brip blap - Latest Comments in how to pay less income tax

Re: how to pay less income tax

Emirates Jobs — Wed, 07 Apr 2010 09:40:01 -0000

but why will i choose to be unemployed rather than having a job and paying taxes? yes its true that if you dont have a job taxes are not that high but still its better to have a job paying taxes than not having a job at all.

Re: how to pay less income tax

Writer's Coin — Fri, 17 Apr 2009 07:49:02 -0000

I'm totally with you on this one... I hate it when people that make more money complain about paying more in taxes.

Fine. Go back to making $30,000 then. See how you like it.

Re: how to pay less income tax

Curmudgeon — Thu, 16 Apr 2009 18:39:06 -0000

You know, Steve, I really don't mind paying more in taxes, at least some taxes (and I am a softcore libertarian). If I'm paying more in taxes, it means

a) I am making more money (a good thing, for the most part);

b) I don't have debt (no mortgage deduction);

c) Live in a state with no income tax (you're going to one of those);

d) Or sales tax (you're out of luck there);

e) Have a fair amount of interest and dividend income (I save); and

f) Don't have any of the special-purpose deductions (a mixed blessing, but I think on the whole positive).

I have filed a Schedule C for my LLC for the past 15 or so years, and that gives me some decent deductions, though not perhaps worth the effort that I put into my business. But paying lower taxes may not entirely be a badge of honor.

Re: how to pay less income tax

guinness416 — Wed, 15 Apr 2009 18:12:47 -0000

Can't speak to Iceland, but I have a feeling that ain't going to be true of Ireland much longer!

My in-laws in NYC make about $40k + what they make renting their basement out and a few other odd-job style things. They have a nice house in Forest Hills and a good lifestyle. No dinners in Per se or full price tickets to MOMA, but a good lifestye. It is possible.

Re: how to pay less income tax

L. Marie Joseph — Wed, 15 Apr 2009 16:48:30 -0000

Thr Rich pay 15%

The working person pay 25% or more so true

Im on my way to become my own boss

Re: how to pay less income tax

LS — Wed, 15 Apr 2009 11:21:38 -0000

I disagree with you. Try not to pay property taxes on your house (even when fully paid off) and see WHO really owns your house!

Re: how to pay less income tax

Eden — Wed, 15 Apr 2009 11:05:29 -0000

Sad, but true.

Re: how to pay less income tax

Mr. ToughMoneyLove — Wed, 15 Apr 2009 08:30:37 -0000

You have hit upon one of the biggest reasons to pay-off a mortgage. A home that you own (and not the bank) can provide you shelter services month after month, i.e., imputed income, but it's all tax-free. As tax rates go up and investment returns remain uncertain, this benefit becomes even more valuable.

Re: how to pay less income tax

Chad @ Sentient Money — Wed, 15 Apr 2009 08:06:23 -0000

"The US tax code favors people who earn less from income and earn more from income-generating assets - it’s that simple."

So, true. Buffett always points out that his secretary pays a higher tax rate than he does, because he gets all of his money from income producing investments and she gets her's from a salary.