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csmith12 · October 14th, 2016, 08:26 AM

Thanks for the info Mr. Frugal. I am not a contractor, I don't fill out 1099s, a w4 or w2. I file a k1 + gains, losses, home office, utilities, mileage, fees, memberships, ect.. ect.. all the way down to pencils. All in all, your math reduces the overall rate of tax from 50ish% to around 30% (roughly). Cool! Now ask yourself when you go to the ATM and ask for $10, if the machine only spit out $7 would you be ok with that? Should it spit out $5.5 so others can have free college or something else? Maybe it should spit out $11 instead. Why?!?!? Because there are people who have no job all year, pay $0 in taxes and still get a refund of nearly $5k. Hmmmm.... Imho, there is sooooo much wrong with current taxation, and be careful now... don't take advantage of not paying your fair share of taxes too much, someone might get buthurt because a loss was claimed, yet it's completely cool to pay $0 and get a refund. I just don't get it, seems hypocritical to me but I digress.

Anyway, you are 100% correct though, I really, really, really need a GREAT accountant. Someone willing to dig into the details vs just fill out the forms without knowing how they all work together. All I find are tax specialists or investment specialists. I want a guy that knows both.

October 14th, 2016, 08:26 AM	#123
csmith12 The Corner Whisperer Name: Chris (aka Reactor) Location: Northern KY Join Date: May 2011 Motorcycle(s): 2010 250 (track), 1992 250, 2006 R6 (street/track), 2008 R6 (track) Posts: Too much. MOTY 2015, MOTM - Nov '12, Nov '13	Thanks for the info Mr. Frugal. I am not a contractor, I don't fill out 1099s, a w4 or w2. I file a k1 + gains, losses, home office, utilities, mileage, fees, memberships, ect.. ect.. all the way down to pencils. All in all, your math reduces the overall rate of tax from 50ish% to around 30% (roughly). Cool! Now ask yourself when you go to the ATM and ask for $10, if the machine only spit out $7 would you be ok with that? Should it spit out $5.5 so others can have free college or something else? Maybe it should spit out $11 instead. Why?!?!? Because there are people who have no job all year, pay $0 in taxes and still get a refund of nearly $5k. Hmmmm.... Imho, there is sooooo much wrong with current taxation, and be careful now... don't take advantage of not paying your fair share of taxes too much, someone might get buthurt because a loss was claimed, yet it's completely cool to pay $0 and get a refund. I just don't get it, seems hypocritical to me but I digress. Anyway, you are 100% correct though, I really, really, really need a GREAT accountant. Someone willing to dig into the details vs just fill out the forms without knowing how they all work together. All I find are tax specialists or investment specialists. I want a guy that knows both. __________________________________________________ Goal: Shake A Million Hands \| Look through the corners \| Track Day Prep \| Closest track? \| The Mid-Ohio School Last futzed with by csmith12; October 14th, 2016 at 09:29 AM.