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Tax Season 2012: Work No Longer Pays

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  • #121
    Re: Tax Season 2012: Work No Longer Pays

    Originally posted by Hammer View Post
    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.
    Code:
    As of 9/21/10:         As of 9/13/10:
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    Originally posted by SanTropez
    May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
    Originally posted by bigblue_dl
    I don't even know how to classify magic vagina smoke babies..
    Originally posted by Kepler
    When the giraffes start building radio telescopes they can join too.
    He's probably going to be a superstar but that man has more baggage than North West

    Comment

    • #122
      Re: Tax Season 2012: Work No Longer Pays

      Originally posted by FlagDUDE08 View Post
      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.
      FERRIS STATE UNIVERSITY: 2012 FROZEN FOUR


      God, that was fun...

      Comment

      • #123
        Re: Tax Season 2012: Work No Longer Pays

        Originally posted by dxmnkd316 View Post
        Technically, cash leaves less tracks than bank deposits.
        Not if you draw the right/wrong IRS auditor and they start looking at your purchases.
        FERRIS STATE UNIVERSITY: 2012 FROZEN FOUR


        God, that was fun...

        Comment

        • #124
          Re: Tax Season 2012: Work No Longer Pays

          Originally posted by Hammer View Post
          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).

          Comment

          • #125
            Re: Tax Season 2012: Work No Longer Pays

            Originally posted by Hammer View Post
            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.
            Code:
            As of 9/21/10:         As of 9/13/10:
College Hockey 6       College Football 0
BTHC 4                 WCHA FC:  1
            Originally posted by SanTropez
            May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
            Originally posted by bigblue_dl
            I don't even know how to classify magic vagina smoke babies..
            Originally posted by Kepler
            When the giraffes start building radio telescopes they can join too.
            He's probably going to be a superstar but that man has more baggage than North West

            Comment

            • #126
              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.

              Comment

              • #127
                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
                "Hope is a good thing; maybe the best of things."

                "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

                "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

                "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

                Comment

                • #128
                  Re: Tax Season 2012: Work No Longer Pays

                  Originally posted by FreshFish View Post
                  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.

                  Comment

                  • #129
                    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.

                    Comment

                    • #130
                      Re: Tax Season 2012: Work No Longer Pays

                      Originally posted by Hammer View Post
                      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."
                      Cornell University
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                      Comment

                      • #131
                        Re: Tax Season 2012: Work No Longer Pays

                        Originally posted by Kepler View Post
                        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.
                        FERRIS STATE UNIVERSITY: 2012 FROZEN FOUR


                        God, that was fun...

                        Comment

                        • #132
                          Re: Tax Season 2012: Work No Longer Pays

                          Originally posted by FlagDUDE08 View Post
                          Probably because this hippie gets a check back from the IRS.
                          Not sure what's worse: Paying too much or paying too little.
                          Code:
                          As of 9/21/10:         As of 9/13/10:
College Hockey 6       College Football 0
BTHC 4                 WCHA FC:  1
                          Originally posted by SanTropez
                          May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
                          Originally posted by bigblue_dl
                          I don't even know how to classify magic vagina smoke babies..
                          Originally posted by Kepler
                          When the giraffes start building radio telescopes they can join too.
                          He's probably going to be a superstar but that man has more baggage than North West

                          Comment

                          • #133
                            Re: Tax Season 2012: Work No Longer Pays

                            Originally posted by dxmnkd316 View Post
                            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).

                            Comment

                            • #134
                              Re: Tax Season 2012: Work No Longer Pays

                              The Tax Code is way too complex. That is all.
                              **NOTE: The misleading post above was brought to you by Reynold's Wrap and American Steeples, makers of Crosses.

                              Originally Posted by dropthatpuck-Scooby's a lost cause.
                              Originally Posted by First Time, Long Time-Always knew you were nothing but a troll.

                              Comment

                              • #135
                                Re: Tax Season 2012: Work No Longer Pays

                                Originally posted by dxmnkd316 View Post
                                Not sure what's worse: Paying too much or paying too little.
                                If you're in the 25%, MAYBE the 28% bracket, or lower, paying too much is worse. However, you can't pay TOO little, because there would then be penalties involved. In the state of New York, you are actually assessed a penalty if you do not pre-pay the amount of tax you owed in the previous year, even if you are due a refund. If you make over $150,000, you have to pre-pay 110% last year's tax or pay a penalty. This includes money you set aside the previous year.

                                Comment

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