Did you get a tax cut last year?

[Skull Pilot]

You might want to check this out...as you wouldn't need another business to contribute to it, and you can put up to $49K per year into it.

SEP IRA | SEPIRA.com

As for the barn office, you can still only write off a small portion of it as it is your personal property, no?

But with a SEP the provision is 25% of income up to 49K a year. The 401 does not have that limit so in reality I can save more with the 401 because the income the LLC generates is by design just enough to max out the second 401s

The 25% limit would mean to put 16500 away that we would need a 66K income from the LLC for each of us.

And a SEP for the corp would not be a good idea because we have 10 employees. A SEP only makes sense if you have no employees.

You can get the employees to opt out of the SEP IRA, which shouldn't be a problem if you have 401Ks for them.

But the 25% limit still hits us. Neither one of us pulls a large salary from the corp. i would rather take the money as a distribution and avoid all the payroll taxes

 

[Harry Dresden]

yea i got a tax break.....so what does it matter if your State eats it up and then some....i was looking at 20-30 buck increase each check.....as soon as California seen that...they enacted some of their shit....and now its gone plus a few bucks on top of that....and they are still moaning how they are losing money....

 

[Ravi]

But with a SEP the provision is 25% of income up to 49K a year. The 401 does not have that limit so in reality I can save more with the 401 because the income the LLC generates is by design just enough to max out the second 401s

The 25% limit would mean to put 16500 away that we would need a 66K income from the LLC for each of us.

And a SEP for the corp would not be a good idea because we have 10 employees. A SEP only makes sense if you have no employees.

You can get the employees to opt out of the SEP IRA, which shouldn't be a problem if you have 401Ks for them.

But the 25% limit still hits us. Neither one of us pulls a large salary from the corp. i would rather take the money as a distribution and avoid all the payroll taxes

That's how we do it, too. But I put as much as possible into the SEP to avoid the income taxes on the yearly profit at the end of the year.

 

[Immanuel]

yea i got a tax break.....so what does it matter if your State eats it up and then some....i was looking at 20-30 buck increase each check.....as soon as California seen that...they enacted some of their shit....and now its gone plus a few bucks on top of that....and they are still moaning how they are losing money....

I am not going to say that this is the case with you, but what you just wrote is something that should be called to people's attention.

You got a "20-30 buck increase each check" and state that as if that is a tax break. All that really is, is a smaller amount of payroll with holdings from your paycheck. That is not a tax cut. It doesn't mean that you pay less during the year if when you send in your 1040 form, you either get less of an return or actually owe money come April 15th. If you paid more money in taxes for less income in 2009 than you did in 2008 then you did not get a tax cut.

Too many people looked at the amount of the FWT deduction from their pay checks and were thrilled to death that they got a tax cut. Those are the people that don't understand the current tax system.

Immie

 

[Ravi]

yea i got a tax break.....so what does it matter if your State eats it up and then some....i was looking at 20-30 buck increase each check.....as soon as California seen that...they enacted some of their shit....and now its gone plus a few bucks on top of that....and they are still moaning how they are losing money....

I am not going to say that this is the case with you, but what you just wrote is something that should be called to people's attention.

You got a "20-30 buck increase each check" and state that as if that is a tax break. All that really is, is a smaller amount of payroll with holdings from your paycheck. That is not a tax cut. It doesn't mean that you pay less during the year if when you send in your 1040 form, you either get less of an return or actually owe money come April 15th. If you paid more money in taxes for less income in 2009 than you did in 2008 then you did not get a tax cut.

Too many people looked at the amount of the FWT deduction from their pay checks and were thrilled to death that they got a tax cut. Those are the people that don't understand the current tax system.

Immie

It was a tax credit, not a tax cut...even though in the end it amounts to the same thing, a reduction in taxes owed. If your employer didn't lower your tax deduction throughout the year then you filed an additional form when you did your taxes and claimed the credit.

 

[Immanuel]

yea i got a tax break.....so what does it matter if your State eats it up and then some....i was looking at 20-30 buck increase each check.....as soon as California seen that...they enacted some of their shit....and now its gone plus a few bucks on top of that....and they are still moaning how they are losing money....

I am not going to say that this is the case with you, but what you just wrote is something that should be called to people's attention.

You got a "20-30 buck increase each check" and state that as if that is a tax break. All that really is, is a smaller amount of payroll with holdings from your paycheck. That is not a tax cut. It doesn't mean that you pay less during the year if when you send in your 1040 form, you either get less of an return or actually owe money come April 15th. If you paid more money in taxes for less income in 2009 than you did in 2008 then you did not get a tax cut.

Too many people looked at the amount of the FWT deduction from their pay checks and were thrilled to death that they got a tax cut. Those are the people that don't understand the current tax system.

Immie

It was a tax credit, not a tax cut...even though in the end it amounts to the same thing, a reduction in taxes owed. If your employer didn't lower your tax deduction throughout the year then you filed an additional form when you did your taxes and claimed the credit.

Read the OP.

The left brags about this tremendous tax cut we all supposedly got and tells us we should all be kissing Obama's ass for this gift he gave us. I didn't get one and I am not convinced that most people did either. I paid almost the same in taxes this years as I did last year on lower income. So, where is this wonderful tax cut we supposedly received? Now, as stated earlier, I am only one person and my example may be atypical, but that is what I have been asking in this thread... did you get a tax cut? Really? Or was it all a bunch of BS?

So far, no one except for RW and Care have indicated that such a thing was received and I asked RW if his situation had changed at all... thus far he has not responded to that. Mr. Clean stated he had paid yes, but he gave no details and I don't know him well enough to know whether or not to take him seriously.

And no, you did not simply file an additional form at the end of the year, you simply received a higher refund or paid less with you return when you filed it. You got the tax cut if you were eligible when you filed your taxes, but if you had to pay more in taxes in the long run and that just reduced the increase, that is not a tax cut from last year. It is smoke and mirrors.

Immie

 

[Ravi]

Here, we did a thread about this already. If you didn't get your credit, you need to speak to your accountant or brush up on your knowledge of filing tax returns.

http://www.usmessageboard.com/politics/113336-many-filers-confused-by-stimulus-tax-credit.html

 

[Immanuel]

Here, we did a thread about this already. If you didn't get your credit, you need to speak to your accountant or brush up on your knowledge of filing tax returns.

http://www.usmessageboard.com/politics/113336-many-filers-confused-by-stimulus-tax-credit.html

Excuse me? Did you read the OP?

I got the credit and yet my taxes were still about the same as they were last year when adjusted for the loss of the child tax credit because my son turned 17.

Edit: Without the credit my effective tax rate would have gone up by about 1%. So, he raised our taxes and then magnanimously gave us a credit to lower the effect of the increase, then expects us to kiss his ass for it... what a guy!

Immie

 

[Ravi]

Here, we did a thread about this already. If you didn't get your credit, you need to speak to your accountant or brush up on your knowledge of filing tax returns.

http://www.usmessageboard.com/politics/113336-many-filers-confused-by-stimulus-tax-credit.html

Excuse me? Did you read the OP?

I got the credit and yet my taxes were still about the same as they were last year when adjusted for the loss of the child tax credit because my son turned 17.

Edit: Without the credit my effective tax rate would have gone up by about 1%. So, he raised our taxes and then magnanimously gave us a credit to lower the effect of the increase, then expects us to kiss his ass for it... what a guy!

Immie

Wow...it's Obama's fault your son turned 17?

 

[xsited1]

Arkansas Times


Conservative pundits and their followers were shrieking in rage on Tax Day last week, so wrought up they forgot to mention that Americans are paying less in taxes under President Obama than they paid under his conservative predecessor, George W. Bush.

The Recovery Act signed by Obama last year cut federal income taxes for 98 percent of working Americans, according to Citizens for Tax Justice, an activist group. Arkansans did even better, although the state voted against Obama in the 2008 presidential election. Ninety-nine percent of working families in Arkansas benefited from at least one of the tax cuts signed into law by Obama. The average tax break was $1,016. Obama has signed no legislation to increase taxes.

The Arkansas Times is a great Left-wing Moonbat paper, so it doesn't surprise me that you'd read it. The editor, Max Brantley, decided to publish the name and home address information of every Arkansas concealed carry permit holder (http://tolbertreport.com/2009/02/24/max-brantley-faced-the-firing-squad-this-morning-on-karn/). Yeah, he's a great American.

It's great for lining bird cages.

 

[Care4all]

Here, we did a thread about this already. If you didn't get your credit, you need to speak to your accountant or brush up on your knowledge of filing tax returns.

http://www.usmessageboard.com/politics/113336-many-filers-confused-by-stimulus-tax-credit.html

Excuse me? Did you read the OP?

I got the credit and yet my taxes were still about the same as they were last year when adjusted for the loss of the child tax credit because my son turned 17.

Edit: Without the credit my effective tax rate would have gone up by about 1%. So, he raised our taxes and then magnanimously gave us a credit to lower the effect of the increase, then expects us to kiss his ass for it... what a guy!

Immie

you are getting a bit wacko immie...blaming Obama for something like this...and didn't you BITCH about the liberals blaming Bush for everything?

Take a deep breath....

The childish Obama slams are not necessary, AND YOU KNOW IT!

sorry to dampen your fun...

 

[Immanuel]

Here, we did a thread about this already. If you didn't get your credit, you need to speak to your accountant or brush up on your knowledge of filing tax returns.

http://www.usmessageboard.com/politics/113336-many-filers-confused-by-stimulus-tax-credit.html

Excuse me? Did you read the OP?

I got the credit and yet my taxes were still about the same as they were last year when adjusted for the loss of the child tax credit because my son turned 17.

Edit: Without the credit my effective tax rate would have gone up by about 1%. So, he raised our taxes and then magnanimously gave us a credit to lower the effect of the increase, then expects us to kiss his ass for it... what a guy!

Immie

Wow...it's Obama's fault your son turned 17?

No, and I didn't say that, which is why I adjusted my 2008 taxes so as not to make it appear to penalize his position. Had I left 2008 as it was, it would have shown that I paid almost $1000 more in taxes in 2009 compared to 2008 and would have looked much worse for the Obama camp, but then it would not have been an accurate comparison.

Immie

 

[Immanuel]

Here, we did a thread about this already. If you didn't get your credit, you need to speak to your accountant or brush up on your knowledge of filing tax returns.

http://www.usmessageboard.com/politics/113336-many-filers-confused-by-stimulus-tax-credit.html

Excuse me? Did you read the OP?

I got the credit and yet my taxes were still about the same as they were last year when adjusted for the loss of the child tax credit because my son turned 17.

Edit: Without the credit my effective tax rate would have gone up by about 1%. So, he raised our taxes and then magnanimously gave us a credit to lower the effect of the increase, then expects us to kiss his ass for it... what a guy!

Immie

you are getting a bit wacko immie...blaming Obama for something like this...and didn't you BITCH about the liberals blaming Bush for everything?

Take a deep breath....

The childish Obama slams are not necessary, AND YOU KNOW IT!

sorry to dampen your fun...

Where did I blame President Obama for anything.

I simply asked you Obamabots to prove that you got a tax cut. And quite frankly, if you won't prove it then quit asking me to get on my knees and kiss the man's ass.

Immie

 

[xsited1]

Did you get a tax cut last year?

Nope. The percentage was virtually the same as the previous year. Next year (and thereafter) is going to get bad.

 

[rightwinger]

I am not going to say that this is the case with you, but what you just wrote is something that should be called to people's attention.

You got a "20-30 buck increase each check" and state that as if that is a tax break. All that really is, is a smaller amount of payroll with holdings from your paycheck. That is not a tax cut. It doesn't mean that you pay less during the year if when you send in your 1040 form, you either get less of an return or actually owe money come April 15th. If you paid more money in taxes for less income in 2009 than you did in 2008 then you did not get a tax cut.

Too many people looked at the amount of the FWT deduction from their pay checks and were thrilled to death that they got a tax cut. Those are the people that don't understand the current tax system.

Immie

It was a tax credit, not a tax cut...even though in the end it amounts to the same thing, a reduction in taxes owed. If your employer didn't lower your tax deduction throughout the year then you filed an additional form when you did your taxes and claimed the credit.

Read the OP.

The left brags about this tremendous tax cut we all supposedly got and tells us we should all be kissing Obama's ass for this gift he gave us. I didn't get one and I am not convinced that most people did either. I paid almost the same in taxes this years as I did last year on lower income. So, where is this wonderful tax cut we supposedly received? Now, as stated earlier, I am only one person and my example may be atypical, but that is what I have been asking in this thread... did you get a tax cut? Really? Or was it all a bunch of BS?

So far, no one except for RW and Care have indicated that such a thing was received and I asked RW if his situation had changed at all... thus far he has not responded to that. Mr. Clean stated he had paid yes, but he gave no details and I don't know him well enough to know whether or not to take him seriously.

And no, you did not simply file an additional form at the end of the year, you simply received a higher refund or paid less with you return when you filed it. You got the tax cut if you were eligible when you filed your taxes, but if you had to pay more in taxes in the long run and that just reduced the increase, that is not a tax cut from last year. It is smoke and mirrors.

Immie

Sorry Immie...didn't see your request.

My gross for 2008 and 2009 was very close and like I said I did see a reduction in taxes of about $300. This did not include the $800 work credit.

Its not spectacular, but its good to see any reduction

 

[Immanuel]

Did you get a tax cut last year?

Nope. The percentage was virtually the same as the previous year. Next year (and thereafter) is going to get bad.

I don't know about next year, but that was what I found this year. I paid relatively the same effective tax rate between 2008 and 2009. That means I did not get a tax cut as many on the left have been claiming.

TM has been parading the site telling us he gave us a tax cut. That is not true. It is in fact a lie as far as I can tell.

Immie

 

[Immanuel]

It was a tax credit, not a tax cut...even though in the end it amounts to the same thing, a reduction in taxes owed. If your employer didn't lower your tax deduction throughout the year then you filed an additional form when you did your taxes and claimed the credit.

Read the OP.

The left brags about this tremendous tax cut we all supposedly got and tells us we should all be kissing Obama's ass for this gift he gave us. I didn't get one and I am not convinced that most people did either. I paid almost the same in taxes this years as I did last year on lower income. So, where is this wonderful tax cut we supposedly received? Now, as stated earlier, I am only one person and my example may be atypical, but that is what I have been asking in this thread... did you get a tax cut? Really? Or was it all a bunch of BS?

So far, no one except for RW and Care have indicated that such a thing was received and I asked RW if his situation had changed at all... thus far he has not responded to that. Mr. Clean stated he had paid yes, but he gave no details and I don't know him well enough to know whether or not to take him seriously.

And no, you did not simply file an additional form at the end of the year, you simply received a higher refund or paid less with you return when you filed it. You got the tax cut if you were eligible when you filed your taxes, but if you had to pay more in taxes in the long run and that just reduced the increase, that is not a tax cut from last year. It is smoke and mirrors.

Immie

Sorry Immie...didn't see your request.

My gross for 2008 and 2009 was very close and like I said I did see a reduction in taxes of about $300. This did not include the $800 work credit.

Its not spectacular, but its good to see any reduction

Thanks, I figured you had missed my post and it was not a big deal.

I don't remember having felt a huge benefit from the Bush tax cuts either, but for this year, I didn't feel one from President Obama's cuts either. Yes, I got the check the Bush Admin sent me (was it one or two?) but here today and gone tomorrow was the way that worked. BTW: I was not supportive of the rebate checks under the Bush Admin. It was not like we could afford it then either. Happy to receive the checks but reality said the government should have used it to reduce the debt. Edit: Oh wait Didn't those rebate checks actually increase the debt? In other words, our great grandchildren will be paying for those rebate checks throughout their lifetimes.

Personally, I'd rather pay more in taxes than get a tax cut when this country is struggling. If (and I am not saying it is accurate) tax cuts stimulate the economy, I'm okay with the tax cuts, if they don't then I'd rather pay higher taxes. Tax policy needs to be focused on the needs of the country at a given time because there are too many variables to say that only "trickle down economics" work and that that policy works every time it is tried or that increasing taxes on the rich will suffice for this particular situation. IOW: Tax policy needs to flow with the tide.

I am not complaining that I did not get a tax cut. What I am complaining about is everyone telling me that I did get a tax cut and I should kiss the ass of the President for giving me this tax cut.

Immie

 

[Ravi]

What was your gross income for both years?

 

[rightwinger]

If you look at the tax tables for 2008 and 2009 you will see lower taxes for 2009 for all earning levels.

It is lower...not by much ..but it is lower

 

[Immanuel]

What was your gross income for both years?

See the OP... that info was provided.

Hehe, just pickin' on ya, Ravi.

Immie