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Is the regular Joe better off : Swingers Discussion 899851081
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TOPIC: Is the regular Joe better off
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Taxation is theft. I don't know anyone who gets worth returned proportional to the amount of taxes they pay, even people without taxable income. Everybody pays taxes on the food they eat, the clothes they wear, the property they buy, the gas they use. If someone in this forum believes they get their money's worth out of the taxes they pay, I wish that person would step up and explain how so. Especially with the income tax. That money goes to a big pie fund that lobbyist fight over, and the common man receives little benefit from it.

Goose Creek SC
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with exceptions...lol

Destin FL
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Hey!

Fairfield CA
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yawn, boring bookkeepers

Destin FL
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Scotty

"I save ever reciept from every dinner i make sure i talk business with my wife or someone when we're out even to a club. It becomes a business expense. every hotel reciept even if it's for vacation"

I just re-read you post. One thing I'd caution you about here as a CPA and tax preparer. Your receipt alone is generally not enough to audit proof you on these meals/entertainment and vacations. You should have some contemporaneous records concerning "what" the meeting was about, and topics discussed at dinner. Same for that hotel stay....better have contemporaneous records concerning "what" the "business purpose" was for the trip as generally the IRS wil NOT allow the hotel/meal expense deduction for a spouse even IF business related or you for that matter IF NOT business related. I don't know how you've got things set up but if she IS not an officer of your business or have a business connection.....you're playing with fire IF you get audited.

St Petersburg FL
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Scotty

Now that is a rational thought and is what I would advise clients to do. Document, Document, Document. By doing all the things you say you do you are converting otherwise nondeductible items to business deductions. That is advice I have told outside sales persons, small business owners etc to include my brother. Golf......take a perspective client to play golf (which he does), now he can deduct have of those monthly golf fees to the country club......dinner....take a client.

However, I have known clients to sell stock in order to "generate" a loss (I'm speaking of a stock most likely to recover fair market value in the short run.....like an IBM stock) only because of "not wanting IRS to get a percentage of thier income". Once the taxable income is determined and set in stone....I'd rather have 50% of something rather than 100% of nothing....especially if my income is not tied to the number hours worked. But even a wage earner applies....still any part of income is better than forgoing that income because you don't want the gov't to get any. We have to pay taxes regardless of type of tax.

As far as under reporting income.....it will always be forever. And as I've said before, I don't think a flat tax is in our future any time soon. That being said, half of my income is VA Disability income which is NOT taxable. Under a flat tax system or consumption tax, if my disability is taxed then my taxes would double. If you exclude my disability income from a flat or consumption tax then you are back to a progressive tax which excludes certain income and provides for deductions. Now why would I under my circumstances desire for my taxes to double?

St Petersburg FL
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we have already been using cash as much as we can and we are just a drop in the bucket.

Destin FL
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Excessive taxation dries the economy up and takes it underground. Reducing taxation frees up money to be spent in the economy, creating wealth and jobs. By creating jobs, people who would be on the fringe of the economy are now in the fold. Now those citizens are taxpayers. As a result, revenue to the govenrment actually increases.

Of course this revenue increase is not immediate, thus the government feels the need to increase taxation.They want their money now. If governments were able to wait patiently for the economy to grow after a tax cut, there would no need for excessive and regressive taxation.

Baltimore MD
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Just what we need, more government workers and bloated bureaucracy.

Goose Creek SC
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Elc,

I would support some kind of national service before people were allowed to go to college.

I get in these meetings with people that have never worked a real job, drives me nuts.

I think I have a very different perspective having had a career between high school and college.

Lakeside CA
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TOPIC: Is the regular Joe better off