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Income taxes are out of control
| cruel-hearted garnet public bath background story | 05/28/16 |
| Anal Senate Twinkling Uncleanness | 05/28/16 |
| Adulterous contagious ceo | 05/28/16 |
| cruel-hearted garnet public bath background story | 05/28/16 |
| Adulterous contagious ceo | 05/28/16 |
| cruel-hearted garnet public bath background story | 05/28/16 |
| Adulterous contagious ceo | 05/28/16 |
| cruel-hearted garnet public bath background story | 05/28/16 |
| flushed hairraiser dysfunction international law enforcement agency | 05/28/16 |
| Hideous buck-toothed hell | 05/28/16 |
| Marvelous irate hospital nowag | 05/28/16 |
| aggressive honey-headed plaza | 05/28/16 |
| cruel-hearted garnet public bath background story | 05/28/16 |
| aggressive honey-headed plaza | 05/28/16 |
| White Medicated Chapel Sound Barrier | 05/28/16 |
| greedy splenetic crackhouse | 05/28/16 |
| nudist brilliant kitty circlehead | 05/28/16 |
| concupiscible carmine candlestick maker | 05/28/16 |
| Anal Senate Twinkling Uncleanness | 05/28/16 |
| Vibrant Hissy Fit Pisswyrm | 05/28/16 |
| Galvanic Talking Community Account Roommate | 05/28/16 |
| concupiscible carmine candlestick maker | 05/28/16 |
| Adulterous contagious ceo | 05/28/16 |
| concupiscible carmine candlestick maker | 05/28/16 |
| Adulterous contagious ceo | 05/28/16 |
| concupiscible carmine candlestick maker | 05/28/16 |
| mind-boggling step-uncle's house | 05/28/16 |
| Galvanic Talking Community Account Roommate | 05/28/16 |
| cruel-hearted garnet public bath background story | 05/28/16 |
| Poppy Useless Institution Hominid | 05/28/16 |
| razzmatazz shitlib | 05/28/16 |
| cruel-hearted garnet public bath background story | 05/28/16 |
Poast new message in this thread
Date: May 28th, 2016 1:10 AM Author: cruel-hearted garnet public bath background story Netted 800k in investment gains last year through short-term cap gains, and I just sent a fucking 350k check to the IRS and NYS tax authorities because the marginal tax rate combined is ~49% for ordinary income, including short-term cap gains. My effective tax rate overall is over 40 fucking percent. On the flip side, if I had LOST 800k last year, I'd only be allowed to deduct 3k from taxable income for that year and max 3k in any given subsequent year. How fucked is that?
Had to request an extension on submitting my tax return to come up with the cash (I re-invested all the cash into other investments then had to liquidate some at an inopportune time, probably costing me another 50k in lost earnings), and I just sent the money now.
Probably a 0.1% person problem, but I'm sort of drunk and mad hence the post -- apologies in advance for the rant. |
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Date: May 28th, 2016 8:55 AM Author: Anal Senate Twinkling Uncleanness How'd you cop dem gainz bro (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575461) |
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Date: May 28th, 2016 9:24 AM Author: Adulterous contagious ceo Every time I've filed an extension I still had to send an estimated tax payment. How did you manage to avoid that? (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575520) |
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Date: May 28th, 2016 10:27 AM Author: cruel-hearted garnet public bath background story I told them I needed more time to get my brokerage documents in order so could not provide an estimate on cap gains. They already have my taxes from earned income. Ended up paying penalty interest rate on the final amount, but whatever. (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575642) |
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Date: May 28th, 2016 10:29 AM Author: Adulterous contagious ceo You can usually get the penalty taken off and they just charge the interest (side note: it's hilariously ludicrous that they charge interest when you think about it). (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575646) |
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Date: May 28th, 2016 10:35 AM Author: cruel-hearted garnet public bath background story Really? I can get the 0.5%/month penalty removed? Deets? (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575667) |
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Date: May 28th, 2016 11:11 AM Author: Adulterous contagious ceo Literally as simple as your CPA (I suppose you could do it yourself, but for me it's always been my CPA) writing a letter giving a very simple explanation for your late payment. If this is the first time it's happened definitely include that as well.
I have filed for an extension the last 3-4 years because of delayed K1s and the couple of times I've gotten a penalty I've had it removed and just have to pay the interest. The most recent time I even asked my CPA to request the interest to be removed as well but the IRS said no to that. Was worth a shot.
I'm not sure why it's so easy. Maybe so few people actually request it?
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Date: May 28th, 2016 12:05 PM Author: cruel-hearted garnet public bath background story Dude, if that works then you've just saved me thousands. (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30576104) |
Date: May 28th, 2016 2:51 AM Author: flushed hairraiser dysfunction international law enforcement agency I lost 200K last year
who cares its life you win some and you lose |
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Date: May 28th, 2016 10:35 AM Author: Hideous buck-toothed hell Law school? (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575669) |
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Date: May 28th, 2016 2:54 AM Author: Marvelous irate hospital nowag on what kinds of assets are you accumulating short-term cap gains (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575112) |
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Date: May 28th, 2016 2:57 AM Author: aggressive honey-headed plaza why did you realize st capital gains? you should be trying to defer investment gains for as long as possible. with a 35%+ tax drag you have to be crazy smart just to stay abreast of some simple indexes.
btw, if you had lost $800k, you would've been able to carry them forward to offset future gains |
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Date: May 28th, 2016 3:04 AM Author: cruel-hearted garnet public bath background story I trade on markets where it makes more sense to incur short term gains taxes than potentially incur a 20% drawdown. I can also reinvest gains and benefit from compound growth throughout the year.
And this isn't my full time job so I don't even get trader status (will probably this year though), so although I can bring forward net losses, the maximum I can apply to any subsequent year is 3k. No solace there. |
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Date: May 28th, 2016 3:13 AM Author: aggressive honey-headed plaza describe said strategy plz (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575146) |
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Date: May 28th, 2016 2:57 AM Author: White Medicated Chapel Sound Barrier you didn't build that (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575121) |
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Date: May 28th, 2016 3:27 AM Author: greedy splenetic crackhouse (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575169) |
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Date: May 28th, 2016 4:30 AM Author: nudist brilliant kitty circlehead (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575198) |
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Date: May 28th, 2016 5:23 AM Author: concupiscible carmine candlestick maker You are 1% faggot, u deserve to pay high taxes. In the 70's you'd pay like 90% and u still wld in many countries pay higher so STFU.
Ur dumb for making these ST gains and not waiting for LT |
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Date: May 28th, 2016 8:56 AM Author: Anal Senate Twinkling Uncleanness Kill,yourself,you faggot (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575463) |
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Date: May 28th, 2016 9:07 AM Author: Vibrant Hissy Fit Pisswyrm credited (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575481) |
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Date: May 28th, 2016 9:20 AM Author: Galvanic Talking Community Account Roommate In the 1970s, he could have used tax shelters to generate losses to cover the gains. When the govt shut down the shelter industry, they lowered the rates too. (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575499) |
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Date: May 28th, 2016 9:22 AM Author: concupiscible carmine candlestick maker How dare evil nigga gov shut down ARE joo tax shelter industry.. totally anti semitic (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575510) |
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Date: May 28th, 2016 9:26 AM Author: Adulterous contagious ceo shutup u dumb poor (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575526) |
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Date: May 28th, 2016 9:27 AM Author: concupiscible carmine candlestick maker Lol top one percent net worth for my age.. u mad bro BIRDSHITS?? (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575529) |
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Date: May 28th, 2016 9:29 AM Author: Adulterous contagious ceo Why would I be mad? I'm well above top 1% for ANY age.
lol at saying you're top 1% for your fucking age. shut the fuckup chink. |
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Date: May 28th, 2016 9:30 AM Author: concupiscible carmine candlestick maker Dindu with 600k net worth (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575537) |
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Date: May 28th, 2016 9:21 AM Author: mind-boggling step-uncle's house i have trouble being sympathetic here as a 25k earner (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575503) |
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Date: May 28th, 2016 9:27 AM Author: Galvanic Talking Community Account Roommate Instead of selling your original position, could you make offsetting trades with equities or derivatives to avoid the taxes. E.g. you have 200k gain in some stock you went long on, so you buy puts representing the same number of shares you have long with an expiry date in the month when you can start realizing long term capital gains. Option premiums might be lower than the taxes you'll owe. (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575528) |
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Date: May 28th, 2016 10:32 AM Author: cruel-hearted garnet public bath background story That works, except if you have reason to believe the stock will go down in value. Then it might be better to exit and re-enter at a more favorable price. Or see a better opportunity to invest in. Opportunity cost worth more than tax savings.
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Date: May 28th, 2016 10:37 AM Author: Poppy Useless Institution Hominid Just emigrate and give up that US Taxport (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575676) |
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Date: May 28th, 2016 10:55 AM Author: razzmatazz shitlib How did you like trading leveraged OIL futures? (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575761) |
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Date: May 28th, 2016 11:03 AM Author: cruel-hearted garnet public bath background story Lovin' that ramp up, broski. (http://www.autoadmit.com/thread.php?thread_id=3236367&forum_id=2#30575784) |