Author Topic: The tax man comes...  (Read 756 times)

TAB

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The tax man comes...
« on: May 14, 2021, 12:11:40 PM »
last year I made exactly zero dollars.... why do I still owe them 4k?

I always break all the clay pigeons,  some times its even with lead.

tombogan03884

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Re: The tax man comes...
« Reply #1 on: May 14, 2021, 02:05:48 PM »
last year I made exactly zero dollars.... why do I still owe them 4k?

Habit ? 
I'm the NRA, and I ain't giving up squat.

Rastus

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Re: The tax man comes...
« Reply #2 on: May 15, 2021, 08:36:54 AM »
last year I made exactly zero dollars.... why do I still owe them 4k?

I really like Tom's smart ass remark!

Beyond that....all I can say is "Because."
Necessity is the plea for every infringement of human freedom.
It is the argument of tyrants; it is the creed of slaves.
-William Pitt, British Prime-Minister (1759-1806)
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alfsauve

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Re: The tax man comes...
« Reply #3 on: May 15, 2021, 10:28:15 AM »
Because the IRS figures it differently from what's going on in real life.   So does the SEC and the national CPA group.

I've taken several tax courses of the years and have tutored others who were struggling in the classes.   I'd tell them it was real simple.  Just leave "FAIR" at the door when you come to class.   If in doubt about anything ask, "Which choice  would benefit the IRS the most?"   

Will work for ammo
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Rastus

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Re: The tax man comes...
« Reply #4 on: May 15, 2021, 10:44:52 AM »
I really "liked" the years and years of stringing out my losses.  However, I think now it is going to work to my benefit with Biden's tax hikes (so long as he and the Nazi's, err United Socialist Party of Venezuela OK whatever Dems do not zero out historical losses). 
Necessity is the plea for every infringement of human freedom.
It is the argument of tyrants; it is the creed of slaves.
-William Pitt, British Prime-Minister (1759-1806)
                                                                                                                               Avoid subjugation, join the NRA!

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Re: The tax man comes...
« Reply #5 on: Today at 09:40:04 PM »

TAB

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Re: The tax man comes...
« Reply #5 on: May 15, 2021, 11:06:31 AM »
The funny thing is the misses is getting money back.  She always has them take the max withholding.  I never understood  why you give the government  an intrest free loan. 

I have started helping people start businesses using my knowledge...  I have lots of contacts in almost every trade. It is amazing at who you meet over the years by being nothing more than a glorified  larborer.
I always break all the clay pigeons,  some times its even with lead.

MikeBjerum

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Re: The tax man comes...
« Reply #6 on: May 28, 2021, 08:58:55 PM »
last year I made exactly zero dollars.... why do I still owe them 4k?

Did you have investment liquidation that was sitting in the deferred file?  The type of money you realize from liquidating property that is not taxed today if you reinvest it within a given period of time.
If I appear taller than other men it is because I am standing on the shoulders of others.

les snyder

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Re: The tax man comes...
« Reply #7 on: May 28, 2021, 09:54:45 PM »
Required Minimum Distribution... really burns my ass

TAB

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Re: The tax man comes...
« Reply #8 on: May 28, 2021, 11:54:43 PM »
Did you have investment liquidation that was sitting in the deferred file?  The type of money you realize from liquidating property that is not taxed today if you reinvest it within a given period of time.
  is was intrest.
I always break all the clay pigeons,  some times its even with lead.

alfsauve

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Re: The tax man comes...
« Reply #9 on: May 29, 2021, 08:12:17 AM »
RE: RMD.

Yeah. Sucks.   But then it's based on the 12/31 balance which for most of us was real low in for 2020.  Means we're not taking out very much.  Miss Kitty has an IRA that's grown 24% since 1/1 but RMD is only ~4%.  I'll enjoy the extra year of earnings.
Will work for ammo
USAF MAC 437th MAW 1968-1972

 

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