Announcement

Collapse
No announcement yet.

THEE NYG SWAG THREAD

Collapse
This is a sticky topic.
X
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Originally posted by JoeBigBlue View Post
    You should aim at an IRS agent.
    Yes, because it is the IRS agent that makes the laws and gets your money when you pay taxes. Its just somebody trying to do their job. Its like saying "Hey lets throw stones at the toll booth collectors on the GW."

    Comment


    • Originally posted by jmike View Post
      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.
      These type of subjects are where I do very poorly in understanding, and of course my emotions and frustrations further cloud me from ever getting it. Now I have to ask - when my 401K savings take a bit hit, can I claim that as a loss?

      Comment


      • Originally posted by jmike View Post
        Its like saying "Hey lets throw stones at the toll booth collectors on the GW."
        We used to do that in high school. It worked great unless there was traffic.
        "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."

        Comment


        • Originally posted by jimmie ray View Post
          These type of subjects are where I do very poorly in understanding, and of course my emotions and frustrations further cloud me from ever getting it. Now I have to ask - when my 401K savings take a bit hit, can I claim that as a loss?

          I can't speak about 401K's because I don't have one, but if you use any of these things for business even a little:
          -cell phone
          -home office (electricity)
          -internet
          -dry cleaning
          etc. you can write off at least a percentage of those things. It's legit. Had to buy new clothes for work? Car expenses (usually either gas cost or mileage accrued)....

          I'm sure Jenn knows a lot about it.
          "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."

          Comment


          • I have no attention span for that ****. Wish I did.

            Comment


            • Originally posted by jimmie ray View Post
              These type of subjects are where I do very poorly in understanding, and of course my emotions and frustrations further cloud me from ever getting it. Now I have to ask - when my 401K savings take a bit hit, can I claim that as a loss?
              No. Basically once you put that money away in a 401K it doesn't exist. You don't pay tax on the earnings or gain a benefit on any losses, you just pay taxes on it when you take it out in retirement when, theoretically, you will be in a lower tax bracket than you were when you put it away in the first place.

              Comment


              • Originally posted by JoeBigBlue View Post
                I can't speak about 401K's because I don't have one, but if you use any of these things for business even a little:
                -cell phone
                -home office (electricity)
                -internet
                -dry cleaning
                etc. you can write off at least a percentage of those things. It's legit. Had to buy new clothes for work? Car expenses (usually either gas cost or mileage accrued)....

                I'm sure Jenn knows a lot about it.
                Yup. Clothes and shoes are a misunderstood thing though. Restaurant workers often can deduct their shoes because they are required by management to wear a specific kind or class of shoe because the restaurant's insurance carriers require employes wear something non-slip. Like shoes for crews for example. The employee is required to purchase a specific type of shoe or uniform, they can deduct that expense from their TR. Most office workers do not qualify for this as few offices require a specific uniform or shoe.

                Comment


                • But if you play the lottery a lot, keep your receipts in case you win on one of them, you can deduct the cost of all those tickets off those winnings.

                  Comment


                  • Originally posted by jmike View Post
                    But if you play the lottery a lot, keep your receipts in case you win on one of them, you can deduct the cost of all those tickets off those winnings.
                    Jenn is the new Tax Consultant of the Stars.
                    Well, maybe not stars... that's stretching it a bit... Tax Consultant to the GMB Proletariat.

                    Comment


                    • Originally posted by zimonami View Post
                      Jenn is the new Tax Consultant of the Stars.
                      Well, maybe not stars... that's stretching it a bit... Tax Consultant to the GMB Proletariat.
                      Not for us in the GMB Bourgeoisie though.
                      Admit nothing. Deny everything. Make counter accusations.

                      Comment


                      • Originally posted by Morehead State View Post
                        Not for us in the GMB Bourgeoisie though.
                        Wouldn't y'all need a little class before you fit into the class system?

                        Comment


                        • Originally posted by jmike View Post
                          Wouldn't y'all need a little class before you fit into the class system?
                          Just recently hired by us, and already with a zinger?

                          Comment


                          • Originally posted by zimonami View Post
                            Just recently hired by us, and already with a zinger?
                            As my sister likes to constantly remind me, I am completely devoid of tact.

                            Comment


                            • I think that is just a nicer way for her to call me a *****.

                              Comment


                              • Originally posted by jmike View Post
                                As my sister likes to constantly remind me, I am completely devoid of tact.
                                Actually, while it can be biting at times, I like that characteristic in a person. Then I know that there won't be any beating around the bush and stupid mind games, and I can expect their most honest reactions right up front.
                                In this world, that is a worthy characteristic..

                                Comment

                                Working...
                                X