The Effect of Taxes on your income. Any Tricks?

[Oracle DMD]

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Then purely based on that statement alone, and no other political ideologocal issues, wouldn't you then favor the republican point of view(or at least the conservative point of view)?? Where the party platform involves smaller gov't and lower taxes??

Is there something wrong with wanting to keep and manage more of YOUR own hard earned money rather than let the folks in the local, state, and federal government have more it???

i have said this before and i'll say it again. i am a registered republican. however, i don't vote for every republican and i hope nobody votes along party lines at all times.

moreover, i absolutly hate the legislation of "morality" and the choke hold on the party by the christian right.

also, there is a presumption that republicans will always lower taxes, which is not really true either.

if you vote for republican just because they are republican (or dems for dems) then you contribute to the hyperbolic nonsense that consistantly corrodes the political system.

 

[Daurang]

This ISN'T looking good...VERY HEAVY turnout in Boston. You know what that means...Brown loses! 😡 Now I'm looking toward the November election.

 

[Moabmad]

This ISN'T looking good...VERY HEAVY turnout in Boston. You know what that means...Brown loses! 😡 Now I'm looking toward the November election.

Why? There are more independant voters in Mass than dems and republicans combined. Also, a recent poll cited on both foxnews and cnn indicate independants favor brown 3:1. Heavy Turnout favors brown hands down.

 

[Daurang]

Why? There are more independant voters in Mass than dems and republicans combined. Also, a recent poll cited on both foxnews and cnn indicate independants favor brown 3:1. Heavy Turnout favors brown hands down.

I am so glad my fear was wrong. We started the second American revolution in defend of freedom!!!The obamanation that is obamacare is dead.

 

[jay47]

http://www.cnn.com/2008/US/08/13/census.minorities/index.html

It doesn't look like it is going to get any better, assuming that minorities continue to vote for liberal policies.

 

[LNinlove]

🙂
This win will hopefully help equal things out a bit!

 

[OceanDMD]

I am so glad my fear was wrong. We started the second American revolution in defend of freedom!!!The obamanation that is obamacare is dead.

I dont think I would count those chickens yet. Obama Pelosi and Reid are all tone deaf. Were dealing with major arrogance here. I expect one more HUGE push to put this thing through regardless of what Americans think.

 

[alanan84]

i have said this before and i'll say it again. i am a registered republican. however, i don't vote for every republican and i hope nobody votes along party lines at all times.

moreover, i absolutly hate the legislation of "morality" and the choke hold on the party by the christian right.

also, there is a presumption that republicans will always lower taxes, which is not really true either.

if you vote for republican just because they are republican (or dems for dems) then you contribute to the hyperbolic nonsense that consistantly corrodes the political system.

I agree, but I have yet to find a case (in my own voting experience) where the dem is the lesser of two evils.

 

[Oracle DMD]

I agree, but I have yet to find a case (in my own voting experience) where the dem is the lesser of two evils.

you see, for the most part, the d-baggs that are celebrating don't know squat about either candidate, only that there is no longer a super majority. forget that the dems still have a greater majority than the republicans have seen since 1923, but i digress. the dems are useless, but its the republicans that are usually acting the donkey. you digg?

 

[alanan84]

you see, for the most part, the d-baggs that are celebrating don't know squat about either candidate, only that there is no longer a super majority. forget that the dems still have a greater majority than the republicans have seen since 1923, but i digress. the dems are useless, but its the republicans that are usually acting the donkey. you digg?

I would agree that neither party truly connects with its base.

 

[Babnik]

i have heard that you can pay your family through payroll and that helps. paying your kids college fund/tuition through payroll. i have heard about owning the building and then paying yourself rent trick. that should be able to get you out of the highest tax bracket right? with an s-corp you don't have to pay self employment tax of 15%, but you need to get rid of a bunch of "income" instead. at least that's what i'm undertanding.

Can someone describe how owning your building and paying yourself rent works in your favor? thanks.

 

[ski.bum]

.

 

[Oracle DMD]

there are a few different reasons, depending on how your corporations are set up, but the primary reason is that you can charge yourself as much rent as you want (within a certain amount of reason, I think), which is then tax deductible as a business expense. And the money is coming back to you anyway. So, say I own my building and charge myself 8000 a month in rent. That's 96,000 a year that's tax deductible.

you can write it off your buisness, but don't you have to count rental income as income on your personal taxes? i have a rental in cali that counts as income for me, is it different somehow?

 

[Oracle DMD]

you can write it off your buisness, but don't you have to count rental income as income on your personal taxes? i have a rental in cali that counts as income for me, is it different somehow?

hmmm. unless you title your "rental properties" as a buisness so that the rent you pay is to "myself rental properties inc." which is doing buisness as usual. is that right?

 

[dmd87]

you essentially set up 2 C-Corps. By increasing the expenses in ur dental practice, you will reduce ur total profit for the year, putting you in a lower tax bracket for your business. Ie. it will cost you less in taxes to set up 2 C-Corps than just 1 because of the tax brackets. Cheaper in taxes to have 2 corps making 100K each than one makign 200K.

 

[tennischamp822]

.

 

[DrJeff]

you essentially set up 2 C-Corps. By increasing the expenses in ur dental practice, you will reduce ur total profit for the year, putting you in a lower tax bracket for your business. Ie. it will cost you less in taxes to set up 2 C-Corps than just 1 because of the tax brackets. Cheaper in taxes to have 2 corps making 100K each than one makign 200K.

Yup, that's it in a nutshell.

Also, it helps minimize your potential financial liability should something happen by having the building be in a differnt corp than the practice itself.