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Key:
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Re: The tax man is here
[Re: brushwhacker]
#3654316
04/17/22 09:35 PM
04/17/22 09:35 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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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. Same for me. My tax guy does nothing wrong but hes going to take advantage of any and all allowed write offs and practices.
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: klay]
#3654521
04/18/22 10:29 AM
04/18/22 10:29 AM
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Joined: Nov 2015
Posts: 21,456
HSV AL
jmudler
Freak of Nature
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Freak of Nature
Joined: Nov 2015
Posts: 21,456
HSV AL
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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! Only except cash
Isaiah 5:20 Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter.
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Re: The tax man is here
[Re: FreeStateHunter]
#3654526
04/18/22 10:37 AM
04/18/22 10:37 AM
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Joined: Aug 2001
Posts: 72,536
Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 72,536
Luverne, AL
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The Feds are making a point of going after side-gig money, its like the local tax collector coming after your yard sale money.
"Never Trust Government" -- Smart people.
"The Great thing we should Fear and the Weird Thing we Trust is Elon Musk" -- Me
"You can be broke but you cant be poor." -- Ruthie-May Webster
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Re: The tax man is here
[Re: Skinny]
#3654528
04/18/22 10:40 AM
04/18/22 10:40 AM
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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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The Feds are making a point of going after side-gig money, its like the local tax collector coming after your yard sale money. Don't think for a second they wouldn't tax garage sales if they had a way of tracking the money.
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Re: The tax man is here
[Re: FreeStateHunter]
#3654531
04/18/22 10:42 AM
04/18/22 10:42 AM
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Joined: Jun 2013
Posts: 55,220
Gee's Bend/At The Hog Pen
James
Freak of Nature
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Freak of Nature
Joined: Jun 2013
Posts: 55,220
Gee's Bend/At The Hog Pen
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The Feds are making a point of going after side-gig money, its like the local tax collector coming after your yard sale money. Don't think for a second they wouldn't tax garage sales if they had a way of tracking the money. Think Mobile tried to several times
Do not regret growing older, it's a privilege denied to many!
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Re: The tax man is here
[Re: brushwhacker]
#3654667
04/18/22 03:12 PM
04/18/22 03:12 PM
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Joined: Dec 2002
Posts: 52,130
Round ‘bout there
Clem
Mildly Quirky
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Mildly Quirky
Joined: Dec 2002
Posts: 52,130
Round ‘bout there
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1. 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.
2. Almost everything they spend is deductible.
3. 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.
4. The thousands i pay in taxes help keep these deadbeats up.
1. This is how it was explained to me, too. Take it all now, or depreciate, but probably better to take it all now depending on the situation. 2. Yep 3. It's been like this for years. Either start turning a profit or they will view you as just having fun. 4. Always has, always will.
"Hunting Politics are stupid!" - Farm Hunter
"Bible says you shouldn't put sugar in your cornbread." Dustin, 2013
"Best I can figure 97.365% of the general public is a paint chip eating, mouth breathing, certified dumbass." BCLC, 2020
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Re: The tax man is here
[Re: Clem]
#3654771
04/18/22 05:51 PM
04/18/22 05:51 PM
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Joined: Jul 2011
Posts: 39,582
Marshall County
FurFlyin
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,582
Marshall County
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1. 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.
2. Almost everything they spend is deductible.
3. 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.
4. The thousands i pay in taxes help keep these deadbeats up.
1. This is how it was explained to me, too. Take it all now, or depreciate, but probably better to take it all now depending on the situation. 2. Yep 3. It's been like this for years. Either start turning a profit or they will view you as just having fun. 4. Always has, always will. Depreciating it all in one year is referred to as a Section 179.
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Re: The tax man is here
[Re: FreeStateHunter]
#3654820
04/18/22 07:21 PM
04/18/22 07:21 PM
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Joined: Jul 2011
Posts: 39,582
Marshall County
FurFlyin
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,582
Marshall County
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The tax man is a thieving POS.
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Re: The tax man is here
[Re: FurFlyin]
#3654831
04/18/22 07:32 PM
04/18/22 07:32 PM
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Joined: Jan 2016
Posts: 1,881
Opelika Al
Madmax0818
8 point
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8 point
Joined: Jan 2016
Posts: 1,881
Opelika Al
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The tax man is a thieving POS. Yep, he just put a dent in my pocket.
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Re: The tax man is here
[Re: Madmax0818]
#3654845
04/18/22 07:55 PM
04/18/22 07:55 PM
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Joined: Jul 2011
Posts: 39,582
Marshall County
FurFlyin
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,582
Marshall County
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The tax man is a thieving POS. Yep, he just put a dent in my pocket. Didn't dent mine, knocked the whole bottom out of it.
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Re: The tax man is here
[Re: FreeStateHunter]
#3654894
04/18/22 09:19 PM
04/18/22 09:19 PM
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Joined: Jun 2016
Posts: 1,890
lauderdale co
brushwhacker
8 point
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8 point
Joined: Jun 2016
Posts: 1,890
lauderdale co
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I think folks that have a business need a tax profession or accounting pro not a tax preparer. I can go online an do my taxes with many different online services but if i don t whats exactly deductible im lost .there are many tax laws that apply to a business. Especially if have employees an family working in business. I would do all research i could before i pay the gov a single penny. Even if saved $100 bucks or $10k it would be worth my time. Some folks just give tax preparer there paperwork an just go with what they say. Hell with that . I want know exactly why im paying an what i can do to avoid it in the future. Tax laws change alot.
Brushwacker
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Re: The tax man is here
[Re: brushwhacker]
#3654984
04/19/22 07:13 AM
04/19/22 07:13 AM
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Joined: May 2015
Posts: 6,363
On the X
TickaTicka
12 point
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12 point
Joined: May 2015
Posts: 6,363
On the X
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I think folks that have a business need a tax profession or accounting pro not a tax preparer. I can go online an do my taxes with many different online services but if i don t whats exactly deductible im lost .there are many tax laws that apply to a business. Especially if have employees an family working in business. I would do all research i could before i pay the gov a single penny. Even if saved $100 bucks or $10k it would be worth my time. Some folks just give tax preparer there paperwork an just go with what they say. Hell with that . I want know exactly why im paying an what i can do to avoid it in the future. Tax laws change alot. Umm, yeah. The thousands spent on accounting services for a business can save a lot. I don't know anything about pass-through entities, marketing donations, conservation easements or depreciation schedules, but I can bet you my accountants do. They have strict instructions to legally net me every penny from tax payments they can or I'll find someone else who can.
Public Land Owner
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Re: The tax man is here
[Re: FreeStateHunter]
#3655222
04/19/22 02:55 PM
04/19/22 02:55 PM
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Joined: Oct 2000
Posts: 15,225
Right Behind You
William
Old Mossy Horns
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Old Mossy Horns
Joined: Oct 2000
Posts: 15,225
Right Behind You
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Taxes are no longer about keeping the gov't functional. Taxes are solely about punishing a certain constituency and rewarding others. Our small business did great this year. We had to pay more taxes than we have ever paid in our lives. Don't get shucks for it either except closed down and NOT bailed out.
"The misery of being exploited by capitalists is nothing... compared to the misery of not being exploited at all."
Joan Robinson
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