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Thread: Tax break.

  1. #1
    CarlM
    Join Date
    Jun 2005
    Location
    Central California

    Tax break.

    So this guy at work wants to buy a Suzuki quad 80 I have. He said he has the money now. I said oh, did you get your taxes back. Yes. He said "did you get yours ", we can go to Vegas. I said no, but I will have to pay them. His mouth dropped. He said don't you still own the old house next door to yours'? Yes. Well that should be a write off. He asked if it was paid off. I said yes. Oh no wonder. No write off. I told him there is a write down. Depreciation. But I have to pay income tax on the rent. Well, if you can't write it off , why keep it? Because I get rent. Why do you get a pay check? you have to pay tax. That's not the same. I asked if he puts money in his 401. Yes. Why? Because it grows and I can retire on it. I said I'm getting money from rent and the house is going up in value. He said but it costs you. Stupid MFer.


    You can't go faster when you are in plaster
    Mongo like candy

  2. #2
    President of the ZRXOA
    Join Date
    Mar 2012
    Location
    Pleasanton, CA

    Tax break.

    Not working so you donít have to pay taxes is like cutting off your nose to spite your face.
    Arash (pronounced "our-ash")

    CAUTION - My forum posts may be worth what you paid for them!

    2005 Green RessuREXtion - Amateur 1224 & Six Speed Installation - Oct 2015 BOTM - Yamaha R6 - Aprilia RS250s

  3. #3
    CarlM
    Join Date
    Jun 2005
    Location
    Central California

    Re: Tax break.

    Cut off your beard to spite your face.


    You can't go faster when you are in plaster
    Mongo like candy

  4. #4
    President of the ZRXOA
    Join Date
    Mar 2012
    Location
    Pleasanton, CA

    Re: Tax break.

    Arash (pronounced "our-ash")

    CAUTION - My forum posts may be worth what you paid for them!

    2005 Green RessuREXtion - Amateur 1224 & Six Speed Installation - Oct 2015 BOTM - Yamaha R6 - Aprilia RS250s

  5. #5
    Father Joe
    Join Date
    Aug 2009
    Location
    Burpinham, Babalama

    Re: Tax break.

    Aren't we coming up on the one year anniversary of Arash saying he was gonna cut his beard off? "My daughter has never seen her Dad without a beard. This will be exciting." Or something like that.

    Your daughter is still waiting Arash. And you've waited SO LONG that now a 2nd daughter is waiting. The ZRXOA is still waiting.
    I'm not completely useless. I can always be used as a bad example.

    The People's rear loading pink Beach Bomb.

    Kwackifoofoo

  6. #6
    RIP 4/11/19
    Join Date
    Dec 2013
    Location
    The Netherlands

    Re: Tax break.

    Quote Originally Posted by McGovZRX View Post
    Aren't we coming up on the one year anniversary of Arash saying he was gonna cut his beard off? "My daughter has never seen her Dad without a beard. This will be exciting." Or something like that.

    Your daughter is still waiting Arash. And you've waited SO LONG that now a 2nd daughter is waiting. The ZRXOA is still waiting.
    Don't do it Arash!
    ███████ everything ████ ████ ██ is █ ██████ ██ fine ██████ █████ ███. ██████'█ ██ ████████. The ████ ███ █ government █████ ████ ██ knows ████ ████ best █ █████ ██.

  7. #7
    2009 Hooligan of the year
    Join Date
    Sep 2001
    Location
    Austin, TX

    Re: Tax break.

    It amazes me how so many people blow their tax refund as if itís some kind of unexpected prize winnings.

  8. #8
    BadAss Hooligan
    Join Date
    Nov 2010
    Location
    Shiny Side Up ^

    Re: Tax break.

    Tax Refund = Interest Free Loan to Guvment
    Big Harry

    "As you swim the river of life, do the breast stroke. It helps to clear the turds from your path!"
    George Carlin

  9. #9
    CarlM
    Join Date
    Jun 2005
    Location
    Central California

    Re: Tax break.

    Quote Originally Posted by McGovZRX View Post
    Aren't we coming up on the one year anniversary of Arash saying he was gonna cut his beard off? "My daughter has never seen her Dad without a beard. This will be exciting." Or something like that.

    Your daughter is still waiting Arash. And you've waited SO LONG that now a 2nd daughter is waiting. The ZRXOA is still waiting.
    He did. grows back fast.


    You can't go faster when you are in plaster
    Mongo like candy

  10. #10
    RIP 4/11/19
    Join Date
    Dec 2013
    Location
    The Netherlands

    Re: Tax break.

    Quote Originally Posted by zrx24 View Post
    It amazes me how so many people blow their tax refund as if itís some kind of unexpected prize winnings.
    What else should you spend it on?

    You guys are way more mature and sensible than me... I bought the Rex from a tax refund.

    Sent from my LYA-L29 using Tapatalk
    ███████ everything ████ ████ ██ is █ ██████ ██ fine ██████ █████ ███. ██████'█ ██ ████████. The ████ ███ █ government █████ ████ ██ knows ████ ████ best █ █████ ██.

  11. #11
    2009 Hooligan of the year
    Join Date
    Sep 2001
    Location
    Austin, TX

    Re: Tax break.

    Quote Originally Posted by jacohatt View Post
    What else should you spend it on?

    You guys are way more mature and sensible than me... I bought the Rex from a tax refund.

    Sent from my LYA-L29 using Tapatalk

    A tax return is a perfect opportunity to add to the savings/retirement account, or pay down debt.

  12. #12
    Color Monitor
    Join Date
    Feb 2004
    Location
    Wisconsin

    Re: Tax break.

    Quote Originally Posted by zrx24 View Post
    A tax return is a perfect opportunity to add to the savings/retirement account, or pay down debt.
    Yep, I save mine towards the highly recommended 6 month emergency fund. Mine's up to +12 months now.



    TG
    TGHW
    ZRXOA #5590
    Welcome to Wisconsin....Come smell our Dairy air !!


  13. #13
    RIP 4/11/19
    Join Date
    Dec 2013
    Location
    The Netherlands

    Re: Tax break.

    Quote Originally Posted by zrx24 View Post
    A tax return is a perfect opportunity to add to the savings/retirement account, or pay down debt.
    Nah... I bought a bike. Seemed like a good idea at the time...
    ███████ everything ████ ████ ██ is █ ██████ ██ fine ██████ █████ ███. ██████'█ ██ ████████. The ████ ███ █ government █████ ████ ██ knows ████ ████ best █ █████ ██.

  14. #14
    Hooligan
    Join Date
    Feb 2016
    Location
    North Carolina

    Re: Tax break.

    I try and tell people that you should want to owe 0 and want to get back 0. The usual response is WHY? I like getting that money back. Well because you can have that money in your take home pay every week and if you want you can invest it.

    Just like the people saying the tax cuts are not helping them because last year the got back 1000 and this year they got back 500. Well what about the extra 50 you took home every week? Xs 52 weeks? Yeah but last year I got back 1000...

  15. #15
    CarlM
    Join Date
    Jun 2005
    Location
    Central California

    Re: Tax break.

    Quote Originally Posted by TGHW View Post
    Yep, I save mine towards the highly recommended 6 month emergency fund. Mine's up to +12 months now.



    TG
    12 mos is not enough.
    Last edited by green12; 03-04-2019 at 02:09 PM.


    You can't go faster when you are in plaster
    Mongo like candy

  16. #16
    Color Monitor
    Join Date
    Feb 2004
    Location
    Wisconsin

    Re: Tax break.

    Quote Originally Posted by Barsinister View Post
    I try and tell people that you should want to owe 0 and want to get back 0. The usual response is WHY? I like getting that money back. Well because you can have that money in your take home pay every week and if you want you can invest it.

    Just like the people saying the tax cuts are not helping them because last year the got back 1000 and this year they got back 500. Well what about the extra 50 you took home every week? Xs 52 weeks? Yeah but last year I got back 1000...
    Yea, I know the reasons to get zero back, but I don't have the discipline to not spend it on something else it if I get in my check every week. Mine isn't being invested in anything that makes any significant interest anyway so nothing is lost by letting the gov. hold it for me.

    By the way, I got the same amount back this year, within $50, as I got back the year before, even though my taxes went down significantly. I got that difference back in my weekly paycheck. That just means that my employer did a good job of adjusting my withholding to compensate for the tax reduction.


    TG
    TGHW
    ZRXOA #5590
    Welcome to Wisconsin....Come smell our Dairy air !!


  17. #17
    Color Monitor
    Join Date
    Feb 2004
    Location
    Wisconsin

    Re: Tax break.

    Quote Originally Posted by green12 View Post
    2 mos is not enough.
    Agreed.


    TG
    TGHW
    ZRXOA #5590
    Welcome to Wisconsin....Come smell our Dairy air !!


  18. #18
    CarlM
    Join Date
    Jun 2005
    Location
    Central California

    Re: Tax break.

    Edited. I meant 12


    You can't go faster when you are in plaster
    Mongo like candy

  19. #19
    Color Monitor
    Join Date
    Feb 2004
    Location
    Wisconsin

    Re: Tax break.

    Quote Originally Posted by green12 View Post
    Edited. I meant 12
    Anything is ever enough.


    TG
    TGHW
    ZRXOA #5590
    Welcome to Wisconsin....Come smell our Dairy air !!


  20. #20
    2009 Hooligan of the year
    Join Date
    Sep 2001
    Location
    Austin, TX

    Re: Tax break.

    Quote Originally Posted by TGHW View Post
    Anything is ever enough.


    TG

    Not when you have Socialists pounding at the gate.

  21. #21
    I came to ride
    Join Date
    Aug 2001
    Location
    Little Rock, Arkansas

    Re: Tax break.

    [QUOTE]It amazes me how so many people blow their tax refund as if itís some kind of unexpected prize winnings./QUOTE]

    It amazes me how many people think their taxes went up because they're getting a smaller refund.

    It's amazing how little most people understand about something that so large a part of our lives.
    .
    .
    '99 ZRX1100, Akropovic, jet kit
    '13 FJR1300, Givi touring stuff

  22. #22
    BadAss Hooligan
    Join Date
    Oct 2014
    Location
    Northern,Ma

    Re: Tax break.

    Quote Originally Posted by TGHW View Post
    Yep, I save mine towards the highly recommended 6 month emergency fund. Mine's up to +12 months now.



    TG
    agreed...

  23. #23
    BadAss Hooligan
    Join Date
    Oct 2014
    Location
    Northern,Ma

    Re: Tax break.

    Quote Originally Posted by Barsinister View Post
    I try and tell people that you should want to owe 0 and want to get back 0. The usual response is WHY? I like getting that money back. Well because you can have that money in your take home pay every week and if you want you can invest it.

    Just like the people saying the tax cuts are not helping them because last year the got back 1000 and this year they got back 500. Well what about the extra 50 you took home every week? Xs 52 weeks? Yeah but last year I got back 1000...
    I see your point...but..
    people piss that increase away on silly stuff...

  24. #24
    2009 Hooligan of the year
    Join Date
    Sep 2001
    Location
    Austin, TX

    Re: Tax break.

    Quote Originally Posted by Bemo View Post
    I see your point...but..
    people piss that increase away on silly stuff...

    They can either piss it away as they go, or once a year as a lump sum tax return.

  25. #25
    Hooligan
    Join Date
    May 2004
    Location
    CT

    Re: Tax break.

    What's a Tax Refund? I live in CT if we had one they'd tax that too.

  26. #26
    I came to ride
    Join Date
    Aug 2001
    Location
    Little Rock, Arkansas

    Re: Tax break.

    Quote Originally Posted by DanJ View Post
    What's a Tax Refund? I live in CT if we had one they'd tax that too.
    Under some circumstances any state refund actually is taxable.
    .
    .
    '99 ZRX1100, Akropovic, jet kit
    '13 FJR1300, Givi touring stuff

  27. #27
    Hooligan
    Join Date
    Feb 2016
    Location
    North Carolina

    Re: Tax break.

    Quote Originally Posted by Bemo View Post
    I see your point...but..
    people piss that increase away on silly stuff...
    I was just really pointing out that many people think they paid more or less taxes based on their refund and that allowing the Gov't to keep 1000s of dollars of mine during the course of the year, for free, when they would gladly charge me interest if the roles were reversed, isn't going to happen.

  28. #28
    BadAss Hooligan
    Join Date
    Nov 2010
    Location
    Shiny Side Up ^

    Re: Tax break.

    Quote Originally Posted by Special Ed View Post
    Under some circumstances any state refund actually is taxable.
    In NC, a state tax refund is ALWAYS taxable!!!!!!!!!!!!!

    I just finished my 2018 tax returns and was pleasantly surprised that the Fed Tax standard deduction had increased so much.
    Big Harry

    "As you swim the river of life, do the breast stroke. It helps to clear the turds from your path!"
    George Carlin

  29. #29
    Hooligan
    Join Date
    May 2004
    Location
    CT

    Re: Tax break.

    It is as well here, but CT has a bad habit of taxing taxes. We have to pay an ungodly amount of property taxes then can't deduct them from our state taxes. If it isn't a tax it's a fee.

  30. #30
    Father Joe
    Join Date
    Aug 2009
    Location
    Burpinham, Babalama

    Re: Tax break.

    Quote Originally Posted by Big Harry View Post
    In NC, a state tax refund is ALWAYS taxable!!!!!!!!!!!!!

    I just finished my 2018 tax returns and was pleasantly surprised that the Fed Tax standard deduction had increased so much.
    Yup. I keep things pretty balanced. But I was very surprised at how much my professional preparer said is coming back. I should have scarfed up KWICK's extra exhaust.
    I'm not completely useless. I can always be used as a bad example.

    The People's rear loading pink Beach Bomb.

    Kwackifoofoo


 

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