Posted: 1/27/2015 10:03:05 PM EDT
| I haven't recieved all my K-1s yet but was able to give my accountant estimates. All I can say is this is fucking absurd. What is the fucking point of working when they cut you off at the knees like this. I have a bunch of things I'd like to say but I don't want to put them in writing. Fuck this. |
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If you can swing it, purchase a small farm: get a good CPA who knows about agriculture and watch your deductions make money. I am sure there are other ways but it works for us .......all legal, all practical and (fill in the blank) ..............
BTW, screw the Feds and IRS. |
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Quoted:
The partial sale of agricultural land to a developer is what got me butt fucked by the phantom gain. Come on, man - you have to be smarter than that. If you know you're going to have a gain one year (whether 'real' or not) - find a loss to offset it. Find your pain threshold (ex: 33% or 28%), and then figure out how much you have to 'lose' each year to offset gains. You shouldn't ever be surprised by an unexpected gain/tax. A good CPA will always doing tax planning each year, which has nothing to do with filing last year's taxes. I don't even know how to start the conversation about 'losses' and how to book them. There are hundreds of ideas and ways, and that's kind of a personal choice. It can be anything from a trip to Vegas to buying an airplane you rent to your farm business to oversee crops or look at prospective properties. There is always a way. Chumps pay taxes above 33% IMHO, because you're right - there's no point in working when someone takes over 1/2 of what you make. Please keep in mind that local, state, sales, property, gasoline and other taxes add roughly 20% to your overall burden. |
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Quoted:
I haven't recieved all my K-1s yet but was able to give my accountant estimates. All I can say is this is fucking absurd. What is the fucking point of working when they cut you off at the knees like this. I have a bunch of things I'd like to say but I don't want to put them in writing. Fuck this. you work to pay your debt have no debt then you can work a few months a year to get by |
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Quoted:
Come on, man - you have to be smarter than that. If you know you're going to have a gain one year (whether 'real' or not) - find a loss to offset it. Find your pain threshold (ex: 33% or 28%), and then figure out how much you have to 'lose' each year to offset gains. You shouldn't ever be surprised by an unexpected gain/tax. A good CPA will always doing tax planning each year, which has nothing to do with filing last year's taxes. I don't even know how to start the conversation about 'losses' and how to book them. There are hundreds of ideas and ways, and that's kind of a personal choice. It can be anything from a trip to Vegas to buying an airplane you rent to your farm business to oversee crops or look at prospective properties. There is always a way. Chumps pay taxes above 33% IMHO, because you're right - there's no point in working when someone takes over 1/2 of what you make. Please keep in mind that local, state, sales, property, gasoline and other taxes add roughly 20% to your overall burden. Quoted:
Quoted:
The partial sale of agricultural land to a developer is what got me butt fucked by the phantom gain. Come on, man - you have to be smarter than that. If you know you're going to have a gain one year (whether 'real' or not) - find a loss to offset it. Find your pain threshold (ex: 33% or 28%), and then figure out how much you have to 'lose' each year to offset gains. You shouldn't ever be surprised by an unexpected gain/tax. A good CPA will always doing tax planning each year, which has nothing to do with filing last year's taxes. I don't even know how to start the conversation about 'losses' and how to book them. There are hundreds of ideas and ways, and that's kind of a personal choice. It can be anything from a trip to Vegas to buying an airplane you rent to your farm business to oversee crops or look at prospective properties. There is always a way. Chumps pay taxes above 33% IMHO, because you're right - there's no point in working when someone takes over 1/2 of what you make. Please keep in mind that local, state, sales, property, gasoline and other taxes add roughly 20% to your overall burden. |
