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 Post subject: Stupid Idiotic Government (Tax Rant)
PostPosted: Sat Jul 10, 2010 9:02 am 
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Like all honest taxpayers we file our taxes before April 15th. We are due a refund of over $500 from the state. Instead of a refund we get a letter stating that since we reported the sale of our home but we did not report any capital gains from the sale of the home our return has been selected for manual review. It was because we were able to take a property tax credit. We had to then send in proof of the sale of the home with the copies of the closing documents and we would receive "your refund, tax due or letter of explanation by July 04, 2010".

Here it is July 10th and we have neither. I went online and checked the status and it states that we are scheduled to be reviewed October 28th!!!

The stupid thing is, it is quite clear that anyone in our position selling a house that they bought just three years earlier did not have any capital gains. In fact, there was a substantial loss! Talk about rubbing salt in the wound. And now they are holding on to our money until at least October until someone can see the obvious. Stupid government. There ought to be a law...

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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sat Jul 10, 2010 9:06 am 
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http://www.thoseshirts.com/anti-obama-shirts.html

Here's a shirt you can wear to your audit (if you have to go), just pick one.


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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sat Jul 10, 2010 9:19 am 
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I just read the letter again that we received back on April 9th. Look at how stupid it sounds:

"Your return reports the sale of your principle home during the year, but no capital gains were included on line 16 of the credit claim. This omission means your property tax credit may be overstated."

Omission?!?! Again, you mean to tell me that they can't fathom that people are actually selling homes in this market and not making a profit?

So I send them a copy, as they requested, of the closing statements, showing our HUGE loss and now we have to wait until October to get OUR money back? But I'm sure I can charge them penalties and interest for their error, right?

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“We are moving toward a dictatorship of relativism which does not recognize anything as definitive and has as its highest value one's own ego and one's own desires... The church needs to withstand the tides of trends and the latest novelties.... We must become mature in this adult faith, we must guide the flock of Christ to this faith.”

“At times, power — including that of knowledge — blocks the path to encountering that child,” the Son of God, the savior of the world -Pope Benedict XVI


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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sat Jul 10, 2010 8:10 pm 
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On the plus side, according to V.P. Biden you are a great patriot.


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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sat Jul 10, 2010 8:17 pm 
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Quote:
There ought to be a law...
To put it another way, let's have fewer laws.


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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sat Jul 10, 2010 9:11 pm 
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Chris G wrote:
I just read the letter again that we received back on April 9th. Look at how stupid it sounds:

"Your return reports the sale of your principle home during the year, but no capital gains were included on line 16 of the credit claim. This omission means your property tax credit may be overstated."

Omission?!?! Again, you mean to tell me that they can't fathom that people are actually selling homes in this market and not making a profit?

So I send them a copy, as they requested, of the closing statements, showing our HUGE loss and now we have to wait until October to get OUR money back? But I'm sure I can charge them penalties and interest for their error, right?

Did they really write principle rather than principal? Because that would be funny

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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sat Jul 10, 2010 9:12 pm 
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http://www.thoseshirts.com/anti-obama-shirts.html

Here's a shirt you can wear to your audit (if you have to go), just pick one. SV


Gotta love this one:

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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sat Jul 10, 2010 9:31 pm 
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Rules probably vary depending on the state, but the Federal IRS would pay interest in such a case.

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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sat Jul 10, 2010 10:43 pm 
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Pro Ecclesia Dei wrote:
Chris G wrote:
I just read the letter again that we received back on April 9th. Look at how stupid it sounds:

"Your return reports the sale of your principle home during the year, but no capital gains were included on line 16 of the credit claim. This omission means your property tax credit may be overstated."

Omission?!?! Again, you mean to tell me that they can't fathom that people are actually selling homes in this market and not making a profit?

So I send them a copy, as they requested, of the closing statements, showing our HUGE loss and now we have to wait until October to get OUR money back? But I'm sure I can charge them penalties and interest for their error, right?

Did they really write principle rather than principal? Because that would be funny


Yes they did, I'm looking right at it now.

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“We are moving toward a dictatorship of relativism which does not recognize anything as definitive and has as its highest value one's own ego and one's own desires... The church needs to withstand the tides of trends and the latest novelties.... We must become mature in this adult faith, we must guide the flock of Christ to this faith.”

“At times, power — including that of knowledge — blocks the path to encountering that child,” the Son of God, the savior of the world -Pope Benedict XVI


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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sat Jul 10, 2010 10:43 pm 
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caleb wrote:
Quote:
There ought to be a law...
To put it another way, let's have fewer laws.


Agreed.

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“We are moving toward a dictatorship of relativism which does not recognize anything as definitive and has as its highest value one's own ego and one's own desires... The church needs to withstand the tides of trends and the latest novelties.... We must become mature in this adult faith, we must guide the flock of Christ to this faith.”

“At times, power — including that of knowledge — blocks the path to encountering that child,” the Son of God, the savior of the world -Pope Benedict XVI


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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sat Jul 10, 2010 11:12 pm 
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Oh why did I read this thread? Now I'm going to bed angry.

Don't EVEN get me started talking about taxes and our government.

I will say that after 40 years of aborting children, we are getting exactly what we asked for (and deserve).

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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sun Jul 11, 2010 4:55 am 
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So if you have a loss on the sale of a home does that reduce your tax owed?

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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sun Jul 11, 2010 5:55 am 
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Peetem wrote:
Oh why did I read this thread? Now I'm going to bed angry.

Don't EVEN get me started talking about taxes and our government.

I will say that after 40 years of aborting children, we are getting exactly what we asked for (and deserve).


Oh no. We haven't even BEGUN to get what we really deserve yet for our vile murders and the fornication that has "necessitated" such heinous behavior. I'm sure that if the Cannanites and the worshipers of the demon God Molech were to be resurrected they would say "We won after all!"


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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sun Jul 11, 2010 11:03 am 
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Light of the East wrote:
Peetem wrote:
Oh why did I read this thread? Now I'm going to bed angry.

Don't EVEN get me started talking about taxes and our government.

I will say that after 40 years of aborting children, we are getting exactly what we asked for (and deserve).


Oh no. We haven't even BEGUN to get what we really deserve yet for our vile murders and the fornication that has "necessitated" such heinous behavior. I'm sure that if the Cannanites and the worshipers of the demon God Molech were to be resurrected they would say "We won after all!"


Ain't that the truth. I fear for my children and my country.

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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sun Jul 11, 2010 11:18 am 
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Just a reminder to everyone - taxes are going up next year because the Bush tax cuts are not being renewed. (That it not a political statement or a statement on Bush...it's just stating the bland fact that the tax cuts are going away...just making that clear.)

Anyway, you might want to put something extra aside for that.

Sorry to spoil your Sunday.
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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sun Jul 11, 2010 12:30 pm 
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I think this accurately reflects the coming tax changes:

Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:

- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%

Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.

The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.

Higher tax rates on savers and investors. The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.



As I understand it these changes take place in Jan 11 as well:

The “Medicine Cabinet Tax” Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).

The “Special Needs Kids Tax” This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education.

The HSA Withdrawal Tax Hike. This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.

When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. The major items include:

The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.

Small business expensing will be slashed and 50% expensing will disappear. Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases up to $250,000. This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be “depreciated.”

Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.

Tax Benefits for Education and Teaching Reduced. The deduction for tuition and fees will not be available. Tax credits for education will be limited. Teachers will no longer be able to deduct classroom expenses. Coverdell Education Savings Accounts will be cut. Employer-provided educational assistance is curtailed The student loan interest deduction will be disallowed for hundreds of thousands of families.

Charitable Contributions from IRAs no longer allowed. Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA. This contribution also counts toward an annual “required minimum distribution.” This ability will no longer be there.

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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sun Jul 11, 2010 1:58 pm 
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But everyone who makes under $200k will still be getting a tax cut. I know this because I saw one of those online calculators showing me how much money I would save if The Obama was elected.

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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sun Jul 11, 2010 6:34 pm 
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Bombadil wrote:
But everyone who makes under $200k will still be getting a tax cut. I know this because I saw one of those online calculators showing me how much money I would save if The Obama was elected.
The calculator forgot to tell you that the money you'll save comes from all the government savings that we get in the long run from public health care and from banning happy meals and oysters. Big savings in the future for all of us in this crazy, mixed up village called the USA.


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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sun Jul 11, 2010 11:03 pm 
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Bombadil wrote:
So if you have a loss on the sale of a home does that reduce your tax owed?


No, not at all. Well, just a little bit because I was able to claim a small portion for business use of our home. But for all practical purposes, no, not even close.

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“We are moving toward a dictatorship of relativism which does not recognize anything as definitive and has as its highest value one's own ego and one's own desires... The church needs to withstand the tides of trends and the latest novelties.... We must become mature in this adult faith, we must guide the flock of Christ to this faith.”

“At times, power — including that of knowledge — blocks the path to encountering that child,” the Son of God, the savior of the world -Pope Benedict XVI


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 Post subject: Re: Stupid Idiotic Government (Tax Rant)
PostPosted: Sun Jul 11, 2010 11:03 pm 
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Chris G wrote:
Bombadil wrote:
So if you have a loss on the sale of a home does that reduce your tax owed?


No, not at all. Well, just a little bit because I was able to claim a small portion for business use of our home. But for all practical purposes, no, not even close.

Hmmmm, funny how that only goes one way.

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