You must get a nice refund check.

Mine might cover the ammo for a range trip.

2 hours ago, Bklynracer said:

You must get a nice refund check.

Mine might cover the ammo for a range trip.

Ha... we were able to go to McDonalds for dinner on the one we got.

What tax refund? I've owed money every year since they passed the new tax law.  I love how Donnie gets to keep his corporate tax breaks on losses, but I can't claim over 10k in actual taxes paid. 

Disabled here. Get pretty much everything back. Not quite enough for that 50. But for a nice LRB M14 YES!!!!

23 hours ago, JackDaWack said:

What tax refund? I've owed money every year since they passed the new tax law.  I love how Donnie gets to keep his corporate tax breaks on losses, but I can't claim over 10k in actual taxes paid. 

that's not Donnie's fault

the reality is we should have a flat tax, everyone has same skin in the game

1 hour ago, RUTGERS95 said:

that's not Donnie's fault

the reality is we should have a flat tax, everyone has same skin in the game

I agree, everyone should have skin in the game, to prevent them from voting in people who provide special benefits.

But, like Jack, Donnie's new tax law has cost me more bucks too, I didn't see the new savings he claimed we were all going to get.

We have a Daily Humor thread for a reason...

 

Lets have a poll tax, again.  Maybe Murphy can organize it like pistol permits with similar fees.  Oh, and lets have a background check for every voter at the time of voting.

1 hour ago, RUTGERS95 said:

that's not Donnie's fault

the reality is we should have a flat tax, everyone has same skin in the game

Lol, bullshit. 

I agree taxes should be flat across the board, but that's not even close to what is in play right now. 

Don't give me that "its not his fault" line. The guy routinely uses the tax code to deduct ALL losses on income. But I cant deduct ALL income that goes directly to taxes..  I have friends that play the same LLC game he does.. why do you think he starts a new company every so often that fails?

Yeah, no. Its anyone's fault who wrote that tax code and passed it, just to penalize people who pay a shit ton in SALtaxes.  Thats hows everyone else got tax breaks, but mine went up lol. 

 

I wonder if Biden has figured out ways to not pay taxes on tax payers' over taxation in the US that went to China and Ukraine and Russia and many other places and then back again, but not back to the American people, but to his pockets.  That model is probably used with 95 percent of the Washington incumbents.  

The price of living in a high tax state.

1 minute ago, silverado427 said:

The price of living in a high tax state.

Whats the price for a failing company? Nothing?

1 hour ago, Sniper said:

I agree, everyone should have skin in the game, to prevent them from voting in people who provide special benefits.

But, like Jack, Donnie's new tax law has cost me more bucks too, I didn't see the new savings he claimed we were all going to get.

no it didn't, the system we have in NJ did.

44 minutes ago, JackDaWack said:

Lol, bullshit. 

I agree taxes should be flat across the board, but that's not even close to what is in play right now. 

Don't give me that "its not his fault" line. The guy routinely uses the tax code to deduct ALL losses on income. But I cant deduct ALL income that goes directly to taxes..  I have friends that play the same LLC game he does.. why do you think he starts a new company every so often that fails?

Yeah, no. Its anyone's fault who wrote that tax code and passed it, just to penalize people who pay a shit ton in SALtaxes.  Thats hows everyone else got tax breaks, but mine went up lol. 

 

see above

the way NJ structures it's taxes from local to state is the issue

 

this is not a Fed issue

mine was supposed to pay for a new deck.

given current pricing i think I can afford 4 boards.

1 hour ago, JackDaWack said:

Lol, bullshit. 

I agree taxes should be flat across the board, but that's not even close to what is in play right now. 

Don't give me that "its not his fault" line. The guy routinely uses the tax code to deduct ALL losses on income. But I cant deduct ALL income that goes directly to taxes..  I have friends that play the same LLC game he does.. why do you think he starts a new company every so often that fails?

Yeah, no. Its anyone's fault who wrote that tax code and passed it, just to penalize people who pay a shit ton in SALtaxes.  Thats hows everyone else got tax breaks, but mine went up lol. 

 

can you get me more details on how that works?

48 minutes ago, RUTGERS95 said:

no it didn't, the system we have in NJ did.

see above

the way NJ structures it's taxes from local to state is the issue

 

this is not a Fed issue

Uh, no. 

Federal income tax caps deduction from losses on taxes. Your AGI should not include any income that is used to pay tax. Very odd that they capped that... considering its the effect from a federal law, it makes zero sense to blame a state for it. The feds essentially removed any cost of living adjustment to taxes between states. 

I paid more income tax than Donnie, if that doesn't make you mad, you're blind.

30 minutes ago, Sota said:

mine was supposed to pay for a new deck.

given current pricing i think I can afford 4 boards.

can you get me more details on how that works?

https://www.nolo.com/legal-encyclopedia/how-deduct-business-losses-net-operating-losses.html#:~:text=If your business is a,your income for the year.

5 hours ago, RUTGERS95 said:

no it didn't, the system we have in NJ did.

the way NJ structures it's taxes from local to state is the issue

this is not a Fed issue

Was the SALT deduction cap a state issue, or part of Trump's new tax law?

On 10/18/2020 at 10:54 AM, JackDaWack said:

What tax refund? I've owed money every year since they passed the new tax law.  I love how Donnie gets to keep his corporate tax breaks on losses, but I can't claim over 10k in actual taxes paid. 

You need a better accountant.

39 minutes ago, Danno said:

You need a better accountant.

 

Not exactly sure where they would find deductions that either dont exist or have an income cap.