• RME Gear & Apparel

I hate Taxes....

Greg

Greg

I run a tight ship... wreck
Admin
Location
Grand Junction, CO
Doing my taxes now and hate how screwed we've been getting the last several years, even though I've been withholding additional federal & state tax money. For a handful of years we had a rental and our primary home, making for more interest to be written off. We sold the rental a few years ago. Seems like write-offs don't go as far as they used to. No kids, we both make good money and pay 22% tax rate. I feel like I need to come up with some tax credits to take advantage of.

EV's seems like an easy one, some cars qualify for up to $7500. Wonder if it's worth buying one for the credit break, then selling it at the end of the year... and keep doing that each year. :eek:

Any other thoughts?
 
Greg

Greg

I run a tight ship... wreck
Admin
Location
Grand Junction, CO
jeeper said:
Is there a limit to the number of EV's a person can claim per year or life time??
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No idea!

But I did find this, which means we wouldn't get any tax credit on an EV... :rolleyes:


Are there federal tax credits for new all-electric and plug-in hybrid vehicles? This link will provide you an update by car manufacturer. As of August 2021, the US Senate, through a non-binding solution, has approved a $40,000 threshold on the price of electric cars that would be eligible for a $7,500 federal tax credit. Additionally, this would set an income limit for buyers to $100,000. We will update this page once this measure has been made legal. See more details on electric vehicles and tax credits.


Important: The federal government may be reworking the credit, including an increased amount, income thresholds, and reverting the phaseout period. This would mean hybrids and electric vehicles by Tesla and General Motors may be eligible for the tax credit in future years. We will keep this page updated as details become available.
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jeeper

jeeper

I live my life 1 dumpster at a time
Location
So Jo, Ut
Greg said:
Who said I don't?
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You, complaining about not having enough deductions.

If you really can write off RME stuff, then every tool, part, trailer, camera, phone, and garage rent should be deductible.
That makes a $7,500 EV deduction become crumbs.
 
Greg

Greg

I run a tight ship... wreck
Admin
Location
Grand Junction, CO
Herzog said:
They only want people buying electric cars that can't afford them? Cool.

Taxes are bullshit.
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Pretty much!



jeeper said:
You, complaining about not having enough deductions.

If you really can write off RME stuff, then every tool, part, trailer, camera, phone, and garage rent should be deductible.
That makes a $7,500 EV deduction become crumbs.
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It's a drop in the bucket and doesn't work as well as you seem to think.
 
jeeper

jeeper

I live my life 1 dumpster at a time
Location
So Jo, Ut
Greg said:
It's a drop in the bucket and doesn't work as well as you seem to think.
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Bummer. I guess you 1%ers just have to pay your fair share. :oops: :rofl:

I dropped 1 of my business/income sources in October last year. It will be interesting to see how that is going to affect my deductions for this year.
I haven't even started working on taxes for last year (2021 tax year) yet. I am not looking forward to it at all. I don't have a paycheck, so nothing gets taken out throughout the year. One big lump some is what I have to pay. The last couple years I could have written a check for a pretty sweet vehicle... but I sent it to uncle sam instead :puke: 🤮
 
Greg

Greg

I run a tight ship... wreck
Admin
Location
Grand Junction, CO
jeeper said:
Bummer. I guess you 1%ers just have to pay your fair share. :oops: :rofl:

I dropped 1 of my business/income sources in October last year. It will be interesting to see how that is going to affect my deductions for this year.
I haven't even started working on taxes for last year (2021 tax year) yet. I am not looking forward to it at all. I don't have a paycheck, so nothing gets taken out throughout the year. One big lump some is what I have to pay. The last couple years I could have written a check for a pretty sweet vehicle... but I sent it to uncle sam instead :puke: 🤮
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So helpful... 🙄
 
Cody

Cody

Random Quote Generator
Supporting Member
Location
Gastown
Need some offsetting business loss to write off? Might I recommend opening a brewery during a pandemic?

I'm no tax master, but my account pays for himself 10x over through the different ways he's able to reduce our tax burden. I could do my own taxes for free, I just couldn't afford it.
 
Houndoc

Houndoc

Registered User
Location
Grantsville
I definitely need to re-evaluate my company structure. Now that I am sole owner and business grown dramatically the last couple years no sure S-corp is serving me well.
 
ChestonScout

ChestonScout

opinions are like Jeeps..
Location
Clinton, Ut
I’m right there with you @Greg Makes me sick how much money my wife and I have to pay. Both make ok money, 1 kid, super small mortgage. We both claim zero and still have to pay 5-10k more every year.

We tried a different tax guy this year hoping for something different. Nope. Just charged us 100 over my old guy with the same outcome.

It really makes me miss being self employed. I always had to pay roughly the same amount come April but I wasn’t paying anything in all year long. My wife still claimed zero so she was covering some for both of us, But big difference in the end numbers of what Uncle Sam stole from us

Super depressing
 
P

Pike2350

Registered User
Location
Salt Lake City
ChestonScout said:
I’m right there with you @Greg Makes me sick how much money my wife and I have to pay. Both make ok money, 1 kid, super small mortgage. We both claim zero and still have to pay 5-10k more every year.
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Something about this doesn't add up. If you both claim 0 and are standard W2 employees, owing that much at the end of the year just seems like something is incorrect with the original W4.

If you both make OK money (which is obviously subjective) The breakdown of household wage % between earners would effect it the most..but it seems very difficult to owe that kind of extra money each year.

Mortgages rarely play into taxes anymore with the increased standard deduction. 1 child(with the increased child credit) should have helped a fair bit(unless you received the 6 monthly advanced payments at the end of 2021) either way I would venture something is off with the W4.

We found out my wife's W4 was setup wrong due to the new form. Her taxes, were being withheld at about 60% what they should've been. It is a simple check box that got missed noting there are 2 incomes in the house. Luckily, because we are the idiots that like a bigger refund at the end of the year it hurt but not much. We still get back about $600 combined, even with taking the monthly advanced child credit last year. Usually we get 3500-5k back combined. With the $1800 advanced child credit and refund we are about $2500 refund. Her checks were $120ish short in tax withholdings due to the W4 mix-up....so it would've been closer to $6k....but we also were in the itemized deductions for the first time since it increased.
 
glockman

glockman

I hate Jeep trucks
Location
Pleasant Grove
UT410 said:
Greg, I've decided that one of the only ways we could make our voices heard is to do EVERYTHING we can (by the law obviously) to pay little-to-no taxes.

From now on, that's my goal. Turn your hobbies into "business" play by the rules they set up for us, etc.
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This. I love it when people call it exploiting a loophole. It's following the law.
I've started several businesses that have very few customers. It's awesome not paying sales tax on items you use to manufacture a product, like a welder and all the other tools you buy. That alone is worth the $70 license fee.

@Greg you might need a better tax person, but you are in the worst situation for taxes being a dink in the prime of your income earning years.
 
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