It’s really not that complex though, if you follow the instructions included on the forms.
I’ve done taxes on paper to reconcile results from tax software. Once you do it the first time and see how things piece together it’s fine. The tricky part is knowing which forms and worksheets you need.
Once you own millions in assets that are subject to depreciation things get really complicated especially if those assets are in multiple jurisdictions/countries.
That said, as your taxes scale in complexity, you typically also have the capacity to scale the assistance that you use. If all you have is W2 income, TurboTax is fine. If you have k1 income from multiple corporations, then you probably should be using an accounting firm.
"And if anybody in this country doesn't minimise their tax, they want their heads read, because as a government, I can tell you you're not spending it that well that we should be donating extra!"
Kerry Packer Australian media magnate and richest man in Australia. The man didn't get rich by paying more tax than he needed too.
Tax avoidance is an advertised feature of all tax preparation software on the market. Reducing your tax burden is the entire point!
Imagine this marketing strategy:
Turbo Tax will help you minimize your refund! We’ll overlook every tax deduction and credit you qualify for to get you the biggest tax bill ever, guaranteed.
In other words, you paid what you owed. The funny thing is, the career politicians trying to spin that as an imoral act are the ones who passed the deliberately confusing tax laws in hopes of a significant number of people paying MORE than they owed.
Why not? The Christian religion has always been Collectivist.
Yes, the Pope has been co-opted by the KGB's Subversion Project with the latter's Liberation Theology campaign, but Christianity and Marxism are still siblings: the two clades only diverged about 300 years ago.
He's actually still hanging around and apparently getting into arguments with Francis. (although he denies it) He has supported the conservative leader of Italy in opposition to Francis.
I love how they say he payed $750 in tax in the years after he became President but forget he’s not taking a salary and donating it all. What’s he gonna pay tax on if he’s not taking income?
Moreover he has lost a fair amount of money as his brand is unpopular with democrats. He may have lost tens or hundreds of millions each year. You don’t pay taxes on losses.
They know that most readers have no clue about anything to do with a 1040ez (which an unGodly amount of people pay someone else to fill out for them) and they are just capitalizing on it. It'll last a day or so and they'll make up something else.
Broke means no assets. But you don’t pay taxes on assets. You pay taxes on income. And if trump has little income, or has losses, then he should pay no taxes.
People with a Self-Owned Corporation whom have accumulated their desired sum of wealth SHOULD know that paying yourself $1 (or even better, nothing) and placing your wealth in money markets is the correct legal answer to the myriad of taxes aimed at stripping you of aforementioned wealth.
Do your own taxes. Read all the instructions. Itll take a good 6 to 10 hrs, but if you're gonna let the state steal from you, at least know all the specific rules as to how theyre doing it.
I have a Florida holding corporation LLC, I take no salary, it holds my options, and investment income i pay no tax on those as per Florida state law. i don't take a salary, i take dividends from the company.
The LLC owns my home and the mortage, taxes, water, sewer etc come off the top.
it's pretty standard. send me a message and I can set up you up with my Lawyer and tax guy.
Not sure if you're being sarcastic. If not...it was the most viewed conservative news site and one of the biggest sites on the internet from the time Monica sucked Bills flacid dong in 1998 up until a couple years ago. Basically everyone and their mom checked it once an hour everyday for 20 years. Then. A couple years ago it slowly started to flip into the shithole it is today. They likely have dirt on drudge.
It's was also reported that he still controlled the content. Dude is so fucking elusive you can only find like 3 pictures and 2 videos of him on the internet. Damn near zero interviews. I remember for a short time he had a radio show and I can only imagine what they had to do to make him take that job.
I used to listen to his radio show. He was so damn annoying, especially with being dismissive to callers that brought up good topics. He may have had good investigative chops, but he's not a very bright man. (otoh he's wealthier than me, so who am I to judge...)
If Trump Inc lost money in 2017 - as they likely did with half the country hating his brand - then he likely had significant losses. You don’t pay tax on losses.
I hope he avoided paying every cent of tax. With what our tax dollars have been used for the last 40 years is an abomination. Fuck you, deep state. Eat my ass.
There are a lot of taxes other than income tax when you are in business. They even mentioned capitol gains which are taxed as well, so he may be paying tax just not personal income tax.
Spend more than you take in. Invest and pay lower taxes on dividends and long term cap gains. Read the tax code - if theyre making laws to steal your money, be sure you understand the game
Well to be fair, the same people who believe it’s bad trump didn’t pay income taxes, also actually believe those “$1” salary CEOs actually only made $1.
I remember my Mom and her Boyfriend reacting to a news story when I was a kid about Steve Jobs only making $1 a year at apple. And the conversation they had was basically like “Wow how rich do you think he is if he can afford to work for free?” and “I wish more ceos would do that and give more money to employees”
Even as a kid I remember thinking it was bunk. I didn’t know at the time how he was making money, but I knew he was and I knew they were stupid for thinking he was doing it for free.
OP you're wrong. The fabulously rich don't even pay capital gains taxes because they never sell their stock! If Musk, Buffet, Gates, Bezos, or any other of those needs cash to buy a learjet, they just borrow against their capital. To service those loans they take out more loans against their capital. When you're worth $billions your expenses are a tiny fraction of the yearly growth in your capital, so you can borrow endlessly without paying a single dime in capital gains taxes.
And dividends? This is precisely why Berkshire Hathaway and Amazon pay NO dividends: so Buffet and Bezos don't have to pay income taxes on that either.
When Buffet complained that he paid less in income taxes than his secretary, he was being disingenuous af, though everyone who has a clue saw through that instantly. Buffet doesn't care if he pays 100% or 0% in income taxes because either way it comes out to approximately zero dollars. But Buffet very much cares that the middle class pay more in taxes. Oh well, maybe he doesn't even want that, but Obummer did, and Buffet knew what he had to say to keep the dems from coming after his business.
The fix that lefties want will end up screwing the average person saving / investing for retirement. Too bad the fed banned buying physical gold, at least then you could buy and bury it in your back yard. :P
It's either legal or illegal. I'm going to say its legal and anyone that had billions of dollars would use the tax code to fullest extent that your could.
He didn't want them out because people wouldn't understand not paying income tax yet making money. Here's Exihibit A.
Actually Elon Musk borrows money from Goldman Sachs and uses his shares as collateral. This allows him (and many other people in similar positions) to live a wealthy lifestyle and pay no taxes since a loan is not taxable.
Only people who pay taxes know this. People on welfare think it's a super-duper-bombshelf.
This is the key
Bombshelf hahahahahaha
As little as legally possible = paying your taxes correctly and fully.
If you pay more than you actually owe due to not understanding tax law or not hiring someone who does, then you’re a dumbass.
Playing devil's advocate here. The tax code isn't exactly created to be easily understood and help the majority of people do their filings.
It’s really not that complex though, if you follow the instructions included on the forms.
I’ve done taxes on paper to reconcile results from tax software. Once you do it the first time and see how things piece together it’s fine. The tricky part is knowing which forms and worksheets you need.
Once you own millions in assets that are subject to depreciation things get really complicated especially if those assets are in multiple jurisdictions/countries.
That’s not particularly common, even for business owners.
Depends on the industry. Depreciation is a big factor in commercial real estate.
Okay well I would still not consider it that complicated, relative to the scale of the business.
CPAs should be able to do things with pen and paper, even if it takes an inordinately long time, if their software fails.
I know this because I know CPAs who still do things on paper. It’s not rocket science. You don’t even need a slide rule.
I agree. It should be greatly simplified.
That said, as your taxes scale in complexity, you typically also have the capacity to scale the assistance that you use. If all you have is W2 income, TurboTax is fine. If you have k1 income from multiple corporations, then you probably should be using an accounting firm.
A great man once said.
"And if anybody in this country doesn't minimise their tax, they want their heads read, because as a government, I can tell you you're not spending it that well that we should be donating extra!"
Kerry Packer Australian media magnate and richest man in Australia. The man didn't get rich by paying more tax than he needed too.
.
Tax avoidance is an advertised feature of all tax preparation software on the market. Reducing your tax burden is the entire point!
Imagine this marketing strategy:
Turbo Tax will help you minimize your refund! We’ll overlook every tax deduction and credit you qualify for to get you the biggest tax bill ever, guaranteed.
In other words, you paid what you owed. The funny thing is, the career politicians trying to spin that as an imoral act are the ones who passed the deliberately confusing tax laws in hopes of a significant number of people paying MORE than they owed.
I wouldn’t believe a Drudge - or NYT - headline even if it said that the Pope is a Catholic.
Well, to be fair, the current pope isn't really Catholic.
Kek!
https://kekpe.pe/i/5f713a5173692.jpg
Why not? The Christian religion has always been Collectivist.
Yes, the Pope has been co-opted by the KGB's Subversion Project with the latter's Liberation Theology campaign, but Christianity and Marxism are still siblings: the two clades only diverged about 300 years ago.
Pope Benedict is definitely a Catholic.
I wonder how that went down. Are they holding him hostage? Does he ever come out in public? Has anyone seen him?? Is he even alive anymore???
He's actually still hanging around and apparently getting into arguments with Francis. (although he denies it) He has supported the conservative leader of Italy in opposition to Francis.
Kinda weird he started going after the pedos in the church and then suddenly had to step down.
I love how they say he payed $750 in tax in the years after he became President but forget he’s not taking a salary and donating it all. What’s he gonna pay tax on if he’s not taking income?
Moreover he has lost a fair amount of money as his brand is unpopular with democrats. He may have lost tens or hundreds of millions each year. You don’t pay taxes on losses.
Not only that, but you carry forward those losses to offset future profits.
Which is exactly what the fuck DJT did. Take a loss so big and he offset his profits for the next 10 years.
Props to him. Are we supposed to suddenly hate him now? lol
No we were supposed to start hating him 4 years ago!
They know that most readers have no clue about anything to do with a 1040ez (which an unGodly amount of people pay someone else to fill out for them) and they are just capitalizing on it. It'll last a day or so and they'll make up something else.
"bUt I tHoUgHt aLl TaXeS wErE jUsT iNcOmE TaX" - Liberals maybe
Why wouldn't someone want to know all the ways to lower your taxable income?
Drudge must'v fucked kids
Got bought out quite a while ago, it's spiritual successor is rantingly.com
Broke means no assets. But you don’t pay taxes on assets. You pay taxes on income. And if trump has little income, or has losses, then he should pay no taxes.
Property tax is a tax on assets.
Which will get paid through the business, not personal taxes.
Show me Gates, Fauci, Brennan, Comey, Obama and Pelosi's tax returns.
They all do the same thing...
They get paid by their commie and monopoly bros.
People with a Self-Owned Corporation whom have accumulated their desired sum of wealth SHOULD know that paying yourself $1 (or even better, nothing) and placing your wealth in money markets is the correct legal answer to the myriad of taxes aimed at stripping you of aforementioned wealth.
Where can we learn how to do this?
An Accountant and Tax Attorney worth their paychecks.
Do your own taxes. Read all the instructions. Itll take a good 6 to 10 hrs, but if you're gonna let the state steal from you, at least know all the specific rules as to how theyre doing it.
An Accounting Firm.
I have a Florida holding corporation LLC, I take no salary, it holds my options, and investment income i pay no tax on those as per Florida state law. i don't take a salary, i take dividends from the company.
The LLC owns my home and the mortage, taxes, water, sewer etc come off the top.
it's pretty standard. send me a message and I can set up you up with my Lawyer and tax guy.
S-corp is taxed differently from an LLC. you should set up a LLC to hold the shares in your S-Corp to further reduce your tax situation.
Who's your worm guy? I bet you're paying too much.
What did Trump pay in NY state taxes? Comes off the top.
Huge assets - tied with low income - leads to low taxes... and high net worth.
Will be a big nothing burger again. You would think they would learn by now...Trump supporters could care less.
Yup, it really doesn’t matter, I’m still voting for Trump.
What is this Drudge Report. Doesn't seem like the kind of thing many people would pay attention too. A cheap copy of Rantingly.
Thanks for reminding me about rantingly that shit is dope
Not sure if you're being sarcastic. If not...it was the most viewed conservative news site and one of the biggest sites on the internet from the time Monica sucked Bills flacid dong in 1998 up until a couple years ago. Basically everyone and their mom checked it once an hour everyday for 20 years. Then. A couple years ago it slowly started to flip into the shithole it is today. They likely have dirt on drudge.
Nah he just sold it for an undisclosed sum.
It's was also reported that he still controlled the content. Dude is so fucking elusive you can only find like 3 pictures and 2 videos of him on the internet. Damn near zero interviews. I remember for a short time he had a radio show and I can only imagine what they had to do to make him take that job.
I used to listen to his radio show. He was so damn annoying, especially with being dismissive to callers that brought up good topics. He may have had good investigative chops, but he's not a very bright man. (otoh he's wealthier than me, so who am I to judge...)
I'm being sarcastic. It was my home page for 15 years. I gave it up completely about a year ago.
Well played
A piece of missing link media.
I would vote for Trump if his net worth was zero dollars or a trillion.
"Income taxes". Now tell me how much he paid in all other forms of taxes, fees, permitting, inspection, and compliance costs.
Taxes aren’t on assets. They are on earnings.
If Trump Inc lost money in 2017 - as they likely did with half the country hating his brand - then he likely had significant losses. You don’t pay tax on losses.
I hope he avoided paying every cent of tax. With what our tax dollars have been used for the last 40 years is an abomination. Fuck you, deep state. Eat my ass.
There are a lot of taxes other than income tax when you are in business. They even mentioned capitol gains which are taxed as well, so he may be paying tax just not personal income tax.
Trump knows explaining is a losing game. People don't understand and it makes you look like you're making excuses.
"If you're explaining, you're losing."
Damn, anyone got any books that describe Elon or Trump's tax strategy?
I'm just a lowly entrepreneur, trying to get by
Spend more than you take in. Invest and pay lower taxes on dividends and long term cap gains. Read the tax code - if theyre making laws to steal your money, be sure you understand the game
Edit: by spend i mean, Write. Off. Everything.
Well to be fair, the same people who believe it’s bad trump didn’t pay income taxes, also actually believe those “$1” salary CEOs actually only made $1.
I remember my Mom and her Boyfriend reacting to a news story when I was a kid about Steve Jobs only making $1 a year at apple. And the conversation they had was basically like “Wow how rich do you think he is if he can afford to work for free?” and “I wish more ceos would do that and give more money to employees”
Even as a kid I remember thinking it was bunk. I didn’t know at the time how he was making money, but I knew he was and I knew they were stupid for thinking he was doing it for free.
Steve jobs also took a salary of 1 dollar. Many of the rich people do this to avoid the unfair tax system.
Fuck drudge... Sellout
The ONLY time I think about that place is when people talk about. Why both. Just ignore it, no one on team Trump reads it or should be reading it.
Matt Drudge is hanging in a meat locker somewhere and Linda Sarsour is running his site into the ground.
OP you're wrong. The fabulously rich don't even pay capital gains taxes because they never sell their stock! If Musk, Buffet, Gates, Bezos, or any other of those needs cash to buy a learjet, they just borrow against their capital. To service those loans they take out more loans against their capital. When you're worth $billions your expenses are a tiny fraction of the yearly growth in your capital, so you can borrow endlessly without paying a single dime in capital gains taxes.
And dividends? This is precisely why Berkshire Hathaway and Amazon pay NO dividends: so Buffet and Bezos don't have to pay income taxes on that either.
When Buffet complained that he paid less in income taxes than his secretary, he was being disingenuous af, though everyone who has a clue saw through that instantly. Buffet doesn't care if he pays 100% or 0% in income taxes because either way it comes out to approximately zero dollars. But Buffet very much cares that the middle class pay more in taxes. Oh well, maybe he doesn't even want that, but Obummer did, and Buffet knew what he had to say to keep the dems from coming after his business.
Wtf happened to the drudge report
Every smart person tries to avoid feeding an inefficient and incompetent bureaucracy.
The fix that lefties want will end up screwing the average person saving / investing for retirement. Too bad the fed banned buying physical gold, at least then you could buy and bury it in your back yard. :P
It's either legal or illegal. I'm going to say its legal and anyone that had billions of dollars would use the tax code to fullest extent that your could.
He didn't want them out because people wouldn't understand not paying income tax yet making money. Here's Exihibit A.
I try to avoid tax as much as possible as well!!
I'm not very good at it (I paid 50k tax last year) but I have multiple houses writing off the tax I pay.
Actually Elon Musk borrows money from Goldman Sachs and uses his shares as collateral. This allows him (and many other people in similar positions) to live a wealthy lifestyle and pay no taxes since a loan is not taxable.
Jeff Bezos gets less than $100,000 per year salary. He gets stock and regularly sells them for cash.
Truly wealthy people have very diversified funds, and that's also why they're wealthy. If you're wise, you diversify into profitable and stable areas.
Trump is playing 4D chess, convinces the entire nation there should be a flat tax.
Truly a very stable genius.
I'm trying to figure out how they're claiming "broke" based on tax liabilities. Are they retarded, or just think their readers are? Or both?
Wait...if Biden is winning so hard, why do they have to embarrass themselves like this? Must be aimed at early voters and screwing with their minds.
Linking Drudge is like endorsing Biden.
Fuck Drudge - no one cares about his sell out site.
Fuck Drudge. Someone needs to figure out when Matt Drudge sold his website and to who, it was clearly part of some strategy to bring Trump down.
Drudge is still online?
Drudge even using a tabloid font
The real numbers we want to hear is how much Drudge got bought out for
I mean, most of Congress abuses these same loopholes to pay minimal taxes. So, what? Are they gonna push to close them?