RitaB Posted March 11, 2009 Report Share Posted March 11, 2009 because they "couldn't afford to pay the taxes on the a lot of earnings." That's exactly what she said. Not that they were conservative investors. Or afraid of a market crash. She knew they'd probably make more money, but since taxes would be higher, they didn't do it. They are in their 40's. That, to me, is like saying, "I could pay off my mortgage, but it's such a good tax write off." I had a pastor years ago to tell me he gave up a pay increase because the taxes would be too high. I explained to him that even if you did enter a higher bracket (he would have stayed in 15% bracket), just a portion of your income gets taxed at higher rate, not all of it. Besides, you'd be keeping the net after taxes. I mean, the tax rate is not 100%, right? What are people thinking? Does anybody know? Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 11, 2009 Report Share Posted March 11, 2009 <snip> What are people thinking? Does anybody know? Thinking. That's the key word. Very few people actually do it at all. And very few of those who attempt it can do it clearly, concisely, or logically. That's why. Catherine Quote Link to comment Share on other sites More sharing options...
JRS Posted March 11, 2009 Report Share Posted March 11, 2009 This validates the "My barber", excuse me, "my hair stylist says I can take off my dog food, because my dog is my security system for my house, where I have my 'office in home.'" Some clients "think" by osmosis. My quote is word for word from a long time client, that I thought, (there I go thinking) had a few sharper tools in his belt. Quote Link to comment Share on other sites More sharing options...
neilbrink Posted March 11, 2009 Report Share Posted March 11, 2009 long time client, that I thought, (there I go thinking) had a few sharper tools in his belt. Shouldn't you be able to deduct those tools in his belt? Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 11, 2009 Author Report Share Posted March 11, 2009 long time client, that I thought, (there I go thinking) had a few sharper tools in his belt. Shouldn't you be able to deduct those tools in his belt? Well, yeah, plus the value of his own labor. Quote Link to comment Share on other sites More sharing options...
JRS Posted March 11, 2009 Report Share Posted March 11, 2009 "Shouldn't you be able to deduct those tools in his belt?" I would, but he tried to donate them, but there was no FMV! Quote Link to comment Share on other sites More sharing options...
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