Annual Tax Rant

[Pablo]

I've been at it since 4:30AM, essentially done.

Right now I owe $4372, but there are few things I need to hammer out. My Partnership K-1 from SBP is just nasty big and is what it is - I have book keeper and tax accountant do that now. We each walked with $XXXXX in checks so we can't howl too much. I do have 0 exemptions at my real job.

You know I can do my own Amsoil biz taxes which was nice $XXXXX 1099-Misc for the effort, the wife's tutor biz and property gig (which she works her hiney off and the $ are relatively tiny)- but almighty what is with the HSA and HDHP? They TRIED to make that complex. I'm ranting right now and don't care.....seems like you put $7450 in and take it out like 3 times.......joozus.....

OK Out. Better know.

 

[MolaKule]

I hear you Pablo.

I retired from the Aerospace Industry last year to devote full time to my consulting business and this was the first time I ever had to pay-in extra taxes. Pre-tax 401(K) contribution rollovers can hit you hard.

My check to the IRS was $4500+.

It appears that we people who actually work or continue to work are footing the bill for the "you-know-who" crowd.

 

[Hokiefyd]

Most people just don't know. I used to work with someone who said she never paid any taxes. I asked her about it. "No, seriously, in fact, I even get some back!"

I told her that she would be (or should be) appalled at how much tax she pays; it's on your pay stub every check. "Oh, I never look at those."

 

[jrustles]

Originally Posted By: MolaKule

It appears that we people who actually work or continue to work are footing the bill for the "you-know-who" crowd.



Corporate welfare??

 

[dareo]

I hate the entire tax system. The rules are so complex and often not even a clear yes or no on a topic. So you hire a professional, get professional advice, follow it, and still get audited someday. Then the tax auditor decides your tax strategy is going to be denied based on the opinion of the IRS guy. So you have to cave in, pay whatever he says, or spend like crazy fighting it in court.

Entrepreneur in the US? Get ready for epic tax pain.

I dream of a simple flat tax system, but that will never happen.

 

[Turk]

Just did mine.

Paid over 16,500 in payroll taxes and it's NOT ENOUGH.

They want $4,200 more!!

 

[rshaw125]

Imagine what your tax bills would be if the US was not allowed to run a deficit.

 

[expat]

I hear the the U.S. tax system is about the most complicated in the world.
It seems even U.S. citizens that do not live in the country have to file.

There is a waiting list of people that want to denounce there U.S. citizenship.

 

[Win]

I feel your pain.

My 2013's wont be done until October 14, but my copies of my 2012 (federal and two states, s corp and personal) stands almost one half inch tall, spiral bound on thin paper.

I could never do my taxes - most of the forms look like financial gibberish - and I have a college degree and a law degree.

And that doesn't even count all the intermediate taxes that have to be reported and paid and all their forms - franchise taxes, sales taxes, payroll taxes, fuel taxes, unemployment taxes, personal property taxes, taxes and forms ad nauseum, with every jurisdiction getting their cut (and forms).

Ridiculous.

Just ridiculous.

 

[javacontour]

I wonder which is bigger, corporate welfare, or the transfer from those who work to those who don't.

I'm not in favor of either, for what it's worth. I'm for getting rid of both. If you as a person or business want help, ask your neighbors, not the government.

If anyone helps may be an indication of how valued you are to the community.

I better stop before I cross into politics

Originally Posted By: jrustles
Originally Posted By: MolaKule

It appears that we people who actually work or continue to work are footing the bill for the "you-know-who" crowd.



Corporate welfare??

 

[javacontour]

Bank bailouts, carmaker bailouts, mortgage industry (Fannie Mae/Freddie Mac), solar/green energy subsidies, oil subsidies, electric/hybrid car subsidies.

You know, anywhere the government at any level, state, local, or federal pours money to help a business or industry using tax payer money, or giving breaks from taxes for those involved in the subsidy.

Basically, foodstamps, WIC and EIC for businesses

Originally Posted By: jrustles
Originally Posted By: MolaKule

It appears that we people who actually work or continue to work are footing the bill for the "you-know-who" crowd.



Corporate welfare??

 

[uc50ic4more]

I have read more than a few times in the last few months that there is a powerful lobby in the U.S. that aims to keep the tax system more complex than is feasible for the average citizen. I Google'd...

tax preparation lobby complex

... before making this post but came up with too many results to pick one to post here.

 

[uc50ic4more]

Originally Posted By: javacontour
I wonder which is bigger, corporate welfare, or the transfer from those who work to those who don't.


The former.

http://thinkbynumbers.org/government-spe...are-statistics/

It looks like it's corporate welfare for the win at $92 billion with the deliberately lazy freeloaders coming in 2nd with $59 billion. If you scroll down though, and have the stomach for some unpleasant perspective, take a look at the part on the right side of the page entitled "Cost of U.S. Wars Since 2001".

 

[rjundi]

I got $50 back so my quarterly estimates were spot on for my self employeement and wife's withholding at her part time career.

Personally I am indifferent to the tax as life is honestly really easy where I live.

I think unhappy people moan about taxes.

 

[dishdude]

Originally Posted By: uc50ic4more
Originally Posted By: javacontour
I wonder which is bigger, corporate welfare, or the transfer from those who work to those who don't.


The former.

http://thinkbynumbers.org/government-spe...are-statistics/

It looks like it's corporate welfare for the win at $92 billion with the deliberately lazy freeloaders coming in 2nd with $59 billion. If you scroll down though, and have the stomach for some unpleasant perspective, take a look at the part on the right side of the page entitled "Cost of U.S. Wars Since 2001".


Wal-mart is the biggest winner in all of this. Not only do they get all the corporate subsidies, but they also benefit from the redemption of food stamps in their stores.

 

[Sam2000]

Who here thinks they pay more in than they get back?

 

[Pablo]

What some here call a subsidy is not money given to companies. Watch your sources and your definitions. If I somehow got a 5% tax break, no one is giving me money. Only someone with an agenda would call that a subsidy.

 

[Tempest]

70% Of U.S. Spending Is Writing Checks To Individuals

http://news.investors.com/031014-692704-us-government-payments-to-individuals-70-of-budget.htm

You're supposed to feel great that your hard work is rewarding those that don't!

I've got an $1,100 bill thanks to my 1099's from side work.

 

[Win]

Originally Posted By: dishdude
....
Wal-mart is the biggest winner in all of this. ....


??

What does Wal Mart have to do with the absurd number of forms and worksheets it takes to complete tax return(s)?

 

[Sam2000]

Originally Posted By: uc50ic4more
Originally Posted By: javacontour
I wonder which is bigger, corporate welfare, or the transfer from those who work to those who don't.


The former.

http://thinkbynumbers.org/government-spe...are-statistics/

It looks like it's corporate welfare for the win at $92 billion with the deliberately lazy freeloaders coming in 2nd with $59 billion. If you scroll down though, and have the stomach for some unpleasant perspective, take a look at the part on the right side of the page entitled "Cost of U.S. Wars Since 2001".


Yes looking at the numbers rather than assuming helps.

$59 billion on lazy freeholders is a drop in the ocean but it's what makes good entertainment for a certain "news" channel.

There are trillions being wasted direct and indirectly by the poor decisions of our elected officials, mostly to do with the badly titled "defense" spending.

Think about it. When a car salesperson or a realtor is trying to sell you something, they tap into your desire. When a politician talks about increasing defense spending or the danger of cuts, do they give you a logically reasoned argument or do they play on your fears?