UGH !! My Tax Bill

[RubberFrog]

Re: UGH !! My Tax Bill

Please pay some more taxes. I have a cold and need to go to the emergency room. After I smoke the crack you bought me.

 

[Tyme2fish]

Re: UGH !! My Tax Bill

Please pay some more taxes. I have a cold and need to go to the emergency room. After I smoke the crack you bought me.

OK Rubber Frog, you're starting to make me mad.:|:%
You crack smoking freeloader!!! LOL

 

[RubberFrog]

Re: UGH !! My Tax Bill

Please pay some more taxes. I have a cold and need to go to the emergency room. After I smoke the crack you bought me.

OK Rubber Frog, you're starting to make me mad.:|:%
You crack smoking freeloader!!! LOL

Just one Virginian looking out for another.... 8)

 

[Tyme2fish]

Re: UGH !! My Tax Bill

Just one Virginian looking out for another....

My sincere apology. I thought NoVA was some abbreviation for Nova Scotia or someplace, not Northern Virginia

 

[JB]

Re: UGH !! My Tax Bill

Say, T2F. About capital gains on sold stock.

In 2005 I sold all of my equities to buy mortgages. When I used a 'puter program to do my taxes I was nailed some $20 grand + in capital gains tax. :%

Then I later realized that I had used the date of purchase rather than the date I inherited to calculate the "gain". I amended and found that all that gain had actually been a loss!! I got back what I had paid, plus interest.8)8)

Could you have made the same error?

 

[Boomyal]

Re: UGH !! My Tax Bill

It is a huge tax bill you got there.Consider yourself blessed that you have an income big enough to generate this tax bill.

This comment really gets to the heart of the matter doesn't it?

It shows how many critical thinking people agree that what you earn is the rightfull property of big brother. Hmmmm, where have I heard that before?

 

[Boomyal]

Re: UGH !! My Tax Bill

Say, T2F. About capital gains on sold stock.

In 2005 I sold all of my equities to buy mortgages. When I used a 'puter program to do my taxes I was nailed some $20 grand + in capital gains tax. :%

Then I later realized that I had used the date of purchase rather than the date I inherited to calculate the "gain". I amended and found that all that gain had actually been a loss!! I got back what I had paid, plus interest.8)8)

Could you have made the same error?

That doesn't make sense JB. Are you saying that the value at the time of your inheritance was lower than what they originally cost?

In any event, I would have thought that you would legally need to use the value, at inheritance, as the basis when it came time to sell.

 

[rogerwa]

Re: UGH !! My Tax Bill

Well bend over and grab your ankles. These democrats will go on a taxing orgy..

In my state, which currently has a 1B surplus, they are looking to put an additional $.10/gal tax on gas, which will be used to fund a useless,money losing light rail, whcih does nothing to reduce congestion. Also, they will raise the top tier tax bracket even more.

T2F, don't you just love it when they start taking away the deductions that everyone else gets via the AMT.

Welcome to the rich guy club

Just feel lucky you have an income to generate that tax bill.-- come here so I can punch you..

 

[Limited-Time]

Re: UGH !! My Tax Bill

It is a huge tax bill you got there.Consider yourself blessed that you have an income big enough to generate this tax bill.

This comment really gets to the heart of the matter doesn't it?

It shows how many critical thinking people agree that what you earn is the rightfull property of big brother. Hmmmm, where have I heard that before?

Amen to that Boom Amen to that.

 

[JB]

Re: UGH !! My Tax Bill

No, no, Boomer. There was enormous gain between when my Dad bought the stocks and when I inherited. . .right at the end of the 90s bull market.

But from then until I sold them in '05 they lost about 10%, which is why I changed to CMIs..

 

[Boomyal]

Re: UGH !! My Tax Bill

No, no, Boomer. There was enormous gain between when my Dad bought the stocks and when I inherited. . .right at the end of the 90s bull market.

But from then until I sold them in '05 they lost about 10%, which is why I changed to CMIs..

Gotcha JB.

 

[Kiwi Phil]

Re: UGH !! My Tax Bill

I can only speak from my experiences in a country other than yours.
As a kid I did part of a Batchelor of Commerce (to be an Accountant) but got booted out for behaving badly.
I learnt a lot of things, the most import being "get a good accountant"
Over the past 33yr of business I have had 4 accountants.

I would never contemplate at any point doing my own tax return.

I am very good at what I do, and that has nothing to do complying with the current taxation legislation.

I pay an expert for that, and when they start thinking they can charge me too much or they loose their ability to work for my benefit, then it's bye-bye ,and I get a replacement.

I believe there are 2 secrets involved:
1. Maintain perfect primary books/records for both Expenditure and Income, (remembering the Income is the most important, becase that is what an Auditor is looking for) (every idiot keeps every reciept cause it is in his interest to).
2. Pay a professional to do a professional job and stick to doing what you are good at.

I'm an outsider, so please take this for what it is worth.
Cheers
Phillip

 

[aspeck]

Re: UGH !! My Tax Bill

As I mentioned in another thread:

“A liberal is a man who will give away everything he doesn’t own.” —Frank Dane :%:^