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Location: Formerly NYC by week; ATL by weekend...now Rio bi annually and ATL bi annually
1,522 posts, read 2,242,785 times
Reputation: 1041
Quote:
Originally Posted by 30to66at55
If by "loopholes", you mean outright lying about certain deductions that arent checkable except under audit..then yes, those do exist.
No sir. Reread the post. I specifically stated that he should structure the transactions up front to limit liability. Not lie. And loopholes arent lying, they are what they are, loopholes. As a Fraud examiner/Forensic Accountant I stated that I believe they should be closed. They were written into the tax code and were relevant at the time, not now. I never stated or insinuated that anyone lie. The OP's tax liability doesnt warrant him lying and if he does so, it would be a very stupid choice.
haha like I said, I owe over 4k in taxes from my own turbotax filing. You think someone working at Starbucks would owe that much? Even if they had 9 allowances, they still wouldn't owe that much. I usually get money back but this year I have too much capital gains taxes from selling some investments.
Don't you love that extra Obamacare 3.8% capital gains tax? Pay your fair shair you greedy rich person.
How do you owe 4,000 dollars? Methinks you must have entered the data wrong.
easy.
for example, sell a stock. Trigger a long term gain of $25,000. You instantly owe close to $4 grand of uncle sam. If you are proactive, pay your estimate tax or potentially owe that with penalty when it comes to tax time.
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