New Trump Tax Plan Passes- Good For LLc’s. - Page 4 - Business - Contractor Talk

New Trump Tax Plan Passes- Good For LLc’s.

 
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Old 12-24-2017, 10:17 AM   #61
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Fire em all and hire about 20% back in their place with reasonable not insane pay/bennies and use a flat tax. If you don't make the threshold you dont pay taxes if you do you pay the same percentage as anyone else. Even the bleeding hearts buying cell phones for welfare folks should be ok with that.
I would go for that, but like doing away with the income tax and create a federal sales tax. Everyone pays, the poor would get a credit and the rich would pay out the ass for their lifestyle. Not to mention everyone who visits would help pay.
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You ask for your money frequently, and you collect it quickly, else you stop working immediately.
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Old 12-24-2017, 10:19 AM   #62
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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I would go for that, but like doing away with the income tax and create a federal sales tax. Everyone pays, the poor would get a credit and the rich would pay out the ass for their lifestyle. Not to mention everyone who visits would help pay.
I'm good with it being a sales tax if that works (not an economist) but I see nothing wrong with writing a check for a percentage on Jan 2 if it doesn't. Should be 3 pages. Get rid of tax lobby and 90% of irs

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Old 12-24-2017, 10:20 AM   #63
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Re: New Trump Tax Plan Passes- Good For LLc’s.


A few years ago at a seminar on builder & remodeling accounting at the annual builder's show, I was made aware of the Sec 199 deduction. It applies to various "manufacturing" trades, including home builders and remodelers. It has been a huge deduction for me, I have saved tens of thousands of $ using this deduction. It is now being replaced with the Sec 199a deduction, an even larger write-off. If you have not been taking the Sec 199 deduction in prior years, including 2017, I would have a conversation with a good CPA.


http://www.bcpllc.com/winter2015-article4.php

"Most companies in the construction industry qualify for this deduction. Too often, tax preparers have overlooked this deduction when preparing returns for business owners in the construction industry. Construction is defined in the Treasury Regulations as activities performed in connection with a project to erect or substantially renovate real property."
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Old 12-24-2017, 10:26 AM   #64
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Re: New Trump Tax Plan Passes- Good For LLc’s.


Hey Missy, you are wrong again. The federal taxes paid already include those mortgage deductions, the earnings are usually higher here and therefore pay a higher tax after the deductions are taken. You are the one who can't understand.

Taking $20k off a $500k salary is peanuts, they are still paying more in taxes at $480k than some one making $60k.
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Old 12-24-2017, 10:29 AM   #65
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Re: New Trump Tax Plan Passes- Good For LLc’s.


Anyone complaining about the tax cuts should probably opt to pay the old taxes.
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You ask for your money frequently, and you collect it quickly, else you stop working immediately.
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Old 12-24-2017, 10:31 AM   #66
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Hey Missy, you are wrong again. The federal taxes paid already include those mortgage deductions, the earnings are usually higher here and therefore pay a higher tax after the deductions are taken. You are the one who can't understand.

Taking $20k off a $500k salary is peanuts, they are still paying more in taxes at $480k than some one making $60k.
Nope, State Taxes, meaning state income taxes.

Everyone pays the same percentage of federal tax, unless you live in a state that has a state income tax. The feds allow you to deduct that from your federal taxes, which means states without state income tax are subsidizing those with.
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You ask for your money frequently, and you collect it quickly, else you stop working immediately.
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Old 12-24-2017, 10:36 AM   #67
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Re: New Trump Tax Plan Passes- Good For LLc’s.


I even quoted him as saying HIGH STATE TAXES. In your explanation which is the HIGH STATE TAX? Not federal, but state.
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You ask for your money frequently, and you collect it quickly, else you stop working immediately.
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Old 12-24-2017, 11:03 AM   #68
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Re: New Trump Tax Plan Passes- Good For LLc’s.


So democrats don’t really want to tax the rich, it’s all been a scam to get votes. Now that republicans have raised taxes on the wealthy, the democrat are opposed to raising taxes on the wealthy. ��
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Old 12-24-2017, 11:04 AM   #69
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Re: New Trump Tax Plan Passes- Good For LLc’s.


Quote:
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I'm good with it being a sales tax if that works (not an economist) but I see nothing wrong with writing a check for a percentage on Jan 2 if it doesn't. Should be 3 pages. Get rid of tax lobby and 90% of irs

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Federal sales tax. It causes everyone to pay taxes, including people making money illegally. Also no personal tax returns to file. It won't happen, because the CPA's want the tax code to be as complicated as possible.
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Old 12-24-2017, 11:54 AM   #70
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Re: New Trump Tax Plan Passes- Good For LLc’s.


Good thread!!! Alot of contractors sure know alot about the government and taxes. I will admit that I know nothing about taxes, but it sounds like doing away with federal taxes and having a federal sales tax could solve hundreds of problems e.g. stopping people from cheating on their taxes and it may create more-fair business competition. I think this concept has been talked about for many years. I am a firm believer that every head in the United States should pay the same amount or percent for the right to live in this country and that includes the welfare people with up to 15 children.

From the time I was 15-years old and filed my first end-of-the-year taxes I hated to even think about what I had to do. I like the idea of paying as you 'go along' for everything I do e.g. paying c.o.d. for all supplies, paying the sales tax when supplies are delivered. It makes it much simpler to balance my books, budget my money and then I know exactly what is left in my pot rather than having to wait until April 15th to see if I have even a dime in my bank account.
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Old 12-24-2017, 12:14 PM   #71
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Federal sales tax. It causes everyone to pay taxes, including people making money illegally. Also no personal tax returns to file. It won't happen, because the CPA's want the tax code to be as complicated as possible.
Also lump into this group that doesn't want the tax code to change: Tax Attorneys, CPA Firms (especially the big ones, not just individuals), Politicians (who get to write the tax codes to benefit themselves), all those H & R Block type businesses.

The more complicated and convoluted something is, the more specialists you need to interpret it. And since taxes are something that honest, working people have to pay (or face significant penalties), the more the need for people to keep these tax payers out of trouble.
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Old 12-24-2017, 02:17 PM   #72
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Also lump into this group that doesn't want the tax code to change: Tax Attorneys, CPA Firms (especially the big ones, not just individuals), Politicians (who get to write the tax codes to benefit themselves), all those H & R Block type businesses.

The more complicated and convoluted something is, the more specialists you need to interpret it. And since taxes are something that honest, working people have to pay (or face significant penalties), the more the need for people to keep these tax payers out of trouble.
And for all of the above reasons, I'd take my chances for a simpler system. As it has been, there are too many leaches involved.
There are those that produce, those that don't, & those that live off of those that produce. It's finally time that we have someone working for the ones that do!
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Old 12-24-2017, 02:34 PM   #73
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Re: New Trump Tax Plan Passes- Good For LLc’s.





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Old 12-24-2017, 02:35 PM   #74
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Re: New Trump Tax Plan Passes- Good For LLc’s.


And to think this country was founded by a bunch of rebellious colonists that opposed a tax on tea. Look how far we've come.
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Old 12-24-2017, 03:29 PM   #75
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Actually the high taxes he's referring to don't. He's talking about high state taxes, not federal. When you get to deduct your state taxes from the federal tax burden, it becomes someone else's burden.
what i said : states with high income taxes all pay in more to the federal government than they get back. google donor states. before we start talking about adding to another states burden you should realize where the burden actually is...
https://taxfoundation.org/federal-ta...ditures-state/
this is from 2005 but the numbers are the same more or less in 2017. i'm out of town and can't post links from my laptop i've been incorporated for 15 years and have a masters degree in accounting and had never heard of the 199 deduction so gotta thank that poster. 179 yes but 199 no.
the poster who linked the NY post article may as well have linked the Enquirer.
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Old 12-24-2017, 03:33 PM   #76
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Re: New Trump Tax Plan Passes- Good For LLc’s.


So dems are all for the rich paying more, except in the case of this tax bill? Makes zero sense, except it's something to bitch about with this admin.


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Old 12-24-2017, 03:39 PM   #77
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Re: New Trump Tax Plan Passes- Good For LLc’s.


Drilling Anwar is bigly

Repealing the individual mandate is virtually gutting Barrycare.


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Old 12-24-2017, 03:51 PM   #78
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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I even quoted him as saying HIGH STATE TAXES. In your explanation which is the HIGH STATE TAX? Not federal, but state.
Wasting your time TNT, which is why I didn't feel the need to get back into the pissing match with the liberal minded.
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Old 12-24-2017, 05:23 PM   #79
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Re: New Trump Tax Plan Passes- Good For LLc’s.


Merry Christmas fellas!
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Old 12-24-2017, 05:53 PM   #80
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Wasting your time TNT, which is why I didn't feel the need to get back into the pissing match with the liberal minded.


Well said.


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