Paid your taxes? - Page 2

drfred · #11 04-15-2005, 08:00 PM

Kaefer, I agree!!-Its bad enuf that I had to pay an extra 25K today but that 5k AMT is adding insult to injury. In a high tax state such as NY, the 40k state income tax that my acct subtracted on schedule D is then added back on the AMT form. Is this a great country or what!
Fred

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Juanted · #12 04-15-2005, 08:31 PM

Quote:

Originally Posted by drfred

Kaefer, I agree!!-Its bad enuf that I had to pay an extra 25K today but that 5k AMT is adding insult to injury. In a high tax state such as NY, the 40k state income tax that my acct subtracted on schedule D is then added back on the AMT form. Is this a great country or what!
Fred

You know what? I choose to look at it in a different way. We were very fortunate and had a wonderful year, which translates into paying a lot of taxes. No one likes paying taxes, but I know that my taxes are paying for schools, roads, social programs, and so on. I refuse to get pissed at the fact that my wife and I are living the American dream. There is NO other country in this world that allows one the opportunities to be successful. A lot of hard work and a little bit of luck usually pays off in this country. I'll gladly pay my taxes. God bless America.

Juan

B-Line · #13 04-15-2005, 08:43 PM

Little known fact.

25% of our tax dollars go just into keeping the I.R.S. running.

If we had a flat tax, it would pump a lot of $$$ into the economy.

SANguru · #14 04-15-2005, 09:03 PM

damn... AMT sucks...

Quote:

Originally Posted by Kaefer

Naaah, man... it's called the Alternative Minimum Tax (AMT). Once you reach your deduction limits (which we did), the accountant then has to run them again to see if the AMT kicks in... Trust me, we have two houses, two kids, two cars, my own business, and every other deduction out there.

This is Uncle Sam's way of ensuring that you're paying your taxes. I really don't mind, to be frank. We had a good year, and for that, I'm grateful! I'll pay my taxes.

Juan

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