Taxes

sparks · April 14, 2008, 07:07:36 PM

Just picked up my tax stuff earlier today.

I had a good 2007, financially.

Does anyone know what the 'alternative minimum tax' is??

Got clobbered with it big time.

Redoverfarm · April 14, 2008, 07:20:57 PM

I always like to file early. Hey I can use the money more than the IRS can. Anyway with the E-file method the refund is quicker. I still hadn't got anything from the state taxes. So last night I went on line to check the status of my filing and they advised that they had not received or processed mine. 1st thing this AM I called my accountant and relayed the message. He said HS he sent it on 2/15. I wasn't that worried just wanted it in on time to avoid an penalty. He called a short time later and confirmed they had received it on 2/21 and processed on 4/11. Nothing beats a good person to person contact.

April 14, 2008, 07:25:13 PM

Quote from: sparks on April 14, 2008, 07:07:36 PM
Just picked up my tax stuff earlier today.

I had a good 2007, financially.

Does anyone know what the 'alternative minimum tax' is??

Got clobbered with it big time.

Yes...it is evil....

Got hit with that and a letter saying you get no stimulus rebate....

peternap · April 14, 2008, 07:27:12 PM

Quote from: sparks on April 14, 2008, 07:07:36 PM

Does anyone know what the 'alternative minimum tax' is??

Got clobbered with it big time.

That's a damn good question Sparks.

MountainDon · April 14, 2008, 07:35:02 PM

Quote from: sparks on April 14, 2008, 07:07:36 PM
Does anyone know what the 'alternative minimum tax' is??

It's evil. It's tax code gone awry. It's set up stupid, with no indexing for inflation...

At this point the best thing you can do is plan for next year (this year actually) and yell at your congressman and senator. Either Flat Tax or Fair Tax are oodles better.

We don't pay ourselves enough to run into it. Should be getting stimulated soon too.

April 14, 2008, 07:39:06 PM

Was just thinking about you MtnDn!!

However, what is this tax? It appears to be something that comes back to bite you after the fact!!

John Raabe · April 14, 2008, 07:41:45 PM

Here's a good overview and review of the arguments for and against:

http://en.wikipedia.org/wiki/Alternative_Minimum_Tax

Yep, it's pretty dense going...

$:-\$

MountainDon · April 14, 2008, 07:44:09 PM

I like this one...
http://www.bankrate.com/brm/itax/tips/20010412a.asp

free help from the IRS...
http://www.irs.gov/businesses/small/article/0,,id=150703,00.html

http://www.smartmoney.com/tax/filing/index.cfm?story=amt

MountainDon · April 14, 2008, 07:52:33 PM

The bad thing about 2008 is that unless congress does another last minute extension/change like they did in 2007, your 2008 AMT will be even be worse.

April 14, 2008, 08:03:20 PM

Does anyone know when the next large shipment of tea is arriving? And where?? bleep bleep bleep. (DRB's)

Ps..thanks for the info

John Raabe · April 14, 2008, 08:49:39 PM

I think we need some Indian costumes too!

Maybe we dress as terrorists this time??

peternap · April 14, 2008, 09:23:10 PM

Quote from: John Raabe on April 14, 2008, 08:49:39 PM
I think we need some Indian costumes too!

Maybe we dress as terrorists this time??

According to the Patriot Act....we already do!

rwanders · April 14, 2008, 10:03:53 PM

The AMT, or Alternative Minimum Tax, was originally established to ensure that certain "millionaires" could not avoid paying at least some income tax by using the many exotic tax shelters (most of which actually no longer exist). The original population affected was only about 200 taxpayers---due to not indexing the tax to inflation it now affects millions of mostly middle-class taxpayers. We got caught up into it for 2007 tax year. Its' impact can be dramatic. We own some property in Florida which the state is taking for a highway project---if it had been taken during 2007, a $42,000 long term capital gain would cost an additional tax of $26,000 due to our AMT status.---the mafia would be green with envy----I know that because of certain relatives (by marriage) I have. As it was by the time the AMT was through with us we paid $79,000 in income taxes. Incredible-----we are very definitely NOT millionaires. I am retired and my wife works part time. Our tax bill was caused mostly by long term capital gains and an early retirement severance package my wife received.

MountainDon · April 14, 2008, 10:09:08 PM

Quote from: rwanders on April 14, 2008, 10:03:53 PM
The original population affected was only about 200 taxpayers---

It's hard to imagine, but the actual original number of taxpayers was 155 (in 1969 when they got the ball rolling for the 1970 tax year.) And now millions are getting the shaft.

April 14, 2008, 10:37:50 PM

During the short time this thread has been here, the wife and I have hashed out a bunch of stuff.

And this 'earned income credit' crap along with a few other gimmees are things that just totally piss me off.

Myself (and others) are paying a lot into the system so several million bottom feeders can sit on their @$$ and achieve nothing!!

What the hell is up with that?!?

I might be a slave paying into this system, but I thank my lucky stars that I'm not a slave to it for my needs.

StinkerBell · April 14, 2008, 11:26:39 PM

I agree with you Sparks.

This is suppose to be nation of equality. It is not. But bot when it comes to taxes. A flat tax would be fair imo.

I do not understand how it is fair for those who sacrifice, work hard and then be forced through taxes to pay for those who do not wish to work as hard or refuse to work.
Do people who work hard use resources more then those who do not work as hard?

In a sense our government is a religion. Let me try to explain.
The government re distributes our money to what they see fit, and therefore forcing what they decide is moral and right.

My tax dollar goes into a system where I oppose a great deal or how it is redistributed. But I have no say.

I am made to feel guilty about the poor. I want to know the definition of poverty? Because I have not heard about people dying in this country because they starved. Now I am not saying no one hasn't starved, what I hear in the news all the time is how fat we Americans are (including myself).

Ug...I am just in a mood ignore me.

sparks · April 14, 2008, 11:59:54 PM

StinkerBell, Ya I'm in a mood also. A not so kind one. Gonna sleep on it. G'Nite......the, Sparks

ScottA · April 15, 2008, 04:37:50 PM

Did my taxes today since it's tax day. The government owes me money. Wait...the government owes everybody money...alot of money...I hope they can afford enough ink to print what they owe me.

peternap · April 15, 2008, 04:49:44 PM

Quote from: ScottA on April 15, 2008, 04:37:50 PM
Did my taxes today since it's tax day. The government owes me money. Wait...the government owes everybody money...alot of money...I hope they can afford enough ink to print what they owe me.

I'll bet they fins a way to NOT pay the incentive to a large percentage of folks! Why peint money when you don't have to.