Go Back   986 Forum - for Porsche Boxster & Cayman Owners > Off Topic > Off Topic Discussions

Reply
 
LinkBack Thread Tools Display Modes
Old 04-16-2019, 08:30 AM   #41
Who's askin'?
 
maytag's Avatar
 
Join Date: Mar 2018
Location: Utah
Posts: 1,091
Quote:
Originally Posted by Perfectlap View Post
on this day April 15, 2019 President Trump provided stressed out tax filers this beauty

A GENIUS!

HE'S here all week folks.
Yeah, most of us wish he'd shut-down his twitter account.
And I would prefer he not speak to cameras, either.

I miss the real statesmen who used to run for President; Reagan. Kennedy. Hell, even Carter was better than anyone who's gained the nomination from either party in a LONG time.
I wish I'd been given a chance to vote for someone I WANTED to vote for.... instead of having to hold my nose in the booth.
maytag is online now   Reply With Quote
Old 04-16-2019, 03:11 PM   #42
Registered User
 
Join Date: Oct 2007
Location: Midwest
Posts: 1,724
I hear the guys on Rennlist really miss you PL...........

Last edited by coreseller; 04-16-2019 at 04:10 PM.
coreseller is offline   Reply With Quote
Old 04-16-2019, 04:18 PM   #43
Registered User
 
Perfectlap's Avatar
 
Join Date: Nov 2004
Location: New Jersey
Posts: 8,696
Quote:
Originally Posted by maytag View Post
Yeah, most of us wish he'd shut-down his twitter account.
And I would prefer he not speak to cameras, either.

I miss the real statesmen who used to run for President; Reagan. Kennedy. Hell, even Carter was better than anyone who's gained the nomination from either party in a LONG time.
I wish I'd been given a chance to vote for someone I WANTED to vote for.... instead of having to hold my nose in the booth.
there is hardly a day that goes by when Trump says something Trumpy and I don't immediately think "what would Ronald W. Reagan have done in this situation that 9 times out of 10 both furthered conservative ideals and reminded everyone why he was the only Republican the majority of Democrats trusted (being that he carried every single Democrat state but one even though they denied his party control of the Congress). Every Democrat state but one... I think his version of tax "reform" would have looked very different today. Ditto for immigration reform, his response to these mass shootings and certainly all this praise for a dictator/gangster running the second largest nuclear arsenal.

When Regan's head hit that pillow every night you knew he believed what he was saying. And he had no need to convince everyone that he was the smartest guy in the room or felt it necessary to put people down with petty personal insults. Humility and rational thought.
__________________
GT3 Recaro Seats - Boxster Red
GT3 Aero / Carrera 18" 5 spoke / Potenza RE-11
Fabspeed Headers & Noise Maker
BORN: March 2000 - FINLAND
IMS#1 REPLACED: April 2010 - NEW JERSEY -- LNE DUAL ROW

Last edited by Perfectlap; 04-16-2019 at 04:27 PM.
Perfectlap is offline   Reply With Quote
Old 04-16-2019, 04:27 PM   #44
Registered User
 
Join Date: Oct 2018
Location: Delaware
Posts: 25
Quote:
Originally Posted by Perfectlap View Post
on this day April 15, 2019 President Trump provided stressed out tax filers this beauty



A GENIUS!

HE'S here all week folks.
He puts the TWIT in Twitter....
DoninDel is offline   Reply With Quote
Old 04-16-2019, 04:30 PM   #45
Registered User
 
Perfectlap's Avatar
 
Join Date: Nov 2004
Location: New Jersey
Posts: 8,696
Quote:
Originally Posted by coreseller View Post
I hear the guys on Rennlist really miss you PL...........
yes I hear things have gotten far more civil and fact based in the era of Trump.
__________________
GT3 Recaro Seats - Boxster Red
GT3 Aero / Carrera 18" 5 spoke / Potenza RE-11
Fabspeed Headers & Noise Maker
BORN: March 2000 - FINLAND
IMS#1 REPLACED: April 2010 - NEW JERSEY -- LNE DUAL ROW
Perfectlap is offline   Reply With Quote
Old 04-17-2019, 02:39 PM   #46
Registered User
 
Join Date: Oct 2007
Location: Midwest
Posts: 1,724
Apparently you're a legend over there. Good luck with your taxes, we all get screwed. As an S Corp owner mine went up 60%, Welcome to the USA lol.
coreseller is offline   Reply With Quote
Old 04-18-2019, 08:06 AM   #47
Registered User
 
Perfectlap's Avatar
 
Join Date: Nov 2004
Location: New Jersey
Posts: 8,696
Quote:
Originally Posted by coreseller View Post
Apparently you're a legend over there. Good luck with your taxes, we all get screwed. As an S Corp owner mine went up 60%, Welcome to the USA lol.
less a legend. more like a Gatling gun.
although debunking alternative facts doesn't require anything but wire cutter ammo.

my effective rate went up but it didn't go up 60%.
that's absurd!!!!!
__________________
GT3 Recaro Seats - Boxster Red
GT3 Aero / Carrera 18" 5 spoke / Potenza RE-11
Fabspeed Headers & Noise Maker
BORN: March 2000 - FINLAND
IMS#1 REPLACED: April 2010 - NEW JERSEY -- LNE DUAL ROW
Perfectlap is offline   Reply With Quote
Old 04-18-2019, 12:57 PM   #48
Registered User
 
Join Date: Oct 2007
Location: Midwest
Posts: 1,724
Quote:
Originally Posted by Perfectlap View Post
less a legend. more like a Gatling gun.
although debunking alternative facts doesn't require anything but wire cutter ammo.

my effective rate went up but it didn't go up 60%.
that's absurd!!!!!
The rate did not go up, the amount did. S-Corp owners get raped / I mean taxed on retained earnings, the income tax debt passes through to the owners.
coreseller is offline   Reply With Quote
Old 04-18-2019, 01:54 PM   #49
Registered User
 
Dave80GTSi's Avatar
 
Join Date: Sep 2016
Location: Central Ohio
Posts: 314
__________________
2000 Ocean Blue Boxster S
1980 Ferrari 308 GTSi
2019 Alfa Romeo Giulia Ti Sport AWD
Dave80GTSi is offline   Reply With Quote
Old 04-19-2019, 04:49 AM   #50
Registered User
 
jsceash's Avatar
 
Join Date: Aug 2009
Posts: 1,392
Garage
Here was my take on it. I got no refund. I ended up owing a little over $200. I made $1066 less this year than last year. Tax I owed in 2018 was $12651. Tax I owed in 2019 was $6590. So what I had was $6061 to spend through the course of the year. That comes out to $233 per pay split between my wife and myself. How is that not a windfall for the economy. By the way, I owed $1800 to the IRS last year at tax time.
__________________
2003 Black 986. modified for Advanced level HPDE and open track days.
* 3.6L LN block, 06 heads, Carrillo H rods, IDP with 987 intake, Oil mods, LN IMS. * Spec II Clutch, 3.2L S Spec P-P FW. * D2 shocks, GT3 arms & and links, Spacers front and rear * Weight reduced, No carpet, AC deleted, Remote PS pump, PS pump deleted. Recaro Pole position seats, Brey crouse ext. 5 point harness, NHP sport exhaust
jsceash is offline   Reply With Quote
Old 04-19-2019, 07:15 AM   #51
Racer Boy
 
Racer Boy's Avatar
 
Join Date: Sep 2015
Location: Seattle, WA
Posts: 595
Quote:
Originally Posted by jsceash View Post
That comes out to $233 per pay split between my wife and myself. How is that not a windfall for the economy.
Short term, it may well be a windfall for the economy. Long term, what about the gigantic deficits created by the lower tax revenues?

For me, the biggest problem with the tax plan was that the IRS lowered withholdings without letting anyone know. I'm one of the lucky few who's tax rate actually increased (a very small percentage got screwed, and lucky me, I'm one of them!), but my withholding was decreased, so I ended up owing a lot more. In fact, since I didn't withhold enough, I also got socked with a nearly $900 penalty. I think Trump is a venal, dangerous, toxic nitwit, but my feelings toward him dipped even more when I wrote out the check for over $8000 to the IRS.
Racer Boy is offline   Reply With Quote
Old 04-19-2019, 10:21 AM   #52
Registered User
 
Perfectlap's Avatar
 
Join Date: Nov 2004
Location: New Jersey
Posts: 8,696
Quote:
Originally Posted by jsceash View Post
Here was my take on it. I got no refund. I ended up owing a little over $200. I made $1066 less this year than last year. Tax I owed in 2018 was $12651. Tax I owed in 2019 was $6590. So what I had was $6061 to spend through the course of the year. That comes out to $233 per pay split between my wife and myself. How is that not a windfall for the economy. By the way, I owed $1800 to the IRS last year at tax time.
^ if you pay taxes federally with an actual comma in the figure and two digits before it but ARE NOT collecting a million plus in annual salary, then welcome... the bar is in the back. But I must advise you that If you saw a net reduction of 50% under this tax "reform" then you may not want to bring that up to the other members at the annual dinner.

it's great for the economy when everyone wins. if that's not possible then fairness would dictate that we either all feel an equal pinch or an equal consideration. it's easy principle to get behind
unless people realllly high up the income ladder who are very involved in dark money fookery know what strings to pull make sure they get the lion's share of the breaks and push the inescapable increases on the guys who actually have a mortgage and family medical bills to pay for.

is you having more income good for the economy? of course but you aren't a typical case study for a net payer of federal income tax where that tax represents a significant share of the household income.

And the big herd of elephants in the room is that net effect of this tax "reform" has undoubtedly put us ALL closer to higher interest rates. These new Trump era $1 trillion dollar deficits EACH YEAR for the next decade (a multiyear high water mark that's never been hit before) as a consequence of giving out tax breaks like we're in the days of the1990's budget surplus does NOT suspend the laws of supply and demand. We'll now need to sell two and three times the usual debt to our foreign creditors. higher interest rates are NOT great for an economy that runs disproportionately on people spending money they dont have or buying big ticket items like houses and autos. Tax Revenues falling off a cliff when spending is controlled by Trump, Mike Tyson, Curt Shilling, pro athlete financial planning has only one outcome. Keep plenty of cash on hand.
__________________
GT3 Recaro Seats - Boxster Red
GT3 Aero / Carrera 18" 5 spoke / Potenza RE-11
Fabspeed Headers & Noise Maker
BORN: March 2000 - FINLAND
IMS#1 REPLACED: April 2010 - NEW JERSEY -- LNE DUAL ROW

Last edited by Perfectlap; 04-19-2019 at 10:24 AM.
Perfectlap is offline   Reply With Quote
Old 04-19-2019, 11:30 AM   #53
Registered User
 
steved0x's Avatar
 
Join Date: Dec 2012
Location: FL
Posts: 3,860
Quote:
Originally Posted by Racer Boy View Post
...but my withholding was decreased, so I ended up owing a lot more. In fact, since I didn't withhold enough, I also got socked with a nearly $900 penalty.
That happened to me one year when I did a lot of contracting and I owed around $5000 extra at tax time. There would have been an underpayment penalty, but since I hadn't manually decreased my withholding from the previous year, there was no penalty for underpaying for *that* year, but I had to increase my withholding for the following year or I would get a penalty next year. So maybe, since this occurred with no changes by you, you can get out of it?
steved0x is offline   Reply With Quote
Old 04-19-2019, 01:29 PM   #54
Racer Boy
 
Racer Boy's Avatar
 
Join Date: Sep 2015
Location: Seattle, WA
Posts: 595
I'll look into it, Steve. That's good information.

We didn't actually finish our taxes since TurboTax has a glitch that we couldn't overcome (I'll never use them again), so I just filed for an extension and paid what will likely be the final number.
Racer Boy is offline   Reply With Quote
Old 04-19-2019, 05:09 PM   #55
Registered User
 
steved0x's Avatar
 
Join Date: Dec 2012
Location: FL
Posts: 3,860
Quote:
Originally Posted by Racer Boy View Post
I'll look into it, Steve. That's good information.

We didn't actually finish our taxes since TurboTax has a glitch that we couldn't overcome (I'll never use them again), so I just filed for an extension and paid what will likely be the final number.
Good luck! Maybe turbo tax doesn't handle that specific scenario? $900 would buy lots of car goodies for the Boxster!
steved0x is offline   Reply With Quote
Old 04-22-2019, 05:48 PM   #56
Registered User
 
Join Date: Jan 2019
Location: PA
Posts: 261
Quote:
Originally Posted by maytag View Post
Particlewave, I'm not on about state taxes. I'm talking only about the feds. All of my usual deductions are gone. And they cut the standard deduction in half. I appreciate the effort at simplifying, but it didn't help me on the tax-liability front.

On the other hand: it's nice to see my investment accounts on the up. A Republican in the white house House always good for the economy.

Sent from my SM-G970U using Tapatalk
Clinton turned the Reagan/Bush recession into the roaring 90's and turned the then-biggest deficit into a surplus. W turned it back to the biggest deficit in history and the biggest recession since the Great Depression. Obama tripled my investment accounts after W decimated them, and gave us 80 months of consecutive job growth. Q3 2018 was the worst quarter in 10 years. I predict things will be going downhill again within the next 12 months. Mark my word.

Still think a Republican is good for the economy? LMAO!
piper6909 is online now   Reply With Quote
Old 04-22-2019, 05:58 PM   #57
Registered User
 
Join Date: Jan 2019
Location: PA
Posts: 261
Quote:
Originally Posted by KRAM36 View Post
Complain about the high taxes of your state. There is no reason the rest of us should subsidize your state's high tax rates and give you a refund for those higher taxes.
Our 'high tax' states are paying most of the federal income:

https://en.wikipedia.org/wiki/Federal_tax_revenue_by_state


While the 'low tax' states are most dependent on federal funds:

https://www.usnews.com/news/best-states/articles/2019-02-12/these-states-depend-the-most-on-the-federal-government

Why should we who live in "high tax' states subsidize you?
piper6909 is online now   Reply With Quote
Old 04-23-2019, 03:50 AM   #58
1998 Boxster Silver/Red
 
Join Date: Sep 2017
Location: 92262
Posts: 962
Quote:
Originally Posted by Perfectlap View Post
You know not that this isn't anything you haven't been told your whole life, but insulting people that you feel intellectually superior to doesn't make you look any smarter. If anything it probably confirms their opinions of you. If you lack the ability to engage in simple debate without resorting to ad hominem then you are correct in staying exactly where you are.
Trump 2020?
__________________
1998 Porsche Boxster
1986 BMW 325es
2012 Ford Edge Sport

"Ignore the guilt, and take your turn"
Starter986 is offline   Reply With Quote
Old 04-23-2019, 06:40 AM   #59
Registered User
 
Join Date: Jan 2014
Location: New Jersey
Posts: 1,178
I'm a NJ resident and try to be philosophical about taxes. If I'm paying taxes, it means I'm making money. The thing about states with high state income taxes is that they also tend to have high property taxes in the regions of these states where the high incomes are earned. And those property taxes are often times higher than the federal $10,000 deduction cap on state and local taxes all by themselves. And before the tax and mortgage interest deductions were put in place, I used to lose some of those deductions through both the deduction phase-out and the Alternative Minimum Tax, AMT or the government's ATM. High class problems, I know! We make our choices about where we want to live for a variety of reasons. One thing we can probably all agree on is that the federal tax system should be fair to all so that all individuals and corporations pay their fair share. Getting to agreement on what is "fair" is difficult, if not impossible!
PaulE is offline   Reply With Quote
Old 04-28-2019, 09:15 AM   #60
1998 Boxster Silver/Red
 
Join Date: Sep 2017
Location: 92262
Posts: 962
Remember the good old days when you could write off your credit card interest?

Oh... and **************** democrats. They hate America.
__________________
1998 Porsche Boxster
1986 BMW 325es
2012 Ford Edge Sport

"Ignore the guilt, and take your turn"
Starter986 is offline   Reply With Quote
Reply


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On




All times are GMT -8. The time now is 07:28 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Content Relevant URLs by vBSEO 3.6.0
Copyright 2018 Pelican Parts, LLC - Posts may be archived for display on the Pelican Parts Website -    DMCA Registered Agent Contact Page