the tax when/if you sell them.
It is until you sell. Your favorite Uncle will get his sooner or later.It's a straight line depreciation of 27.5 years for homes. 5 years for carpeting, applicance etc. That's pretty good.
It is until you sell. Your favorite Uncle will get his sooner or later.
When you sell, you pat tax on the depreciated amount. Let's say it's worth $50K, you depreciate it to zero, sell for $50K. Bam tax on $50K in gains.How will it catch up with you.