Taxes

Discussion in 'Trucker Taxes and Truck Financing' started by Starboyjim, Mar 5, 2015.

  1. Starboyjim

    Starboyjim Road Train Member

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    I hear so much crying about taxes, every year. Drivers, truck owners, anyone really, let me add this to our tax time thoughts. We are Americans. Well, some more, some less. We should be proud to pay our taxes. We get an awful lot for the money, and our governments, state, local, federal, have to have income to operate. When we turn a faucet, water comes to us. When we flip a switch, we get electric power, 24/7. No tanks or pickups loaded with gun toting bad guys are cruising thru our neighborhoods. No invading armies will be rolling across the borders, no war planes will be flying over our cities. Our roads (some) are safe to drive, maintenance in storms is mostly pretty good, signing and traffic control are effective (most) and if we're hungry we can just go to a store and buy food and drink. For the most part, our communities are safe for our families. When we pay our legally required minimum tax debt, we support our American way of life. And it's a great life. If our governments could be more effective, that's a whole different topic. If the rich are getting richer and we're not, that's another topic. A very successful mature American once told me something really profound about taxes: "If you're paying taxes, that means you're making money." Truth. An IRS rep from SCORE, "you'll have to pay taxes, but pay the absolute minimum you owe. Be careful about it." I still do that, shave the line every year, but never cheat or lie on my returns. Well, there's always a grey area and I always choose the minimum - if the IRS doesn't like it, they'll let me know. To end, pay those taxes, feel good about it.
     
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  3. 201

    201 Road Train Member

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    Sounds like someone just found out they're getting a big return. Just kidding, Starboyjim, I agree. I guess it's human nature (particularly Americans) to complain, but I've thought of that many times, we do get a lot. Granted, there are those, for whatever reason, are luckier than most, and it is hard for the non-lucky ones to accept that, but I wouldn't want to live anywhere else,,,, except maybe Canada.:biggrin_2559:
     
  4. xsetra

    xsetra Road Train Member

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    Yes I agree. IF you owe taxes, you made money. Income taxes, if you are an employee, you don't normally see the whole amount that is paid in your behalf.
    However taxes that are not related to income are the taxes that most people complain about. I feel it is wrong to tax us as truck owners for the use of a highway and then prohibit the full use of those highways or add a toll (tax) to the use of those roads and bridges.
    Personally don't know if I would like to live anywhere else, never have. I do like the freedom we have here in the USA. Although it is slowly being eroded by bigger and bigger Government. Fed and State,
     
  5. Starboyjim

    Starboyjim Road Train Member

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    Are you a psychic, Semi? :) I paid a lot of quarterly deposit dollars and yep, I am hoping for a return! As long as I don't break over the dreaded $75K net income and hit the 32% tax bracket I should be OK. And I think some drivers aren't as careful enough with tax liability during the year and get a nasty shock in April. I'm not young any more (had a blast when I was) so I'm totally careful with taxes, and with the big expense items. Like fuel. The little items tend to add up, so really, I do my best to keep on top of all of it. Less I get steamrolled in April. Best.
     
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  6. 201

    201 Road Train Member

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    I had a lot of trouble with quarterly taxes when I had my truck. I did pay in some, but it seemed there never was enough money to pay the full amount. Right when the quarterly's were due, bam, something would happen. I borrowed on my houses equity many times. My problem was, I was too honest. I knew people that claimed stuff I never would think of trying, then they'd have their head in their hands when they got an audit. It was a combination of things that made me sell my truck and go back to a company job, but taxes was one of the biggies.
     
  7. Starboyjim

    Starboyjim Road Train Member

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    Some states have leased their turnpikes, with the income and maintenance, to foreign entities. I resent that. Some of the fees are so high that it's ridiculous. And I don't believe that the stupendous amounts of fees truckers pay for roads, in addition to the heavy vehicle tax, state, federal, and local, those fees aren't going to road construction and maintenance, they're being siphoned into the General Funds and used for pork projects. That's a little off target, though. The money paid in good faith stays in good faith. If it's improperly administered, that's a different direction.
     
  8. G/MAN

    G/MAN Road Train Member

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    I do resent paying taxes. At least on my income. I understand that we need to pay taxes in order to support our government. I think the reason so many resent paying income taxes is that they are so punitive. The more successful you become, the higher your taxes. Another thing that I resent is having to pay taxes on about everything that I need. I pay my water bill and a sewer bill. In addition, there are also taxes on those charges. If you have a telephone, you will find taxes on those, as well. Some of the listed taxes, I have no idea what the entail. Most of us resent paying taxes due to all the corruption and waste. Special interests often siphon off our tax dollars as a payoff for supporting a particular candidate. Just look at how many so called "green industries" have gotten tax dollars and shortly after gone bankrupt and there is no accountability for our money. Most of those who have failed were major contributors and supporters of Obama and the Democrats. The Republicans have their own skeletons.

    Government continues to expand and then needs to raise taxes to pay for the expansion. Politicians go to the state or Washington with modest means and go home (eventually) wealthy. Politicians are supposed to serve the taxpayers, yet the servants have become the masters. I would like to see the income tax eliminated. We don't need it. For most of our history, we got along just fine without an income tax. Once the income tax was passed, our government has grown far faster than our forefathers could have envisioned.

    I don't think that most Americans mind paying some taxes. It is the number and amount we pay in taxes. I read somewhere that if you add up all the taxes we pay to support our bloated government it comes out to about 60% of our income. That is a big chunk of money we pay for a bloated, inefficient government. I think we also resent that politicians pass laws for which they exempt themselves. We resent the way our tax dollars are misused. We resent the way these politicians rob our treasury and give the money to their pals and family. There is little accountability with these politicians. We also resent big corporations being given our tax dollars while the middle class suffers and continues to fund their extravagances. So, it isn't the taxes that we resent. It is the rest of it.
     
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  9. Dr_Fandango44

    Dr_Fandango44 Road Train Member

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    As a business owner I offer a slightly different perspective in that my job, with my accountant is to pay zero income taxes at the end of the year. That's my legal right to do so. If you're an employee you can't escape the great tax money grab by the IRS.
    I pay taxes in other areas such as property taxes which are rather punitive in Texas.
    When we collect Social Security we experience double taxation. If you are a 'C" Corp, you can be liable for double taxes that's why I'm a "S" corp. and as we own trucks we have to pay various taxes in order to operate on the highways.
    we pay enough taxes as it is so when the IRS comes along and wants his cut, my goal is to pay the minimum, and if I can legally get away with paying nothing, then that suits me very nicely.
    Perfectly legal.
    The tax code is way too complex but it gets even worse every year.
    Why should I pay more taxes just because the Govt can't get its act together and balance the books. The national debt level is such that it's never going to get repaid anytime soon, if ever.
    So you will find that this Govt and the next, and the next, will try to claw and extract as much taxes as it can in order to bring the debt level down. Don't be surprised if it will get pretty desperate in doing so.
    They have already started the process. Some of you will be totally unaware of what they're up to.
    but as a foreign national who has paid his taxes in the past, I'm paying close attention to some of the things/antics that Obama and Co are trying to implement.
    I wonder if you know that no matter where you live in the World, if you're an American citizen, that you have to pay US taxes. The good ole USA is the only industrialized country in the world that taxes it's citizens, even if they don't live here. Even if their income has been generated in another country. It doesn't matter. The IRS wants a piece of that action.
    You think that's fair ??
     
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  10. rexmanno

    rexmanno Light Load Member

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    Dr_Fandango44,,,,,,,,,,,,,,,, where do you get your information from???
    That is the first time I have ever heard that you have to pay taxes to the U.S. if you live somewhere else.
    My wife and I left the U.S. in 1983, lived in Norway for 15 years, when we left the U.S. knowing we would be gone for some time we made sure we didn't owe any taxes and we didn't pay any taxes during those 15 years to uncle Sam.
    We payed taxes after the first year back, of course, but nothing while we where gone, and we where not asked to pay any back taxes either.
    We did pay taxes to Norway while we where there, of course.
     
  11. double yellow

    double yellow Road Train Member

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    You sound like: [video=youtube_share;i-P-CoSNYaI]http://youtu.be/i-P-CoSNYaI[/video]

    http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Earned-Income-Exclusion
     
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