Income tax

[dav4463]

I have income from a number of sources because I referee basketball for various organizations. Last year I forgot to send one in to the IRS and got the dreaded letter that says I owe $1900 for money that I did not report. Has this ever happened to anyone here? What is the lowest amount that they will accept in installments? It just burns me up that being a single guy, I get saddled with paying taxes every year and deadbeats with four or five kids from three different parents get thousands back and they go out and buy cars, furniture, etc. while I have to work my ass off and then give a ton of it back to the IRS. I also have some signers from the track that I will have to report. How do I write those off against losing tickets, or is it worth the hassle?

[cj]

Being military and moving a lot, I've had a few problems with different states. Every time the state has been wrong, but one thing for sure, they always GREATLY overstate the amount even if they had been right.

Maryland one time placed a lien on my wife saying she owed $11,000 for not filing a return in 1998. The net result, after a long battle they sent her a refund of $700 two years later.

[JustRalph]

I have income from a number of sources because I referee basketball for various organizations. Last year I forgot to send one in to the IRS and got the dreaded letter that says I owe $1900 for money that I did not report. Has this ever happened to anyone here? What is the lowest amount that they will accept in installments? It just burns me up that being a single guy, I get saddled with paying taxes every year and deadbeats with four or five kids from three different parents get thousands back and they go out and buy cars, furniture, etc. while I have to work my ass off and then give a ton of it back to the IRS. I also have some signers from the track that I will have to report. How do I write those off against losing tickets, or is it worth the hassle?

Dav, use a reputable accountant. I have had a few disagreements with the IRS and the accountant was able to nip it in the bud each time. As to your question about writing off losers, piece of cake. The accountant takes your losers against your winners, comes up with a number and you pay the tax on the profit. You must be able to prove your losers versus your winners. I had to fight with the State of Ohio about losers versus winners and all I had to do was present a report from Winticket.com and Youbet on my winners versus my losers and they sent me a nice letter apologizing. I was able to produce the documents in about ten minutes online.

[GaryG]

You must be able to prove your losers versus your winners. I had to fight with the State of Ohio about losers versus winners and all I had to do was present a report from Winticket.com and Youbet on my winners versus my losers and they sent me a nice letter apologizing. I was able to produce the documents in about ten minutes online.I have several friends at the OTB that save their losing tickets and give them to me. I just declare all of that against my net winnings. Saves a nice figure at the end of the year. If the IRS is monitoring this site this is just a joke....haha

[dav4463]

Thanks, I'll definitely get with an accountant.

[ecaroff]

I have income from a number of sources because I referee basketball for various organizations. Last year I forgot to send one in to the IRS and got the dreaded letter that says I owe $1900 for money that I did not report. Has this ever happened to anyone here? What is the lowest amount that they will accept in installments? It just burns me up that being a single guy, I get saddled with paying taxes every year and deadbeats with four or five kids from three different parents get thousands back and they go out and buy cars, furniture, etc. while I have to work my ass off and then give a ton of it back to the IRS. I also have some signers from the track that I will have to report. How do I write those off against losing tickets, or is it worth the hassle?

You'll be happy to read this:

The Top 50% pay 96.54% of All Income Taxes(The top 1% pay more than a third: 34.27%)

October 4, 2005

http://www.rushlimbaugh.com/home/menu/cy2003.Par.0001.ImageFile.gif This is the latest data (http://www.irs.gov/pub/irs-soi/03in05tr.xls)for calendar year 2003 just released in October 2005 by the Internal Revenue Service. The share of total income taxes paid by the top 1% of wage earners rose to 34.27% from 33.71% in 2002. Their income share (not just wages) rose from 16.12% to 16.77%. However,
their average tax rate actually dropped from 27.25% down to 24.31% http://www.rushlimbaugh.com/0.gif<A id=0008>http://www.rushlimbaugh.com/home/menu/cy2003.Par.0008.ImageFile.gif

*Data covers calendar year 2003, not fiscal year 2003
- and includes all income, not just wages, excluding Social Securityhttp://www.rushlimbaugh.com/0.gif<A id=0002>Think of it this way: less than 3-1/2 dollars out of every $100 paid in income taxes in the United States is paid by someone in the bottom 50% of wage earners. Are the top half millionaires? Noooo, more like "thousandaires." The top 50% were those individuals or couples filing jointly who earned $29,019 and up in 2003. (The top 1% earned $295,495-plus.) Americans who want to are continuing to improve their lives, and those who don't want to, aren't. Here are the wage earners in each category and the percentages they pay:
The top 1% pay over a third, 34.27% of all income taxes. (Up from 2003: 33.71%) The top 5% pay 54.36% of all income taxes (Up from 2002: 53.80%). The top 10% pay 65.84% (Up from 2002: 65.73%). The top 25% pay 83.88% (Down from 2002: 83.90%). The top 50% pay 96.54% (Up from 2002: 96.50%). The bottom 50%? They pay a paltry 3.46% of all income taxes (Down from 2002: 3.50%). The top 1% is paying nearly ten times the federal income taxes than the bottom 50%! And who earns what? The top 1% earns 16.77% of all income (2002: 16.12%). The top 5% earns 31.18% of all the income (2002: 30.55%). The top 10% earns 42.36% of all the income (2002: 41.77%); the top 25% earns 64.86% of all the income (2002: 64.37%) , and the top 50% earns 86.01% (2002: 85.77%) of all the income.

I have made an executive decision as the owner and ultimate editor of this website that this table and these numbers stay on this website forever - updated when each year's numbers come out, of course. In order to get these facts, you have to see them each and every day. This story, along with a link to the IRS chart, will stay somewhere on the RushLimbaugh.com (http://rushlimbaugh.com/) homepage so everyone can see and find these numbers at any time. It's crucial that people get this, so please, share it with a friend now!http://www.rushlimbaugh.com/0.gifThe Rich Earned Their Dough, They Didn't Inherit It (Except Ted Kennedy)October 10, 2003
The bottom 50% is paying a tiny bit of the taxes, so you can't give them much of a tax cut by definition. Yet these are the people to whom the Democrats claim to want to give tax cuts. Remember this the next time you hear the "tax cuts for the rich" business. Understand that the so-called rich are about the only ones paying taxes anymore.



VOTING REPUBLICAN IS YOUR ONLY HOPE

[JustRalph]

I have posted those numbers before. They come straight from the IRS. The left just ignores it...........

[Tom]

First two thread tonight - contain verifiable facts....and neith one has a lib post in it! Curious...

[lsbets]

Those numbers have been posted many times. The response is "Well, the rates are down for the rich". However, the rates mean nothing, because no one pays the actual tax rates, as the numbers show. If they did, 50% wouldn't pay nothing (and actually, the bottom 20% gets back more than is withheld from them - must be nice getting a refund of more than you paid).

[dav4463]

I'm a Republican, but there is a flaw somewhere when single guys never get a refund and people with a few kids get back thousands. We have bills too! If I just got half back of what some of my friends with kids get, I'd feel pretty good about it.

[lsbets]

I'm a Republican, but there is a flaw somewhere when single guys never get a refund and people with a few kids get back thousands. We have bills too! If I just got half back of what some of my friends with kids get, I'd feel pretty good about it.

I can't say I disagree with that assesment. That's why I favor a flat tax with no exemptions or deductions. 2 kids goes a long way towards reducing the federal taxes. Throw a mortgage payment and real estate taxes on top of that, and the refund can be pretty sweet.

[Tom]

If only the people spending the taxes were half a diligent as the monsters that collect them!

[dav4463]

I would love to have a flat tax.

[NoDayJob]

Only 4 states ratified the Income Tax Ammendment yet the Extreme Court says it's legal? It's time for a tax revolt, starting right about now! Another Boston Tea Party, anyone?

[Dick Schmidt]

Dav,

Why not have a couple of kids. You'll save ever so much money, as everyone knows that kids don't eat much and little clothes must be cheap.


NoDayJob,

No one wants to pay taxes, but everyone wants lots of government services. Some may get wasted, but most goes to pay solders, pave roads and (let's face it) keep the "under classes" content enough to stave off that revolution. Just remember, if there is a revolution, chances are you'll be one of the first against the wall. Once it gets going, what's to stop it? The government won't have any money to pay police.

Dick

Who's wondering if the $250,000 he set aside over the years for his son's education is going to be enough.

[NoDayJob]

[Dick Schmidt] NoDayJob,

"Just remember, if there is a revolution, chances are you'll be one of the first against the wall. Once it gets going, what's to stop it? The government won't have any money to pay police."

I won't be up against the wall, believe me.

The police are under no obligation to protect you even if they are paid. Check it out. You'll be on your own and good luck.

[Tom]

Only 4 states ratified the Income Tax Ammendment yet the Extreme Court says it's legal? It's time for a tax revolt, starting right about now! Another Boston Tea Party, anyone?

Yeah, let's all throw our refund checks into the harbor!
Uh, wait a minute, let me think this through a little more....;)

[NoDayJob]

Yeah, let's all throw our refund checks into the harbor!
Uh, wait a minute, let me think this through a little more....;)

A refund check means you've loaned your hard earned money to the gummit interest free... that's being a sucker. I always make sure I owe the gummit, not the other way around. :lol:

[rrpic6]

Dav, use a reputable accountant. I have had a few disagreements with the IRS and the accountant was able to nip it in the bud each time. As to your question about writing off losers, piece of cake. The accountant takes your losers against your winners, comes up with a number and you pay the tax on the profit. You must be able to prove your losers versus your winners. I had to fight with the State of Ohio about losers versus winners and all I had to do was present a report from Winticket.com and Youbet on my winners versus my losers and they sent me a nice letter apologizing. I was able to produce the documents in about ten minutes online.

Ralph:

I'm curious about your fight with Ohio Dept. of Taxation. Unless you file as a professional gambler, you can't write off losers vs. winners. In fact, the law is so f****d up, if you bet say $200 and cash for $150, the State of Ohio says you won $150 and can't claim losses from that....and so on.

[JustRalph]

Ralph:

I'm curious about your fight with Ohio Dept. of Taxation. Unless you file as a professional gambler, you can't write off losers vs. winners. In fact, the law is so f****d up, if you bet say $200 and cash for $150, the State of Ohio says you won $150 and can't claim losses from that....and so on.

they let me do it. And I didn't file as a pro. I had a ton of bets etc for that year. 2002. I produced an excel file for my accountant and later just printed out the report from the betting services and my accountant put it in letter form. They didn't bitch a bit. Maybe they were happy with the cut they were getting already. I had written a nice check to them already............