Tax Season 2012: Work No Longer Pays

[ScoobyDoo]

Re: Tax Season 2012: Work No Longer Pays

The Tax Code is way too complex. That is all.

[Almington]

Re: Tax Season 2012: Work No Longer Pays

Not sure what's worse: Paying too much or paying too little.

Paying too little. Paying too much will suck today, but paying too little will suck for years in the future (when you will have to pay too much to cover the interest on the giant pile of debt).

[dxmnkd316]

Re: Tax Season 2012: Work No Longer Pays

Probably because this hippie gets a check back from the IRS.

Not sure what's worse: Paying too much or paying too little.

[Hammer]

Re: Tax Season 2012: Work No Longer Pays

Anybody who thinks that should be punched in the head.

It's like saying "yes, officer, I saw the other car coming, but my stoplight's been broken for weeks so it was OK for me to go."

Go ahead. You're going to be punching so long, your grandkids's hands are going to be sore for a month.

[Kepler]

Re: Tax Season 2012: Work No Longer Pays

So many people think that because they didn't get a W-2 or 1099, that income is not subject to tax.

Anybody who thinks that should be punched in the head.

It's like saying "yes, officer, I saw the other car coming, but my stoplight's been broken for weeks so it was OK for me to go."

[FlagDUDE08]

Re: Tax Season 2012: Work No Longer Pays

Pro-Buffett millionaire: Raise my taxes, and the taxes of millionaires and billionaires by raising the capital gains taxes!
Larry Kudlow: But there's a way to give more already, why don't you do that?
Pro-Buffett millionaire: I DON'T WANNA PAY MORE TAXES! NO ONE WANTS TO PAY MORE TAXES!

What. An. Idiot.

[FlagDUDE08]

Re: Tax Season 2012: Work No Longer Pays

It's been said that newspaper reporters tend to be liberals while newspaper publishers tend to be conservatives. While The Wall Street Journal is reputed to be a conservative paper, they allowed this reporter to publish his personal rant about income taxes, many of which are refreshing for liberals to hear.

There are more than a few chuckles here and there in this article....The title is "Ten Things I Hate About Tax Day" and none of them are writing the check to the IRS.

http://www.smartmoney.com/taxes/inco...94821191/#tabs

Probably because this hippie gets a check back from the IRS.

[FreshFish]

Re: Tax Season 2012: Work No Longer Pays

It's been said that newspaper reporters tend to be liberals while newspaper publishers tend to be conservatives. While The Wall Street Journal is reputed to be a conservative paper, they allowed this reporter to publish his personal rant about income taxes, many of which are refreshing for liberals to hear.

There are more than a few chuckles here and there in this article....The title is "Ten Things I Hate About Tax Day" and none of them are writing the check to the IRS.

http://www.smartmoney.com/taxes/inco...94821191/#tabs

[FlagDUDE08]

Re: Tax Season 2012: Work No Longer Pays

STILL waiting on royalty payment information here (though since it's De Minimis, I'd probably be able to keep going without it). Then I'd FINALLY be able to complete my tax forms.

[dxmnkd316]

Re: Tax Season 2012: Work No Longer Pays

Not if you draw the right/wrong IRS auditor and they start looking at your purchases.

Well, right. Unless of course you pay cash. But then they get into receipts. Which is why I hate the way the IRS goes about their audits.

[FlagDUDE08]

Re: Tax Season 2012: Work No Longer Pays

Yes. You can do that as an itemized deduction (in most cases), but you still could get pinched on the state side of things.

Not that I would know, given I probably won't be able to get over $7500 worth of deductions anytime soon (NYS's Standard Deduction).

[Hammer]

Re: Tax Season 2012: Work No Longer Pays

Technically, cash leaves less tracks than bank deposits.

Not if you draw the right/wrong IRS auditor and they start looking at your purchases.

[Hammer]

Re: Tax Season 2012: Work No Longer Pays

This is actually one advantage to using the casino comp cards (and obviously can be a disadvantage if you don't report). I did hear about a guy that got a W-2G for having one large day of winning. He then went to the casino, got the report on his losses, and wrote it off.

Yes. You can do that as an itemized deduction (in most cases), but you still could get pinched on the state side of things.

[dxmnkd316]

Re: Tax Season 2012: Work No Longer Pays

That's the most important part right there. Report the income you did receive, regardless of whether you got a form. So many people think that because they didn't get a W-2 or 1099, that income is not subject to tax. Now, if we're talking minimal amounts here, you're probably going to get away with that. But if you're audited, one of the first things the IRS asks for is bank statements. They're going to look at how much money went through your accounts. If you've reported $40,000 in gross receipts/wages, and the IRS sees $65,000 worth of deposits, you've got some explaining to do, and it better be good. Remember: Cash. Leaves. Tracks.

Technically, cash leaves less tracks than bank deposits.

[Hammer]

Re: Tax Season 2012: Work No Longer Pays

Ah. I know with the 1099's, they were supposed to come out this past week (although for some dumb reason my stock broker decided to delay until next month). You should have them soon, bottomdweller. If not, you don't actually have to submit any forms, just report the income appropriately.

That's the most important part right there. Report the income you did receive, regardless of whether you got a form. So many people think that because they didn't get a W-2 or 1099, that income is not subject to tax. Now, if we're talking minimal amounts here, you're probably going to get away with that. But if you're audited, one of the first things the IRS asks for is bank statements. They're going to look at how much money went through your accounts. If you've reported $40,000 in gross receipts/wages, and the IRS sees $65,000 worth of deposits, you've got some explaining to do, and it better be good. Remember: Cash. Leaves. Tracks.