Tax season is here

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Comments

  • rpf65
    rpf65 Posts: 2,127
    Well, Joey, you've come to the right place for solutions to your taxes.

    The annual gift tax exclusion is currently $14,000 per year, per person. This applies to monetary gifts, as well as to the fair market value of gifted property. You can give up to this amount to as many people you'd like every year, and the federal government won't tax one cent.

    So there you have it. I imagine that there may be a few Polkies willing to step up and accept a gift of $14,000 if it helps to lower your tax burden because, darn it, that's just the way we are ! o:)

    You have a truely generous soul
  • Joey_V
    Joey_V Posts: 8,505
    You guys are too much, thanks for the laugh.

    I knew about this damage so I put away a dedicated account for this so the hit was not particularly painful (wait that’s not true... not unbearable but still painful).

    Only problem what I owe was still greater than what I had saved by a margin.

    Unfortunate, but hopefully next year is better.
    Magico, JL, Emm, ARC Ref 10 line, ARC Ref 10 phono, VPI, Lyra, Boulder, AQ Wel, SRA Scuttle Rack, Bluesound
  • Joey_V
    Joey_V Posts: 8,505
    Well, Joey, you've come to the right place for solutions to your taxes.

    The annual gift tax exclusion is currently $14,000 per year, per person. This applies to monetary gifts, as well as to the fair market value of gifted property. You can give up to this amount to as many people you'd like every year, and the federal government won't tax one cent.

    So there you have it. I imagine that there may be a few Polkies willing to step up and accept a gift of $14,000 if it helps to lower your tax burden because, darn it, that's just the way we are ! o:)

    I think the tax break goes to the recipient not the donor! Hahaha
    Magico, JL, Emm, ARC Ref 10 line, ARC Ref 10 phono, VPI, Lyra, Boulder, AQ Wel, SRA Scuttle Rack, Bluesound
  • kharp1
    kharp1 Posts: 3,453
    I'm thinking you need to talk to @tonyb and see if you can get some of his guys to hook you up with one of their tax guys.
  • Joey_V
    Joey_V Posts: 8,505
    Lol
    Magico, JL, Emm, ARC Ref 10 line, ARC Ref 10 phono, VPI, Lyra, Boulder, AQ Wel, SRA Scuttle Rack, Bluesound
  • tonyb
    tonyb Posts: 32,902
    Well, Joey, you've come to the right place for solutions to your taxes.

    The annual gift tax exclusion is currently $14,000 per year, per person. This applies to monetary gifts, as well as to the fair market value of gifted property. You can give up to this amount to as many people you'd like every year, and the federal government won't tax one cent.

    So there you have it. I imagine that there may be a few Polkies willing to step up and accept a gift of $14,000 if it helps to lower your tax burden because, darn it, that's just the way we are ! o:)

    In that case, in with 69.....great Karma. :p
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  • tonyb
    tonyb Posts: 32,902
    kharp1 wrote: »
    I'm thinking you need to talk to @tonyb and see if you can get some of his guys to hook you up with one of their tax guys.

    Actually, I have a great accountant. Dude is also my neighbor, lives across the street.

    I paid once in my life so far at the end of the year, to the tune of 10K. Never again. Obviously though, if your single making good coin, or married and both of you are making good coin and with no kids, not a homeowner or business owner, no deductions... bend over....your governments wet dream.

    HT SYSTEM-
    Sony 850c 4k
    Pioneer elite vhx 21
    Sony 4k BRP
    SVS SB-2000
    Polk Sig. 20's
    Polk FX500 surrounds

    Cables-
    Acoustic zen Satori speaker cables
    Acoustic zen Matrix 2 IC's
    Wireworld eclipse 7 ic's
    Audio metallurgy ga-o digital cable

    Kitchen

    Sonos zp90
    Grant Fidelity tube dac
    B&k 1420
    lsi 9's
  • motorhead43026
    motorhead43026 Posts: 3,892
    I paid once in my life so far at the end of the year, to the tune of 10K. Never again

    So what did you do to avoid this situation again. Quit working, took a lesser paying job, sold your company, went on disability. It is either a pay me now or pay me later scenario.
    2 channel: Anthem 225 Integrated amp; Parasound Ztuner; TechnicsTT SL1350; Vincent PHO-8 phono pre; Marantz CD6005 spinner; Polk SDA2BTL's; LAT International speaker cables, ZU Mission IC's and power cables all into a PS Audio Dectet Power center.

    Other; M10 series II, M7C's, Hafler XL600 amp, RB-980BX, Parasound HCA-1500 amp , P5 preamp, all in storage. All vintage Polk have had crossover rebuilds and tweeter upgrades.

    The best way to predict the future is to invent it.

    It is imperative that we recognize that an opinion is not a fact.

    Imagine making politics your entire personality.
  • motorstereo
    motorstereo Posts: 2,042
    Here's where my refund went lol
    qqtzd8tv3bir.jpg

  • Clipdat
    Clipdat Posts: 12,557
    *raises hand* YEP. :/
    tonyb wrote: »
    Obviously though, if your single making good coin, or married and both of you are making good coin and with no kids, not a homeowner or business owner, no deductions... bend over....your governments wet dream.

  • Joey_V
    Joey_V Posts: 8,505
    Here's where my refund went lol
    qqtzd8tv3bir.jpg

    Dang... I'm jealous!!!

    I went the reverse... x 17.
    Magico, JL, Emm, ARC Ref 10 line, ARC Ref 10 phono, VPI, Lyra, Boulder, AQ Wel, SRA Scuttle Rack, Bluesound
  • motorstereo
    motorstereo Posts: 2,042
    ^^^^^^Dang.........Joey V jealous of something I own??? Who'd have thunk it :) .

  • westmassguy
    westmassguy Posts: 6,850
    edited April 2018


    Same here. A club I'm not particularly happy to be a part of.
    Post edited by [Deleted User] on
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  • Willow
    Willow Posts: 10,862
    ^^^^^^Dang.........Joey V jealous of something I own??? Who'd have thunk it :) .

    He's been eyeing one for the pantry system.
  • Joey_V
    Joey_V Posts: 8,505
    edited May 2018
    LOL... i just checked my online banking... at 1201AM, the IRS withdrew their share. It's not even banking hours and took me out! Sneaky sneaky

    Post edited by [Deleted User] on
    Magico, JL, Emm, ARC Ref 10 line, ARC Ref 10 phono, VPI, Lyra, Boulder, AQ Wel, SRA Scuttle Rack, Bluesound
  • Joey_V
    Joey_V Posts: 8,505
    Geez that was painful. hahaha

    dry run...
    Magico, JL, Emm, ARC Ref 10 line, ARC Ref 10 phono, VPI, Lyra, Boulder, AQ Wel, SRA Scuttle Rack, Bluesound
  • verb
    verb Posts: 10,176
    Just filed my extension. Yes I’m a procrastinator :smile:
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  • Viking64
    Viking64 Posts: 6,646
    verb wrote: »
    Just filed my extension.

    n257ef8j3ckc.jpg
    9y8hco4hnbfs.jpg
  • FestYboy
    FestYboy Posts: 3,861
    verb wrote: »
    Just filed my extension. Yes I’m a procrastinator :smile:

    I'll be joining you shortly...
  • Joey_V
    Joey_V Posts: 8,505
    Geez
    Magico, JL, Emm, ARC Ref 10 line, ARC Ref 10 phono, VPI, Lyra, Boulder, AQ Wel, SRA Scuttle Rack, Bluesound