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Originally Posted by SonicFlyer
(Post 2758194)
God Bless them. |
Originally Posted by PNWFlyer
(Post 2759039)
Well, your chances of an audit are low. But if it happens, chances of fines are high.
Jail is possible, but only if you fly around telling your pilot friends how you evade taxes. |
Originally Posted by SideSticker
(Post 2759348)
An old neighbor of mine loved to brag about his creative tax returns. Long story short....he dumped his girlfreind and she reported him to the IRS.
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Originally Posted by JamesBond
(Post 2758987)
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.
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Originally Posted by ChecklistMonkey
(Post 2759382)
And yet, between 1 in 10 and 2 in 10 Americans are independent contractors who, by law, don't have necessarily have withholding. So when do the riots start?
He's talking about the vast majority of US workers (the other 8 or 9 in 10) who, if all of a sudden they had to write monthly or quarterly checks instead of withholding, would freak out. But you knew that. |
Originally Posted by Karnak
(Post 2759347)
That big red circle sorta looks like what Active Duty service members receive.
God Bless them. You slamming active duty, Karnak? |
Originally Posted by badflaps
(Post 2759288)
With my $28,000. from the PBGC I'm in high cotton. I will be glad though when they get around to giving me little taste of your retirement booty.:D
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I made 40k more in 2018 vs 2017, all my deductions the same yoy. 2018 refund 2.8K, and that’s paying 3K AMT. 2019 payment due 1.3K, 0$ AMT. The difference is what he took away, union dues 5.7k+ deduction, perdiem deduction well north of 10K... my effective tax rate several points higher. I’m a conservative, but Trump tax hike is taking food off my table. He ain’t no friend of labor.. that’s what we, pilots, all are, we know that, right???:mad:
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Originally Posted by sailingfun
(Post 2759037)
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. I've been told of things that were to my knowledge intentional tax fraud as well. I don't believe there is a limitation on the gubmt prosecuting a deliberate fraud. Pretty dangerous territory. OFG |
2017->2018
Income went down about $19k 2017->2018 Taxes went down about $8k 2017 17.2% Fed effective rate 2018 15.6% Fed eff. rate (Means everything) 2017 Huge refund 2018 Owe a little (Means nothing. Difference? Withholding changes) |
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