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O-T Tax Returns. Immoral

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Tom Windsor

04-11-2007 20:17:17

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I spent all of Tuesday and today getting my State and Federal Tax returns together and I am finished.

I have applied for and am receiving Social Security.

Therein is the rub. My wife, who has raised 4 kids and a husband, all these years, decided that hanging around the house while I am out there banging around in the shop was no fun.

So, she got a job and is setting the world on fire. I probably should have stayed home and looked after the kids cause she is doing so well...therein is the Rub...because she is working...making a good income...when it comes tax time...the IRS counts her earnings and as a result...I am taxed on about 90% the SS Income at ordinary income tax rates. There is something wrong with that. I think they must be assuming that she is going to give me some of her bucks! or something...Not sure what they are thinking other than raising revenue.

So, there, you have my blow up for the day.

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JTinNJ

04-13-2007 07:45:19

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Re: O-T Tax Returns. Immoral in reply to Tom Windsor, 04-11-2007 20:17:17

Here in New Jersey our wonderful govenor just signed a property tax relief bill. If you make under $100,000 a year you will receive a 20% rebate.Up to $150,000 you will receive a 15% rebate and over $200,000 is a 10% rebate. But,we are taxed on property value,not on income.So we all should get the same rebate.It is only a rebate not a reduction. We will have to wait to see if we get it next year.

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Bill in NC

04-12-2007 12:22:19

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Re: O-T Tax Returns. Immoral in reply to Tom Windsor, 04-11-2007 20:17:17

Was in Singapore a few years ago and was chatting with our distributor about not looking forward to spending numerous manhours doing my taxes. He looked at me strangely and said, "What are you talking about? It only takes me 15 minutes to do my annual taxes. All I have to do is add up my income and multiply by 15%." Our Congressmen/Congresswomen control the only non-flat tax system in the USA. Think about it: our property taxes are flat tax. Our sales taxes are flat tax. My state taxes are essentially flat tax. Our Social Security and Medicare taxes are flat tax. Why can't we have a Federal 1040 flat tax? Also, why do you have to pay a higher tax percentage when you have a good year? Did your DNA, breath, blood type or something else change that made you out to be a different person than what you were the year before? For crying out loud, we need a flat tax with the same rate for everyone. We all Americans and are to be treated equally - right?

If we had a flat tax, then maybe I'd have more time in the spring to spend on my Farmall 140 or maybe buy another Farmall. Anything would be better than spending time hunched over a computer wrestling with Turbotax.

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GordoSD

04-12-2007 07:36:34

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Re: O-T Tax Returns. Immoral in reply to Tom Windsor, 04-11-2007 20:17:17

Strongly consider starting your own "Tractor Restoration Business". It's a money pit right?
There's a little income from peddling unwanted parts, maybe resale of items bought at auction. And of course the BIG loss at the end when you sell one :)
Gordo

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Dave H (MI)

04-12-2007 07:19:48

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Re: O-T Tax Returns. Immoral in reply to Tom Windsor, 04-11-2007 20:17:17

Hi Tom, the issue of taxation of SS benefits for the retired is....well....a moral one. It is wrong.
The benefits are calculated based on amounts paid into social security. The amounts paid in were based on income which was already taxed. Unfortunately I believe they get around it by considering SS and Medicare as basically an insurance premium and not a paid in account like an IRA. You can run it filing separately but in most cases we find this is no help. The max for taxable SS is 85%. Amazing how we can keep getting the capital gains tax rates reduced but they stand strong on this SS thing.

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Easy1

04-12-2007 00:57:45

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Re: O-T Tax Returns. Immoral in reply to Tom Windsor, 04-11-2007 20:17:17

If you are doing your own taxes, I hope you are using TurboTax or another software program. I would look into her putting money into a 401K, Roth ira's, filing seperately, or? My wife is self employed and her income is taxed at my marginal rates, but if has never made sense to file seperately. But it has made her very vigilent in record keeping. If you are self employed, you really have to be. But there are worse problems to be had!! :)

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Vern-MI

04-12-2007 05:14:28

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Re: O-T Tax Returns. Immoral in reply to Easy1, 04-12-2007 00:57:45

Watch out what your tax free 401K or IRA has the money invested in. You could suffer a loss in your account and not be able to take a deduction because it is in a tax free account. BTDT and now have to pay $8,000 estimated tax quarterly because 90% of my taxes were not paid by Dec. 1st. I figured I would balance my taxable gains with my tax free losses. Nope!

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oldfarmtractor

04-11-2007 21:19:42

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Re: O-T Tax Returns. Immoral in reply to Tom Windsor, 04-11-2007 20:17:17

And thus is the reason many people divorce upon retirement and beging "living in sin"

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Kelly C

04-11-2007 20:34:21

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Re: O-T Tax Returns. Immoral in reply to Tom Windsor, 04-11-2007 20:17:17

Not a tax expert but try running them both ways. Some times it comes out better to file as married seperate returns.

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