Taxes
02-07-2019 | 07:20 AM
#111
Gets Weekends Off
Joined: May 2015
Posts: 7,292
Likes: 0
From: A350 Both
I made way more money than I did in 2017, and my taxes went way down!
My taxes went way down for four reasons:
-My wife make twice as much as I do
-We make good money (so I don't care what my marginal tax is)
-We didn't get hit with the AMT (Called the Awful Mean Tax for a reason)
-I’m a pilot (lost union expenses, uniform cleaning, and per diem differential are nothing compared to the AMT)
I’m obviously really annoyed with this GOP tax reform as it given me more money to waste on boats and horses.
My taxes went way down for four reasons:
-My wife make twice as much as I do
-We make good money (so I don't care what my marginal tax is)
-We didn't get hit with the AMT (Called the Awful Mean Tax for a reason)
-I’m a pilot (lost union expenses, uniform cleaning, and per diem differential are nothing compared to the AMT)
I’m obviously really annoyed with this GOP tax reform as it given me more money to waste on boats and horses.
02-07-2019 | 07:31 AM
#112
Banned
Joined: Feb 2015
Posts: 1,627
Likes: 149
I am a Libertarian. I drive an All Terrain Vehicle so I don't need roads, open sewers are fine by me because I don't live in the city!
I wonder how many people actually look at the "Tax" line... what you paid, not what you owe or get back, but the total Tax. That is not fair, but as long as the stupid AMT isn't gouging me I am fine.
I wonder how many people actually look at the "Tax" line... what you paid, not what you owe or get back, but the total Tax. That is not fair, but as long as the stupid AMT isn't gouging me I am fine.
02-07-2019 | 07:57 AM
#113
Gets Weekends Off
Joined: Feb 2008
Posts: 20,871
Likes: 189
Income taxes in this country are actually quite low if your income is not high. Just did my dads taxes and on 100,000 income he will pay 8200 in taxes. 8.2% effective rate. Married, joint, standard deduction.
02-07-2019 | 08:07 AM
#114
Gets Weekends Off
Joined: May 2015
Posts: 7,292
Likes: 0
From: A350 Both
I am a Libertarian. I drive an All Terrain Vehicle so I don't need roads, open sewers are fine by me because I don't live in the city!
I wonder how many people actually look at the "Tax" line... what you paid, not what you owe or get back, but the total Tax. That is not fair, but as long as the stupid AMT isn't gouging me I am fine.
I wonder how many people actually look at the "Tax" line... what you paid, not what you owe or get back, but the total Tax. That is not fair, but as long as the stupid AMT isn't gouging me I am fine.
02-07-2019 | 08:21 AM
#115
Banned
Joined: Feb 2015
Posts: 1,627
Likes: 149
2017 Effective rate 22.8 AMT paid
2018 Effective rate 21.5 AGI 115K higher, Deductions 19K lower. No AMT
That AMT is what gets you.
02-07-2019 | 08:22 AM
#116
Gets Weekends Off
Joined: Aug 2015
Posts: 1,561
Likes: 0
From: Captain
Pay me 350k with a nice 15 percent PS
and I have no issue paying Uncle Sam
15 years left to collect 5.5 mil plus 16%
Will it last that long ? Probably not given the history the last 24 years
02-07-2019 | 08:24 AM
#117
Gets Weekends Off
Joined: Feb 2009
Posts: 1,148
Likes: 0
From: Fetal
Yep. I'll bet you if you ask 100 people on the street what they paid in taxes, that a great number will say "I got back $XXX". Most people have no idea what they paid in tax. That's why if we ever got rid of the withholding part of a paycheck there would be riots in the street.
I’ll disagree with your supposition that a “great number” (70%?) would think getting a tax refund means they paid no tax.
Sent from my iPhone using Tapatalk
02-07-2019 | 08:36 AM
#118
Gets Weekends Off
Joined: Feb 2008
Posts: 20,871
Likes: 189
There was however another option. I flew with one pilot who refuses to use TurboTax because it always threw him into the AMT. He simply filled out the forms by hand and avoided that pesky AMT.
02-07-2019 | 08:39 AM
#119
Banned
Joined: Feb 2015
Posts: 1,627
Likes: 149
The AMT killed me. Very happy with the change in my 2018 taxes. Every Delta pilot was going to be tossed into the AMT with a few years with Delta. They may think they are not saving anything now but they will have significant savings in future years.
There was however another option. I flew with one pilot who refuses to use TurboTax because it always threw him into the AMT. He simply filled out the forms by hand and avoided that pesky AMT.
There was however another option. I flew with one pilot who refuses to use TurboTax because it always threw him into the AMT. He simply filled out the forms by hand and avoided that pesky AMT.
Jail is possible, but only if you fly around telling your pilot friends how you evade taxes.
Thread
Thread Starter
Forum
Replies
Last Post
wannabepilot
Hangar Talk
0
04-25-2008 09:19 PM
