OT: One for you tax experts

[dinglefritz]

Reading through all of this....The problem is the complexity of the whole thing. It should never be this f'n difficult.

IF you're a simple 1040 filer, it's not big deal. The problem is all of the deals cut to benefit their buddies including Wall Street. In the farm world they've incentivized ridiculous spending by farmers and ranchers to avoid self employment and income taxes. Most of it wasn't really done to help farmers. It was done to help ag manufacturers similarly to how they gave tax credits to electric vehicle and wind tower purchasers/builders. Now farmers are addicted to the section 179 deduction. It's crazy the things people do to delay paying some tax. Government generally screws up everything with it's good intentions and desire to reward their donors' lobbyers.

 

[cavalot]

IF you're a simple 1040 filer, it's not big deal. The problem is all of the deals cut to benefit their buddies including Wall Street. In the farm world they've incentivized ridiculous spending by farmers and ranchers to avoid self employment and income taxes. Most of it wasn't really done to help farmers. It was done to help ag manufacturers similarly to how they gave tax credits to electric vehicle and wind tower purchasers/builders. Now farmers are addicted to the section 179 deduction. It's crazy the things people do to delay paying some tax. Government generally screws up everything with it's good intentions and desire to reward their donors' lobbyers.

My tiny LLC makes things a bit more complicated. As does what can be deducted and what can't. The tax changes in 16 created more questions for me than the few dollars saved were worth. I lost some deductions along the way that I use to use also. I miss the simple claim 0 and come out even or with a return. I now withhold an extra 300 every month on my W-4 just to try to cover and still end up short. Frustrating to say the least.

 

[WHCSC]

Reading through all of this....The problem is the complexity of the whole thing. It should never be this f'n difficult.

Yep. Seems pretty simple to me. If they’re going to penalize me for taking too much out they should be able to tell me how much is too much!

 

[cavalot]

Yep. Seems pretty simple to me. If they’re going to penalize me for taking too much out they should be able to tell me how much is too much!

I didn't read all of this strand. You got penalized for taking too much out? WTH

 

[WHCSC]

I didn't read all of this strand. You got penalized for taking too much out? WTH

No. I’m trying to find out how much I can take out without penalty.

 

[cavalot]

No. I’m trying to find out how much I can take out without penalty.

I missed the convo on this part. Out of your paycheck or out of an investment?

 

[WHCSC]

I missed the convo on this part. Out of your paycheck or out of an investment?

Out of a Roth

 

[huskerfan66]

Out of a Roth

So catch us up since October. You said you were going in for in person meeting. Results??

 

[cavalot]

Out of a Roth

10% no matter what right? Unless you are 59.5 and have held for 5 years or more.