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What's the most you've paid the tax man in a year?

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Creditplz
Valued Contributor

Re: What's the most you've paid the tax man in a year?

That's me by myself Smiley Sad! And Yeah I suppose!
Message 11 of 37
tacpoly
Established Contributor

Re: What's the most you've paid the tax man in a year?

 

To make you feel better, in one year we paid over 500,000 in income taxes and on average around 400,000.

 

Message 12 of 37
Thomas_Thumb
Senior Contributor

Re: What's the most you've paid the tax man in a year?


This year I enjoyed paying taxes on $30k in dividends on investiments that actually are down $100k in value even after said dividends were rolled back into the investiments.

 

Beautiful!

 

Anyone know of some good shell companies for sheltering investments from taxation? Smiley Frustrated

 

Just kidding, I'm a law abiding schmuck that contributes to keeping pothole repairs in the budget.

 

But wait ... these shelters aren't illegal nor are corporate inversions.Smiley Mad

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Message 13 of 37
Anonymous
Not applicable

Re: What's the most you've paid the tax man in a year?


@tacpoly wrote:

 

To make you feel better, in one year we paid over 500,000 in income taxes and on average around 400,000.

 


There has to be a better way.. Why are the tax codes soo complicated?  Can this system ever be fixed? Personally, I feel like hard working individuals are punished just for wanting to make a little more money you know.. And then when you call the IRS, you are made to wait on hold for an hour to connect with someone. Like seriously...

 

DISCLAIMER: I don't belong to any political political party as I don't care for any of them.

Message 14 of 37
Creditplz
Valued Contributor

Re: What's the most you've paid the tax man in a year?

@Yes-Its-Me, same.... This is my first full year in business and we grew! Last year took in 180k+ personal home. And this year has been great!, beyond blessed but I put in 65-70 hours a week! Feel like I'm being punished for making more!! Smiley Sad
Message 15 of 37
Anonymous
Not applicable

Re: What's the most you've paid the tax man in a year?


@Creditplz wrote:
@Anonymous, same.... This is my first full year in business and we grew! Last year took in 180k+ personal home. And this year has been great!, beyond blessed but I put in 65-70 hours a week! Feel like I'm being punished for making more!! Smiley Sad

I hear you.. Looks like we are in the same boat regarding working hours. Just terrible..

Message 16 of 37
Creditplz
Valued Contributor

Re: What's the most you've paid the tax man in a year?

Oh well.. Nothing we can do about it I suppose Smiley Sad, all that we can do is make more Smiley Happy! Hahaha
Message 17 of 37
tacpoly
Established Contributor

Re: What's the most you've paid the tax man in a year?

To tell the truth I wouldn't mind paying more in taxes if we could get the same services and social safety net that they have in the EU: good transportation system, free or low-cost education, job placement and training, unemployment benefits, public pension, free or low-cost healthcare. As it is we pay almost 40% tax rate, which is about what they pay in Europe, but get none of those benefits in return.

when you own a business you can deduct so much that you can lower your effective tax rate significantly. Isn't it just above 15% for creditplz? if you think you're paying too much, it's time to hire a new accountant ;-)



Message 18 of 37
Anonymous
Not applicable

Re: What's the most you've paid the tax man in a year?

Eight thousand this year. A couple years ago it was like 6 thousand. I need to adjust our withholding but spouse has a very large annual income! Opening IRAs for each grown up, putting more into 401K, doing things like that has helped with the tax bill a little! 

Message 19 of 37
Anonymous
Not applicable

Re: What's the most you've paid the tax man in a year?

I wish they would balance the tax rate better if you made lets say 0 dollars while  going to school or lower pay, and now 10 years later you are a doctor, and you get **bleep** in taxes, you shouldn't get hit as hard because your first 8-10 years you were in school.

Message 20 of 37
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