Taxes

Username2

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Spent the day with our accountant today. I have to write a check to the IRS big enough to park a new brand Corvette in my driveway or 30 new amps. Now a couple thoughts about this.

The government itself says 47% of all Americans do not pay any federal tax after their income is adjusted. No way I know for sure if this is true but I can tell you our tax system is fucked up.

I am retired. I do not draw Social Security yet and I have delayed my pension until I turn 63 because of taxes. All my income comes from investments I made over the years and my orchard. I have to pay Capital Gains on any income at a rate of 15% from money I made on investments (stocks). The problem I have is I already paid taxes on this money when I earned it. The government tells me I can only keep 85% of it, thus taxing the money twice.

But then there is my Cherry Orchard I bought back in 1991 which had a good crop this year. Since it is just my wife and I and we don't have many deductions such as mortgage or dependents I get fucked up the ass pretty good. The amount of tax that I had to pay off income from the orchard works out to be 37%. So the IRS wants 37% of all my income which leaves me questioning if producing these cherries is such a good idea. Maybe selling the land and just investing that income would be much smarter. No worry about paperwork, employees, keeping receipts, and supporting the economy. I take all the risk, hire people to work, pay out the ass in state and local taxes and after paying all my bills for the business I get to keep only 63% of whats left over....fuck this.

I think if every American would have to physically go to a IRS office after every paycheck and sit there and write a personal check it would even change the mind of the most hardened tax and spend individual. When taxes are taken out of your check you really don't fuss much about it. But If you have to write that check yourself every week I think people would have a different take.

All this is compounded know how much waste there is in our spending. I am glad tonight that I have paid my fair share. I am glad that many families do not have to pay taxes this year because I picked up their share. I am glad that our government on both sides have not cut jack shit from the budget.... oh wait, congress has not even passed a budget in the passed three years.

I can't let it eat at me, but the check I wrote today is just way over "my fair share". So for those of you who will see all your money come back to you in a refund, I just wanted to say your welcome.

angryexplode.gif
 

CaptainZero

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I think if every American would have to physically go to a IRS office after every paycheck and sit there and write a personal check it would even change the mind of the most hardened tax and spend individual. When taxes are taken out of your check you really don't fuss much about it. But If you have to write that check yourself every week I think people would have a different take. [/IMG]

Yes, yes, and YES!
 

elcid

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When I'm using my hand out via my income tax refund and spending the money on abortions and turning people gay I'll be sure to thank you.
 

Micky

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So you want me to thank you for getting part of MY money back as a refund?
 

Username2

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So you want me to thank you for getting part of MY money back as a refund?
If your only getting "part" back then you paid taxes. I am speaking of those that do not pay any taxes.
 

Username2

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When I'm using my hand out via my income tax refund and spending the money on abortions and turning people gay I'll be sure to thank you.

I am not against abortion, people like yourself keep me grounded in the idea it needs to be a viable option. Not sure how you turn someone "gay" but hey, its your money.
 

KSG_Standard

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What the hell does fair share even mean? Who determines what's what's fair?
 

Username2

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What the hell does fair share even mean? Who determines what's what's fair?

Nobody really knows do we. For the past few months this is all we have heard from the President and the media.

There is a thing many people have forgot called equal protection under the law, the tax code is is anything but that.

The president turns American against American based upon envy and success is sick. I understand paying taxes, but I also understand why many people do not have to pay anything, who will they vote for?
I also understand very clear why farm after farm is going out of business and why business moves their operation out of the US.

I don't want to sell the orchard, not many cherry producers anymore. But it is not worth it anymore if the investment is making the government more money then me and they have none of the risk or labor
 

longfxukxnhair

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Nuke, I told this to my fiancee. She is an accountant/CPB and working on her enrolled agent status. Her first question was "does he have the orchard set up as a farm operation?"

Not that your answer changes the capital gains.
 

Username2

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Nuke, I told this to my fiancee. She is an accountant/CPB and working on her enrolled agent status. Her first question was "does he have the orchard set up as a farm operation?"

Not that your answer changes the capital gains.

It's a LLC tell her but I have very little in costs or capital expenditures. This is considered income and not income from capital gains.
I contract out the labor and all my eqipment and land is paid for. I don't make major purchases so no big 179 deductions. The orchard grossed 270k I got a third of that after expenses and taxes.
 

Alt Freak

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What corvette we talking about? C6? Z06? ZR1?

Just messin with ya
 

Alt Freak

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Im a German sports car guy I guess. Like about anything European, and some good American Muscle.

Sorry about the thread derail! Back to taxes
 

longfxukxnhair

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It's a LLC tell her but I have very little in costs or capital expenditures. This is considered income and not income from capital gains.
I contract out the labor and all my eqipment and land is paid for. I don't make major purchases so no big 179 deductions. The orchard grossed 270k I got a third of that after expenses and taxes.

Damn!
I will pass it along to her. I will email any other responses if she has any.
 

gdh1532

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I hear you in 1990 the IRS made a move to take our family business, 3-5 mil a year Utlility Construction company. Unfounded unprovable accusations (later on the IRS came under fire and investigations some investigatons were made). We had to auction off a bunch of equipment, I was VP of operatons at the time, I ended getting caught up in it. $10,000.00 personal fine, ended up costing me $60,000.00 by the time a got them paid off (with a lawyer). They eventuallly fired some of the IRS managers and agents, but we never got a sorry, here is some money or nothing. With no one to police them they can really F up your life real quick like.

there was a some news paper articles out about what happened to us and some other companies, I looked for them but haven't found them yet. I think my brother still has some of them though. One on a roofing company that didn't do anything wrong either.. those poor guys lost their house.

http://www.fairtax.org/site/News2?page=NewsArticle&id=8349
 
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JayCM800

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"Occupy the IRS"??? :naughty:

If everybody stopped paying taxes as protest, could the entire population be jailed?
 

Bieling3

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It pisses me off to no end to hear people bitching about paying taxes. You are receiving dividends beyond what you pay living in this society. Selfish bastards want all the benefits but they don't want to pay. I say thanks to you Nuke, everytime I cash my $234 disability check from the VA.
 
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Username2

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I hear you in 1990 the IRS made a move to take our family business, 3-5 mil a year Utlility Construction company. Unfounded unprovable accusations (later on the IRS came under fire and investigations some investigatons were made). We had to auction off a bunch of equipment, I was VP of operatons at the time, I ended getting caught up in it. $10,000.00 personal fine, ended up costing me $60,000.00 by the time a got them paid off (with a lawyer). They eventuallly fired some of the IRS managers and agents, but we never got a sorry, here is some money or nothing. With no one to police them they can really F up your life real quick like.

there was a some news paper articles out about what happened to us and some other companies, I looked for them but haven't found them yet. I think my brother still has some of them though. One on a roofing company that didn't do anything wrong either.. those poor guys lost their house.

Americans For Fair Taxation: Stopping IRS misconduct
That is so messed up. Why the IRS can destroy business and things familys have worked all their life for is wrong.

I guess nobody will understand this until they themself get into having a small business that shows a profit. It is like we have a narritive now that making a profit is evil and unfair.

Glad you got the IRS off your back, modern mafia.
 


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