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Can i claim myself at 18 as a dependent?
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Jordan23ForLife | Jesus Taxes In The US are out of control? |
Ok looking at my estimated earning for next next year it looks like their going to want 39% of my total!!!
My estimated Income will be around 480,000 to 500,000 and that would basically mean they want around 187,000!!!!
This a big joke and it's basically new to me since this is the 1st time making that income. If you your curious as to what it is that i do its Sales working on commission ie self employed.
I believe in Taxes but that is just ridiculous. Any way to lower that amount legally? |
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Elsie
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Put as much as legally allowed in an IRA. I think the max for a single person is $15,000, but it comes right off the top. This will reduce your taxable income by the full amount that you put in the IRA., so if you make $500K, you will only pay taxes on $485K of it. Not much, but every little bit helps.
If you don't already own a house, invest in a home. The real estate taxes and interest on your mortgage are tax deductible, and if you get a mortgage where you pay points to get the interest rate down, the points are tax deductible, too.
Now is also a great time to invest in some rental property, so if you already own a house, buy a house, duplex or apartment building to rent out. Maybe start small with a house or duplex, and make sure you run it as a business, so you are amortizing the property and contents, and deducting the cost of insurance and upkeep.
If you have student loans, you can deduct the interest on those as well.
Since you are self employed, make sure you are meticulous about what you are spending on your business expenses. Talk to a tax accountant about what you can and can't deduct these days. The IRS has gotten more and more strict about this stuff. If you use a part of your house as your office, you used to be able to deduct the square footage of the area as a precentage of your mortgage for a home office, but too many people were setting up a computer in the corner of the family room and calling it a "home office", so now it has to be a dedicated room just for work in order to deduct it. Again, talk to a tax accountant about the current laws and how you can minimize your tax liability.
You should also consider starting to pay your taxes quarterly. Go to www.irs.gov and download form 1040es. It will give you the instructions on how to pay your taxes quarterly, rather than all at once at the end of the year. The IRS can hit you with a huge penalty if you made more than a certain percentage over what you made the year before. The only way to get around it is if you get the bulk of your commissions at the end of they year, like a year-end bonus, but if you are making consistently throughout the year, start paying in now.
My husband is appalled at how much we pay in taxes, and votes primarily Republican for that reason. We only make around $150K and paid almost 25% last year, not including what we pay in state taxes, sales taxes, gasoline taxes...the list goes on and on. My husband says if we paid our federal income taxes like we pay sales taxes, people would be up in arms, but because it comes out of our paychecks, we don't notice when it goes up or down. People like you, who get their full pay, and then have to "pay it back" are the only people who see how much the government is taking. |
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ksxstitch
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You lower your tax burden by taking the deductions and exemptions to which you are entitled.
Taxes are paid on "taxable income" after all exemptions and deductions are subtracted from total income.
You should be talking with an accountant, financial adviser, or business manager who can help you with your tax situation. |
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eskimooinc.com
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Your best bet is to spend a little of your commission on employing a good accountant to minimize your tax bill....if you end up paying that much intax, then either you're not as smart as your income would suggest, or you need to find a better accountant..... |
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Joy M
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If you think taxes in the US are bad, I suggest that you never even consider living in almost any other country. Income taxes abroad, especially in Europe, are much much higher than they are in the US. Taxes in other areas are bad, too. There is an 80% tax charged on gasoline, pushing their price of gas to, when converted to dollars per gallon, above $7 in many areas. |
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Jay
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the way you phrased your question makes it appear as if you are paying a Jesus tax |
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David G
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I highly doubt someone with a 9th grade spelling aptitude is bringing down a half mil in a white collar job. |
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roderick_young
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Yes, that's how it works.
The best way to feel better about this is to think, whose life would you like to trade with yours? That is trade in total, you can't just pick this guy's job, that guy's wife, that other guy's taxes. I think you'll find your situation is pretty good.
It sounds like you're a good candidate for investing in Tax-advantaged funds. Look at Vanguard or some similar place for a fund that matches your state. If I were you, I'd save up. Sales is a really choppy income. You could make a fortune one year selling Hummers, then the next, gas prices go through the roof. Nothing is immune to market cycles. |
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Cadillacman
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Wait a minute!! You're smart enough to make a half million bucks a year, but you're not smart enough to spend a couple thousand to obtain professional help for your taxes? The few bucks you spend for a CPA will save you many times that amount in taxes. They can tell you many ways to legally lower your taxes, and will include tax planning, so you can pay even less in the future.
This great country affords you the opportunity to make that kind of money with nothing but your mouth and a good product, and you gripe about paying to support the country? Paying taxes into this great country is not a joke, as you suggest. It is a privilege we have been given. As has been previously suggested, if you're unhappy with our tax system, try living in other countries.
Also, you're not paying Jesus taxes. Why are you using His Name when you don't even know Him? He means a lot to me. He has done so much for me, including saving me from possible death this week. I resent it when people misuse His Name, just as He resents it.
Back to your question: There are legal ways to avoid some taxes. Get professional help. |
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gracie slick
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Hahaha - Jesus Taxes.
My advice, never consider your gross income. Never think for one minute that that's what you have. Taxes are inevitable, although a good accountant can definitely help.
Taxes in the U.S. are not out of control. They are lower than in most developed countries.
Plus, your earnings after taxes put you solidly in the upper class and above 90-95% of the U.S. population. Your complaints are not particularly compelling. Did you maybe just want to brag about your income on the internet? |
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viajero_intergalactico
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Thats not bad. I had friends visit from Europe and they pay about 55% of their income in taxes.
you have to remember, its the government that makes it possible for you make that kind of income in the first place. We here in the USA are blessed with only a modertely corrupt government so they "let" us make evern insane amounts of income.
Many governments would just take your money making idea or 80% of your income and give you nothing in retrun. Why do you think people from affluent countries also want to come here. |
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bostonianinmo
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So, move to Europe! Hmm... Never mind, you'll pay about $275k in taxes over there.
OK, move to Mexico! Yeah, taxes are low there! Hmmm.. Well, THAT might now work too well after you have to shell out an extra $150k to $200k per year for a small army to protect you there with that kind of money.
Or, you could just hang on to the $313k that you'll get to KEEP and stop griping about it. I'll HAPPILY trade tax bills and paychecks with you, Buddy!
BTW, "Jesus Taxes" are collected in churches. I don't attend church so I don't have to pay those. |
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Em C
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Jesus Taxes? What are those?
You do know that if you are self employed you wouldn't pay taxes on what you gross, you'd be able to deduct a bunch of expenses that normal working folks don't get to take right?
But you're not really looking for tax advice are you? Sounds like you just want to recruit for your MLM scheme or whatever you are working on. |
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Gary
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Amen, Taxes are too high. A good example is Bush's rebate program. I rather have permanent tax cuts than an one time rebate check. This rebate program indicates to me that the US Government is taking too much in taxes in the first place. Rebate checks are even going to people who are not required to file an income tax return. A bunch of garbage. |
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Smiles
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The only way to lower them is to make less money!!!!!!!
What company do you work for, what do you sale? If you make 480,000-500,000 you still have between 195,000 293,000- to work with which is still not bad for an annual income. Yes, self employed people pay more then when you work for someone else. I think you are still doing pretty good!! |
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