Taxes

[GAK9]

The graduated tax brackets suck. Once you hit a threshold, every dollar over that amount gets taxed at a higher rate.

After $94K (Married, filing jointly. I had thought it was $89K in another post) the rate goes form 12% to 22%.
After $201K it goes to 24%
After $383K it's 32%
And if you are lucky enough to earn more than $487K you have to surrender get to give 35% of your income!!!!

That's just federal income tax.

So, you work hard, maybe get a specialized degree, maybe build a business from the ground up, try to live the American Dream, and Uncle Sam decides he needs 35% of every dollar you make (over the $487K threshold). If you earn a million, over half of that will be taxed at 35%, so that $500K gets whittled to $325K.

And, yes, $325K still sounds like a lot of money, but it just might buy a new starter home these days.

The commies use the word "progressive" tax brackets. Remember that anytime a politician uses the word "progressive".

This is what Dems call a redistribution of wealth.

 

[Talos]

Y’all just looking at it wrong. Just gotta overpay during the year. Then you’ll feel all warm and fuzzy when you get a refund.

Yeah, I'm trying that this year letting them withhold an extra $15 each pay period. Hoping it will even out next year.

 

[Trailrider]

Yeah **** the IRS. I'd faint if I saw a number like that being owed. We did have to pay about $6500 this year though even after having money stolen all year long.

 

[TrueGrit]

Income taxes aren't hard to get around. Just sucks having to spend the money trying to avoid paying to much in taxes. I'm still trying to figure out how to get around paying property taxes. Having a commercial fishing LLC takes care of that habit, having a farm LLC takes care of my hunting habits.

 

[basstracker89]

64.97 in the black this year.....oh well. I don't think I could get much closer to breaking even. (still feel overtaxed though)

Very good! Yea, we all feel that way. Thing is, the U.S. taxes are less than anywhere else

 

[Spas-12 Owner]

None of this should come as a surprise if you stay up to date on your financials.

Not true, I stay on top. Even had a tax Lawyer and accountant check on it and all agreed it should have been a $40K to $50K bill. None of Us know what happened. I had the right wrote offs, dependants, depreciation assets, entire 10 yards. Sometimes taxes are a surprise, well, at least there amount is.

 

[wolfmanrogers]

Not true, I stay on top. Even had a tax Lawyer and accountant check on it and all agreed it should have been a $40K to $50K bill. None of Us know what happened. I had the right wrote offs, dependants, depreciation assets, entire 10 yards. Sometimes taxes are a surprise, well, at least there amount is.

Well there's your problem, an ammo belt is 9 yards, not 10! LOL

 

[Koolbreez]

Writing a check for $40k this evening. Apparently the already paid $60k+ wasn’t enough. Gut wrenching…. Plus state taxes, gotta write that check as well. I need a drink.

I want you problem!!!!

 

[teearr]

Writing a check for $40k this evening. Apparently the already paid $60k+ wasn’t enough. Gut wrenching…. Plus state taxes, gotta write that check as well. I need a drink.

TMI, particularly when you don't know who all is on this forum. These sort of posts are like bait to the aggressive alphabet boys looking for an excuse to run an audit.

 

[Spas-12 Owner]

TMI, particularly when you don't know who all is on this forum. These sort of posts are like bait to the aggressive alphabet boys looking for an excuse to run an audit.

A. No there not.
B. Taxes are knowledge of the Government anyway so the ABC boys already know.