And it was a very useful "loan" as it was a good portion of my startup costs. I have no problem "paying them back"
I am afraid to find out what mine is. I sold $40,000 worth of stock options. If you hear a scream in about 7 business days - that will be me.
I try to owe money, but we're apparently too poor. Getting back $4,000. I'm not happy that they've had my money for free for the whole year. Bastards.
"Psssst...yo, dog. Two words -- cost basis. Awwwwwzzhhheeeaaahhh! Fo' rizzle, yo. ...das right......cost basis. Peace."
Looks like about $700-800 coming back to me. This past year I went from contract work to full-time so I am quite pleased with the outcome. Have used turbo tax online for several years 1040-A with deductions itemized. It works like a charm.
would be paying nearly $16,000 if it weren't for GM's stock tanking this year. Sold those shares at a nice little loss (and repurchased them a la Kerkorian) and negated most of my gains from Google and others. I only owe $750, thank God.
Cool. Just make sure the "wash sale rules" don't apply... http://www.irs.gov/instructions/i1040sd/ch01.html#d0e370 "A wash sale occurs when you sell or otherwise dispose of stock or securities (including a contract or option to acquire or sell stock or securities) at a loss and, within 30 days before or after the sale or disposition, you: Buy substantially identical stock or securities..."
I try to break about even every year. I don't like to give the government my money interest free for a whole year. I can put that in my retirement accounts or at least a higher yielding type of savings/checking account. And I also want to fly right under the radar for audit flags. Working in my field, I have association with IRS and SSA reps. So I keep up on what to do and not to do to not get flagged. This year I had tax returns in two states from moving. And as I was working part of the year in a higher paying job, I had too much tax taken out. I received about $300 from one state (for only working part of the year there), owed $191 to another (I knew that would happen), and owed $19 to federal (for the same reason I owed the one state so much). So all in all I took back about $90. I figure I'll break about even with this year's taxes when I file next year. Just as I like it.
yeah i know what you mean. i'm getting a big return (see above) and was getting some shit from one of buddies. of course once i explained how much of a capital loss i suffered to get that, he shut up.
that was taken care of, thanks. I'll probably get audited anyways, as I have the last three years. (my former days as an auditor as well the excellence of the financial advisors made sure of this happening legally)
any kind of small business, LLCs, etc. are severely looked at by irs and are audited at rates much higher than individuals and bigger firms. when i owned a smaller firm i got the irs up the ass regularly, sold to a larger firm and haven't had one visit since.
Thank you. Same to Red&Black. I'm not aware of these things because I've never owned my own business nor do I have any close ties to people that do. But I can see how that happens. It'd be interesting to see how much money the government would actually pull in if people didn't exercise every loop hole available.
I'd probably say that the gov't loses $50 bn, at least. Could be closer to $150 bn if you wanted to get really stingy. I employ a semi-aggressive tax scheme, but if it borders on questionable, I'll shoot down the idea. I know people that have changed citizenships (of them and their children) to the Caymans and other tax havens simply to avoid some taxes. But I think it is the fault of the gov't that there are so many loopholes in the tax code. it needs to be thrown out and remade, everybody can agree on that. but how to remake is another issue.