Taxes suck!

[Hypnotiq]

Taxes are teh suck!!!!

I wish there were a way to write off my racing and wedding. It's sad to see the amount of $ the goverment takes from me every year. :cry:

/rant

[Ed Who?]

OH FUCKING BITCH PLEASE! ANYTIME YOU WANNA FUCKING TRADE ME..>SAY WHEN!


ahhh....that might have helped my long day/bad mood. :D

[LauraLynne]

have kids. Gov't practically PAYS you to! I'm not saying it's right I'm just saying how it is. I rarely pay over $500 a year in taxes which means a hefty refund this time of year every year.

[Hypnotiq]

OH FUCKING BITCH PLEASE! ANYTIME YOU WANNA FUCKING TRADE ME..>SAY WHEN!


ahhh....that might have helped my long day/bad mood. :D

no thanks. I dont want state taxes TOO!


:beurk:

[Hypnotiq]

Our two "kids" cost me enough as it is. I should be able to write them off. :)

We have a moratorium on more kids in the household right now. :D

[Nicegy525]

I just claim zero and get a nice sum of moola back every year!

[Hypnotiq]

I avoid giving the goverment an interest free loan at all costs. :)

[Buick_65]

^^:cool2:

..smart man.

[Syrythius]

i claim married and 6 and am getting about 1300 back total. Mainly due to the new kid 1k credit from feds. I know that a large tax refund can be a nice 'surprise' every year, but why have the government keep the money for free. i just take what would normally go to the government and slam into my 401k. :D

[tokin]

You can write off racing. Start a "business" where you're trying to make money off racing and sponsor yourself. So what if you lose money every year?

[EmDee]

You need to start ANY kind of small business, with an intent to show a profit.

The racing becomes your "marketing" arm and it all can be legitimately written off. Its even easier if your business is in the motorcycle industry.

Business License is $35. With your savvy tech skillz, I'm sure there are a few racers that need websites built for them to promote their racing or someother talent you have you can show an effort in to make a profit. File a schedule C for the business and all of a sudden you have a way to write off your racing.

Granted, there are some laws that will come into effect around year 4-5, but by then you make actually be making some money in your "business" to pay for your racing.

Finally, if you're paying taxes, you're making money...its a good thing. Make more money, pay more taxes. Make lots of money, pay lots of taxes. Minimize your taxes with writeoffs. If you're successful enough, they'll call you an evil rich person, even though you employ many people, pay more in taxes than 95% of the country makes in a year and only dreamed of finding a way to pay for your racing! ;)

[Syrythius]

the whole point of owning a business is to try to "lose money" for tax purposes heheh. That's the fun every year of taxes, trying to find all the ways to show a loss.

[Ed Who?]

I just claim zero and get a nice sum of moola back every year!

that means you are wasting money! Why not pay a small as possible and invest it on our own? say a nice 5% savings account and then pay?

i know i pay my prop taxes once a year...sure its a big nut at once, but i save the amount every month in a high (almost 6%) rate account, then i pay at once and get another 3% off from wash. country. its a few hundred bucks a year!

[Ed Who?]

well said EmDee... i know of a few racers that do that and benefits are huge for them...but you cant keep showing huge losses year after year.... ;)

[Nicegy525]

I never took the time to understand how it works. I claim zero cause I have no dependents and I dont want to have to pay taxes every april. If I were to claim myself, id maybe get an extra 50 bucks a month in my pocket, but Id risk paying hundreds of dolars every year, I dont make enough income to afford that risk and Im not that good at saving that much money.

I put 6% in my 401K and my company matches half of that and I am just leaving it alone.

[Hypnotiq]

Thanks for the post Mark (and email/PM's from some others).

I guess I have some "work" to do so I can write off 2008. :D

[flyingbutterknife]

I tried to start my own business but the government said prostitution is illegal in most states so I tried selling crack to churches but that too is illegal in the "governments" eyes so now I just mug tourists.

[Ed Who?]

sam, thats because you tried MALE prostitution!

Give women a try...


:5:

[roktbox]

OH FUCKING BITCH PLEASE! ANYTIME YOU WANNA FUCKING TRADE ME..>SAY WHEN!


ahhh....that might have helped my long day/bad mood. :D

Man, if the Feds gave you any kind of a small busines incentive package you know you'd just spin it into a bigger hot tub anyway. Besides, so long as Congress wants to include illegals aliens in this little stimulus plan we need you grossly successful small business owners to shoulder the burden. Render unto Caesar, baby.

[beer gut racing]

I wrote off pant-loads for the last three years for my "racing business". However, you can't show more than 3 consecutive years of loss. I didn't buy a business license or anything. With official taxable income from Dunlop and Suzuki, I was able to write off a bunch of expenses based on that income. I'm no tax expert, so investigate it yourself!

[sleddog]

I have a wife and 3 kids; claim 8 and still get money back in April. Taxes on small businesses are even worse as some of you know.

I don't want to get political but I heard on the news the other day that if the "Bush tax cuts" are let to expire it will cost the average family over $1000/yr. I wonder how many new taxes are in the minds of our candidates? Just sayin'

[acy179]

I tried to start my own business but the government said prostitution is illegal in most states so I tried selling crack to churches but that too is illegal in the "governments" eyes so now I just mug tourists.

SV,

Try losing a little weight. For cripes sake from the looks of your avatar pics you could stand to go on a diet. Also, what kind of "tourists" do you get in Eastern Washington?

I might suggest you buy an 80s black Trans Am, wear lots of shirts with the buttons undone with a set of black leather pants and call your car Kit. Next thing you know you will be on TV with your own series!! Tax problems solved!!!

[flyingbutterknife]

I wrote off pant-loads for the last three years for my "racing business". However, you can't show more than 3 consecutive years of loss. I didn't buy a business license or anything. With official taxable income from Dunlop and Suzuki, I was able to write off a bunch of expenses based on that income. I'm no tax expert, so investigate it yourself!

By "pant-loads" do you mean a load in your pants? I've never tried to write off a load in my pants before! And by loss do you mean premature leakage? Dude,if I would have known you could write off "pant-loads" and leakage loss,I'd be one rich puppy!