Residential Real Estate Broker · Milwaukee, WI · Member since 2009 · 3 posts · 2 votes
Call me a patriotic fool but this is one great country and I often think it's but luck of the draw I was born into it. Happy to pay.
Honor might be pushing it.....
Sharon in Milwaukee
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
17y
Decrease your income taxes with these hints
I promised my wife I'd work with her and be available to help with the income taxes for a couple days. I drive the MRS crazy with the things I do. I decided that since I have time between her questions, I'd post today in between her requests. I've always spent about half the year earning money and the other half figuring out how to keep it. As I'm doing this, I realize I may be able to offer some suggestions that would help your tax situation. First- disclaimer- I'm NOT an acct., but I know a lot and have beaten the IRS twice in audits and am VERY proud of it.
If you have the ability to build a home and a flexible wife, MOVE often if property is appreciating in your area. Many years ago, you could sell your personal residence ONE time in your life, at age 55 or older and take the first 125K tax free(250K if married). This rule was changed and now ; there is no age requirement, you can do it over and over again and make 500K EACH time tax free.I did this 4 times in UTAH, never left the neighborhood, and made about 600-700K TAX free. That is like after taxes earnings of near a million dollars. Have your own business, or start a SECOND business. The reason is that you are allowed to deduct a lot of items for business purposes that you can't as a person only. YOU MUST do this!! Turn current EXPENSES into deductions. You don't have to spend more to save taxes. They just have to qualify as a deduction, rather than just an expense. YOU MUST be in the real estate business. You are limited to 25K deductions as passive losses if not in the business. No limit if you are in the business. I take hundres of thousands in loss each year from depreciation, and I couldn't do this if I was not in the business.YOU DON"T have to make any money. Take your hobby and make it a business. When it doesn't make any money, shut it down after 3 years and start another one for 3 years. Write off ALL your trips. Look for real estate or a job where ever you go. Document it and set up appts. The worst case, you might be offered a better job in Hawaii. You then may deduct the costs of the trip. Buy properties where you like to visit. IRS allows you expense to check your properties twice a year. I own in Cancun and have written off 50 trips!! Have your kids do the laundry, wash the cars, mow the lawns(where you maintain a home office) etc. You may pay them "fair " market rate (find the highest custom wash place). Then, you tell them they get to buy their own clothes and food!! You just created tax deductions for expenses that previuosly weren't decuctible, clothes and food. Buy a computer, and depreciate it. Then give it to a kid. LEASE it back from them and you create a tax deduction!! Isn't this fun? Then the kid buys his own school lunches, etc--tax deductible. I'M NOT an acct. but I do know this stuff. I'm sure others have some good ideas also. I had an Acct that told me to always try to take the most deductions possible. If you can make an argument for your position, do it. Calling a tangerine an orange is a definite arguable point. Both are round, orange with seeds and pulp. Calling a cucumber an orange, you may go to jail!! I hope this causes you to think. You have to beat the tax man to create real wealth, imo.Paying Income taxes is one of the top 4 obstacles to creating real wealth along with procrastination, spending habits and inflation. Good luck. Rich in FL. rich weese,
Real Estate Investor · Tampa, FL · Member since 2008 · 456 posts · 42 votes
17y
Not meaning to turn it into a political thread or anything (yeah , I know most of you know me :P ) but I have no problem paying taxes either. Its when the money that I have worked very hard gets squandered on useless things that I become outraged.
Investor · colorado springs, CO · Member since 2009 · 283 posts · 45 votes
17y
Originally posted by Karen Parker:
Not meaning to turn it into a political thread or anything (yeah , I know most of you know me :P ) but I have no problem paying taxes either. Its when the money that I have worked very hard gets squandered on useless things that I become outraged.
Amen, Karen! Talking about the senseless war, no doubt!
Real Estate Investor · Tampa, FL · Member since 2008 · 456 posts · 42 votes
17y
Originally posted by Sorin T:
Originally posted by Karen Parker:
Not meaning to turn it into a political thread or anything (yeah , I know most of you know me :P ) but I have no problem paying taxes either. Its when the money that I have worked very hard gets squandered on useless things that I become outraged.
Amen, Karen! Talking about the senseless war, no doubt!
I'm talking about paying for a useless bunch of politicians to sit up there and take away my rights and dictate how I should live. And lets add to that taking what I have worked for to give to somebody who won't!
What the hell took you so long, Sorin T? I knew you'd be right in here behind me but expected you sooner..
Real Estate Investor · Member since 2008 · 340 posts · 34 votes
17y
Until the government gets it's act together, I am not happy to pay taxes.
I am all for paying for roads, a strong national defense and people to inspect the meat that I eat, but what is going on is crazy! It's generational theft and wealth distribution. This is not what this government was founded for. People through tea into the Boston Harbor for less grievances.
But, people are to busy drinking 3 buck coffees while listening to Jay-Z on their 400 buck iPod to give a damn.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
17y
I pay taxes at the gas pump. OK with that, I use the roads etc. I pat property taxes, most goes to local entities and the schools where my kids and grand kids "learn". OK with that. Income taxes that go to help politicians get lifetime jobs and spend frivolously. Not OK with that and will do everything legally to keep them from getting any % of my income. Rich.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
17y
Originally posted by Mr_Investor:
Sorry but I'm not honored to pay a corrupted government who doesn't pay back who takes and takes and takes without regard to its own people.
Mr_Investor! I was worried about you...
After you made some ridiculous statements in the other thread and then ignored my request to substantiate them (and just disappeared), I thought something might have happened to you.
Glad to see you're okay, and were just ducking the questions...
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
17y
What questions was Mr Investor ducking? I haven't known him to be that way. Maybe I or someone else can take a stab at answering them. Re-post them if interested. Rich.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
17y
Originally posted by Rich Weese:
What questions was Mr Investor ducking? I haven't known him to be that way. Maybe I or someone else can take a stab at answering them. Re-post them if interested. Rich.
It was a post where he was clearly name calling and trying to be insulting just to be inflammatory...
I'd post it here, but it will just take this thread off-topic, which isn't my intent (sorry if I already did!)...
He knows what I'm talking about, and I guess his ignoring my follow-up is his way of apologizing...
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
17y
Originally posted by Mr_Investor:
J are you trying to start crap. I left that thread because I got pissed off and I hate getting pissed off so I decided to calm down .
No, I'm not trying to start crap...I'm trying to protect my reputation from people who think they can say whatever they want -- regardless of how insulting or outlandish -- and get away with it.
Perhaps in the future you should calm down before hurling insults and false accusations.
And if you can't control yourself enough to calm down before insulting people, at least be honorable enough to apologize for it.
This is a forum primarily about real estate, and real estate investing is very much about integrity. Demonstrate some.
Real Estate Investor · Tampa, FL · Member since 2008 · 456 posts · 42 votes
17y
Originally posted by Sorin T:
Originally posted by Karen Parker:
What the hell took you so long, Sorin T? I knew you'd be right in here behind me but expected you sooner..
I'm still trying to digest the "eminent domain" blunder and can't quite get over it...
What blunder. I stated what was out there. It's the observers choice to believe. It's no more unbelievable than that the American people would vote Stalin in for president. I've yet to see anyone political figure deny it or anyone find evidence to dispute it and I've been asking and looking since back in April.
Investor · colorado springs, CO · Member since 2009 · 283 posts · 45 votes
17y
Originally posted by Karen Parker:
What blunder. I stated what was out there. It's the observers choice to believe. It's no more unbelievable than that the American people would vote Stalin in for president.
Real Estate Investor · Tampa, FL · Member since 2008 · 456 posts · 42 votes
17y
Originally posted by Sorin T:
Originally posted by Karen Parker:
What blunder. I stated what was out there. It's the observers choice to believe. It's no more unbelievable than that the American people would vote Stalin in for president.