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Thread: IRS: We can read emails without warrant

  1. -31
    JackFinfan's Avatar
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    Quote Originally Posted by NY8123 View Post
    All I know is my dad busted his ass to build his business. Opened the doors up with another guy in 1979 and now that he is 63 and the business went from being a 2 man operation to employing 10 to 20 people regularly the IRS says they want 48% when he sells out. 48%, let that sink in. My dad isn't getting rich, if he's lucky he is upper middle class but he has paid cash his whole way through life, he doesn't owe more than 10K to the man and most of that was my sisters wedding last summer.

    Why should a guy who spent his life building and employing local business pay 48% in capital gains when he sells? Well to Dog's point the answer is he probably won't due to loopholes. By breaking down the LLC into sub companies and leasing to each other the IRS views it differnetly and the taxes are much much less. Of course that took a tax lawyer who normally works for comapanies like Burger King, Staples etc...to come break it up for him.

    But why is it even like that in the first place? Why is a company worth less than most CEO's income taxed at such an unfair rate when the owner sells? The tax system is all ****ed up it needs to be gutted and redone, that's the only way to make it fair to all involved.
    If any taxpayer is paying 48% to the IRS for anything, they need to find themselves a new accountant. Capital gain rates on selling your business are 15% with a few exceptions. And that's 15% on only amounts of the selling price that exceed his cost basis in the business.
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  2. -32
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    IRS: We can read emails without warrant

    Quote Originally Posted by JackFinfan View Post
    If any taxpayer is paying 48% to the IRS for anything, they need to find themselves a new accountant. Capital gain rates on selling your business are 15% with a few exceptions. And that's 15% on only amounts of the selling price that exceed his cost basis in the business.
    I believe the 48% figure is often used when you take into account FED, state and local taxes.
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  3. -33
    Harry_Bagpipe's Avatar
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    Snakes!Dolphins HomerDolphin
    I wont lie. If i could legally find any loophole to avoid paying as much in taxes, i would do it in a second.
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  4. -34
    JackFinfan's Avatar
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    Quote Originally Posted by ohall View Post
    I believe the 48% figure is often used when you take into account FED, state and local taxes.
    I do taxes for really rich people for a living. Just finished my tax season. Can't tell you one person who paid anything near 48% this year. You get to deduct state taxes on your federal return, so the percentages don't exactly stack like some people think. Also, NY was talking about a capital transaction which isn't taxed at ordinary rates.
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  5. -35
    Harry_Bagpipe's Avatar
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    Quote Originally Posted by JackFinfan View Post
    I do taxes for really rich people for a living. Just finished my tax season. Can't tell you one person who paid anything near 48% this year. You get to deduct state taxes on your federal return, so the percentages don't exactly stack like some people think. Also, NY was talking about a capital transaction which isn't taxed at ordinary rates.
    I was thinking about claiming the roaches in my condo as livestock. Will that fly?
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  6. -36
    JackFinfan's Avatar
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    Quote Originally Posted by Harry_Bagpipe View Post
    I was thinking about claiming the roaches in my condo as livestock. Will that fly?
    Why livestock, I'd go with dependents.
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  7. -37
    NY8123's Avatar
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    Quote Originally Posted by JackFinfan View Post
    If any taxpayer is paying 48% to the IRS for anything, they need to find themselves a new accountant. Capital gain rates on selling your business are 15% with a few exceptions. And that's 15% on only amounts of the selling price that exceed his cost basis in the business.
    It's not that cut and dry. It is far more than 15%. Here is a break down by state with the new 2013 rates:

    http://taxfoundation.org/article/hig...al-gains-taxes

    The gains in NY is actually closer to 32%. 48% is stuck in my head based on some other stuff in my life but still the gains in New York are ridiculous when coupled with the Federal gain.
    "I am free of all prejudice. I hate everyone equally" ~ W.C. Fields

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  8. -38
    NY8123's Avatar
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    Quote Originally Posted by ohall View Post
    I believe the 48% figure is often used when you take into account FED, state and local taxes.
    Exactly and that is what is happening with some inheritance I am receiving from my Grandmother right now. I'm not sure if it will actually hit that 48% number but that's why the number is stuck in my head because that is worse case.
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  9. -39
    GoFins!'s Avatar
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    Quote Originally Posted by Harry_Bagpipe View Post
    I wont lie. If i could legally find any loophole to avoid paying as much in taxes, i would do it in a second.
    The difference between you and people against loopholes is that you openly admit you'd claim them if you could.

    Almost no one skips loop holes, but about half of us want to take them away from everyone else.

    See Barbara Streisand, "I didn't mean me." Different topic, same concept.
    Im somewhat disappointed that more African Americans dont think for themselves and just go with whatever theyre supposed to say and think."


    - Dr. Benjamin Carson
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  10. -40
    JackFinfan's Avatar
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    Quote Originally Posted by NY8123 View Post
    It's not that cut and dry. It is far more than 15%. Here is a break down by state with the new 2013 rates:

    http://taxfoundation.org/article/hig...al-gains-taxes

    The gains in NY is actually closer to 32%. 48% is stuck in my head based on some other stuff in my life but still the gains in New York are ridiculous when coupled with the Federal gain.
    Gotcha, well you said the irs told your dad it would be 48%. The IRS only deals with federal taxes. The New York dept of revenue is not the IRS. Also, when you pay taxes on business income throughout the years, you get to increase your tax basis both for states and federal. Any proceeds up to his basis will not be taxed at all.
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