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

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

Creditplz — Tue, 12 Apr 2016 01:25:07 GMT

(Mod Cut-You have to eliminate all personal info that includes the zip+4 as it leads right to your house)

Looking at how much taxes I paid this year.. And looking at my business accounts seeing 28k leave makes me think of a new Porsche lease ..

next year I'm assuming I'll pay 38k-50k

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

tacpoly — Thu, 07 Apr 2016 01:43:21 GMT

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

Revelate — Thu, 07 Apr 2016 06:01:38 GMT

120K

Was a good year albeit was working my ass off in Alaska for it, never made anywhere close to that again.

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

Creditplz — Thu, 07 Apr 2016 22:33:33 GMT

Wow, 120,000.00.... I would be so sad to see that leave the business accounts 😳... That's a new down payment on a home!!

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

dt3813 — Sun, 10 Apr 2016 02:17:09 GMT

$70k

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

Creditplz — Sat, 16 Apr 2016 02:10:14 GMT

Zip leads to my home?! I thought it was my city?.

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

tacpoly — Sat, 16 Apr 2016 23:05:39 GMT

@Creditplz wrote:
Zip leads to my home?! I thought it was my city?.

The +4 in zip codes actually point to a few houses within that zip-code. Imagine your zip code divided up to 9999 times -- that could get pretty specific.

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

Anonymous — Sat, 16 Apr 2016 23:13:19 GMT

A thread like this makes me want to weep. I hate and detest taxes. But there is no escaping it... Let me just stop here.

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

Creditplz — Sun, 17 Apr 2016 00:19:15 GMT

Same... I wish I could just take all that money and put it in my personal savings.. This coming year I'll have to pay anywhere from 35-44 if my estimates are correct

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

tacpoly — Sun, 17 Apr 2016 05:33:39 GMT

@Creditplz wrote:
Same... I wish I could just take all that money and put it in my personal savings.. This coming year I'll have to pay anywhere from 35-44 if my estimates are correct

It could be worse, you could pay as much as we (DH and I) do. But the way I look at it, paying a lot of taxes usually means having made a lot of money.

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

Creditplz — Sun, 17 Apr 2016 06:32:24 GMT

That's me by myself ! And Yeah I suppose!

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

tacpoly — Sun, 17 Apr 2016 08:36:31 GMT

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

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

Thomas_Thumb — Sun, 17 Apr 2016 23:15:08 GMT

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?

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.

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

Anonymous — Sun, 17 Apr 2016 23:23:26 GMT

@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.

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

Creditplz — Mon, 18 Apr 2016 05:02:41 GMT

@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!!

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

Anonymous — Tue, 19 Apr 2016 22:28:49 GMT

@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!!

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

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

Creditplz — Wed, 20 Apr 2016 04:15:13 GMT

Oh well.. Nothing we can do about it I suppose , all that we can do is make more ! Hahaha

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

tacpoly — Thu, 21 Apr 2016 04:39:59 GMT

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 ;-)

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

Anonymous — Sat, 30 Apr 2016 18:05:28 GMT

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!

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

Anonymous — Sat, 30 Apr 2016 18:34:27 GMT

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.