[Littlebear]

Originally Posted by ASAP

the fails continue lol
we are screwed for a minimum of 15 years
https://www.orlandosentinel.com/coro...5mu-story.html

"Companies could already carry losses forward to reduce their taxes in future years. But letting them carry losses backward doesn’t just accelerate the savings — it magnifies them.

That’s because the tax rate changed at the start of 2018, when President Trump and the then-Republican-controlled Congress cut the federal corporate income tax rate from 35 percent to 21 percent. Under the CARES Act, losses that would have cut a company’s taxes at some undetermined point in the future by 21 cents on the dollar are now worth tax refunds at 35 cents on the dollar.

“That’s just giving money out — and in a pretty non-targeted fashion,” said David Kamin, a law professor and federal tax expert at New York University."

Good article about who the Gov is really stimulating.

Murf

[Dog Face Pony Soldier]

Originally Posted by RMachuca3d

Not getting a cent, despite me paying taxes and being a resident... thanks trump! My wife isnt allowed to work due to my work visa restrictions, so she doesnt get a SSN, because trump has a hard on for illegals trying to scam the system, he put in a clause that if you file taxes jointly and one of you doesnt have a SSN, you get NOTHING.

Call me a what you will but I "have a hard on for illegals scamming the system" too. You make that sound like some horrible position! Lol

[Littlebear]

Originally Posted by Dog Face Pony Soldier

Call me a what you will but I "have a hard on for illegals scamming the system" too. You make that sound like some horrible position! Lol

I think it's the Trumpy "shotgun" approach to the illegal problem that is being protested, as it should be.
ie: Can someone pick our crops, pls?

Murf

[Dog Face Pony Soldier]

Originally Posted by Littlebear

I think it's the Trumpy "shotgun" approach to the illegal problem that is being protested, as it should be.
ie: Can someone pick our crops, pls?

Murf

No need to post anything more than I have so... Call me a what you will but I "have a hard on for illegals scamming the system" even if they're picking crops. You make that sound like some horrible position! Who's the loon supporting anyone "scamming the system?" Not me.

[Littlebear]

Originally Posted by Dog Face Pony Soldier

No need to post anything more than I have so... Call me a what you will but I "have a hard on for illegals scamming the system" even if they're picking crops. You make that sound like some horrible position! Who's the loon supporting anyone "scamming the system?" Not me.

Who said scamming the system is good?
I don't think the illegal farm workers are scamming the system, either. The system is broken, and we all know it.
Why the pols don't fix it is the question.

Murf

[RMachuca3d]

Originally Posted by Dog Face Pony Soldier

No need to post anything more than I have so... Call me a what you will but I "have a hard on for illegals scamming the system" even if they're picking crops. You make that sound like some horrible position! Who's the loon supporting anyone "scamming the system?" Not me.

I totally understand and respect wanting to curb abuse of the system, i'm totally 100% for it in every way, what I protest is the shotgun approach, throwing a lot of hard working people under the bus because he just wanted it done.

[Dog Face Pony Soldier]

Originally Posted by Littlebear

Who said scamming the system is good?
I don't think the illegal farm workers are scamming the system, either. The system is broken, and we all know it.
Why the pols don't fix it is the question.

Murf

RMachuca3d was oddly complaining that President Trump "has a hard on for people scamming the system." I stated I also have this same hard on. This is reasonable and expected behavior. What's weird are people like yourself pushing back on this enforcement. We should be expecting nothing less than our government having a "hard on for people scamming the system." This isn't even about anyone's status. I'd even have a problem with my mother if she was "scamming the system."

[rebekahb]

I was at the pharmacy yesterday and the pharmacist was telling me about a customer who came in and said that she does makeup, nails, etc. She gets paid cash under the table and then proceeds to ask why the government isn't helping people who don't pay taxes. We both got a good laugh about that.

[Dog Face Pony Soldier]

Originally Posted by RMachuca3d

I totally understand and respect wanting to curb abuse of the system, i'm totally 100% for it in every way, what I protest is the shotgun approach, throwing a lot of hard working people under the bus because he just wanted it done.

The President doesn't write the legislation. He only approves it. It's appropriate to spread the blame to include Congress.

[Littlebear]

Originally Posted by Dog Face Pony Soldier

RMachuca3d was oddly complaining that President Trump "has a hard on for people scamming the system." I stated I also have this same hard on. This is reasonable and expected behavior. What's weird are people like yourself pushing back on this enforcement. We should be expecting nothing less than our government having a "hard on for people scamming the system." This isn't even about anyone's status. I'd even have a problem with my mother if she was "scamming the system."

I find this reading to be incorrect. I think RMach was complaining that the dragnet caught him & his wife because it was cast too wide.
But I speaking maybe where I shouldn't.

Murf

[M_Six]

In other news...

Money obviously grows on trees. How else are they going to pay for this?

https://www.forbes.com/sites/zackfri.../#400422c443dc

As with the $1,200 stimulus check (Economic Impact Payment), not every American would be eligible for a stimulus check under the Emergency Money for the People Act. Here’s who would get a monthly cash payment under this legislative proposal:

Every American adult age 16 and older making less than $130,000 annually would receive $2,000 a month;
Married couples earning less than $260,000 would receive at least $4,000 per month;
Qualifying families with children will receive an additional $500 per child, with funds capped at a maximum of three children.
College students and adults with disabilities who are still claimed as a dependent would be eligible. The individual would receive the monthly payment and their parent or guardian would receive the dependent credit.
Individuals who are unemployed or who had no earnings would be eligible.

[Bimmer100_]

I paid $34k in federal taxes for 2019. Since I live in NY, I did not get to deduct not even $1 of my expensive property taxes because of the bogus SALT laws. Yet I can't be given $1200 like the rest of American citizens because of bogus income limits? Something isn't right.

[jmg]

Originally Posted by bwsteg

I paid $34k in federal taxes for 2019. Since I live in NY, I did not get to deduct not even $1 of my expensive property taxes because of the bogus SALT laws. Yet I can't be given $1200 like the rest of American citizens because of bogus income limits? Something isn't right.

I'm guessing your agi was around $160k last year? Since you don't qualify for the stimulus check you must have filed single? ($199k is the cap for joint filers). You are just over the threshold which makes incorporating viable. If you can work as a 1099 and retain your benefits, I would look into it and keep as much income in the 22% bracket as possible. If you get a raise this year anything over $160k will be in the 32% range (marginal).

Let's say you make $170k this year. You could use your corp to split your income and keep your personal income in the 22% bracket and 21% corporate. You could potentially have $84k taxes at 22% and $99k at 21% instead of $170k at 32%. Tax is marginal so I won't attempt to do the math, but either way you could save money.

I barely understand tax law and I'm missing a lot of details, so talk to an accountant.

Bonus: I'm still looking into this, but having a lower agi on personal income could decrease your EFC for student aid which means you could potentially get more help in paying for your children's college education.

[Littlebear]

Originally Posted by bwsteg

I paid $34k in federal taxes for 2019. Since I live in NY, I did not get to deduct not even $1 of my expensive property taxes because of the bogus SALT laws. Yet I can't be given $1200 like the rest of American citizens because of bogus income limits? Something isn't right.

The Trumpy SALT tax is a classic case of double taxation, which the right supposedly hates like death!
We are being taxed by the feds on money we paid in taxes to state & local, & thus never saw.

Murf

[Bimmer100_]

Originally Posted by Littlebear

The Trumpy SALT tax is a classic case of double taxation, which the right supposedly hates like death!
We are being taxed by the feds on money we paid in taxes to state & local, & thus never saw.

Murf

Exactly.

[Bimmer100_]

Originally Posted by jmg

I'm guessing your agi was around $160k last year? Since you don't qualify for the stimulus check you must have filed single? ($199k is the cap for joint filers). You are just over the threshold which makes incorporating viable. If you can work as a 1099 and retain your benefits, I would look into it and keep as much income in the 22% bracket as possible. If you get a raise this year anything over $160k will be in the 32% range (marginal).

Let's say you make $170k this year. You could use your corp to split your income and keep your personal income in the 22% bracket and 21% corporate. You could potentially have $84k taxes at 22% and $99k at 21% instead of $170k at 32%. Tax is marginal so I won't attempt to do the math, but either way you could save money.

I barely understand tax law and I'm missing a lot of details, so talk to an accountant.

Bonus: I'm still looking into this, but having a lower agi on personal income could decrease your EFC for student aid which means you could potentially get more help in paying for your children's college education.

AGI was $178k. I get a w2, would it still be possible to do what you're describing? I may need to talk to an accountant regarding this.

[Housekeeping]

Originally Posted by Roma_335i

Ok Mister Judge. If your smart with money you can own even a lambo and making 130k a year. I make less that that and I can save easley 30k +/- a year if I want.

Hey smart one, it’s ‘you’re’

[RickFLM4]

Originally Posted by Littlebear

The Trumpy SALT tax is a classic case of double taxation, which the right supposedly hates like death!
We are being taxed by the feds on money we paid in taxes to state & local, & thus never saw.

Murf

There is no federal “SALT tax”. You are not being taxed on taxes paid. If you have zero income but paid state and local taxes out of savings, your federal tax would be zero. You are being taxed on income and not getting to deduct what you paid to your state and local paid where you choose to live and elect the people who set those tax rates.

[bimmerfrk]

What stimulus check. Oh you mean the couple grand that the irs took out of my account on April 15th and sent to other people.... that stimulus check.

[Bimmer100_]

Originally Posted by bimmerfrk

What stimulus check. Oh you mean the couple grand that the irs took out of my account on April 15th and sent to other people.... that stimulus check.

At least it was only a couple of grand in your case. I'd be ecstatic for that.

[bimmerfrk]

Originally Posted by bwsteg

At least it was only a couple of grand in your case. I'd be ecstatic for that.

Originally Posted by bwsteg

At least it was only a couple of grand in your case. I'd be ecstatic for that.

Thank good we own a couple of investment properties and I find shit to write off every year to lower my tax liabilities. And yea SALT sucks I pay 22k in property taxes it's rough not being able to write it off. I hear this expires in 2025

[Dog Face Pony Soldier]

Originally Posted by RickFLM4

There is no federal "SALT tax". You are not being taxed on taxes paid. If you have zero income but paid state and local taxes out of savings, your federal tax would be zero. You are being taxed on income and not getting to deduct what you paid to your state and local paid where you choose to live and elect the people who set those tax rates.

This. Well said.