02-06-2010, 05:14 PM | #1 |
The Dreadnoks
Join Date: September 27, 2001
Location: Orlando, FL
Age: 61
Posts: 3,608
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The Tax Man Cometh!
Last Spring I voiced my opinion of the POTUS's plan of getting more taxes out of the middle class, and was laughed at for being skeptical.
As tax preparation software is dropping in price, I hope the days ahead find all of you owing less than $2500. Now I ask of you, list your tax shelters, Please.
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The Lizzie Palmer Tribute Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty. John F. Kennedy 35th President of The United States The Last Shot Honor The Fallen Jesus died for our sins, and American Soldiers died for our freedom. If you don't stand behind our Soldiers, please feel free to stand in front of them. |
02-07-2010, 03:58 AM | #2 |
Apophis
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Re: The Tax Man Cometh!
The radio told me that Obama wanted to make things easier for the "middle class" including breaks for households making less than $80,000 a year... Well, SIGN ME UP for THAT middle class. I guess we's poor where I live. If'n I finally get myself a Paw 'round here we'll finally be set!
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02-07-2010, 10:28 PM | #3 | |
40th Level Warrior
Join Date: July 11, 2002
Location: Chicago, IL
Posts: 11,916
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Re: The Tax Man Cometh!
Quote:
But basically the "middle class" works for a living and has to rely on wages from a job. "Upper class" starts getting into the ranks of people who have enough money that they don't have to have a job. Oh, and my tax shelter is mortgage interest, which is all deductible. Sadly I no longer can deduct my student loans, or get the tax credit for my kids. Most of the things we used 10 years ago as deductions are things that have cut-offs as your income goes up. But, you can own as big a house as you want and make all the money you want and your mortgage interest is still deductible. I'd like to thank my fellow Americans for at least helping me pay my mortgage. I file early, usually get a big hunk back, and normally throw that sum at the principle on my mortgage, with a little kept over to play with. This year, however, I've got to find something else to spend it on, because banks are assholes. Last edited by Timber Loftis; 02-07-2010 at 10:32 PM. |
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02-08-2010, 06:01 AM | #4 |
Lord Soth
Join Date: July 25, 2002
Location: Melbourne FL
Age: 59
Posts: 1,971
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Re: The Tax Man Cometh!
As a first-year preparer I'm only allowed to handle simpler returns but the biggest items I've seen are home ownership (mortgage interest and property taxes are deductible) and the Earned Income credit. This year the EIC allows families to claim a 3rd child.
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02-08-2010, 06:56 AM | #5 | |
The Dreadnoks
Join Date: September 27, 2001
Location: Orlando, FL
Age: 61
Posts: 3,608
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Re: The Tax Man Cometh!
Quote:
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The Lizzie Palmer Tribute Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty. John F. Kennedy 35th President of The United States The Last Shot Honor The Fallen Jesus died for our sins, and American Soldiers died for our freedom. If you don't stand behind our Soldiers, please feel free to stand in front of them. |
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02-08-2010, 10:34 AM | #6 | |
Ninja Storm Shadow
Join Date: March 27, 2001
Location: Northport,Alabama, USA
Age: 62
Posts: 3,577
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Re: The Tax Man Cometh!
Quote:
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Crustiest of the OLD COOTS "Donating mirrors for years to help the Liberal/Socialist find their collective rear-ends, because both hands doesn't seem to be working. Veitnam 61-65:KIA 1864 66:KIA 5008 67:KIA 9378 68:KIA 14594 69:KIA 9414 70:KIA 4221 71:KIA 1380 72:KIA 300 Afghanistan2001-2008 KIA 585 2009-2012 KIA 1465 and counting Davros 1 Much abliged Massachusetts |
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02-08-2010, 04:41 PM | #7 | |
40th Level Warrior
Join Date: July 11, 2002
Location: Chicago, IL
Posts: 11,916
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Re: The Tax Man Cometh!
Quote:
Go over to that "world meters" thread and look at those mind-boggling numbers in the various spending programs. Common sense says you can't keep running that on borrowed money. I wasn't really making this argument, so I don't know why you pounced on it. Attacking trickle-down is attacking the redistribution of wealth upwards to the rich. And, unlike me, the rich don't go out and spend that money - not all of it. They bank it for future generations -- which does nothing to help the economy. |
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02-08-2010, 05:05 PM | #8 | |
40th Level Warrior
Join Date: July 11, 2002
Location: Chicago, IL
Posts: 11,916
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Re: The Tax Man Cometh!
Quote:
And yes I did re-fi. Oh, and guess what -- the house appraised for what it should have, meaning their letter cutting my line of credit was based 100% on bullshit. It was all just bank asshatery for recessionary times. (There is a class action lawsuit against them for this going on as well.) Back to the topic of deductions -- don't forget your charitable deductions, folks. Dig out those receipts from you Salvation Army drop-offs. |
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02-08-2010, 05:14 PM | #9 |
Lord Soth
Join Date: July 25, 2002
Location: Melbourne FL
Age: 59
Posts: 1,971
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Re: The Tax Man Cometh!
And you can make a cash donation specifically directed for Haiti relief through the end of February and claim it on either this 2009 tax return or save it for next years. So if you file, say, this week, you could claim a deduction for a donation you haven't made yet. But if the IRS questions it you'd better have a receipt to show them later...
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02-09-2010, 01:00 PM | #10 | |
Ninja Storm Shadow
Join Date: March 27, 2001
Location: Northport,Alabama, USA
Age: 62
Posts: 3,577
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Re: The Tax Man Cometh!
Quote:
The only thing worse then lowering taxes right now is increasing spending and taxes. Taxes are right where they should be, spending is out of control. This spending freeze is a joke, there should be an across the board 10% spending cut nothing absolutly nothing spared. I know the numbers TL try over 1.56 this year debt, 14 trillion on the books debt, 36+ trillion in off the books debt, 106 trillion in unfunded liabilites and derivates (sp? for the snobs) All trying to be paid for with only 2.2-2.5 trillion in revenues. And we haven't even added the debt for healthcare, cap and trade, the new climate watchdog agency. Whiskey, bullets and gold... whiskey bullets and gold.
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Crustiest of the OLD COOTS "Donating mirrors for years to help the Liberal/Socialist find their collective rear-ends, because both hands doesn't seem to be working. Veitnam 61-65:KIA 1864 66:KIA 5008 67:KIA 9378 68:KIA 14594 69:KIA 9414 70:KIA 4221 71:KIA 1380 72:KIA 300 Afghanistan2001-2008 KIA 585 2009-2012 KIA 1465 and counting Davros 1 Much abliged Massachusetts |
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