F*ck the IRS!!
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Great....? ....advice in the thread!!
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EmM HoLLa. wrote: »it's basically a reduction in income taxes that results from taking an allowable deduction
such as mortgage interest, medical expenses, charitable donations, amortization and depreciation. These deductions reduce taxpayers' taxable income for a given year or defer income taxes into future years.
Debt itself is a tax-deductible expense, that's why taking on debt can act as a tax shield. And the ability to use a home mortgage as a tax shield is a major benefit for middle-class people whose homes are a major component of their net worth.
do you have anything of significance substance in your name?
unfortunately, 1500g blouses and socks don't count
Im going to need you to school me on this.. Right now.. I have a good amount of Student Load debt that will only increase if I decide to go back n get my MBA in the Spring.. I have a Condo that takes up the bulk of my Net Worth.. But there is a mortgage on it.. If we need to take this to PM lets do it.. BUT im gonna need you to school me on Tax Shelters..
lol
thanks for the vote of confidence, but my advice to you is to seek professional help on that one
(actually not that expensive,in well worth it in the long run)
cuz honestly everything I spit here is pretty much the basics, from my own situation
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ParallelRhymes wrote: »Crazy how you can lose what some people make in an entire year because of one error...these ? taxes are no joke..Onyx_Guard wrote: »Undercover brag thread
But gone ahead ma
Good luck though.
Yeah, I made this thread to brag about how my Husband bungled my taxes and put us in debt of 34k to the govt, potentially ? up my credit and security clearance!
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@A.Mann- did you have an accountant when you were over here? If so, who did you go through to get them?
not my first couple years, but I'm tad bit wiser now
and Biegler & Associates and Edwards Jones do right by me
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EmM HoLLa. wrote: »it's basically a reduction in income taxes that results from taking an allowable deduction
such as mortgage interest, medical expenses, charitable donations, amortization and depreciation. These deductions reduce taxpayers' taxable income for a given year or defer income taxes into future years.
Debt itself is a tax-deductible expense, that's why taking on debt can act as a tax shield. And the ability to use a home mortgage as a tax shield is a major benefit for middle-class people whose homes are a major component of their net worth.
do you have anything of significance substance in your name?
unfortunately, 1500g blouses and socks don't count
Im going to need you to school me on this.. Right now.. I have a good amount of Student Load debt that will only increase if I decide to go back n get my MBA in the Spring.. I have a Condo that takes up the bulk of my Net Worth.. But there is a mortgage on it.. If we need to take this to PM lets do it.. BUT im gonna need you to school me on Tax Shelters..
lol
thanks for the vote of confidence, but my advice to you is to seek professional help on that one
(actually not that expensive,in well worth it in the long run)
cuz honestly everything I spit here is pretty much the basics, from my own situation
Last time I checked it was only about $150 to file the papers to incoroporate too. This was about 5 years ago so I'm sure it's gone up. -
Ok, yeah step one after getting past this will be getting a competent accountant so I don't have to worry about stuff like this. It's enough of a headache being over there... -
kimi..... how do i get into your line of work? you are making good money......
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? be frontin cuz realistically speaking, where in America can a person walk in a legitimate establishment with 20,000 in cash and not have the laws question exactly how you acquired such "racks"?
and even if you got it like that and you don't have a line of credit ,9 times out of 10 the ? you get wont be in your name
smh
driving to the dealership with ya grandma to have her sign title papers.......
yeh u mad. hahahahaha -
some cash and cashier checks FTW..
thats all im go say about that..
and lol@ "legitimate establishments" tryin to avoid payin taxes they damn self..
get money ? .. and 5 digits aint money..
then.. well.. maybe then ull understand lil bank.. -
kimi..... how do i get into your line of work? you are making good money......
I started contracting when I got out of the Military. I'm now working in Afghanistan but spend the past 4 years in Iraq. I enjoy it, I have about 1 more year and I'm done for good.
It's been a great stepping stone to put myself ahead financially, so I'm grateful for it.
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some cash and cashier checks FTW..
thats all im go say about that..
anything else i tell yo broke ass u go have to pay for lil bank..
If you're getting money like that I commend you.
Like I said, it must be nice. I don't knock anyones hustle :-?? -
kimi..... how do i get into your line of work? you are making good money......
I started contracting when I got out of the Military. I'm now working in Afghanistan but spend the past 4 years in Iraq. I enjoy it, I have about 1 more year and I'm done for good.
It's been a great stepping stone to put myself ahead financially, so I'm grateful for it.
what excatly do you do if you can share...... whats the job description?
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i didnt drop 20 like it was "nothin" it was more like "well whatever" but it jus sounded nice talkin to my newest hater.. i mean fan..
its go only get worse for him though..
big things commin soon.. -
kimi..... how do i get into your line of work? you are making good money......
I started contracting when I got out of the Military. I'm now working in Afghanistan but spend the past 4 years in Iraq. I enjoy it, I have about 1 more year and I'm done for good.
It's been a great stepping stone to put myself ahead financially, so I'm grateful for it.
what excatly do you do if you can share...... whats the job description?
I've done a lot of things. I got my foot in the door fixing weapons since that was my job in the Army. From there I've just made my way up.
I'm currently a Human Resource Manager....the youngest in Country.
(^^^^^now that, was a brag post) -
i didnt drop 20 like it was "nothin" it was more like "well whatever" but it jus sounded nice talkin to my newest hater.. i mean fan..
its go only get worse for him though..
big things commin soon..
Well A.Mann has been this game the same amount of time I have so I seriously doubt he's anywhere near broke...lol
but hat's off, anyone that can drop 20k. I'm always trying to expand my financial horizons...lol -
? be frontin cuz realistically speaking, where in America can a person walk in a legitimate establishment with 20,000 in cash and not have the laws question exactly how you acquired such "racks"?
and even if you got it like that and you don't have a line of credit ,9 times out of 10 the ? you get wont be in your name
smh
driving to the dealership with ya grandma to have her sign title papers.......
yeh u mad. hahahahaha
furious
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First off call the IRS directly to see what exactly is going on. Afterwards call an attorney to take the garnishment off your records. Third have the attorney set up payments once you have payments setup payoff ASAP. You will and should have a clean record.
My cuz went thru this while working over seas for a couple of years. It helped him out.
Mr.Mitchell ,@Cain's post is the absolute best way to handle this situation.
I would like to take a moment and thank President Obama and my accountant for taking my 40k tax bill down to zero.So I don't have to pay taxes.
Yeah I'm a Democrat but they tax the ? out of higher class income.
Me and my Husband get hit hard every paycheck.
Kimi you got to get a tax shield especially if you're in a high tax bracket. Look into starting a foundation or starting a scholarship program to get the IRS off your back. First thing though you need an accountant a good one who can handle your income.
A tax shield? I've never heard of it. My income up until 90k is tax free and everything you make over that they tax the ? out of.
I've heard about people starting organizations for the tax break. That's a good idea, I also need an accountant.
I always viewed that as something the wealthy had but it would be good to have someone take care of these matters while I'm overseas....
If your combined income is over 150k range you're doing yourself a disservice if you don't have a tax shield started. Anything from like tithing in a church to as I stated earlier a foundation will help you out.
Yeah it's definitely above that range...I'm googling this ? as we speak.
You gave some great feedback!! I just have to convince my Husband now since our account and income is joint....lol
That might be a problem as well.
Not an expert or anything, but you might be better off filing separately if the combined income is pushing you into a higher tax bracket.
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i didnt drop 20 like it was "nothin" it was more like "well whatever" but it jus sounded nice talkin to my newest hater.. i mean fan..
its go only get worse for him though..
big things commin soon..
Well A.Mann has been this game the same amount of time I have so I seriously doubt he's anywhere near broke...lol
but hat's off, anyone that can drop 20k like it's nothing is winning. I'm always trying to expand my financial horizons...lol
jus cause one aint broke dont mean he's "ballin"
hell.. i dont even think im ballin.. im reminded everyday i pull my lil Benz out and drive down the street and its either a Aston.. Ferrari.. or 911 passing me..
but the difference from me and him is when im around ? doin it bigger then me.. i shut the ? up...
there's nothin i can say to them ? .. they doin they thing.. but thats cause its not in me to hate.. people like them inspire me.. -
First off call the IRS directly to see what exactly is going on. Afterwards call an attorney to take the garnishment off your records. Third have the attorney set up payments once you have payments setup payoff ASAP. You will and should have a clean record.
My cuz went thru this while working over seas for a couple of years. It helped him out.
Mr.Mitchell ,@Cain's post is the absolute best way to handle this situation.
I would like to take a moment and thank President Obama and my accountant for taking my 40k tax bill down to zero.So I don't have to pay taxes.
Yeah I'm a Democrat but they tax the ? out of higher class income.
Me and my Husband get hit hard every paycheck.
Kimi you got to get a tax shield especially if you're in a high tax bracket. Look into starting a foundation or starting a scholarship program to get the IRS off your back. First thing though you need an accountant a good one who can handle your income.
A tax shield? I've never heard of it. My income up until 90k is tax free and everything you make over that they tax the ? out of.
I've heard about people starting organizations for the tax break. That's a good idea, I also need an accountant.
I always viewed that as something the wealthy had but it would be good to have someone take care of these matters while I'm overseas....
If your combined income is over 150k range you're doing yourself a disservice if you don't have a tax shield started. Anything from like tithing in a church to as I stated earlier a foundation will help you out.
Yeah it's definitely above that range...I'm googling this ? as we speak.
You gave some great feedback!! I just have to convince my Husband now since our account and income is joint....lol
That might be a problem as well.
Not an expert or anything, but you might be better off filing separately if the combined income is pushing you into a higher tax bracket.
No you're right, from now on we will file separate. I'm going to personally make sure my ? is straight. This was definitely a learning experience.
This won't be a burden to me, but there are a lot more things 30k could've went towards. -
They froze 28k and I owe them 34k.
I'm going to see if I can make some type of settlement, I guess it won't hurt to ask.
If you settle in most cases they'll knock off a good amount of the actual payment. A lawyer can have you only paying back about 50% of the actual payment in most cases. It's ? up that you can't get that decrease on your own instead of using a lawyer.
You should get the settlement though BUT do not any under circumstances not pay that money late. They'll hit you with the full amount plus a lot of fees damn near doubling what you owed.
I'm going to see about a settlement tomorrow.
I have to make this ? go away quick. If they don't let me settle I just have to suck it....but I'm still going to try.
Financially speaking a settlement would obviously be better since you'd be paying less money, but it might hit your credit harder since you're negotiating to pay less than what you actually owe.
Similar to when people file bankruptcy or go through a credit counseling company and have their payments restructured.
I think that can happen with short-sales on homes as well.
Basically, any situation in which you negotiate with a creditor to pay less than what you owe them will usually have an adverse effect on your credit.
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ParallelRhymes wrote: »
No might about it...if you settle your credit score will take a MAJOR hit...it also means you won't be paying the full amount so the lien wouldn't be removed either.They froze 28k and I owe them 34k.
I'm going to see if I can make some type of settlement, I guess it won't hurt to ask.
If you settle in most cases they'll knock off a good amount of the actual payment. A lawyer can have you only paying back about 50% of the actual payment in most cases. It's ? up that you can't get that decrease on your own instead of using a lawyer.
You should get the settlement though BUT do not any under circumstances not pay that money late. They'll hit you with the full amount plus a lot of fees damn near doubling what you owed.
I'm going to see about a settlement tomorrow.
I have to make this ? go away quick. If they don't let me settle I just have to suck it....but I'm still going to try.
Financially speaking a settlement would obviously be better since you'd be paying less money, but it might hit your credit harder since you're negotiating to pay less than what you actually owe.
Similar to when people file bankruptcy or go through a credit counseling company and have their payments restructured.
I think that can happen with short-sales on homes as well.
Basically, any situation in which you negotiate with a creditor to pay less than what you owe them will usually have an adverse effect on your credit.
just pay the full amt.....the lien would be removed from the IRS....but the lien thing will stay on your credit report for 7 yrs even if all is paid off..... -
i didnt drop 20 like it was "nothin" it was more like "well whatever" but it jus sounded nice talkin to my newest hater.. i mean fan..
its go only get worse for him though..
big things commin soon..
Well A.Mann has been this game the same amount of time I have so I seriously doubt he's anywhere near broke...lol
but hat's off, anyone that can drop 20k. I'm always trying to expand my financial horizons...lol
we should keep in mind Cap's philosophy is a relative simple one.
If a person is not spending this amount on cars and clothes, they simply can not by doing "better then him"
Thee end.
The ideal that some may have simply grown out of that mind set and realized that no one's financial stability is written in stone, and they are saving & stacking is a foreign concept.
When I started contracting I was blowing racks on top of racks had not jack to show for it. I wised up. My financial adviser told me; "Treat yourself but, slow your roll, here's why...........Take that $$$ put here, leave that there etc,etc,.
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i didnt drop 20 like it was "nothin" it was more like "well whatever" but it jus sounded nice talkin to my newest hater.. i mean fan..
its go only get worse for him though..
big things commin soon..
Well A.Mann has been this game the same amount of time I have so I seriously doubt he's anywhere near broke...lol
but hat's off, anyone that can drop 20k. I'm always trying to expand my financial horizons...lol
we should keep in mind Cap's philosophy is a relative simple one.
If a person is not spending this amount on cars and clothes, they simply can not by doing "better then him"
Thee end.
The ideal that some may have simply grown out of that mind set and realized that no one's financial stability is written in stone, and they are saving & stacking is a foreign concept.
When I started contracting I was blowing racks on top of racks had not jack to show for it. I wised up. My financial adviser told me; "Treat yourself but, slow your roll, here's why...........Take that $$$ put here, leave that there etc,etc,.
i couldnt spend all this money if i tried.. well maybe if i really tried..
i save by default..
and i..
u know what.. nevermind..
think what u want... but the way u speak tells me all i need to know about u..
but im done for the night.. bout to go set up my Nombé crystal set in my new china cabinet..
y'know.. since i only buy clithes shoes and cars ull NEVER afford..
im jus sayin.. -
i didnt drop 20 like it was "nothin" it was more like "well whatever" but it jus sounded nice talkin to my newest hater.. i mean fan..
its go only get worse for him though..
big things commin soon..
Well A.Mann has been this game the same amount of time I have so I seriously doubt he's anywhere near broke...lol
but hat's off, anyone that can drop 20k like it's nothing is winning. I'm always trying to expand my financial horizons...lol
jus cause one aint broke dont mean he's "ballin"
hell.. i dont even think im ballin.. im reminded everyday i pull my lil Benz out and drive down the street and its either a Aston.. Ferrari.. or 911 passing me..
but the difference from me and him is when im around ? doin it bigger then me.. i shut the ? up...
there's nothin i can say to them ? .. they doin they thing.. but thats cause its not in me to hate.. people like them inspire me..
evidently I don't think I'm around ? doing it bigger then me....
hahaha
but seriously calm down, I'm just rattling your chain a lil, cuz some ? just not adding up, like you dropping 50,000Gs on this & that,
basically a infinite well of cash at your disposal but not having a single line of credit,yet still having multiple bank accounts, I guess even a few in Cayman Islands .....Mitt Romney. Taxes? what about them? Money laundering? Pass the Clorox.
