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Re: The tax man is here
[Re: FreeStateHunter]
#3653564
04/16/22 03:31 PM
04/16/22 03:31 PM
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Joined: Sep 2012
Posts: 15,827
ArmPit of the south
DeerNutz0U812_
Old Mossy Horns
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Old Mossy Horns
Joined: Sep 2012
Posts: 15,827
ArmPit of the south
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We had to stroke a check for 6 grand between fed and state...  Makes me sick to even think about it to be honest with ya'll....I mean wayy beyond mad and pissed to where when you really think about it.... just think about having to send those filthy, lying, dirty, no good crooked ass damn politicians more damn tax money, on top of the damn money they already take out of our checks every week....  6 damn racks.... FOR WHAT? ......just makes me sick thinking about it...I mean....smdh...just damn...just take it hell...get all of it...twist that mf'er while your in there too....
Did you know that Beer Nutz are over a Dollar...and Deer Nutz are under a Buck...
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Re: The tax man is here
[Re: FreeStateHunter]
#3653674
04/16/22 06:24 PM
04/16/22 06:24 PM
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Joined: Apr 2013
Posts: 4,697
Alabama
Rmart30
10 point
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10 point
Joined: Apr 2013
Posts: 4,697
Alabama
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Everyone needs to have some sort of side gig and a good cpa.
Ethical behavior is doing the right thing when no one else is watching - even when doing the wrong thing is legal. Aldo Leopold .. (except when it comes to trailer tags)
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Re: The tax man is here
[Re: Rmart30]
#3653767
04/16/22 08:52 PM
04/16/22 08:52 PM
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Joined: Mar 2020
Posts: 7,514
Free State of Winston
FreeStateHunter
OP
They Call Me Gator đ
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OP
They Call Me Gator đ
Joined: Mar 2020
Posts: 7,514
Free State of Winston
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Everyone needs to have some sort of side gig and a good cpa. This is what my accountant is setting up for me. Basically every year I need to buy a piece of equipment or land with my business, write it off as a loss and at the end of the year itâs the same amount of money out of my pocket but I have assets to show for it.
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Re: The tax man is here
[Re: Rmart30]
#3653793
04/16/22 09:47 PM
04/16/22 09:47 PM
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Joined: Oct 2014
Posts: 4,343
Guntersville
klay
10 point
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10 point
Joined: Oct 2014
Posts: 4,343
Guntersville
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Everyone needs to have some sort of side gig and a good cpa. Heck. The side gig is what's costing me!
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Re: The tax man is here
[Re: daylate]
#3653888
04/17/22 08:01 AM
04/17/22 08:01 AM
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Joined: Nov 2016
Posts: 906
Lower AL
Cynical
6 point
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6 point
Joined: Nov 2016
Posts: 906
Lower AL
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I pay for some of my hunting and fishing expenses each year by selling stuff on ebay. I just got a notice from them that the IRS will be taxing every penny of it as income from now on. That is in addition to the 13% that ebay already takes. This was one of the new taxes the Democrats came up with. All the stuff I sell is stuff I bought and paid sales tax on already. Not worth using ebay anymore. The Democrats would take 100% if they could find a way. Iâm not super sympathetic for you. Youâre basically running a side hustle on eBay for income, and you should absolutely pay income tax on that side hustle just like other hustlers and hard workers on eBay and beyond eBay. Same for sales tax; you can get a resale exemption so you donât pay sales tax on things you buy for resale, but you should be collecting and remitting sales tax on eligible sales anyway. It isnât a new burden, itâs simply one youâve ignored. Look at it as an opportunity to grow your business into a legitimate operation instead of a side hustle. It could be the best thing to ever happen to you.
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Re: The tax man is here
[Re: FreeStateHunter]
#3653892
04/17/22 08:07 AM
04/17/22 08:07 AM
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Joined: Nov 2016
Posts: 906
Lower AL
Cynical
6 point
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6 point
Joined: Nov 2016
Posts: 906
Lower AL
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Everyone needs to have some sort of side gig and a good cpa. This is what my accountant is setting up for me. Basically every year I need to buy a piece of equipment or land with my business, write it off as a loss and at the end of the year itâs the same amount of money out of my pocket but I have assets to show for it. It doesnât work like that. The only thing you âsaveâ is the tax you would pay on the income used to purchase the asset. You still paid for the asset. Not to mention, you canât âwrite offâ land like you depreciate equipment. Your CPA can help you maximize equipment purchases with decisions on accelerating depreciation, but realize youâre not going to have a magic pill to not pay tax and keep the money in your pocket.
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Re: The tax man is here
[Re: DoeNut]
#3653895
04/17/22 08:10 AM
04/17/22 08:10 AM
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Joined: Nov 2016
Posts: 906
Lower AL
Cynical
6 point
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6 point
Joined: Nov 2016
Posts: 906
Lower AL
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I got a refund of plane tickets via PayPal who told me that it would be reported to the IRS. I have the proof but still, how stupid to have to prove that bought something and got a refund. If the refund was from a friend, then they should choose the âfriends and familyâ option on PayPal and this would not be reported. PayPal and Venmo only report transactions for âgoods and services.â If youâre talking about a refund from an airline, regardless of reporting it still isnât income. The irs isnât even going to ask you about it during an examination if you get so lucky to have one.
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Re: The tax man is here
[Re: Remington270]
#3653898
04/17/22 08:15 AM
04/17/22 08:15 AM
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Joined: Nov 2016
Posts: 906
Lower AL
Cynical
6 point
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6 point
Joined: Nov 2016
Posts: 906
Lower AL
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57% of folks pay $0 in federal income tax and most of those get money back they never earned. Fun times. Thatâs the real problem. Instead of fixing it, guys like the ones in this thread with side hustles and guys who just work their asses off for a friday paycheck take it on the chin every year. Itâs a joke. Theyâre making people cheat.
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Re: The tax man is here
[Re: Cynical]
#3654077
04/17/22 01:47 PM
04/17/22 01:47 PM
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Joined: Dec 2014
Posts: 3,772
Pace, FL
daylate
10 point
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10 point
Joined: Dec 2014
Posts: 3,772
Pace, FL
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I pay for some of my hunting and fishing expenses each year by selling stuff on ebay. I just got a notice from them that the IRS will be taxing every penny of it as income from now on. That is in addition to the 13% that ebay already takes. This was one of the new taxes the Democrats came up with. All the stuff I sell is stuff I bought and paid sales tax on already. Not worth using ebay anymore. The Democrats would take 100% if they could find a way. Iâm not super sympathetic for you. Youâre basically running a side hustle on eBay for income, and you should absolutely pay income tax on that side hustle just like other hustlers and hard workers on eBay and beyond eBay. Same for sales tax; you can get a resale exemption so you donât pay sales tax on things you buy for resale, but you should be collecting and remitting sales tax on eligible sales anyway. It isnât a new burden, itâs simply one youâve ignored. Look at it as an opportunity to grow your business into a legitimate operation instead of a side hustle. It could be the best thing to ever happen to you. Well I will just agree to disagree with you. I am not a hustler, just trying to salvage a little something from things I have bought over the years and no longer need. Couldn't care less if somebody does not approve or agree.
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Re: The tax man is here
[Re: Remington270]
#3654079
04/17/22 01:52 PM
04/17/22 01:52 PM
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Joined: Mar 2003
Posts: 27,135
Helena
3toe
Talking Turkey
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Talking Turkey
Joined: Mar 2003
Posts: 27,135
Helena
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57% of folks pay $0 in federal income tax and most of those get money back they never earned. Fun times. Iâm still trying to figure out how this is done.
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Re: The tax man is here
[Re: Cynical]
#3654166
04/17/22 04:44 PM
04/17/22 04:44 PM
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Joined: Mar 2020
Posts: 7,514
Free State of Winston
FreeStateHunter
OP
They Call Me Gator đ
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OP
They Call Me Gator đ
Joined: Mar 2020
Posts: 7,514
Free State of Winston
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Everyone needs to have some sort of side gig and a good cpa. This is what my accountant is setting up for me. Basically every year I need to buy a piece of equipment or land with my business, write it off as a loss and at the end of the year itâs the same amount of money out of my pocket but I have assets to show for it. It doesnât work like that. The only thing you âsaveâ is the tax you would pay on the income used to purchase the asset. You still paid for the asset. Not to mention, you canât âwrite offâ land like you depreciate equipment. Your CPA can help you maximize equipment purchases with decisions on accelerating depreciation, but realize youâre not going to have a magic pill to not pay tax and keep the money in your pocket. No I realize the money will be gone either way but doing it this way I at least have equipment to show for it and you can do real estate if itâs used for the business.
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Re: The tax man is here
[Re: Cynical]
#3654169
04/17/22 04:48 PM
04/17/22 04:48 PM
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Joined: Mar 2020
Posts: 7,514
Free State of Winston
FreeStateHunter
OP
They Call Me Gator đ
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OP
They Call Me Gator đ
Joined: Mar 2020
Posts: 7,514
Free State of Winston
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I pay for some of my hunting and fishing expenses each year by selling stuff on ebay. I just got a notice from them that the IRS will be taxing every penny of it as income from now on. That is in addition to the 13% that ebay already takes. This was one of the new taxes the Democrats came up with. All the stuff I sell is stuff I bought and paid sales tax on already. Not worth using ebay anymore. The Democrats would take 100% if they could find a way. Iâm not super sympathetic for you. Youâre basically running a side hustle on eBay for income, and you should absolutely pay income tax on that side hustle just like other hustlers and hard workers on eBay and beyond eBay. Same for sales tax; you can get a resale exemption so you donât pay sales tax on things you buy for resale, but you should be collecting and remitting sales tax on eligible sales anyway. It isnât a new burden, itâs simply one youâve ignored. Look at it as an opportunity to grow your business into a legitimate operation instead of a side hustle. It could be the best thing to ever happen to you. Itâs this mentality that keeps us taxed into oblivion. Instead of demanding others be taxed letâs start demanding our politicians tax less. It blows my mind how many people are willing to bend over and take it
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Re: The tax man is here
[Re: klay]
#3654192
04/17/22 06:00 PM
04/17/22 06:00 PM
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Joined: Apr 2013
Posts: 4,697
Alabama
Rmart30
10 point
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10 point
Joined: Apr 2013
Posts: 4,697
Alabama
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Everyone needs to have some sort of side gig and a good cpa. Heck. The side gig is what's costing me! Need a better cpa.
Ethical behavior is doing the right thing when no one else is watching - even when doing the wrong thing is legal. Aldo Leopold .. (except when it comes to trailer tags)
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Re: The tax man is here
[Re: 3toe]
#3654216
04/17/22 06:49 PM
04/17/22 06:49 PM
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Joined: Jun 2014
Posts: 4,787
Jasper Al
eclipse829
10 point
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10 point
Joined: Jun 2014
Posts: 4,787
Jasper Al
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57% of folks pay $0 in federal income tax and most of those get money back they never earned. Fun times. Iâm still trying to figure out how this is done. I'm not defending it but, minimum wage earners have enough deductions to offset what they pay in. Netting zero federal tax burden. It should stop there. If they pay 3500 in taxes through payroll deductions, it should be capped there. They should not receive a penny more in refund than they payed in. Anyone on government assistance shouldn't be allowed to file
Last edited by eclipse829; 04/17/22 08:13 PM.
Killing my neighbors deer since 1982
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Re: The tax man is here
[Re: Rmart30]
#3654260
04/17/22 08:11 PM
04/17/22 08:11 PM
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Joined: Oct 2014
Posts: 4,343
Guntersville
klay
10 point
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10 point
Joined: Oct 2014
Posts: 4,343
Guntersville
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Everyone needs to have some sort of side gig and a good cpa. Heck. The side gig is what's costing me! Need a better cpa. Well help me out. Not being sarcastic. I have a cpa that keeps me from being audited. I don't won't to trade that for money saved, but if the two can be combined, I'm all ears. I left one that every year, I was scared the IRS was going to knock at the door.
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Re: The tax man is here
[Re: FreeStateHunter]
#3654296
04/17/22 09:01 PM
04/17/22 09:01 PM
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Joined: Jun 2016
Posts: 1,895
lauderdale co
brushwhacker
8 point
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8 point
Joined: Jun 2016
Posts: 1,895
lauderdale co
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Irs tax code section 179 was changed in 2018. I think it allows any equipment you bought for business can all be claimed 100% for depreciation the first year u buy it instead spread our over years. Some types of property applied to that also. I not a tax expert at all but i have friends that run million dollar buisness an pay little taxes . Almost everything they spend is deductible. U can start a side hustle an claim loss for 3 years but 4th year have show a profit or the irs can consider it a hobby. I did that with my wifes 20k embroidery machines . Closed it the 4th year. Like donald trump said i would use every tax break under the law. Screw them. Pisses me off to no end work an pay all them taxes an neighbor sits at home with house full of kids an no job an live better than me. Free food, free phone, free obamacare . Seems like im penalized for working. The thousands i pay in taxes help keep these deadbeats up.
Brushwacker
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Re: The tax man is here
[Re: brushwhacker]
#3654299
04/17/22 09:08 PM
04/17/22 09:08 PM
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Joined: Mar 2020
Posts: 7,514
Free State of Winston
FreeStateHunter
OP
They Call Me Gator đ
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OP
They Call Me Gator đ
Joined: Mar 2020
Posts: 7,514
Free State of Winston
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Irs tax code section 179 was changed in 2018. I think it allows any equipment you bought for business can all be claimed 100% for depreciation the first year u buy it instead spread our over years. Some types of property applied to that also. I not a tax expert at all but i have friends that run million dollar buisness an pay little taxes . Almost everything they spend is deductible. U can start a side hustle an claim loss for 3 years but 4th year have show a profit or the irs can consider it a hobby. I did that with my wifes 20k embroidery machines . Closed it the 4th year. Like donald trump said i would use every tax break under the law. Screw them. Pisses me off to no end work an pay all them taxes an neighbor sits at home with house full of kids an no job an live better than me. Free food, free phone, free obamacare . Seems like im penalized for working. The thousands i pay in taxes help keep these deadbeats up. Exactly and thatâs what he was telling me. Iâm looking to do the same thing. Iâve paid enough taxes, Iâm ready to start having something to show for it. Between taxes and saving for retirement I would be thrilled to just see half my paycheck but that canât happen. Itâs ridiculous.
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