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Tax Season 2012: Work No Longer Pays
- Thread starter FlagDUDE08
- Start date
FlagDUDE08
Banned
Re: Tax Season 2012: Work No Longer Pays
Actually, yes, they are. If you make the donation to reduce the public debt, you can take it off next year's taxes in your itemised deductions.
Are donations to the IRS tax-deductible?
Actually, yes, they are. If you make the donation to reduce the public debt, you can take it off next year's taxes in your itemised deductions.
FlagDUDE08
Banned
Re: Tax Season 2012: Work No Longer Pays
He has a point, though. There is a way to reduce the public debt. It's some agency in Parkersburg WV, but there's details in your 1040 booklet.
He has a point, though. There is a way to reduce the public debt. It's some agency in Parkersburg WV, but there's details in your 1040 booklet.
WeWantMore
New member
Re: Tax Season 2012: Work No Longer Pays
Happy Ides of April, Everyone!
If there are others like me slogging to transpose numbers from a line on one schedule to a line on another schedule so I can finish a third schedule......here are some encouraging words from Judge Learned Hand, one of the most notable non-Supreme Court justice in US history.
Best of luck to all. and as my spouse reminds me, all in all it's generally better to be in a position where you are paying taxes, than the alternative.
Happy Ides of April, Everyone!
If there are others like me slogging to transpose numbers from a line on one schedule to a line on another schedule so I can finish a third schedule......here are some encouraging words from Judge Learned Hand, one of the most notable non-Supreme Court justice in US history.
from Helvering v. Gregory, 69 F.2d 809, 810-11 (2d Cir. 1934).
Best of luck to all. and as my spouse reminds me, all in all it's generally better to be in a position where you are paying taxes, than the alternative.
Re: Tax Season 2012: Work No Longer Pays
Y'alls have my sympathy.
I filed back in January, because for the first time in years I had a refund waiting for me.
The previous few years, though, I waited until the last possible day before making that last payment. I knew that was the right way, economically. Why overpay and let the government earn interest? Psychologically, though, it was a different story. April 15 sucked.
Y'alls have my sympathy.
I filed back in January, because for the first time in years I had a refund waiting for me.
The previous few years, though, I waited until the last possible day before making that last payment. I knew that was the right way, economically. Why overpay and let the government earn interest? Psychologically, though, it was a different story. April 15 sucked.
Re: Tax Season 2012: Work No Longer Pays
OMG. High school Latin *wasn't* complete waste of my time, 'cause now I get to correct someone on a message board! The ides of April is on April 13, not 15th. File that away - you, too, might have a use for it 23 years after you learned it....
OMG. High school Latin *wasn't* complete waste of my time, 'cause now I get to correct someone on a message board! The ides of April is on April 13, not 15th. File that away - you, too, might have a use for it 23 years after you learned it....
Re: Tax Season 2012: Work No Longer Pays
Oh, great, so the Ides of April this year were Friday the 13th.
What an interesting morning, LOL....by Fed return including 6251 (AMT) was just under an hour, while NYState non-resident return was 1 hr 45 minutes....now for other states....
(I'm glad I'm not a professional entertainer or pro athlete, though if I were I'd have an accountant or two on staff!). Every state in which you have earned income requires a separate state income tax return....which means if you earn a living by commuting to another state or if you work for a consulting firm and work several weeks in several states, or if you move from one state to another during a year, or [see footnote C on worksheet III on p22 unless you qualify for these exceptions, so that you reference footnote D on worksheet IV on p24 instead....]
My sympathies actually go out to the people who work for IRS or state revenue dept because they did not write the dopey laws they merely have to figure out how to write the forms and instructions to implement the actual legislation passed by the legislators.
I think we should pass US and State Constitutional amendments that require ALL legislators to do their own taxes; they are not allowed to hire accountants! That might teach them to pass laws in language ordinary people can understand and follow!
OMG. High school Latin *wasn't* complete waste of my time, 'cause now I get to correct someone on a message board! The ides of April is on April 13, not 15th. File that away - you, too, might have a use for it 23 years after you learned it....
Oh, great, so the Ides of April this year were Friday the 13th.
What an interesting morning, LOL....by Fed return including 6251 (AMT) was just under an hour, while NYState non-resident return was 1 hr 45 minutes....now for other states....
(I'm glad I'm not a professional entertainer or pro athlete, though if I were I'd have an accountant or two on staff!). Every state in which you have earned income requires a separate state income tax return....which means if you earn a living by commuting to another state or if you work for a consulting firm and work several weeks in several states, or if you move from one state to another during a year, or [see footnote C on worksheet III on p22 unless you qualify for these exceptions, so that you reference footnote D on worksheet IV on p24 instead....]
My sympathies actually go out to the people who work for IRS or state revenue dept because they did not write the dopey laws they merely have to figure out how to write the forms and instructions to implement the actual legislation passed by the legislators.
I think we should pass US and State Constitutional amendments that require ALL legislators to do their own taxes; they are not allowed to hire accountants! That might teach them to pass laws in language ordinary people can understand and follow!
FlagDUDE08
Banned
Re: Tax Season 2012: Work No Longer Pays
Even if I get a refund, I typically have to wait until at least March to file, because the gosh darn oil royalty companies don't publish their tax booklets until then. I've come to keeping my own tabs for dividends, capital gains, and buy/sell, because gosh knows my broker can't get the 1099-DIV and 1099-B correct to save their lives.
Y'alls have my sympathy.
I filed back in January, because for the first time in years I had a refund waiting for me.
The previous few years, though, I waited until the last possible day before making that last payment. I knew that was the right way, economically. Why overpay and let the government earn interest? Psychologically, though, it was a different story. April 15 sucked.
Even if I get a refund, I typically have to wait until at least March to file, because the gosh darn oil royalty companies don't publish their tax booklets until then. I've come to keeping my own tabs for dividends, capital gains, and buy/sell, because gosh knows my broker can't get the 1099-DIV and 1099-B correct to save their lives.
Re: Tax Season 2012: Work No Longer Pays
NY State is really sneaky compared to most other states when it comes to non-resident income tax.
Most other states just tax you on non-resident income at their state income tax rates. Simple, straightforward, fair. If it is your state of residency, you get a credit equal to the lesser of tax paid elsewhere or what you would have paid in tax were that income earned in your state. Again, simple, straightfoward, fair.
For NY state, you first put down your entire taxable income from all states. Then you figure out your NY tax on that entire income. Then you pro-rate that tax by the amount of income earned in NY.
Because NY has graduated rates, you are paying tax in a higher bracket than if you only paid tax on the income earned in that state, because the rest of your income from other states, plus your spouse's income, are all added. Also, NY does not have a graduated tax structure, once you move into a higher bracket, you pay tax at that rate from dollar $0. So it's a double whammy for non-resident income earned in NY state.
Fortunately for me, when we first moved into our new home, way back in the last millenia, we built a space 100% dedicated to work. Our office is separate from the home, so that I can walk out one door, walk 8 feet, walk in another door, and be done with my commute on those days I'm not traveling elsewhere, yet still be in an office (and technically not "working from home") for tax purposes.
NY State is really sneaky compared to most other states when it comes to non-resident income tax.
Most other states just tax you on non-resident income at their state income tax rates. Simple, straightforward, fair. If it is your state of residency, you get a credit equal to the lesser of tax paid elsewhere or what you would have paid in tax were that income earned in your state. Again, simple, straightfoward, fair.
For NY state, you first put down your entire taxable income from all states. Then you figure out your NY tax on that entire income. Then you pro-rate that tax by the amount of income earned in NY.
Because NY has graduated rates, you are paying tax in a higher bracket than if you only paid tax on the income earned in that state, because the rest of your income from other states, plus your spouse's income, are all added. Also, NY does not have a graduated tax structure, once you move into a higher bracket, you pay tax at that rate from dollar $0. So it's a double whammy for non-resident income earned in NY state.
Fortunately for me, when we first moved into our new home, way back in the last millenia, we built a space 100% dedicated to work. Our office is separate from the home, so that I can walk out one door, walk 8 feet, walk in another door, and be done with my commute on those days I'm not traveling elsewhere, yet still be in an office (and technically not "working from home") for tax purposes.
FlagDUDE08
Banned
Re: Tax Season 2012: Work No Longer Pays
Thanks; you may have just given me the information to separate me from a Millionaire audition test pass and fail.
OMG. High school Latin *wasn't* complete waste of my time, 'cause now I get to correct someone on a message board! The ides of April is on April 13, not 15th. File that away - you, too, might have a use for it 23 years after you learned it....
Thanks; you may have just given me the information to separate me from a Millionaire audition test pass and fail.
FlagDUDE08
Banned
Re: Tax Season 2012: Work No Longer Pays
Friendly reminder to get your taxes in by today.
Friendly reminder to get your taxes in by today.
Kepler
Cornell Big Red
Re: Tax Season 2012: Work No Longer Pays
Holy ef. I never learned that in high school Latin.
OMG. High school Latin *wasn't* complete waste of my time, 'cause now I get to correct someone on a message board! The ides of April is on April 13, not 15th. File that away - you, too, might have a use for it 23 years after you learned it....
Holy ef. I never learned that in high school Latin.
Kepler
Cornell Big Red
Kepler
Cornell Big Red
Re: Tax Season 2012: Work No Longer Pays
As the comic said, "if you ever feel lonely, stop paying your taxes."
Yeah, paying too little. The IRS made a mistake on the first tax return I ever filed and even though I proved it and they withdrew their claim I swear my SSN is flagged forever.
As the comic said, "if you ever feel lonely, stop paying your taxes."
FlagDUDE08
Banned
Re: Tax Season 2012: Work No Longer Pays
I'm not sure if the AMT cancels it out or not...
Thus increasing the debt.
I'm not sure if the AMT cancels it out or not...
Re: Tax Season 2012: Work No Longer Pays
So, today, half of us have Benjamin Dover as our alter ego....
A little historical perspective:
Maine imposed an income tax in 1969, and the tax that once only hit folks earning more than $308,000 in today's dollars now hits Mainers with a rate of 8.5% and kicks in at $19,950.
Over 20 years ago, the State of Connecticut introduced a "temporary" income tax to cover a "short-term" budget shortfall. After raising the rate multiple times, the state income tax now affects nearly everyone with income and is the primary source of state revenue. In the same time period, according to a UConn study published last year, there has been no net job growth in CT and the public sector has expanded in size (while they did not say it, if you "do the math" there must have been a loss of private sector jobs during that time period). The tax hits single filers with income over $13,000 and married filing jointly at $24,000.
So, today, half of us have Benjamin Dover as our alter ego....
A little historical perspective:
Maine imposed an income tax in 1969, and the tax that once only hit folks earning more than $308,000 in today's dollars now hits Mainers with a rate of 8.5% and kicks in at $19,950.
Over 20 years ago, the State of Connecticut introduced a "temporary" income tax to cover a "short-term" budget shortfall. After raising the rate multiple times, the state income tax now affects nearly everyone with income and is the primary source of state revenue. In the same time period, according to a UConn study published last year, there has been no net job growth in CT and the public sector has expanded in size (while they did not say it, if you "do the math" there must have been a loss of private sector jobs during that time period). The tax hits single filers with income over $13,000 and married filing jointly at $24,000.
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P
Priceless
Guest
Re: Tax Season 2012: Work No Longer Pays
Tell us, what is the unbiased source of this information?
Kepler
Cornell Big Red
Re: Tax Season 2012: Work No Longer Pays
The tax burden is actually historically low.
Right now you are in clover on taxation if you are:
(1) Poor. (I don't think this is a consolation.)
(2) Rich. (Lower rates and more exemptions and deductions.)
(3) Super rich. (Top marginal rate half of what it was for much of the 20th century).
The Middle Class has a relatively low tax burden up front but we pay for it by subsidizing the wealthy's tax breaks and also because we're the ones who will be on the hook to pay for all the stuff that's been falling to pieces since the Reaganites declared Jesus wanted the rich to have a tax holiday.
The tax burden is actually historically low.
Right now you are in clover on taxation if you are:
(1) Poor. (I don't think this is a consolation.)
(2) Rich. (Lower rates and more exemptions and deductions.)
(3) Super rich. (Top marginal rate half of what it was for much of the 20th century).
The Middle Class has a relatively low tax burden up front but we pay for it by subsidizing the wealthy's tax breaks and also because we're the ones who will be on the hook to pay for all the stuff that's been falling to pieces since the Reaganites declared Jesus wanted the rich to have a tax holiday.
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FlagDUDE08
Banned
Re: Tax Season 2012: Work No Longer Pays
Tell us, what is the unbiased source of your Huffington Post drivel?
Tell us, what is the unbiased source of your Huffington Post drivel?