How about a controversial thread?
03-27-2005, 01:42 PM
#1301
Originally Posted by Morris,Mar 27 2005, 05:05 PM
Then problem is Congress would institute a sales tax or value added tax, and then lower the income tax, but not do away with it. Then we would watch the income tax slowly come back, and a few years down the road, we would be back where we are now with the income tax, AND have a big, fat national sales tax on top of it.
Remember when the income tax went to what really was a flat tax -we only had two rates- in the 80s? They took away a bunch of deductions since they lowered the rates, the top one was 27%, I think. Now the rates have gone way up and have they given the deductions back (or fixed the alternative minimum tax, or the passive loss rules?) Hell no. So I would advise that the first sign of a national sales tax or value added tax, we all start screaming very loudly at our representatives.
Remember when the income tax went to what really was a flat tax -we only had two rates- in the 80s? They took away a bunch of deductions since they lowered the rates, the top one was 27%, I think. Now the rates have gone way up and have they given the deductions back (or fixed the alternative minimum tax, or the passive loss rules?) Hell no. So I would advise that the first sign of a national sales tax or value added tax, we all start screaming very loudly at our representatives.
I am afraid this is exactly what will happen. We will end up paying more tax in the long run but in different forms of taxation. I don't like it.
03-27-2005, 02:40 PM
#1302
Thread Starter
[QUOTE=fltsfshr,Mar 27 2005, 03:27 PM] Being as I have an audience of CPA"s... I would like to say this.
My CPA has a bigger boat than I do.
My CPA drives a Turbo Porsche.
If we had a flat or user tax.
Id have the bigger boat
And I'd have the Turbo Porsche.
And listen to them....they only work hard 2 months a year.
Hmmmmmm
My CPA has a bigger boat than I do.
My CPA drives a Turbo Porsche.
If we had a flat or user tax.
Id have the bigger boat
And I'd have the Turbo Porsche.
And listen to them....they only work hard 2 months a year.
Hmmmmmm
03-27-2005, 02:43 PM
#1303
^ Cute, Rob...
Just got the bad news on my taxes...I was afraid it would be worse, since I had forgotten to change my status last year. Gonna do the IRA contribution, which might help a bit more.
Just got the bad news on my taxes...I was afraid it would be worse, since I had forgotten to change my status last year. Gonna do the IRA contribution, which might help a bit more.
03-27-2005, 03:44 PM
#1304
Thread Starter
Originally Posted by MsPerky,Mar 27 2005, 06:43 PM
^ Cute, Rob...
Just got the bad news on my taxes...I was afraid it would be worse, since I had forgotten to change my status last year. Gonna do the IRA contribution, which might help a bit more.
Just got the bad news on my taxes...I was afraid it would be worse, since I had forgotten to change my status last year. Gonna do the IRA contribution, which might help a bit more.
The only IRA contribution that you can make (if eligible) that can help you out right now is to a Traditional IRA. Unfortunately, this will be fully taxable when you withdraw it.
You might want to consider a Roth IRA. It won't give you any present benefit, but it will be (including the growth) tax free when you take it out. In the long run you may be better off with a Roth.
There are a few factors to consider such as the future value of money, your age, the interest rates and the growth potential. You might want to ask your accountant for his/her advice.
Your tax liability shouldn't be so bad next year because you brought your withholding into line with your filing status. Your taxes will probably be about the same, but the amount that you owe will be lower. Also, you will be less at risk of a penalty.
03-27-2005, 05:48 PM
#1306
Thread Starter
Originally Posted by Chazmo,Mar 27 2005, 09:41 PM
^ A Roth does seem like an excellent way to save. 
Still, we generally think that the Roth is the better way to go.
03-27-2005, 07:04 PM
#1308
Thread Starter
Originally Posted by paS2K,Mar 27 2005, 11:00 PM
I called my CPA at 7 pm tonight to ask a quick question. He was not there 
so I left a message.
so I left a message.
03-27-2005, 07:11 PM
#1309
OK....the was in jest...I should have said (j/k).
My CPA has surprised me by answering the phone at all hours, so I really thought he might be there. There was no intention to sully the rep of our long-suffering CPA's....please accept my apology.
PS- He's Jewish and does not celebrate today's holiday.
was in jest...I should have said (j/k). My CPA has surprised me by answering the phone at all hours, so I really thought he might be there. There was no intention to sully the rep of our long-suffering CPA's....please accept my apology.
PS- He's Jewish and does not celebrate today's holiday.
03-27-2005, 07:23 PM
#1310
Thread Starter
Originally Posted by paS2K,Mar 27 2005, 11:11 PM
PS- He's Jewish and does not celebrate today's holiday.
Be very careful about calling this time of the year. Absolutely call if your query is important, but don't call for a trivial question that can wait until after the 15th.