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Tax Season 2012: Work No Longer Pays

Re: Tax Season 2012: Work No Longer Pays

Hammer said:
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.
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Technically, cash leaves less tracks than bank deposits. :D ;)
 
Re: Tax Season 2012: Work No Longer Pays

FlagDUDE08 said:
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.
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Yes. You can do that as an itemized deduction (in most cases), but you still could get pinched on the state side of things.
 
Re: Tax Season 2012: Work No Longer Pays

Hammer said:
Yes. You can do that as an itemized deduction (in most cases), but you still could get pinched on the state side of things.
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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).
 
Re: Tax Season 2012: Work No Longer Pays

Hammer said:
Not if you draw the right/wrong IRS auditor and they start looking at your purchases.
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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.
 
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.
 
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/income/10-things-i-hate-about-tax-day-1334094821191/#tabs
 
Re: Tax Season 2012: Work No Longer Pays

FreshFish said:
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/income/10-things-i-hate-about-tax-day-1334094821191/#tabs
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Probably because this hippie gets a check back from the IRS.
 
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.
 
Re: Tax Season 2012: Work No Longer Pays

Hammer said:
So many people think that because they didn't get a W-2 or 1099, that income is not subject to tax.
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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."
 
Re: Tax Season 2012: Work No Longer Pays

Kepler said:
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."
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Go ahead. You're going to be punching so long, your grandkids's hands are going to be sore for a month.
 
Re: Tax Season 2012: Work No Longer Pays

dxmnkd316 said:
Not sure what's worse: Paying too much or paying too little.
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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).
 
Re: Tax Season 2012: Work No Longer Pays

dxmnkd316 said:
Not sure what's worse: Paying too much or paying too little.
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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.
 
LynahFan said:
Wait - so are you saying that the mathematics should be simplified?
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If you divide both sides of the equation by 2, you still get the same answer.

However Kepler's Conundrum to the above states that if you divide one side by x and multiply the other side by x, you still get the same answer -- REELECTION!!!!!!

Kep - it rhymed, no other reason for invoking you.
 
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Re: Tax Season 2012: Work No Longer Pays

joecct said:
If you divide both sides of the equation by 2, you still get the same answer.

However Kepler's Conundrum to the above states that if you divide one side by x and multiply the other side by x, you still jet the same answer -- REELECTION!!!!!!
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I was told there would be no math.
 
Re: Tax Season 2012: Work No Longer Pays

FlagDUDE08 said:
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.
Click to expand...

Larry Kudlow, for equating donations with taxes? Yes, yes he is.
 
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