CDZ How do you expect taxes and the virus to interact?

[william the wie]

The lock downs in NY, NJ,DE, IL, CA and other states are happening disproportionately in high tax/ high regulation states. My concern is that the liberal hordes may start invading low tax/low regulation states as soon as the quarantine is lifted. what is your concern with such an outcome? I am putting this thread in CDZ instead of satire because here in FL this is already happening in the form of out of state young idiots on spring break are already acting as health threats.

 

[jwoodie]

Flotsam heading downstream.

 

[william the wie]

Flotsam heading downstream.

But not very fast

 

[gulfman]

If you owe taxes the IRS will make sure you are healthy until they are paid

 

[jwoodie]

By the way, minimum 401(k) withdrawals have been moved back to age 72.

 

[ReinyDays]

If you owe taxes the IRS will make sure you are healthy until they are paid

They will take from the estate otherwise ...

 

[oldfart]

The lock downs in NY, NJ,DE, IL, CA and other states are happening disproportionately in high tax/ high regulation states. My concern is that the liberal hordes may start invading low tax/low regulation states as soon as the quarantine is lifted. what is your concern with such an outcome? I am putting this thread in CDZ instead of satire because here in FL this is already happening in the form of out of state young idiots on spring break are already acting as health threats.

Hey William, long time no see! I'm just dropping in for my annual visit to see if there is any intelligent life still here before Scotty beams me up. What section of Florida are you in? I have a tax practice in the Panhandle and we are reconfiguring the office this week. Per your question, with the extended deadlines and our concentration of business clients, we are extending personal return preparation to free up resources for SBA and similar claim/loan processing. It feels like the oil spill all over again. [sound of thousands retching]. Today we had the first shopping center tenant ask if we can suspend their rent for the duration until they can open again. [sound of maniacal laughter]. Stay safe.

 

[otto105]

I'm wondering what OP doesn't get about population density.

 

[Porter Rockwell]

There is one thing I understand:

The government is going to "give" us stimulus money. If you are on Socialist Security or Disability and that check is your only source of income, then once the government forces the stimulus on you, that money becomes taxable (it is currently not considered income if it is your sole source of money coming in.) Sooo... since those people do not file, they have no withholding. Then, all of a sudden, they get $1200 or whatever figure the government decides. That then makes all the money they got for the year taxable. So, add your monthly payments and $1200 more and you can end up owing more than Uncle Scam gave you. How is that a stimulus? The unemployed will have the same issue with their unemployment benefits.

IF we survive this, by next year, we will all be in debt to Uncle Scam and IF we have anything left, the government will seize it for those back taxes. Never let a good crisis go to waste.

 

[Picaro]

There is one thing I understand:

The government is going to "give" us stimulus money. If you are on Socialist Security or Disability and that check is your only source of income, then once the government forces the stimulus on you, that money becomes taxable (it is currently not considered income if it is your sole source of money coming in.) Sooo... since those people do not file, they have no withholding. Then, all of a sudden, they get $1200 or whatever figure the government decides. That then makes all the money they got for the year taxable. So, add your monthly payments and $1200 more and you can end up owing more than Uncle Scam gave you. How is that a stimulus? The unemployed will have the same issue with their unemployment benefits.

IF we survive this, by next year, we will all be in debt to Uncle Scam and IF we have anything left, the government will seize it for those back taxes. Never let a good crisis go to waste.

If you beleive stupid nonsense like "Then, all of a sudden, they get $1200 or whatever figure the government decides. That then makes all the money they got for the year taxable.", then I hope the government raisies yours to 150% of your income, since obviously you are only going to hurt yourself and others if you have any cash left in your pockets.

Typical that so -called 'pro-business' weirdos don't have the first clue about taxes, and they obviously don't fill out their own tax returns. People on Social Security have lots of leeway in tax avoidance options, deferrals, etc. not least is that they still qualify for the standard personal deduction, on top of the already generous amount you can earn before your SS even gets into being counted toward taxes.

Most of the whining about the IRS comes from idiots who believe crap they read on the innernutz, can't read the forms and the simple directions for them, and try some stupid tax dodge and then get caught. One of the more common ones are the dufuses who keep trying to claim their employees are 'self-employed contractors'. lol what a joke those tards are.

 

[Porter Rockwell]

There is one thing I understand:

The government is going to "give" us stimulus money. If you are on Socialist Security or Disability and that check is your only source of income, then once the government forces the stimulus on you, that money becomes taxable (it is currently not considered income if it is your sole source of money coming in.) Sooo... since those people do not file, they have no withholding. Then, all of a sudden, they get $1200 or whatever figure the government decides. That then makes all the money they got for the year taxable. So, add your monthly payments and $1200 more and you can end up owing more than Uncle Scam gave you. How is that a stimulus? The unemployed will have the same issue with their unemployment benefits.

IF we survive this, by next year, we will all be in debt to Uncle Scam and IF we have anything left, the government will seize it for those back taxes. Never let a good crisis go to waste.

If you beleive stupid nonsense like "Then, all of a sudden, they get $1200 or whatever figure the government decides. That then makes all the money they got for the year taxable.", then I hope the government raisies yours to 150% of your income, since obviously you are only going to hurt yourself and others if you have any cash left in your pockets.

Typical that so -called 'pro-business' weirdos don't have the first clue about taxes, and they obviously don't fill out their own tax returns. People on Social Security have lots of leeway in tax avoidance options, deferrals, etc. not least is that they still qualify for the standard personal deduction, on top of the already generous amount you can earn before your SS even gets into being counted toward taxes.

Most of the whining about the IRS comes from idiots who believe crap they read on the innernutz, can't read the forms and the simple directions for them, and try some stupid tax dodge and then get caught. One of the more common ones are the dufuses who keep trying to claim their employees are 'self-employed contractors'. lol what a joke those tards are.

Picaro, I feel sorry for you. People who have no outside income pay no tax on Social Security:

"The general rule of thumb to follow is that you will have to pay federal taxes on your Social Security Disability benefits if you file a federal tax return as an individual and your total income is more than $25,000. If you file a joint return, you will have to pay taxes if you and your spouse have a total combined income that exceeds $32,000."

Do I Have to File Taxes When Receiving Disability Benefits?

The short answer is, it depends. Find out whether you have to pay taxes on your disability benefits with this guide.

www.disability-benefits-help.org

The $1200 - or whatever the stimulus package is makes an entire Social Security check "income" if the stimulus money and Social Security exceed the limits. I don't feel that I'm wrong on this because I spent nearly an hour talking with some aide to Senator David Perdue named Kyle (who works in the Washington D.C. office) and he explained the situation quite well. I know it's going to offend you, but I'll gladly take his work over yours.

The majority of American people know very little about taxes and those on Social Security do not know that they could be left with a tax liability. Most Americans live paycheck to paycheck. And you are living in total ignorance. Over the last few years, many tax avoidance techniques have been eliminated. My wife was complaining about it a few days ago when she was looking at our taxes. She said that deductions we had once had for things like home improvements, installing energy saving devices, and medical expenses - and some others were scaled back or eliminated. She said this was the first time in her life that she was having to write a check to the IRS.

I realize that you don't have any respect for others when they disagree with you, but you are wrong a lot of the time. Calling me names and insulting my intelligence won't change that fact.