Income Taxes

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Replied by FrankN on topic Income Tax Breaks

I am surprised to see it passed. I need to read the fine print, but I think it will help a lot of people.
1 year 9 months ago #1

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Replied by Joker on topic Income Tax Breaks

I would love to get some tax relief for myself, however, I'm not going to hold my breath. Sometimes Trump just says what he thinks we all want to hear and then just does what he wants. Sorry, but I really can't help but get all over this guy. He makes it so easy!
1 year 10 months ago #2

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Replied by FrankN on topic Taxes

Pinky wrote: I agree with you however, he also promised to lower self-employment taxes to make it easier for self-employed folks to stay above water. I am one of those folks and I really need a break. Does he EVER do anything he says except blabbing on Twitter?


Agree, Trump supporters would argue it is still in process. We will see.....
2 years 2 months ago #3

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Replied by Pinky on topic Taxes

I agree with you however, he also promised to lower self-employment taxes to make it easier for self-employed folks to stay above water. I am one of those folks and I really need a break. Does he EVER do anything he says except blabbing on Twitter?
2 years 2 months ago #4

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Replied by FrugalFran on topic Taxes

Whatever happened with Trump's promise to lower the corporate tax? Wouldn't that help to stop them from lobbying against simplifying it for everyone else because they'd be paying a flat, but lower, rate?
2 years 3 months ago #5

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Replied by Goldbug on topic Taxes

FrankN wrote: Its not just the accounting lobby as they dont have nearly as much sway as others. Its all the industries and companies that get specific deductions and tax credits (think about mortgage industry, energy, (coal, clean energy, etc.) All of those industries that get benefits don't want those credit or deductions to be eliminated.

So in other words, the people who like it complicated are the large companies with large finance departments, and the rest of us get stuck trying to do the math single-handed, or throw our hands up and pass it on to an accountant!
Last edit: 2 years 3 months ago by Goldbug.
2 years 3 months ago #6

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Replied by FrankN on topic Taxes

Its not just the accounting lobby as they dont have nearly as much sway as others. Its all the industries and companies that get specific deductions and tax credits (think about mortgage industry, energy, (coal, clean energy, etc.) All of those industries that get benefits don't want those credit or deductions to be eliminated.
2 years 3 months ago #7

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Replied by Goldbug on topic Taxes

FrankN wrote: I 100% agree. The only solution to me and for it to be fair to EVERYONE is to drastically simply it.

Ah, but would the accountants lobby say it was fair to them? These laws must keep many of them employed! I just get tired of staring at the paperwork and keeping folders full of recipts for everything around ready for the end of year. I'm sure it wasn't like this in my grandparents' time.
2 years 4 months ago #8

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Replied by FrankN on topic Taxes

Goldbug wrote:

FrugalFran wrote: The IRS is such a thorn in everyone's side. I'm very curious to see if anything is going to change after the election this year. I sure hope so because the amount of money my husband and I pay in taxes is ridiculous.

I just wish they'd simplify it. I know I overpaid because I never managed to work out all the deducations, and I ended up giving up and getting an accountant to do mine, which just makes it cost even more.


I 100% agree. The only solution to me and for it to be fair to EVERYONE is to drastically simply it.
2 years 4 months ago #9

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Replied by Goldbug on topic Taxes

FrugalFran wrote: The IRS is such a thorn in everyone's side. I'm very curious to see if anything is going to change after the election this year. I sure hope so because the amount of money my husband and I pay in taxes is ridiculous.

I just wish they'd simplify it. I know I overpaid because I never managed to work out all the deducations, and I ended up giving up and getting an accountant to do mine, which just makes it cost even more.
2 years 5 months ago #10

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Replied by FrankN on topic Taxes

I'm sure it will be heavily discussed during the election but little will likely change for most Americans.
3 years 4 months ago #11

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Replied by FrugalFran on topic Taxes

The IRS is such a thorn in everyone's side. I'm very curious to see if anything is going to change after the election this year. I sure hope so because the amount of money my husband and I pay in taxes is ridiculous.
3 years 4 months ago #12

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Replied by patse on topic Taxes

Breakinger wrote: I definitely wouldn't put it off until next year because you are only going to end up owing more. I know someone who hasn't filed his income taxes in almost three years because he owes every year. I'm waiting for it to catch up with him, which it eventually will.

Holy smokes! Think of all the penalties and interest this friend will end up paying. I think you can even be arrested for tax evasion! The IRS will work out a payment plan.
3 years 5 months ago #13

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Replied by Breakinger on topic Taxes

I definitely wouldn't put it off until next year because you are only going to end up owing more. I know someone who hasn't filed his income taxes in almost three years because he owes every year. I'm waiting for it to catch up with him, which it eventually will.
3 years 5 months ago #14

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Replied by Egghead on topic Taxes

Are you sure you're getting all the tax breaks possible? Having seen the consequences of deferring thorny issues firsthand I strongly recommend seeking some advice on this rather than hoping it will somehow be easier next year.
3 years 5 months ago #15

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