$250k barely enough to get by!

@restoreone Said

Glenn a good account will look at your books several times a year in reference to tax liabilities At that time they should be giving you advice on how to cut your tax rate.They should give you all kind of ideas 2 to 3 months before the end of the year. IMO Turbo tax is not a program for you hire an account now.

@Glenn Said

Thanks...and we did after that!

@boxerdc Said

And he didn't immediately pull that return and refile for you?

reference my signature.

@restoreone Said

Glenn a good account will look at your books several times a year in reference to tax liabilities At that time they should be giving you advice on how to cut your tax rate.They should give you all kind of ideas 2 to 3 months before the end of the year. IMO Turbo tax is not a program for you hire an account now.

@Glenn Said

Umm...I was well inside the 35% tax break in the year I was AMTed...and he did look at it. He said he could not lower my taxes that year.

And sure I read your sig...so do you treat everyone this way that you think are morons or just Christian morons?

@boxerdc Said

reference my signature for your answer.

@Glenn Said

Yep...good ole name calling ... excellent form Boxer...you do your "lifestyle" proud!

@boxerdc Said

V

@El_Tino Said

What kind of exemptions take you from $180k in income to $89k in taxable income?

Nevermind, that's just an example of how full of holes and complicated the tax system is.

@Glenn Said

Yep...good ole name calling ... excellent form Boxer...you do your "lifestyle" proud!

@boobagins Said

Actually that can be done, but based on what he's quoting in the amount of taxes he paid, it really doesn't make sense.

But:

180K gross income
-17K his 401k
-17k her 403b
-17k her 457(b)
-5K his TIRA
-5k her TIRA
-5K HSA
-5K pre-tax health care

SO far we have 114 taxable income.

109K
-11600 standard deduction
-7600 personal exemptions for him and wife

=89.8K taxable income not including any other exemptions or adjustment. However, these are assumptions and I'm also using this year's numbers. If we're talking about a few years ago, IRS limits some of these items are different.

@Glenn Said

Sure...and we did after that...writing a check to the IRS for 8,900 bucks was not very much fun I assure you!

@boobagins Said

Actually that can be done, but based on what he's quoting in the amount of taxes he paid, it really doesn't make sense.

But:

180K gross income
-17K his 401k
-17k her 403b
-17k her 457(b)
-5K his TIRA
-5k her TIRA
-5K HSA
-5K pre-tax health care

SO far we have 114 taxable income.

109K
-11600 standard deduction
-7600 personal exemptions for him and wife

=89.8K taxable income not including any other exemptions or adjustment. However, these are assumptions and I'm also using this year's numbers. If we're talking about a few years ago, IRS limits some of these items are different.

@El_Tino Said

Pfft small potatoes.



Either way I'm not going to feel sorry for the taxes he paid.

@El_Tino Said

Pfft small potatoes.

@El_Tino Said

What kind of exemptions take you from $180k in income to $89k in taxable income?

Nevermind, that's just an example of how full of holes and complicated the tax system is.