How can I reduce the amount of income tax I pay?

reply to post by Justice11



Did you give any thought as to why russo is dead?



Pretty strange that he died right after releasing Freedom to Fascism...

I would tell you not do anything crazy. You could probably get away with it for a while but unless you are rich and powerful you will get into alot of trouble. I cant say why I know, but you will most likely get cought. However I have to say this we all have to pay so why should'nt you. No offence intended. One other thing with the government needing more and more money they will be even more intent on getting the money.

Originally posted by want2believe
I would tell you not do anything crazy. You could probably get away with it for a while but unless you are rich and powerful you will get into alot of trouble. I cant say why I know, but you will most likely get cought. However I have to say this we all have to pay so why should'nt you. No offence intended. One other thing with the government needing more and more money they will be even more intent on getting the money.

Are you forgetting that the Feds are controlled by a single family: the Rothschilds?



Oh yes, the govt. DOES need money for black-budget programs and illegal wars.

I believe you can open a sep ira for last year if you filed an extension. Of course you need to work for yourself.

As for real estate if you are forced to claim earnings, one can always open a SIMPLE IRA for your real estate biz which allows you to put up to 11K a year away. If you only make 11k profit you are still allowed to put 11 k away.

Originally posted by Crakeur
reply to post by TheComte

 

gotta be cautious with that. The IRS has rules against hobby losses being deducted. You need to be able to show that you are doing this as a business and not a hobby.

The most audits I see these days are schedule c audits.

Can I ask why you are seeing audits at all? Are you an accountant,irs employee or what?

reply to post by Crakeur


Guess that answers my previous post. Should have read on. Pretty lame of me.

reply to post by disgustedbyhumanity


yes, you need to be self employed to open a SEP and you can do so until october 15th, provided you didn't file your tax return yet.

yes, I'm an accountant and yes to whomever asked, I am the CFO of The Above Network LLC.

reply to post by Crakeur

ahhh...

that explains the knowledge then... and the not wanting to look at any members taxes right now (you're probably sick of seeing tax forms this year )

Soooo... Question for the CFO... What I stated on page two isn't correct? I understand what you're saying that it doesn't apply in all cases. I have a child now so I claim 2 and get an EIC (I sadly only make 22,000 a year on a good year) plus a refund for my payments. So the 0 wouldn't be the best option now.

However... when I was 19 and making 4k less a year? wouldn't zero guarantee me a really high refund?

I would also assume once you hit the $36,000 tax bracket claiming zero may not be a good idea, because you may just lose more money.

Sorry to sound questioning, but I'm just wondering if I'm dead wrong, or just right in my specific instance?



Coven

reply to post by coven


what you claim for withholding has no bearing on your tax burden, only on the end result of whether you owe or get money back.

here's an example to clarify it. For the record, I am making numbers up.

let's say you make $100,000. Your tax, per the 1040 is $20,000. If you withhold the maximum amount with each paycheck (0 exemptions) you should get back some money. If you withhold more money each pay period, say using 10 exemptions, you will, invariably owe money. The $20,000 tax burden will, however, be the same.
it's a matter of whether or not you want them holding your money during the course of the year. There is always the potential for penalties for not paying in enough during the course of the year.

Become a charity or a church is the only way I could think of.Then you could do what I did for about 5 years of my life......live on a boat hold odd jobs that pay under the table and fish for a lot of your food.You owe the tax man nothing and actually get money.

This of course would be the life of a younger single man.

[edit on 30-4-2008 by CaptGizmo]

take a look at this website


www.detaxcanada.org...

dont worry it applies to Americans too

btw i got this from the thread-

www.abovetopsecret.com...'