The "rich" needs a tax break
- Thread starter Jeslek
- Start date
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On that one he's right, it's legit...I can and do do that too...children, employment/education/moving for employment expenses, medical expenses, tax credits, property tax credit, it all subtracts from your gross income on which tax is payable, one's net can end up being below 0, one claims 0 in that case and pays nothing for income tax.flavio said:
Q
New Member
I could be interpreting flav's response worng, but I'm guessing the below $0 is what he's zeroing in on. Here, depening on the circumstances, you may be entitled to a refund, if you paid in more federal tax that you are required to pay for your income level....but since LL pays NO federal taxes, it would be hard to imagine how he could claim a bunch of deductions and get a refund. Unless, of course, it's those pesky debit card finance charges.flavio said:
flavio
Banned
I get a refund too, but it's not nearly as much money as I paid in tax.
I also have deductions which basically take money that I spent on qualifying items and deducts it from my income. But I can't spend more than I make.
I'm assuming this isn't just from deductible expenses though and there must be some sort of other tax credit involved.
I also have deductions which basically take money that I spent on qualifying items and deducts it from my income. But I can't spend more than I make.
I'm assuming this isn't just from deductible expenses though and there must be some sort of other tax credit involved.
Jeslek
Banned
I don't pay federal income tax because after deductions the federal government see my income as $0. And I don't get any refunds from the government. And flavio, stop being such an ass. I'm not being "shady", nor am I comitting a crime. I have a professional accountant that does my taxes for me because I don't know the law in and out.
flavio
Banned
Just trying to figure how that works.
Like I said I also have deductions which basically take money that I spent on qualifying items and deducts it from my income. But I can't spend more than I make.
I'm assuming this isn't just from deductible expenses though and there must be some sort of other tax credit involved.
Like I said I also have deductions which basically take money that I spent on qualifying items and deducts it from my income. But I can't spend more than I make.
I'm assuming this isn't just from deductible expenses though and there must be some sort of other tax credit involved.