Uncle Sam aiming for your sorry ass: Swingers Discussion 56061

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Uncle Sam aiming for your sorry ass: Swingers Discussion 56061

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TOPIC: Uncle Sam aiming for your sorry ass

Created by: PolyGrl	The original post for this thread was deleted.

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User Details are only visible to members.	With Polygrl's permission I have started a new thread called "2005 TAX ADVICE - PLEASE NON POLITICAL ONLY" Come there for questions and do try to stay non-political.
St Petersburg FL			Username hidden (989 post)

User Details are only visible to members.	lol what kind of kickback?? Expo, 2 + 2 always equals 4 to me. I don't make up numbers but use them to the best advantage I can. Doesn't mean that if I have support I won't take an aggressive stance.
St Petersburg FL			Username hidden (989 post)

User Details are only visible to members.	looking for an accountant that can do 2 plus 2 to equal anything I want it to
Sarasota FL			Username hidden (2070 post)

User Details are only visible to members.	St Pete.. deserves some kick back.. lol...
Bridgeport PA			Username hidden (12781 post)

User Details are only visible to members.	Lookin You're referring to the Section 179 election to expense tangible personal property. It would not be necessarily so, that the depreciation over 3 years instead of writing off the equipment in entirety would be the worst decision. It very much depends on all the factors for the current year as well as expectations for the following years. So I can't say it was a bad decision. For example, if in the year it was suggested you already had a net loss for the year, section 179 election of the equipment would not help you especially if the following year would be expected to show a loss also. Reason being is that the section 179 election cannot increase a loss in the current year, would not be used and would be carried over as a deduction for the next year. If that year was also a loss year it could not be used there as well and be carriedd over again. Depreciation on the other hand is not limited by income and can increase a loss for the year. What the loss will do for you depends on the type of business. If self employed, you can offset (lower) other taxable income. If a corporation it would do nothing on a personal return but be a loss carryover for the corporation. There was also a provision for 2001, 2002, 2003 & 2004 for what was considered "bonus" depreciation of either writing off 30% or 50% of the entire cost and depreciating the balance. But the 30% or 50% was considered depreciation and therefore could increase losses in the current year without having to carry them over to the following year(s).
St Petersburg FL			Username hidden (989 post)

User Details are only visible to members.	st pete a stupid question regarding the write off on large items for bussiness purposes I know that on certain items I am able to take the whole item off at say the current year , ie the year before last we bought a backhoe and we took the item off as a whole unit for a one time savings, but on the smaller unit we bought this past year we were advised to schedule it for the next 3 years wouldnt it have been smarter to do it w/ the more expensive unit vs doing it on the cheaper ? I know it doent matter sinc ewe took the deduction already
Burlingham NY			Username hidden (9214 post)

User Details are only visible to members.	for 22 years I have had to pay huge amounts of taxes to the government..... This year we finally get money back.To bad we had to spend it to get it back ,with two girls in college.
Sarasota FL			Username hidden (2070 post)

User Details are only visible to members.	just from my perspective as an accountant: In 1986 under Reagan, the entire tax code was overhauled, was called "tax simplification" and the 1954 code was replaced by the 1986 code. Research material is now on computer programs, but back then the research was done using books. The new 1986 tax code (what is in effect today) was I believe 2 volumes, 3-4 inches thick each with about 17 volumes, 3 - 4 inches thick each to explain the tax code. It took a shelf at least 8 feet long to hold all the volumes produced by Commerce Clearing House (CCH) who was the leading publication back then.
St Petersburg FL			Username hidden (989 post)

User Details are only visible to members.	Triple I don't see it happening in the very near future. There is an election every two years and the representatives in Washington want to make sure they get re-elected so they pay very much attention to what special interest groups want in the tax code. As I said before, everybody says the tax code needs re-written but they can't agree on how to do it because no one wants their sacred cow sacrificed.
St Petersburg FL			Username hidden (989 post)

User Details are only visible to members.	Sim "I assume the $500K+ capital gain rollover can't be for a primary residence bought out of country and only for a domestic purchase?" Are you referring to your current residence you want to sell in 3 years or the next home? I want to make sure I didn't muddy the water before...the requirement to replace your home no longer applies. You can sell, exclude the 500K and spend the money on anything now. This is one of those answers off the "top of my head" or a "knee jerk", you should research further. In reviewing IRS regulations they do not address whether or not your primary residence can be in another country. They only say that you must meet the residency requirments of living in the home for 2 years. Therefore I believe that as long as your filing US Income Tax returns on US source income earned, that a primary residence in another country would qualify. There is certain documentation you should have to prove this residency, such as utility bills, voters registrations, etc. Again, you should check other sources. One source is the IRS website. Go to irs dot gov, find the link for "forms and publications". Look for Publication 523 - Selling Your Home. This publication should give you more information such as the documentation you should have to show residency.
St Petersburg FL			Username hidden (989 post)

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TOPIC: Uncle Sam aiming for your sorry ass