I HATE taxes!

[wmaousley]

I mean I HATE them! Just did my 2010 and I am paying over $250k for the year combined in FED and State. What pisses me off the most here is all these people that are not paying any and are also not paying their mortgage yet still living in their homes.......for years! I have to pay for them to live. I know people are going to say "hey be happy you make that type of income". Not the point! Still sucks! And our great leader wants to raise them!! F that. I need to incorporate offshore or find some tax shelters.....any help?

Let the arguing begin!

Based on your tax payout, your salary for this year is no less than a million. Honestly I don't believe you. I have a financial background and all the people I know who have a salary or net income exceeding $200,000usd usually have a good idea of how to manage there money as well as employ financial institutions to manage there assets. Also such persons wouldn't go on a BB forum and ask for advice. Your full of sh-it.

[edgarr]

Based on your tax payout, your salary for this year is no less than a million. Honestly I don't believe you. I have a financial background and all the people I know who have a salary or net income exceeding $200,000usd usually have a good idea of how to manage there money as well as employ financial institutions to manage there assets. Also such persons wouldn't go on a BB forum and ask for advice. Your full of sh-it.

Who says I don't know how to manage my money?? Aside from buying a farm, I use just about every tax shelter that I know....well that is legal. Are you suggesting I try something that is not legal? Even if i bought a company and ran expenses through that, my income that I pay all the taxes on is still paid to me by a US corp so I will still pay the same amount.

Believe what you want. I could post W-2's but of course I would white out name and SS# so what would that prove.

BTW, it is less than a million, if it wasn't I would only be at a 25% tax bracket. And the 250k I spoke about includes state tax.........which is stupid high where I live!!

[wmaousley]

Who says I don't know how to manage my money?? Aside from buying a farm, I use just about every tax shelter that I know....well that is legal. Are you suggesting I try something that is not legal? Even if i bought a company and ran expenses through that, my income that I pay all the taxes on is still paid to me by a US corp so I will still pay the same amount.

Believe what you want. I could post W-2's but of course I would white out name and SS# so what would that prove.

BTW, it is less than a million, if it wasn't I would only be at a 25% tax bracket. And the 250k I spoke about includes state tax.........which is stupid high where I live!!

Good luck with that

[Times Roman]

Who says I don't know how to manage my money?? Aside from buying a farm, I use just about every tax shelter that I know....well that is legal. Are you suggesting I try something that is not legal? Even if i bought a company and ran expenses through that, my income that I pay all the taxes on is still paid to me by a US corp so I will still pay the same amount.Believe what you want. I could post W-2's but of course I would white out name and SS# so what would that prove.

BTW, it is less than a million, if it wasn't I would only be at a 25% tax bracket. And the 250k I spoke about includes state tax.........which is stupid high where I live!!

you are a W-2 employee and are taxed at the Alternative Minimum Tax (AMT) rate, and there is not much you can do about that. Your income would suggest you are a key employee at your company, and could possible negotiate an employment contract as a contractor. This will get you out of the W-2 arena and into the schedule "C" arena where you may be able to come up with some creative deductions. Please note that if you entertain this path, you will now be responsible for the employers and the employees portion of social security taxes.... potentially an increase of 7.5% of your taxes!

Unless you need to maximize your net wage, I would suggest putting as much as you can into a 401(k) and/or an IRA.

Did you know you may be able to buy houses through a 401(k)? when the market turns around, your investment could do very well. I've never seen houses in this type shelter, but I have seen gold and other tangible assets, so I imagine you could also put houses. I bring this up since houses are extremely cheap right now.

I would recommend getting a very aggressive CPA firm involved in your financial planning. it will cost you a few thousand a year, but the potential savings should be more than enough to offset.

[edgarr]

you are a W-2 employee and are taxed at the Alternative Minimum Tax (AMT) rate, and there is not much you can do about that. Your income would suggest you are a key employee at your company, and could possible negotiate an employment contract as a contractor. This will get you out of the W-2 arena and into the schedule "C" arena where you may be able to come up with some creative deductions. Please note that if you entertain this path, you will now be responsible for the employers and the employees portion of social security taxes.... potentially an increase of 7.5% of your taxes!

Unless you need to maximize your net wage, I would suggest putting as much as you can into a 401(k) and/or an IRA.

Did you know you may be able to buy houses through a 401(k)? when the market turns around, your investment could do very well. I've never seen houses in this type shelter, but I have seen gold and other tangible assets, so I imagine you could also put houses. I bring this up since houses are extremely cheap right now.

I would recommend getting a very aggressive CPA firm involved in your financial planning. it will cost you a few thousand a year, but the potential savings should be more than enough to offset.

Yes a key employee but it is a large firm. Besides, I don't think I would want to go back to a contractor statues. The additional cost in employees, health care, quarterly payments, etc was not fun. And, most of the items that I would write off could be questioned by the IRS and I have been through and audit.....I would rater get kicked in the balls for an hour than go through that again.

Did not know you could buy a house in a 401k....yes I max it out. I am still very bearish the housing market, I think 2007-08 was the tip of the iceberg.

Oh well, the original post was a rant. I just did my 2010 taxes and I have all these protesters outside my building with signs saying "tax the top". F-that, stop protesting and get a job and pay some taxes!

Thanks

[Times Roman]

Yes a key employee but it is a large firm. Besides, I don't think I would want to go back to a contractor statues. The additional cost in employees, health care, quarterly payments, etc was not fun. And, most of the items that I would write off could be questioned by the IRS and I have been through and audit.....I would rater get kicked in the balls for an hour than go through that again.

Did not know you could buy a house in a 401k....yes I max it out. I am still very bearish the housing market, I think 2007-08 was the tip of the iceberg.

Oh well, the original post was a rant. I just did my 2010 taxes and I have all these protesters outside my building with signs saying "tax the top". F-that, stop protesting and get a job and pay some taxes!

Thanks

when the economy is bearish is a good time to buy. Remember... buy low sell high.....

[edgarr]

when the economy is bearish is a good time to buy. Remember... buy low sell high.....

yes...just looking for the "buy lower sell high"