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AHHHH!!!! Taxes Taxes Taxes Rant Rant Rant

Squisher

Squisher

Lifer
2 days/14 hrs. total so far. AHHHHH!!!

It used take me a couple of hours tops now I'm only half way through.

How does CPA and others take this?

Travel, Lodging, Meals, Office expenses, Gifts, Cellphones, educational, clothes, tool, assets.......


..........DAMN THAT WIFE OF MINE. AHHHHHHHH!!!!!


I feel better now.....thank you.

 
Originally posted by: KEV1N
You should've paid someone to do it!
Click to expand...


Makes to real difference. You still have to get everything organized for them.

Best shot is to set up a spreadsheet/database/log book and keep it accurate the whole year.
Then you do not need to review the papers, just run the totals for each category.
 
Originally posted by: Dissipate
I have a solution but it hasn't been implemented yet. www.fairtax.org
Click to expand...

Fair yes, however, I will screw up the current economic system royally. To much of the economy is built around tax breaks. the shock could easily create another recession.

Peoples business and income/spending/investments are planned around the current tax conditions/loopholes.

If one was to pay an extra %15 based on consumption and still have the committments that made based on a %20 tax loophole/deduction, then there is a massive increase until the existing tax collection system is re-adjusted.

 
Originally posted by: EagleKeeper
Originally posted by: Dissipate
I have a solution but it hasn't been implemented yet. www.fairtax.org
Click to expand...

Fair yes, however, I will screw up the current economic system royally. To much of the economy is built around tax breaks. the shock could easily create another recession.

Peoples business and income/spending/investments are planned around the current tax conditions/loopholes.

If one was to pay an extra %15 based on consumption and still have the committments that made based on a %20 tax loophole/deduction, then there is a massive increase until the existing tax collection system is re-adjusted.
Click to expand...

Huh?? Not according to the research at fairtax.org. Business would boom and people wouldn't have to shuffle their investments into tax shelters. Not only that but people would be able to save and invest money tax free, now there's a new concept. No more stupid 401(k)s and the like.

 
Research my ass. Maybe in raw revenue generated. The re-training of IRS and CPA's? Re-writing every tax book out there? Switching all the software systems?

It's common knowledge (or, should be) that if you have a behemoth system, starting from scratch is a horrible, horrible thing to do. whether it be in software engineering or in a buerocracy. The current system needs to be refactored, yes, but you can't honestly believe that there won't be just as many loopholes for the rich. If so, then you're a fool.

EDIT:

it's also pretty common knowledge among political/social researchers that purchase-based taxes are enormously unfair towards poor people. free spending up to the poverty line just isn't good enough.
 
Originally posted by: Dissipate
Originally posted by: EagleKeeper
Originally posted by: Dissipate
I have a solution but it hasn't been implemented yet. www.fairtax.org
Click to expand...

Fair yes, however, I will screw up the current economic system royally. To much of the economy is built around tax breaks. the shock could easily create another recession.

Peoples business and income/spending/investments are planned around the current tax conditions/loopholes.

If one was to pay an extra %15 based on consumption and still have the committments that made based on a %20 tax loophole/deduction, then there is a massive increase until the existing tax collection system is re-adjusted.
Click to expand...

Huh?? Not according to the research at fairtax.org. Business would boom and people wouldn't have to shuffle their investments into tax shelters. Not only that but people would be able to save and invest money tax free, now there's a new concept. No more stupid 401(k)s and the like.
Click to expand...

The existing ecomonic system is based on the current tax laws. Everything would have to shift over without a time lag and would still cause an economic blip.
As an example, housing prices are anticipated based on the morgage deduction. Remove the deduction benifit and a person who has $20K interest payment is being shafted $7K worth of anticipated income adjustments. That is like a $7K paycut or increasing the overpayment of housing by $7K per year.
Rental housing is tax deduction for landlords. remove that depreciation and deductions for expenses and rent costs would come close to increasing by at least 50%.
The flat sales tax will not reduce the income tax enough to compensate a factory worker for that increase per month.
Ex: A worker may be paying $400 taxes every two weeks on a take-home of $2000. A 10% sales tax would be $200 per two weeks. Net savings $200/paycheck
Rent is $600/month. Rent costs goes up $300 month due to the change in tax structure. Net loss $100 month.
Is the worker going to support the change if he is losing $25/week?

 
Originally posted by: cheesewhiz
Research my ass. Maybe in raw revenue generated. The re-training of IRS and CPA's? Re-writing every tax book out there? Switching all the software systems?

It's common knowledge (or, should be) that if you have a behemoth system, starting from scratch is a horrible, horrible thing to do. whether it be in software engineering or in a buerocracy. The current system needs to be refactored, yes, but you can't honestly believe that there won't be just as many loopholes for the rich. If so, then you're a fool.
Click to expand...

Let's see, spend a few hundred billion switching to a new tax code now or continue to spend hundreds of billions of dollars a year just COMPLYING with the current tax code. Programmers start from scratch all the time when there are huge gains in efficiency to be had.

You want to talk about rich? The poor and middle class such as Squisher have to spend many hours doing their tax returns, rich people just hire a CPA or some other tax professional to do their taxes for them. That's about as regressive as it gets.

 
Originally posted by: EagleKeeper
Originally posted by: Dissipate
Originally posted by: EagleKeeper
Originally posted by: Dissipate
I have a solution but it hasn't been implemented yet. www.fairtax.org
Click to expand...

Fair yes, however, I will screw up the current economic system royally. To much of the economy is built around tax breaks. the shock could easily create another recession.

Peoples business and income/spending/investments are planned around the current tax conditions/loopholes.

If one was to pay an extra %15 based on consumption and still have the committments that made based on a %20 tax loophole/deduction, then there is a massive increase until the existing tax collection system is re-adjusted.
Click to expand...

Huh?? Not according to the research at fairtax.org. Business would boom and people wouldn't have to shuffle their investments into tax shelters. Not only that but people would be able to save and invest money tax free, now there's a new concept. No more stupid 401(k)s and the like.
Click to expand...

The existing ecomonic system is based on the current tax laws. Everything would have to shift over without a time lag and would still cause an economic blip.
As an example, housing prices are anticipated based on the morgage deduction. Remove the deduction benifit and a person who has $20K interest payment is being shafted $7K worth of anticipated income adjustments. That is like a $7K paycut or increasing the overpayment of housing by $7K per year.
Rental housing is tax deduction for landlords. remove that depreciation and deductions for expenses and rent costs would come close to increasing by at least 50%.
The flat sales tax will not reduce the income tax enough to compensate a factory worker for that increase per month.
Ex: A worker may be paying $400 taxes every two weeks on a take-home of $2000. A 10% sales tax would be $200 per two weeks. Net savings $200/paycheck
Rent is $600/month. Rent costs goes up $300 month due to the change in tax structure. Net loss $100 month.
Is the worker going to support the change if he is losing $25/week?
Click to expand...

That's why there is a concept called phasing out. If it was phased out over 5-10 years there wouldn't be a big blip or big accounting problems.
 
My mommy does my taxes. She's an accountant. Otherwise, I'd just pay the money for someone else to do it... I hate financials.
 
Originally posted by: Dissipate
That's why there is a concept called phasing out. If it was phased out over 5-10 years there wouldn't be a big blip or big accounting problems.
Click to expand...

In order for it to phase it, there has to be planning and a time frame. That allows special interests to screw it over.

Also, how would the system affect the states? Each state would have its own tax level. The problem with cross border purchases would be greatly multiplied especially with those states that currently have no income tax.

 
Programmers start over all the time, but it's a very bad practice. In the original code base there may be several 'gotchas' that have been fixed from time to time. Basically you're dumping an entire body of knowledge and starting from scratch. you're going to repeat the same mistakes you made the first time.

And, you think the new version won't cost a lot of money to keep up? And, don't you see the loopholes in it already? No more corporate taxes. "Whoops". No business-to-business taxes. No taxes on used goods.

So.. the remaining small portion of fiscal responsibility that the corporations have to the government is removed. People can incorporate themselves and have almost no taxes. People can buy only used goods and pay almost no taxes. There will be almost no money coming in! This is, in effect, a step towards eliminating all taxes. As nice as that may sound to the selfish people here, our government can't work without money.

More burden needs to be shifted to the corporations in this country. Billions of dollars of profit, and they still want tax breaks (and they get them). They reap the benefits of the government in the forms of tariffs and trade regulations.

People need to just suck it up and pay their dues. If you're willing to never drive on roadways, never live in neighborhoods with sewer, never use phones, never use libraries or the internet, pay back the cost of your public education and any public services you have used over your lifetime, plus the public assistance your parents received for raising you, then maybe you can stop paying taxes. I know this went a little tangential, but I really hate the victim/"why me" mentality when it comes to taxes. Everybody pays them, and almost everybody (except, maybe, the super-rich) gets back more in value than what they put in.
 
Took me just over an hour to do my fed taxes this year. I love Turbotaxonline..............Especially if youve used it for more than one year. It sucks all of last years info in for you, and it can also suck in your W2 info if your employer allows it. All I had to do this year if click the CONTINUE box.....And yes I even went through extra steps to see if I could itemize....I got close but no go.


READ------->I love you Turbotaxonline


And if you register at Fidelity.com you can do turbotaxonline for 50% off.
Must register before you start though!!!!!😀
 
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