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It has been so long since the last time I paid into Income Taxation, I tend at assume that other people like filing taxes. In fact most people do not. So yes you caught me.
If you work Minimum-Wage and your single and you insist on only using a EZ-form [becuase it is EZ], then sure a small portion of your income may be subject to taxes.
47% do not pay income taxes, and this is not the wealthy folk.
??? ??? ??? ???
How, exactly, would a minimum wage earner benefit by filing a tax form OTHER THAN EZ?
As a minimum wage earner I've never had any adjustments to income - e.g. no IRA contributions - or any tax credits, so I don't see a bottom line cash difference with 1040(A) or EZ.
How, exactly, would a minimum wage earner benefit by filing a tax form OTHER THAN EZ?
As a minimum wage earner I've never had any adjustments to income - e.g. no IRA contributions - or any tax credits, so I don't see a bottom line cash difference with 1040(A) or EZ.
Learn to use a Schedule A, C, D, E, F, R, or any of the forms.
Learn to itemise.
I have used a wide of schedules and forms in my tax filings. Nearly all of them are used to lessen your income tax burden.
If you are earning Minimum-Wage, you make the same that I make.
In what universe do you see minimum wage earners with interest, dividend, rental, or farm income?
I find myself repeating my words to you, yet again.
I bought my first apartment complex when I was earning Minimum-Wage in 1985. Granted over the course of my career, I collected a few properties. We sold off all of our rental properties when I retired. Now that I am in my retirement I am on pension that equals Minimum-Wage.
Today, I am in the process of refurbishing a rental property. That I closed on 4 November. I hope to again have rental income flowing mid to late 2017.
Personally I do not invest in stocks, but I know a lot of people who do.
I file a Schedule F every year.
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... I've used Sch C and SE but that's all. So I did get to use expensing but I don't think i'll ever be able to profitably itemize.
Truer words can not be spoken.
Self-fulfilling prophecy like that is pretty much carved in stone. Such words are the nails to a coffin.
You insist that you will never itemize, and I am sure that you will not.
A horse can not be forced to drink, nor can a starving man be forced to eat.
Yet a little sleep, a little slumber, a little folding of the hands to sleep: So shall thy poverty come as one that travelleth, and thy want as an armed man. Proverbs 6:10-11
Hide your hand in your lap, don't bother to bring food to your mouth. Proverbs 19:24
Do you want to see 13 yr olds married,working,and parents?
Married and parents no, but I do think they should be allowed to work if they want to. I think banning all employment just because of abusive practices during the Industrial Revolution is both outdated and an infringement on rights. If you want to avoid work abuse, ban the abuse, not the work. I do think it is fair to set minimum academic standards though (i.e. a 2.0 GPA) to avoid the work being at the expense of school.
You are the Taxphd, what form do you prefer to use?
You claimed that low income taxpayers used the EZ form because it was easy. The implication is that there is a better alternative. It is your claim, not mine.
So, what form should those low income taxpayers use, and how would it benefit them?
Itemized deductions are always tossed around as this magical thing, but are very dependent upon your state and your other investments and personal conditions.
I personally don't itemize because I don't pay enough in interest or fees otherwise to pass the standard deduction, which though in the past was pretty low, it's much more reasonable now, especially if you are married.
Modern tax forms and tax software can easily compute the differences between standard and itemized deductions. However, you can usually file a 1040EZ for free but a 1040 costs from $40-$200 if you are not a tax professional. So it's worth taking the cost into account vs the gains.
Yeah, it kind of a premature elaboration, or worry, if you will. Calm down folks. Wait for the new government world to unfold. Then you can scream, Oh, my gawd, the world is ending. Very premature at this point.
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Originally Posted by cb73
This is the tax plan that doesn't exist because he hasn't taken office, right?
And would have to be approved by next year's Congress, that hasn't been sworn in yet.
And it's being discussed like it's a fact?
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