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(Fox Business)   Fox News' suggestions on getting Romney-style tax breaks include mowing laws, giving away your money, and taking dubious home office deductions. You just don't see this kind of good advice from most other sources   (foxbusiness.com ) divider line 76
    More: Unlikely, Fox News, itemized deduction, tax breaks, ordinary income, capital gains taxes  
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4846 clicks; posted to Main » on 03 Oct 2012 at 12:17 PM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



76 Comments   (+0 »)
   

Archived thread
 
2012-10-03 12:19:32 PM  
Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.
 
2012-10-03 12:20:09 PM  
mowing laws

I know the Republicans like cutting regulation, but this is ridiculous.
 
Me
2012-10-03 12:21:48 PM  

Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.


So fortunate he had the $$ to give away.

Not sure how to legally mow the law though.
 
2012-10-03 12:22:18 PM  
That gave me a good chuckle.
 
2012-10-03 12:22:29 PM  
 
2012-10-03 12:24:03 PM  
Step 1: Start off with a lot of money in offshore accounts.
Step 2: Take deductions
Step 3: Profit
 
2012-10-03 12:24:37 PM  

Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.


as required by his church.
 
2012-10-03 12:25:01 PM  
Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?
 
2012-10-03 12:27:28 PM  

Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.


Troll account; given away to his church so they can buy gold plated lamps for their temples. Yeah, that's a great charitable gift, he's so much better then me and I should never criticize him for anything ever.
 
2012-10-03 12:28:58 PM  

DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?




The article was for folks who could do these things. Let's not write any advice ever again because there might be folks out there that don't have the money to do stuff and this type of article might make them, or you, sad.

I'm sure that you don't watch movies, drive a car, or even eat out because you are so upset that there are people somewhere who can't afford these things...
 
2012-10-03 12:29:04 PM  
Self-employed people can buy all of their equipment, supplies and services and deduct the costs; they can travel to conferences and clients and write off their trips. They can deduct the cost of their health insurance and the costs of acquiring and maintaining a home office.

Then you can try to collect money from all the rest of the broke-ass farkers that you try to help. You know the other stupid bastards paying 35% of their income in taxes so the "Job Creators" got money to play with. How many lawns you gotta mow to pay health insurance?
 
2012-10-03 12:29:37 PM  
Mow lawns and don't pay no stinking taxes? Muy bueno.
 
2012-10-03 12:30:28 PM  

DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?


Small business loans/grants?
 
2012-10-03 12:30:29 PM  
What do they consider "middle income", $55,000/year?

Most folks in that income range are better off taking the standard deduction over itemizing.
 
Ehh
2012-10-03 12:30:36 PM  
Home office? Go for it, Fox viewer, so I can smile at your pain.
 
2012-10-03 12:30:49 PM  

DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?


Dude, the article is for MIDDLE income people. You know, those people making $200, $300k and less. The common clay of the American West.

POOR people already don't have any skin in the game - they don't need an article about how to reduce their income tax rate.
 
2012-10-03 12:31:53 PM  

DarwiOdrade: How the fark do people with little or no disposable income do any of these things?


With your bootstraps just like Romney did.
 
2012-10-03 12:32:18 PM  

xtragrind:
The article was for folks who could do these things. Let's not write any advice ever again because there might be folks out there that don't have the money to do stuff and this type of article might make them, or you, sad.

I'm sure that you don't watch movies, drive a car, or even eat out because you are so upset that there are people somewhere who can't afford these things...


No the article was about middle income people most middle income people do not have the luxury of any of those items.
 
2012-10-03 12:33:21 PM  

spelletrader: What do they consider "middle income", $55,000/year?

Most folks in that income range are better off taking the standard deduction over itemizing.


Most folks regardless, unless you start getting deep in to investments, property ownership, charity, etc, and that's not most folks.
 
2012-10-03 12:33:39 PM  
Self-employed people can buy all of their equipment, supplies and services and deduct the costs; they can travel to conferences and clients and write off their trips. They can deduct the cost of their health insurance and the costs of acquiring and maintaining a home office.

Conspicuously absent from this suggestion is any mention of the self-employment tax (roughly 13%).
 
2012-10-03 12:35:30 PM  

xtragrind: DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?



The article was for folks who could do these things. Let's not write any advice ever again because there might be folks out there that don't have the money to do stuff and this type of article might make them, or you, sad.

I'm sure that you don't watch movies, drive a car, or even eat out because you are so upset that there are people somewhere who can't afford these things...


Um...
Middle-income taxpayers can use a lot of the same write-offs that Romney used

So you didn't read the article, or you're using the Romney $250,000 mark for middle-income. Which is it?
 
2012-10-03 12:36:04 PM  
Romney-Style?
Mitt Romney Style :-)
 
2012-10-03 12:40:03 PM  

Pantubo: Romney has already given away stashed in off-shore accounts to avoid taxes, ten times more money than you will ever see in your entire life.

/FTFY

 
2012-10-03 12:40:21 PM  
what a law mower might look like

images.politico.com
 
2012-10-03 12:40:39 PM  

bhcompy: spelletrader: What do they consider "middle income", $55,000/year?

Most folks in that income range are better off taking the standard deduction over itemizing.

Most folks regardless, unless you start getting deep in to investments, property ownership, charity, etc, and that's not most folks.


That's what I figured, I've made an average of $75k/year over the last decade and have never had itemization come out ahead of the standard deduction.
 
2012-10-03 12:40:48 PM  
What, no mention of raiding a company, selling off everything that isn't nailed down, then borrowing until the company is in debt up to it's eyeballs - just so you can get your Multi-million dollar bonus as "carried interest"? Carried interest isn't "ordinary income" so no SS taxes (automatic 13.3% savings over a self employed lawn mower). Bonus points that carried interest is treated as Cap Gains for Income tax purposes, so 15% is your rate on those millions, as opposed to the lawn magnate who will pay 35% on his empire earning 388k or more.

Now let's say you want to save for your children the Romney way. Get stock in a company before the IPO, value it at 0 (or close) than gift it to your trust. You pay gift tax on that nearly worthless contribution. After the IPO, have the trust sell the stock at a massive profit, then pay the capital gains on the diffference (15% .vs 35%). Tada, gift tax avoided.

Tune in next week when we discuss setting up a "presence" in a state with no income tax, and a quick discussion of Cayman accounts!
 
2012-10-03 12:41:29 PM  

Satanic_Hamster: Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.


Troll account; given away to his church so they can buy gold plated lamps for their temples make sure gays can't get married in California. Yeah, that's a great charitable gift, he's so much better then me and I should never criticize him for anything ever.

ftfy.
 
2012-10-03 12:42:27 PM  
So, if I mow my own lawn, I'm a job creator. Yeah. I'm doing it now, but I may want to employ more people if the tax rates are favorable. I should get a tax credit for the hours I work. Takes me 30 hours a week to mow my yeard. It's not really large, but I plan the mow, I research addition mowing options (R&D!) and I may actually mow it (if it's not wet).

Tax credits for the gasoline I burn since it isn't being used on roads or highways. If I decide to drive the mower down to Leroy's EZ Time Bar for a couple, I'll certainly deduct that from the deductions.

Mowing is like agriculture. Can I get farm credits and set asides? They pay farmers not to plant. Could they just pay me not to mow? I'll put a sign in my yard that says "Illinois Prairie Grass Reclamation Plot".

Depreciate the cost of the lawn mower. I bought it for $500 from Lowes but then I leased it to myself for $1 a year and claimed a value of $500,000 which is depreciating slowly (or quickly depending on tax laws)

The wife is a consultant. She gets paid in non tangible but clearly quantitative means. I should be able to carry her as an additional deduction (job creator again!).

All totaled, I should get a couple of grand for either mowing or not mowing my yard. Hey. I'm out there three times a years, busting my hump. When do I get mine?
 
2012-10-03 12:42:40 PM  

DarwiOdrade: How the fark do people with little or no disposable income do any of these things?


shiat, I can't afford to buy a new purse right now, and not an expensive one just something from Target. Mine's zipper stopped zipping.
 
2012-10-03 12:44:39 PM  
God, I have a friend who used the "mow lawns" thing in an argument about the economy.
I know he's a Fox news guy too. That must be their go-to argument for everyone.
 
2012-10-03 12:44:42 PM  

CapeFearCadaver: DarwiOdrade: How the fark do people with little or no disposable income do any of these things?

shiat, I can't afford to buy a new purse right now, and not an expensive one just something from Target. Mine's zipper stopped zipping.


But where will you keep all the money from your new tax breaks?
 
2012-10-03 12:45:06 PM  

DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?


If you have no disposable income you likely do not need tax deductions. 

/with my whopping 5-figure salary I take advantage of three of these suggestions.
 
2012-10-03 12:47:18 PM  

Harry Freakstorm:
Depreciate the cost of the lawn mower. I bought it for $500 from Lowes but then I leased it to myself for $1 a year and claimed a value of $500,000 which is depreciating slowly (or quickly depending on tax laws)



Good luck with this part, in particular.
 
2012-10-03 12:47:51 PM  
You could harvest crops on R-money's farm. You won't have to pay any taxes because you won't have any income.
 
2012-10-03 12:48:45 PM  

spelletrader: bhcompy: spelletrader: What do they consider "middle income", $55,000/year?

Most folks in that income range are better off taking the standard deduction over itemizing.

Most folks regardless, unless you start getting deep in to investments, property ownership, charity, etc, and that's not most folks.

That's what I figured, I've made an average of $75k/year over the last decade and have never had itemization come out ahead of the standard deduction.


Though I didn't mention running a sole proprietorship or a partnership. Either of those would be very beneficial to itemize in most cases, since the income and costs fall on the owner(s) rather than the business.
 
2012-10-03 12:49:46 PM  

Oliver Twisted: DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?

If you have no disposable income you likely do not need tax deductions. 

/with my whopping 5-figure salary I take advantage of three of these suggestions.


Just out of curiosity, if you're willing to share, approximately how much did those three suggestions save you in taxes in 2011?
 
2012-10-03 12:55:07 PM  
fta:

-- Invest in stocks directly. Middle-income people tend to make most of their investments via mutual funds and 401(k) plans. Those retirement funds do give you an immediate write-off of your contribution, but here's what else they do: They turn capital gains, taxed at a maximum rate of 15%, into ordinary income, taxed at a maximum rate of 35%.
And mutual funds that own portfolios full of stocks are required to distribute their taxable gains annually. Average investors who own mutual funds (outside of tax-deferred retirement funds) therefore have to pay taxes on those gains every year, whether they sell shares and withdraw money or not.
Here's the way rich folk do it: They buy shares of solid dividend-paying companies directly. They take the dividend income, also typically taxed at a 15% maximum. They let the stocks roll. When a share price falls, they sell the stock at a loss, and use the loss to offset other gains. When they eventually sell stocks that have long-term gains, they only pay 15% tax on the gain.


Ok, so, Step 1: Become a stock-broker
 
2012-10-03 12:55:58 PM  

Sofa King Smart: Satanic_Hamster: Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.

Troll account; given away to his church so they can buy gold plated lamps for their temples make sure gays can't get married in California. Yeah, that's a great charitable gift, he's so much better then me and I should never criticize him for anything ever.

ftfy.


Yeah, All that titihing and offering money goes to keeping the gays in their place and gold plating the temples. Not a dime goes to actually helping anyone in need...
 
2012-10-03 12:56:45 PM  
Be charitable. As Mormons who tithe and go beyond that with big gifts to numerous nonprofits, the Romneys have substantial charitable donations that are tax deductible. They didn't even take full advantage of that write-off on their 2011 tax return; perhaps to avoid having to show a return with an effective tax rate near 10%, according to some reports.

I like how "according to Mitt Romney and his accountant themselves" becomes "according to some reports", as if it were the media imputing the ulterior motives. Second, this is and has always been the DUMBEST suggestion for how to lower your taxes that anyone has ever given in these articles. If you're including "donate to charity" in your list of tax tips, then you're looking at the transaction as "How can I give the government as little as possible?" rather than "How can I keep as much as possible?" so you're intentionally looking at the whole thing from an adversarial and stupid perspective.
 
2012-10-03 12:58:07 PM  

Oliver Twisted: If you have no disposable income you likely do not need tax deductions.


One could also argue that if you make more money in a few months than most Americans do in a lifetime, you don't really need all of those tax deductions either. That's kind of the point. Not so much that the poor need MORE tax cuts, but that the extremely wealthy can probably manage to just barely stay out of the soup lines even if they paid somewhere close to the actual base rate of their income bracket.
 
2012-10-03 01:03:19 PM  

Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.


partly because he HAS more money to give away because he pays tax rates so ridiculously low that he's not paying his fair share of the bill for running America, meaning I have to pick up the slack.

How can you read something like this:


Invest in stocks directly. Middle-income people tend to make most of their investments via mutual funds and 401(k) plans. Those retirement funds do give you an immediate write-off of your contribution, but here's what else they do: They turn capital gains, taxed at a maximum rate of 15%, into ordinary income, taxed at a maximum rate of 35%.And mutual funds that own portfolios full of stocks are required to distribute their taxable gains annually. Average investors who own mutual funds (outside of tax-deferred retirement funds) therefore have to pay taxes on those gains every year, whether they sell shares and withdraw money or not.

Here's the way rich folk do it: They buy shares of solid dividend-paying companies directly. They take the dividend income, also typically taxed at a 15% maximum. They let the stocks roll. When a share price falls, they sell the stock at a loss, and use the loss to offset other gains. When they eventually sell stocks that have long-term gains, they only pay 15% tax on the gain.



and not conclude our tax system isn't wildly unfair and rigged to favor the rich?
 
2012-10-03 01:12:13 PM  
Oh boy, another jealousy thread.
 
2012-10-03 01:16:29 PM  
In fact, he and his wife, Ann, could have had an even lower tax rate had they not left money on the table, declining to take his full deduction for charitable gifts.

I can't help but feel that this wasn't intentional, and Mitt chewed someone out over this.
 
2012-10-03 01:18:01 PM  

DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?


You can start a trash service with little or no money. Just pick up trash from some guys house.

Take your profit and buy a wheelbarrow so you can carry more.

Burn barrel the trash or hold them till yhe next AM. As you see a guy srive off to work. Simply add one of your bags to his pile.
 
2012-10-03 01:18:22 PM  

Mr_Crink: Yeah, All that titihing and offering money goes to keeping the gays in their place and gold plating the temples. Not a dime goes to actually helping anyone in need...


What percentage of money given to the Mormon's actually goes to charity? And charity open to everyone, not just other Mormons.
 
2012-10-03 01:19:02 PM  

Mr_Crink: Sofa King Smart: Satanic_Hamster: Pantubo: Romney has already given away ten times more money than you will ever see in your entire life.

If you don't like it, go mow your law.

Troll account; given away to his church so they can buy gold plated lamps for their temples make sure gays can't get married in California. Yeah, that's a great charitable gift, he's so much better then me and I should never criticize him for anything ever.

ftfy.

Yeah, All that titihing and offering money goes to keeping the gays in their place and gold plating the temples. Not a dime goes to actually helping anyone in need...


How DARE you link to something that shows any kind of positive info on Mormons??! Can't you see this thread is for the exclusive use of Mormon and Republican bashers?
 
2012-10-03 01:20:51 PM  
Oh yeah, that stock advice is going to work great with the $100 a month I have left over to invest. Dress the kids up, Martha, we made $.25 in dividends this month, we're hitting the town!

THEY CAN DO THIS BECAUSE THEY'RE ALREADY RICH YOU FARKING TARDS! THIS IS THE WHOLE FARKING POINT! RICH PEOPLE ALREADY HAVE COUNTLESS ADVANTAGES/OPPORTUNITIES, THEY DON'T NEED MORE!
 
2012-10-03 01:26:47 PM  

DarwiOdrade: Oliver Twisted: DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?

If you have no disposable income you likely do not need tax deductions. 

/with my whopping 5-figure salary I take advantage of three of these suggestions.

Just out of curiosity, if you're willing to share, approximately how much did those three suggestions save you in taxes in 2011?


Business was a loss of about $3,000.00 against taxable income. Charitable contributions about $450.00 direct deduction. Personal dividend stocks don't come into play until sale. Overall probably about $2000.00 more on my refund than without.
 
2012-10-03 01:30:46 PM  
stupid clueless advice is clueless and stupid
 
2012-10-03 01:42:39 PM  
Can I give away my money to my own charity that I control and get a nice big fat tax break while still retaining control of my money like Romney does?
 
2012-10-03 01:44:44 PM  

Bag of Hammers: stupid clueless advice is clueless and stupid


Buy dividend paying stocks? Work for yourself? Be charitable?

It's freakin' outrageous! Let's go break a small business's windows!
 
2012-10-03 01:47:28 PM  

kermit_the_frog: Romney-Style?
Mitt Romney Style :-)


rofl! Has that gone green yet?
 
2012-10-03 01:49:08 PM  
All of this advice boils down to "start a stock/ investment company and get rich".

And those stocks that have accumulated big gains? If you give a charity an appreciated stock, you can deduct the whole gift and you don't have to pay money on the gain. So, shares worth $1,000 that you paid $500 for can be deducted at $1,000 when you give them away to a legitimate nonprofit.

Son of a....
 
2012-10-03 01:52:10 PM  
FTA: "Work for yourself. Romney made his fortune and avoided big taxes by founding his own investment company, Bain Capital. But even small kitchen-table businesses confer tax breaks on their owners."

Yeah, thanks Romney. What you forgot to mention is that in a lot of states, specifically the ones with the largest economies such as California, small businesses get taxed to hell. Tax deductions don't even begin to make up the difference. Just for the privilege of trying to work for myself, I pay %15 straight of the top. NOT off of profits, but off EVERY DOLLAR THAT GOES THROUGH THE STORE. (that's not the %8 sales tax that the customer has to pay.) Most grocery stores make about %2-%4 proffit. Fark Romney. I hope he goes broke and actually has to learn how hard it is to make a buck in this country.
 
2012-10-03 02:08:37 PM  

Ego edo infantia cattus: FTA: "Work for yourself. Romney made his fortune and avoided big taxes by founding his own investment company, Bain Capital. But even small kitchen-table businesses confer tax breaks on their owners."

Yeah, thanks Romney. What you forgot to mention is that in a lot of states, specifically the ones with the largest economies such as California, small businesses get taxed to hell. Tax deductions don't even begin to make up the difference. Just for the privilege of trying to work for myself, I pay %15 straight of the top. NOT off of profits, but off EVERY DOLLAR THAT GOES THROUGH THE STORE. (that's not the %8 sales tax that the customer has to pay.) Most grocery stores make about %2-%4 proffit. Fark Romney. I hope he goes broke and actually has to learn how hard it is to make a buck in this country.


That is unbelievable.
 
2012-10-03 02:12:14 PM  
They forgot the part where you should move money around like a carnival huckster playing a shell game.

And how to plunder companies using other people's money without creating a single bit of value, other than hiding a bunch of cash in your own pocket.
 
2012-10-03 02:23:50 PM  

Rapmaster2000: In fact, he and his wife, Ann, could have had an even lower tax rate had they not left money on the table, declining to take his full deduction for charitable gifts.

I can't help but feel that this wasn't intentional, and Mitt chewed someone out over this.


Either way he is screwed...
He had just said he never paid less than 13% tax in his life. If he had taken all of the deductions he was allowed to, he would have been well under the 13%. But what's the big deal right? You're allowed to pay more into taxes if you wish. How could Romney paying more than he needed to be a bad thing? Only if he's been quoted saying this on multiple occassions: "I pay all the taxes that are legally required and not a dollar more. I don't think you want someone as the candidate for president who pays more taxes than he owes."
 
2012-10-03 02:38:36 PM  

bhcompy: How the fark do people with little or no disposable income do any of these things?

Small business loans/grants?


HAHAHAHAHAHAHA

Oh wait, you're serious, I'll laugh harder.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
 
2012-10-03 02:41:03 PM  

smileylich: bhcompy: How the fark do people with little or no disposable income do any of these things?

Small business loans/grants?

HAHAHAHAHAHAHA

Oh wait, you're serious, I'll laugh harder.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA


Great comeback. You sure got me.
 
2012-10-03 02:44:15 PM  

Oliver Twisted:
If you have no disposable income you likely do not need tax deductions. 

/with my whopping 5-figure salary I take advantage of three of these suggestions.

Just out of curiosity, if you're willing to share, approximately how much did those three suggestions save you in taxes in 2011?

Business was a loss of about $3,000.00 against taxable income. Charitable contributions about $450.00 direct deduction. Personal dividend stocks don't come into play until sale. Overall probably about $2000.00 more on my refund than without.


It's a good thing you could write off the loss, but it sounds like you'd have been better off without the business altogether - not exactly a ringing endorsement for the advice in the article.
 
2012-10-03 02:45:34 PM  

Joe Blowme: Oh boy, another jealousy thread.


any bites yet?
 
2012-10-03 02:52:52 PM  
Well duh, those who are born rich know how to stay that way, and those born poor get taught what their own parents know. Where's the mystery here?

Oh that's right, how the f*ck a complete douchebag like Romney is even in consideration for the office of president. If I worked at a place with him as my boss, I would've quit. He's a total bastard - you can tell by the way he has lived and the viewpoints he has, and they dismissive way he talks. What a prick.

I hope his health declines after he loses this election and his wife has to spend all her loot on his survivial, until he finally dies painfully and she ends up in a trailer somewhere, caring for one child with aids and no insurance, the other four having been killed in active duty.

Now THAT would make me believe they know what everyone else goes through. Elsewise, they're nothing but elitist coonts with one goal: to perpetuate the financial oligarchy that currently obtains in this country. I honestly hope they die a slow, painful death - away from public view.
 
2012-10-03 03:05:40 PM  

Zearo Kool: Well duh, those who are born rich know how to stay that way, and those born poor get taught what their own parents know. Where's the mystery here?

Oh that's right, how the f*ck a complete douchebag like Romney is even in consideration for the office of president. If I worked at a place with him as my boss, I would've quit. He's a total bastard - you can tell by the way he has lived and the viewpoints he has, and they dismissive way he talks. What a prick.

I hope his health declines after he loses this election and his wife has to spend all her loot on his survivial, until he finally dies painfully and she ends up in a trailer somewhere, caring for one child with aids and no insurance, the other four having been killed in active duty.

Now THAT would make me believe they know what everyone else goes through. Elsewise, they're nothing but elitist coonts with one goal: to perpetuate the financial oligarchy that currently obtains in this country. I honestly hope they die a slow, painful death - away from public view.


Just as I thought.
 
2012-10-03 03:31:48 PM  

DarwiOdrade: Oliver Twisted:
If you have no disposable income you likely do not need tax deductions. 

/with my whopping 5-figure salary I take advantage of three of these suggestions.

Just out of curiosity, if you're willing to share, approximately how much did those three suggestions save you in taxes in 2011?

Business was a loss of about $3,000.00 against taxable income. Charitable contributions about $450.00 direct deduction. Personal dividend stocks don't come into play until sale. Overall probably about $2000.00 more on my refund than without.

It's a good thing you could write off the loss, but it sounds like you'd have been better off without the business altogether - not exactly a ringing endorsement for the advice in the article.


It is a vacation rental property so at some point, it will be my vacation/retirement home or sell the asset so it does what I want it to do. A loss is not always a bad thing.
 
2012-10-03 03:45:46 PM  
Fox is a place where you can get actual news. Not the spin cover up crap that the rube obamorons fall for.

Without Fox, most libs would still think the Embassy terrorist attack and murder of our Ambassador was the result of an off the cuff frenzy created by a dopey UTube video. Without Fox, most libs wouldn't know that even the VP joe biden is mad that the middle class has been "buried" with the poor economy of the obama failures. Without Fox the looney left would only have the obama White House propaganda to learn what's happening. And if they actually cared, they'd see the lies and failures.

This is what a country gets when the media decides to promote a candidate instead of doing the right thing by doing their jobs.
 
2012-10-03 04:05:00 PM  

Launch Code: Fox is a place where you can get actual news. Not the spin cover up crap that the rube obamorons fall for.

Without Fox, most libs would still think the Embassy terrorist attack and murder of our Ambassador was the result of an off the cuff frenzy created by a dopey UTube video. Without Fox, most libs wouldn't know that even the VP joe biden is mad that the middle class has been "buried" with the poor economy of the obama failures. Without Fox the looney left would only have the obama White House propaganda to learn what's happening. And if they actually cared, they'd see the lies and failures.

This is what a country gets when the media decides to promote a candidate instead of doing the right thing by doing their jobs.


Amen! And without Fox, I never would have known Obama had a sit in with a pirate at the White House last week...
 
2012-10-03 04:13:01 PM  
You can be a millionaire.. and never pay taxes! You say.. "Steve.. how can I be a millionaire.. and never pay taxes?" First.. get a million dollars.

readsq.com
 
2012-10-03 05:11:38 PM  
Every single article that I have ever read regarding deductions for the average Joe have been grossly misleading. One would assume when you read an article like this or one where it hypes being able to deduct $50 for that Raggedy-Ann pair of jeans donated, you can deduct it on top of your standard deduction. Well, you can't get your $10k standard deduction plus your donations or "business" write-off. You choose one or the other. And the the fact of the matter is that for the vast majority of the real middle-class (non of this $250k middle-class BS) the standard deductions will pretty much always win hands down.
 
2012-10-03 05:44:22 PM  

Zeb Hesselgresser: Bag of Hammers: stupid clueless advice is clueless and stupid

Buy dividend paying stocks? Work for yourself? Be charitable?

It's freakin' outrageous! Let's go break a small business's windows!


if any of that advice is news to you, I have an astonishing business opportunity for you involving my good friend the Prince of Nigeria.
 
2012-10-03 05:48:54 PM  

Zearo Kool: Well duh, those who are born rich know how to stay that way, and those born poor get taught what their own parents know. Where's the mystery here?

Oh that's right, how the f*ck a complete douchebag like Romney is even in consideration for the office of president. If I worked at a place with him as my boss, I would've quit. He's a total bastard - you can tell by the way he has lived and the viewpoints he has, and they dismissive way he talks. What a prick.

I hope his health declines after he loses this election and his wife has to spend all her loot on his survivial, until he finally dies painfully and she ends up in a trailer somewhere, caring for one child with aids and no insurance, the other four having been killed in active duty.

Now THAT would make me believe they know what everyone else goes through. Elsewise, they're nothing but elitist coonts with one goal: to perpetuate the financial oligarchy that currently obtains in this country. I honestly hope they die a slow, painful death - away from public view.


Romney may be ignorant,but to wish sickness and pain on someone else is wrong. This is what is really wrong with this country.
 
2012-10-03 05:53:00 PM  

Mr_Crink: Yeah, All that titihing and offering money goes to keeping the gays in their place and gold plating the temples. Not a dime goes to actually helping anyone in need...


I read through the page you linked. Nowhere does it mention church finances. I even clicked on the first six or so links. None of them mentioned church finances. The entire site seems to be about volunteer work. Did you quote the wrong person? If you quoted the right person, can you actually try to give us some account of how the LDS church spends its money? That was, rather clearly, the topic being addressed. That is, how much of Romney's tithes go to actual charity and not, as suggested, gold plated lamps and such? And no, salvation from imagined dangers does not count.
 
2012-10-03 07:28:58 PM  
I recently ran into one of these ways that a business can structure cashflow and save lots of money. I was planning on doing it with about $5,000.00 and could save a couple of hundred bucks.

I talked to a few banks and nobody knew how to do it - even the higher ups in "corporate" banking. Then I found some Private Banks that had the product I wanted - one had a three million dollar minimum deposit to become a customer and another one required the specific transaction I needed to be between $100,000.00 and $30,000,000.00. [I didn't get far enough to find out the fees to set this up.]


According to the rules, I am allowed to do this.
 
2012-10-03 07:38:51 PM  

bhcompy: DarwiOdrade: Invest in stocks directly

With what?

Work for yourself

Start a business....with what?

Be charitable

With what?

Help the kids

With what?

How the fark do people with little or no disposable income do any of these things?

Small business loans/grants?


HA HA HA HA HA HA

Oh wait, you are serious?
 
2012-10-03 07:43:51 PM  

bhcompy: smileylich: bhcompy: How the fark do people with little or no disposable income do any of these things?

Small business loans/grants?

HAHAHAHAHAHAHA

Oh wait, you're serious, I'll laugh harder.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

Great comeback. You sure got me.


Someone beat me to it, I see.

Have you actually tried to get a small business loan in the last 5 years? And WTF is a small business grant? Is that like a unicorn?
 
2012-10-03 08:12:05 PM  
This is a giant load of shiat. When I was an independent consultant in California, paying my entire FICA and California's extra tax for getting 1099's and having out of state clients made my effective tax rate 49.7%. It was easily the worst thing ever.
 
2012-10-04 12:36:46 PM  

robin goodfellow: I recently ran into one of these ways that a business can structure cashflow and save lots of money. I was planning on doing it with about $5,000.00 and could save a couple of hundred bucks.

I talked to a few banks and nobody knew how to do it - even the higher ups in "corporate" banking. Then I found some Private Banks that had the product I wanted - one had a three million dollar minimum deposit to become a customer and another one required the specific transaction I needed to be between $100,000.00 and $30,000,000.00. [I didn't get far enough to find out the fees to set this up.]


According to the rules, I am allowed to do this.


I've been having similar thoughts about starting a Charitable Trust. As I understand it, charitable trusts are required to spend 5% of their endowment yearly on charitable causes, and they can pay a salary for administration. They also get to invest that endowment.

So I start a charitable trust with my $5,000. I invest the endowment as a mortgage in my house, paying the endowment the same rate my bank currently makes. I pay a salary of $250/year to one of my kids to administer it, and then I spend another $250 on a college scholarship for one my neighbors kids.

They do the same for my kid, and we make the kids mow our lawns. Everybody wins!
 
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