Leaderboard

"Everything is bigger in TEXAS!" Oh, you said TAXES....oops Tom Longview, TX

“Don’t steal, the government does not accept the competition.” Unknown

By far my favorite satire site is The Babylon Bee. A recent parody news story pictured one of them with a bar code on their head with the following explanation “To make purchasing congresspeople easier and faster for lobbyists, congresspeople will now have barcodes printed on their foreheads to be conveniently scanned at newly installed self-checkout machines.” The article in and of itself is funny, but the video “News Bulletin” is hilarious. I’d post a link, but it probably violates a few terms of our forum.

That's funny since Al Capone was taken down partially due a forensic accounting investigation of his finances by a U S Treasury Agent.

Copied from Forbes: “For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” — Winston Churchill “Income tax returns are the most imaginative fiction being written today.” — Herman Wouk “I am proud to be paying taxes in the United States. The only thing is I could be just as proud for half of the money.” — Arthur Godfrey “A liberal is someone who feels a great debt to his fellow man, which debt he proposes to pay off with your money.” — G. Gordon Liddy “The taxpayer: that’s someone who works for the federal government, but doesn’t have to take a civil service examination.” — Ronald Reagan “The income tax created more criminals than any other single act of government.” — Barry Goldwater “Collecting more taxes than is absolutely necessary is legalized robbery.” —Calvin Coolidge “This is too difficult for a mathematician. It takes a philosopher. The hardest thing in the world to understand is the income tax.” — Albert Einstein “The difference between death and taxes is death doesn’t get worse every time Congress meets.” — Will Rogers “In 1790, the nation which had fought a revolution against taxation without representation discovered that some of its citizens weren’t much happier about taxation with representation.” — Lyndon B. Johnson “Why does a slight tax increase cost you two hundred dollars and a substantial tax cut save you thirty cents?” — Peg Bracken I'm smiling but I don't feel any wealthier

“The problem with socialism is that you eventually run out of other people's money.” Margaret Thatcher "A tax is a fine for doing well, a fine is a tax for doing wrong." Mark Twain "A person doesn't know how much he has to be thankful for until he has to pay taxes on it." Ann Landers "Worried about an IRS audit? Avoid what's called a red flag. That's something the IRS always looks for. For example, say you have some money left in your bank account after paying taxes. That's a red flag!" Jay Leno

“They can’t collect legal taxes from illegal money.” Al Capone “The income tax created more criminals than any other single act of government.” Barry Goldwater

“The art of taxation consists of plucking the goose so as to obtain the most feathers with the least amount of hissing.” Jean-Baptiste Colbert

If this is a PTP (Publicly Traded Partnership), you don't need to track basis. But if this a regular limited partnership, yes, basis is increased by taxable and nontaxable income and decreased by deductible and nondeductible expenses/losses. So basically everything in and out. If you didn't allocate basis to passive losses, there'd be no basis for deducting those losses later.

Government's view of the economy could be summed up in a few short phrases: If it moves, TAX it. If it keeps moving, regulate it. And if it stops moving, subsidize it." — Ronald Reagan

I truly asked my hairdresser yesterday and she said that I was doing just fine. She is self-employed too.

Ask your hairdresser Tom Longview, TX

I don't believe that they will budge. I paid the price and am moving on. However, due to the shower of mundane dunning letters from the IRS, I am having second thoughts. Also, last year I was very ill after paying for the program. I almost didn't make it back. My personal contact with ATX for many years did assure me that if something similar wee to happen, I had until the release of the program to opt out and request a refund. But, since I now work alone, who would be there to collect it for me?