NYTimes: it is necessary to raise taxes on the middle class

Based on the salary info you posted your not highly regarded in your field of work

I kid I kid. But for real for real? SamF undressed you.

 

Hey Sam, want to know how much of a moron you are?

This is a real example of a real client. They are a married couple. One owns an S-Corp, the other owns a sole proprietorship. They didn't live in Oregon. They live in GA. I didn't fudge anything other than round to the nearest thousand on every figure.

Deducting state income tax is nice, unless of course you hit into the Alternative Minimum Tax. Oh, but please go on about how you know so much about taxes

 

Job security!

 

I make $50k/year now, which is pretty average for my area.

You are welcome to think that.

 

I don't disagree with what is normal, and I wasn't responding to the article. My response was to Sam saying almost nobody pays anywhere near 50% of their income in taxes, which isn't true. Do most people pay close to 50%? No. Are they that rare? No.

 

You can't deduct your health insurance against FICA taxes, but your employees can. Does that seem fair? You can deduct half your self insured half, but that is still a tax that you are paying. Deducting a tax isn't as valuable as not paying it at all.

You can only deduct a home office if it is 100% business and that it is a primary office. Do people take it when the legally can't? All the time, but the tax code actually doesn't allow for most of these breaks. Most just get away with it because the IRS can't audit everybody, and it usually isn't worth their effort to try to prove otherwise.

 

Low blow on my end. Was just teasing. I assume you're in your late 20s early 30s

 

lol at Turbo Tax Sammy. He's such a great lawyer, he couldn't even figure out how a couple could have both an S corp and a sole proprietorship. Keep up the lawyering Sammy!

 

get out of here before i spank you again.

 

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Though I got my degree in 2006, but didn't finish the remaining education requirements and exam until this year. Deciding to have a family really slowed me down.

Once my wife finishes her Nursing program, we can start making some bank and paying some taxes. Anyway, I posted my income as an example of how stupid the current system is to me. I also get health coverage for my children from the state CHIP plan which the Fed funds. I think my taxes are too low.

I could post numerous examples of wealthy people that I feel pay their fair share, but I could also post returns that are more like Romney/Buffet where they have effective rates under 20%, though I don't have anyone who owns a corporation of that size. Heck, I have examples of people that paid 0% taxes on decent size incomes in these last couple of years with a 0% CG rate.

 

You can deduct your health care costs against your total income tax. You only pay FICA on the employees payroll. And not true about home office. You may be a CPA but you really are making some major errors here. I am not sure you work with small businesses based on your comments here.

http://www.irs.gov/businesses/small/article/0,,id=204169,00.html/

You only have to do part of your business at home. As long as you can demonstrate you use it for meeting clients, seeing patients, etc - you can deduct at least part of it. Definitely far cry from 100%

Overall, unless you run a really sloppy business and all your revenue is eaten up by employee payroll, you have a smaller tax burden. You have to be careful in case you get audited but the laws are written in a small business owners favor over an individual working joe.

 

One thing I forgot to mention about health insurance, which goes for individuals who don't get their plans through their employer, is that they don't get to deduct their health insurance at all, unless they itemize and only as a medical expense exceeding 7.5% of their AGI. To me that is an awful deal. The self-employed should be able to deduct as an expense, to save FICA taxes. Regular individuals should be able to deduct it like self-employed health insurance is now. That is an attack on the poor and elderly, IMO.

 

Your use of that space has to be 100% business use. The are has to be a principal place of business. That is what I said. You need help with reading comprehension (though I could have been more clear, but you guys aren't clients). Self-Employment taxes are the same as FICA taxes.

Once again, I do this for a living. If you don't trust me, that is your choice. If you prefer WebMD over a doctor, that is your choice. If you prefer Yahoo answers over a lawyer, that is your choice. I know I don't go out thinking I know more about a professional's business than they do when I don't do that for a living.

 

No you are wrong there. Dude, you shouldn't be doing peoples taxes, that's all i know. YOu can live in your home but so long as the office is an office you are fine. If you have a desk in the corner of your room, that can be your home office space. Perfectly legit.

 

Which is why Obamacare is actually good for such people. And that's why the elderly have medicaid.

If you aren't getting your insurance through an employer you should be itemizing, no?

 

That space though has to be used 100% for business though. Zero personal use. You can use the rest of the room for whatever you want, but the space you are deducting as a home office has to be used exclusively for business.

I'm telling you, don't do your own taxes. Definitely don't giving anyone advice.

 

Standard deduction is high enough, especially with married people that many people do not itemize. Very few people actually get to deduct medical expenses, which makes HSAs so valuable.

 

Hey you have a whole nation of people like Joe the Plumber or people with stable middle class incomes supporting elimination of the estate tax for the Walton family.

 

I am not a CPA. But I do have one do my taxes. He has 40 years of experience. I trust him. Ok? He knows what he is doing.

 

LOL @ SamFisher getting pwned by juicystream.