Investing in precious metals 101

No Tax Discussion?

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  • Tue, Apr 14, 2009 - 12:39am

    #1

    SagerXX

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    No Tax Discussion?

It surprises me — without leaving me feeling bereft — that there’s no thread about income taxes, what with Wednesday being April 15th.  Maybe that’s a good thing, since such a thread might crash the servers…[wry grin]

I used to live in NYC, and I’d get my (very simple 1040) return done maybe a week before 4/15.  Then on the night of the 15th, I’d take the subway up to the main Manhattan P.O. (across the street from Madison Square Garden) to mail the thing.  It was always a trip to smell the rage and desperation in the air as literally 1000s of people thronged the post office, filling out their returns (yes, I actually saw people using the back of people in front of them in line as a desk to write on) standing up.  

People bellowing "Anybody got a Schedule C?!!!"  This sorta thing.  Awesome.

Then I’d post my return and scarper off.  I’m not much of a schadenfreude kinda guy, but this was always a worthwhile spectacle.  Very New York.

Viva — Sager 

 

  • Tue, Apr 14, 2009 - 12:57am

    #2
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: No Tax Discussion?

[quote=SagerXX]

It surprises me — without leaving me feeling bereft — that there’s no thread about income taxes, what with Wednesday being April 15th.  Maybe that’s a good thing, since such a thread might crash the servers…[wry grin]

I used to live in NYC, and I’d get my (very simple 1040) return done maybe a week before 4/15.  Then on the night of the 15th, I’d take the subway up to the main Manhattan P.O. (across the street from Madison Square Garden) to mail the thing.  It was always a trip to smell the rage and desperation in the air as literally 1000s of people thronged the post office, filling out their returns (yes, I actually saw people using the back of people in front of them in line as a desk to write on) standing up.  

People bellowing "Anybody got a Schedule C?!!!"  This sorta thing.  Awesome.

Then I’d post my return and scarper off.  I’m not much of a schadenfreude kinda guy, but this was always a worthwhile spectacle.  Very New York.

Viva — Sager 

 

[/quote]

Maybe there’s no income tax thread because we’re all too busy doing our income taxes.  Wink

  • Tue, Apr 14, 2009 - 02:46am

    #3
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: No Tax Discussion?

Actually, I was considering enclosing a cover letter to Tim Geithner.  It would start something like this:

———————————-

Dear Secretary Geithner:

Enclosed is my 2008 tax return together with my check for xxxxxx.xx.  I trust you will find everything in order.  If you find any errors, please be assured that they are unintentional.  My understanding is that if I have made any significant mistakes I can simply make an apology to avoid any repurcusions and still attain my goal of being confirmed to a high-level cabinet position where I oversee, among other things, the Internal Revenue Service.  Can you confirm whether my understanding is correct?

[Then I would go off about how he sucks at his job and sucked his thumb as chief of the NY Fed and all sorts of other sarcastic nasty stuff that would, (1) assure me of an audit but, (2) provide an excellent First Amendment retaliation claim in the event I were actually audited.]

————————————–

I fantasized about this quite a bit at the gym today.  Then I figured my time would be better spent changing out the water in my emergency water barrels.

– LYS

  • Tue, Apr 14, 2009 - 02:57am

    #4
    Peak Prosperity Admin

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    Re: No Tax Discussion?

Death and taxes are for certain; not much use debating those in a forum!

I have noticed my return has become exponentially thicker and more complicated every year, just like everything else in life. 

  • Wed, Apr 15, 2009 - 12:51am

    #5
    Peak Prosperity Admin

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    Re: No Tax Discussion?

I agree Woodman… my return gets thicker and more complicated, but my refund keeps getting smaller. Geez, I had to scramble and pull some serious rabbits out of my as-uh-hat this year in order not to owe anything. There’s all these "economic stimulus" incentives out there are are nigh impossible to qualify for if you’re being reasonable and trying to avoid increasing your debt… but of course they want you to increase your debt because that’s how they make new money out of thin air. grrrrrrrrrr Yell

  • Wed, Apr 15, 2009 - 01:34am

    #6
    Peak Prosperity Admin

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    Re: No Tax Discussion?

I stopped paying income tax a few years ago. Stopped my live insurance too.

I figured what the big boys can do i can do too. BVI, Hong Kong. It is easy, perfectly legal and 100% tax free. I still pay property tax though, and VAT and tax on energy, That already amounts to about 20-25%.

Having to pay 52% income tax was too high for me. Total tax was around 75%. For that i got bad infrastructure, every year worse healthcare and education, retirement uncertainties. I figured i can better manage most of that myself. Never received a dime in social security, so i don’t have a guilty feeling. On the contrary, it feels very liberating. 

  • Wed, Apr 15, 2009 - 04:36am

    #7
    Peak Prosperity Admin

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    Re: No Tax Discussion?

I started a thread on taxes a few weeks ago – it got edited by CM for promoting unlawful activities!

All I can say is file an extension! and another…

  • Wed, Apr 15, 2009 - 05:59pm

    #8
    Peak Prosperity Admin

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    Re: No Tax Discussion?

We’re trying to remain "tax neutral" – i.e. make enough income to pay for things we can’t produce ourselves, but not make enough income to be taxable.  It’s going to be a fun balancing act… and we’ll still have to file a lengthy return and likely be audited, but hopefully will become exempted from making those stupid "estimated" tax payments every quarter.  Automatic tax withholding from paychecks or estimated tax payments for self-employed is just a sneaky way the government gets to use your money and the interest for free the whole year… grrrrrrr… and they whine at us about illegal activities?!?

  • Wed, Apr 15, 2009 - 11:15pm

    #9
    Peak Prosperity Admin

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    Re: No Tax Discussion?

[quote=SamLinder] 

Maybe there’s no income tax thread because we’re all too busy doing our income taxes.  Wink

[/quote]

Just finished mine online about 10 minutes ago…….Now we can discuss….Hehe

  • Thu, Apr 16, 2009 - 05:55am

    #10
    Peak Prosperity Admin

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    Re: No Tax Discussion?

[quote=paranoid]

I started a thread on taxes a few weeks ago – it got edited by CM for promoting unlawful activities!

All I can say is file an extension! and another…

[/quote]

Not sure how this would help. You are still required to pay what you owe (or think you owe) with the first extension request. So you can file additional extension requests until the cows come home but the IRS still wants your money up front.

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