Thread: PLANO Account Talk

Happy Independance Day TSPTalkers!

It's been very quiet in here lately, for good reason.

Did you know that the short fortune teller who escaped from prison was a short medium at large?

You're welcome

Dang it! I ruined my own joke ..... she was a small medium at large

arrgggghhhhhh!

Originally Posted by PLANO

Dang it! I ruined my own joke ..... she was a small medium at large

arrgggghhhhhh!

i guessit doesn't matter much...I read it twice and laughed!!! ButI do like the revised version too!!!

The problem is that 47% of Americans don't pay any income tax and they will be voting on what to charge everyone else.

Originally Posted by PLANO

The problem is that 47% of Americans don't pay any income tax and they will be voting on what to charge everyone else.

So are you saying we need to raise taxes and eliminate write-offs?
The tough part on that is...on who do you do that to?

There is a misconception that just lower income groups don't pay taxes but there are many in upper income brackets as well, who own rentals, writeoff stock losses, who pay no federal income tax.

I knew a guy who between his gov't pension and contracting job made a decent salary...probably near 100,000. But he had rentals, he had some spousal support, he had enough writeoffs to pay no federal tax.

He actually bragged (as he made more than me) that his goal every spring was to come up with ways to pay no income tax. And he definitely did not support the "current administration"...he drank his tea all day long.



Curious what you think the solution is?

Originally Posted by FireWeatherMet

who own rentals, writeoff stock losses, who pay no federal income tax.

Stock losses can only write off 3000 per year. Hardly a way to get down to no federal income tax. Either is deducting mortgage interest paid, as that isn't money you got to keep as profits.

Contracting is a whole different story. They play games where a portion of their salary isn't taxable because its consider per diem. I was offered a job where 50% of the "pay" was going to be "tax free" because of this.

Originally Posted by k0nkuzh0n

Stock losses can only write off 3000 per year. Hardly a way to get down to no federal income tax. Either is deducting mortgage interest paid, as that isn't money you got to keep as profits.

Contracting is a whole different story. They play games where a portion of their salary isn't taxable because its consider per diem. I was offered a job where 50% of the "pay" was going to be "tax free" because of this.

By itself no...but combined with other write-offs (rental properties, children/dependents...and a slew of others that give accountants a wet dream) it is actually not that hard for someone in the 50K to 100K/yr salary to essentially pay little to no income tax.

Originally Posted by FireWeatherMet

By itself no...but combined with other write-offs (rental properties, children/dependents...and a slew of others that give accountants a wet dream) it is actually not that hard for someone in the 50K to 100K/yr salary to essentially pay little to no income tax.

children surely cost more than what you save on your taxes. And again, dependents are an expense.

So lets look at rental properties. what tax write-offs are there that are above their actual expense?

Its one thing to pay no income tax for 1 year. Its another to do it every year.

In my case everything is paid for, no dependents, although my Daughter and Grandson live with us, no medical no deductions so I must take the Standard Deduction, yes I pay taxes.transparent.gif