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THEE NYG SWAG THREAD

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  • Originally posted by dezzzR View Post
    Cant find my pen. This day is ruined.
    Why did they let you out of it in the first place?

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    • Originally posted by Sarcasman View Post
      That tax code is ridiculous. And I don't mind the taxes so much. It's the imbeciles that get the money and the idiotic decisions they make with it that bug me. My employee (ha!) medical expenses are higher because they're tiered so that lower salaried people get charged less for theirs and while that is mild socialism, I prefer that to equally stupid tax rules where the money is just wasted as it is with so much of what we all pay.
      Yeah, but then again everyone I know who is getting money back acts like it's free money, and they're planning on buying stupid selfish things (a drone, an even bigger flatscreen...) with it.

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      • Originally posted by jimmie ray View Post
        Yeah, but then again everyone I know who is getting money back acts like it's free money, and they're planning on buying stupid selfish things (a drone, an even bigger flatscreen...) with it.
        Theyre making guns that sends a signal to drones and shuts them off or you can take control over them.

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        • Originally posted by jimmie ray View Post
          Yeah, but then again everyone I know who is getting money back acts like it's free money, and they're planning on buying stupid selfish things (a drone, an even bigger flatscreen...) with it.

          I don't get the selfish thing; I mean it's their money they should spend it however they want.

          But yeah, they'd likely be better served investing it or using that money on something more constructive.

          I spent an hour and 20 minutes on the phone with the IRS last evening verifying information just so that they would send me back a portion of my estimated tax payment. They've been sitting on that money since October and now - since I'm going to have make another estimated payment shortly - they'll be sitting on more of my money.

          Thanks Obama

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          • Originally posted by jimmie ray View Post
            I don't gamble, but one of my friends claims his accountant deducts all his horse racing bets and losses. Maybe he does this, under "entertainment expenses", but he doesn't own a business. How is this possible to get away with?
            Your decuctions for gambling losses can not exceed your gambling winnings. So if you are a bad or unlucky gambler, this works out well for you......in a way. If you lose $25K gambling and win $8K in a year, you have to claim the $8k in winnings, but can deduct $8K in losses from the $25K you actually lost.

            But here's the fun bit, come audit time, tracking the winnings is very easy as records are kept for this. Tracking the losses, not so much. So often what happens is unless you have kept good records and documentations, most of those losses will not be claimable on the tax return. It has been my experience that people who lose a lot gambling do not tend to be very good with tracking their money.

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            • Originally posted by Morehead State View Post
              The tax code is designed to make every single American legitimately afraid of their government once a year.
              The complexity is beyond outrageous.
              No, it is to keep us accountants employed. What would happen if suddenly taxes were simple and easy? Mass accountant unemployment. Now we might not be the most fun group around, but at least we aren't lawyers. I get excited every time a new, particularly confusing tax law or form is introduced into the code.

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              • Originally posted by jmike View Post
                Your decuctions for gambling losses can not exceed your gambling winnings. So if you are a bad or unlucky gambler, this works out well for you......in a way. If you lose $25K gambling and win $8K in a year, you have to claim the $8k in winnings, but can deduct $8K in losses from the $25K you actually lost.

                But here's the fun bit, come audit time, tracking the winnings is very easy as records are kept for this. Tracking the losses, not so much. So often what happens is unless you have kept good records and documentations, most of those losses will not be claimable on the tax return. It has been my experience that people who lose a lot gambling do not tend to be very good with tracking their money.
                Thanks for the explanation, this is so unfathomable to me. We can't deduct what we pay for absolute necessities like heating oil, and my wife's medical payments never quite add up to the minimum for making those a deduction - but someone with a gambling problem, who is probably putting his family's well being in jeopardy can...

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                • Originally posted by dezzzR View Post
                  Theyre making guns that sends a signal to drones and shuts them off or you can take control over them.
                  That sounds like it will come in handy, in the near future. I can still throw a rock pretty hard and accurate, though.

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                  • Originally posted by jimmie ray View Post
                    Thanks for the explanation, this is so unfathomable to me. We can't deduct what we pay for absolute necessities like heating oil, and my wife's medical payments never quite add up to the minimum for making those a deduction - but someone with a gambling problem, who is probably putting his family's well being in jeopardy can...
                    Because it does the govn't no good to make that gambler's situation worse. They won't see the money and then more tax dollars will be need to support him whether in prison or all the free health care and other such benefits he will get in the end. They want to keep people just not poor enough to need help. Or I should say, qualify for help.

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                    • Originally posted by dezzzR View Post
                      Theyre making guns that sends a signal to drones and shuts them off or you can take control over them.
                      lol, that would be awesome

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                      • Originally posted by jmike View Post
                        Because it does the govn't no good to make that gambler's situation worse. They won't see the money and then more tax dollars will be need to support him whether in prison or all the free health care and other such benefits he will get in the end. They want to keep people just not poor enough to need help. Or I should say, qualify for help.
                        There was some stipulation that didn't allow me to withdraw from my 401K without a huge penalty, just to not loose my house when I lost my previous job. Funny how no where to turn in that situation. We got through it, ate a lot of beans, but have less for retirement now.

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                        • Originally posted by jimmie ray View Post
                          I can still throw a rock pretty hard and accurate, though.

                          You should aim at an IRS agent.
                          "Sir, I was wondering: did you happen to catch the professional football contest on television last night?"
                          "No...I didn't."
                          "Oh it was most exhilarating: the Giants of NY took on the Packers of Green Bay and in the end the Giants triumphed by kicking an oblong ball made of pigskin through a big H. It was a most ripping victory."

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                          • Originally posted by jimmie ray View Post
                            There was some stipulation that didn't allow me to withdraw from my 401K without a huge penalty, just to not loose my house when I lost my previous job. Funny how no where to turn in that situation. We got through it, ate a lot of beans, but have less for retirement now.

                            You're lucky to have Odell.
                            "Sir, I was wondering: did you happen to catch the professional football contest on television last night?"
                            "No...I didn't."
                            "Oh it was most exhilarating: the Giants of NY took on the Packers of Green Bay and in the end the Giants triumphed by kicking an oblong ball made of pigskin through a big H. It was a most ripping victory."

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                            • Originally posted by JoeBigBlue View Post
                              You're lucky to have Odell.
                              That's what we used to say, while eating beans in the dark - we prayed to only see our savior, before we died.

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                              • Originally posted by jimmie ray View Post
                                There was some stipulation that didn't allow me to withdraw from my 401K without a huge penalty, just to not loose my house when I lost my previous job. Funny how no where to turn in that situation. We got through it, ate a lot of beans, but have less for retirement now.
                                There is a tax benefit for investing money in a 401K, so there is a penalty for taking it early. The penalty is to make up for what you didn't pay in penalties and interest for the period between when it was deducted from your return until it was included as income. It might suck, but at least it is logical.

                                Think of the gambling thing this way. In order to earn that gambling money you have to spend money. So your losses are the expense of earning that income. Like a lottery ticket winnings is taxed on the amount won, less the cost of the ticket. Since you have no capital investment in your gambling income, the most you can lose is the amount you earn. Just like if you own a business that you invested $10K in to open and operate. You can only take losses on that business up to $10K regardless if that business' loses exceed that amount. If you don't invest more money, that is the total investment you have at risk and the total you can lose.

                                There are people out there who gamble for a living, I do taxes for two of them. They don't have jobs, they simply go to casinos or tracks and place bets to earn income. To them it is a business. They keep records and track of their winnings and loses. Their return varies greatly from year to year depending on their success that year, but if they are able to deduct down all their winnings, they had a very bad year.

                                Honestly, most of the time they do better than the "day-traders" for whom we do returns. Which is much the same profession.

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