Re: Obama Care
 

[quote=mlmpetert;750571][COLOR=black][FONT=Verdana]So you have to pay 90% of your the current years tax liability or 100% of last years tax liability (or 110% if you make over 150k) or otherwise you get hit with a 20% penalty (additional tax) on your underpayment. Im guessing that since first owns his own business his accountant has him make 100% or 110% (if first makes over 150k) tax payments based off of last years income taxes.[/FONT][/COLOR]

[COLOR=black][FONT=Verdana]So i guess techniqely Obama is returning more of his money, but only because he earned less money and therefore doesnt have to pay as much taxes. Apparently when you own a small business your income isnt guaranteed (where are you Obama?) and you can actually make less money, no money at all or even LOSE money...... [/FONT][/COLOR][/quote]


Do you have any idea what you are talking about or are you saying crap for the sake of saying crap? Last I checked Bush tax code is still in effect. The only thing Obama has done so far is cut taxes for businesses and give a buck or two back to individual through the stimulus and of course you can add you claims of tax increases in ObamaCare, etc.

Re: Obama Care
 

Im not saying crap just for the sake of saying something. Your line of thanking Obama for returning firsts money is misguided and im just trying to outline that.

I think most people think that when they fill out their w4's that its just a nice thing that helps you keep track of the money you end up owing the goverment. But thats not true. You have to make payments through out the year; either by having deductions taken out of each paycheck or by making quarterly payments which most small business owners do and what im speculating first does.

So my statements of either 90% of your current years liability or 100% of last years liability is to point out that this is money that first already paid to the government. He ended up not making as much money as he did last year for one reason or another so the government returned HIS money. No thanks to Obama needed in that instance.

Its kind of like if you get demoted at work but dont update your w4 to reflect that you now make less then you did. So when you get that big magically refund when you file its not because you got a tax break that can be attributed to Obama or anyone else, its because your withholding more then you should be because your making less then you were.

Re: Obama Care
 

Also this is part of the reason why i hate taxes so much. I guess when they first instituted the federal income tax they realized that they had no chance to collect if they just allowed people to pay their liability at the end of the year, so they made it that you have to pay as you go even if it means paying more then you should be (and this is what gets me). The government isnt going to take the chance of getting shafted, that responsibility lies with us.

Re: Obama Care
 

[quote=mlmpetert;751809]Im not saying crap just for the sake of saying something. Your line of thanking Obama for returning firsts money is misguided and im just trying to outline that.

I think most people think that when they fill out their w4's that its just a nice thing that helps you keep track of the money you end up owing the goverment. But thats not true. You have to make payments through out the year; either by having deductions taken out of each paycheck or by making quarterly payments which most small business owners do and what im speculating first does.

So my statements of either 90% of your current years liability or 100% of last years liability is to point out that this is money that first already paid to the government. He ended up not making as much money as he did last year for one reason or another so the government returned HIS money. No thanks to Obama needed in that instance.

Its kind of like if you get demoted at work but dont update your w4 to reflect that you now make less then you did. So when you get that big magically refund when you file its not because you got a tax break that can be attributed to Obama or anyone else, its because your withholding more then you should be because your making less then you were.[/quote]

What I do know for a fact is that small business have gotten huge tax breaks thanks to the stimulus. You some how dispute this is the case even though you don't have the exact reason why he's getting more of his money back. We can both assume but only one guy can tell us which who is right. So lets have it firstdown...why did you get a bigger return?

If I had to bet, I would bet on saden1.

Re: Obama Care
 

[quote=saden1;750667]Do you have any idea what you are talking about or are you saying crap for the sake of saying crap? Last I checked Bush tax code is still in effect. The only thing Obama has done so far is cut taxes for businesses and give a buck or two back to individual through the stimulus and of course you can add you claims of tax increases in ObamaCare, etc.[/quote]

What tax breaks has Obama given to business? The only thing I know of is some tax breaks if you hire (not even sure if thats true) and if a business buys certain new equipment. While I don't bitch about tax breaks how many businesses hurting now are going to run out an buy more equipment? Not very many.

Re: Obama Care
 

[quote=mlmpetert;751809]Im not saying crap just for the sake of saying something. Your line of thanking Obama for returning firsts money is misguided and im just trying to outline that.

I think most people think that when they fill out their w4's that its just a nice thing that helps you keep track of the money you end up owing the goverment. But thats not true. You have to make payments through out the year; either by having deductions taken out of each paycheck [B]or by making quarterly payments which most small business owners do and what im speculating first does. [/B]

So my statements of either 90% of your current years liability or 100% of last years liability is to point out that this is money that first already paid to the government. He ended up not making as much money as he did last year for one reason or another so the government returned HIS money. No thanks to Obama needed in that instance.

Its kind of like if you get demoted at work but don't update your w4 to reflect that you now make less then you did. So when you get that big magically refund when you file its not because you got a tax break that can be attributed to Obama or anyone else, its because your withholding more then you should be because your making less then you were.[/quote]

Yes I pay by the 1/4. Also before the end of the year my CPA will review my books and see if I need to pay any additional because up until the end of the year you can pay by 941 through the business rather then using my personal money when they do my return. They may also recommend that I draw a pay check so not to leave any money in the business account which I'd have to pay taxes on even though its in the business account.

I will call my CPA tomorrow and see if she can explain why I received such a large return. I guess I could also pull out my 2008 and see what my tax liability was in 08. I much rather over pay and get money back then to pay. It just seems to hurt more when you have to write out a big check for taxes.

Saden I don't think Obama gave small business tax cuts only taxe breaks for buying equipment and maybe hiring.

Re: Obama Care
 

[quote=saden1;752262][B]What I do know for a fact is that small business have gotten huge tax breaks thanks to the stimulus.[/B] You some how dispute this is the case even though you don't have the exact reason why he's getting more of his money back. We can both assume but only one guy can tell us which who is right. So lets have it firstdown...why did you get a bigger return?

If I had to bet, I would bet on saden1.[/quote]

OK I talked to my CPA today and I asked her why I received such a large tax return. She said I had less income this year. I then ask her directly if Obama gave me any tax breaks to increase my return and her answer was "hell no". She did say that I received the working man tax stimulus/refund of $800 which is something Obama gave to just about anyone working. I then asked about Obama's tax break for small business and she said that the only tax breaks is for purchasing new equipment of a certain value. So I'd have to say both of you are somewhat right. The reason I did not think about a drop in income is because I forgot about rent I receive as income which was down this year.

Saden what I have in bold from your post is not really correct unless a bunch of small businesses have found money to go out and buy new equipment in this economy.

Re: Obama Care
 

[url=http://online.wsj.com/article/SB10001424052748703727804576017552229615230.html?mod=WSJ_hp_LEADNewsCollection]Judge Sides With Virginia on Health Law - WSJ.com[/url]

Re: Obama Care
 

^^ The competing decisoins will end up in front of the Supreme Court. I am pretty sure it will eventually pass Constitutionality test.

Re: Obama Care
 

^^Not!! Can't become a compelling issue. I didn't expect a court would up-hold that.

Re: Obama Care
 

[quote=JoeRedskin;768582]^^ The competing decisoins will end up in front of the Supreme Court. I am pretty sure it will eventually pass Constitutionality test.[/quote]

Maybe maybe not, but does constitutionality even apply to the Commerce clause? Nearly every single transaction today crosses state lines, and the federal establishment has found that to be the necessary stick to bring the states back in line. Even if the SC were to overturn this, the federal establishment simply would use backhanded punishments, such as withholding medicaid funds for those states that do not create equivalent mandatory insurance policies. The federal govt got it's toe in the door, to think that the SC is going to kick it out is foolishness. And to think that the constitutionality of the law matters is at this point in time is a long dead dream.

(not to be cynical or anything)

Re: Obama Care
 

The Commerce Clause in a nutshell -- the federal government can do whatever it damn well pleases.

Re: Obama Care
 

I really would be surprised if that decision held up in the SC. I know we are talking the Commerce Clause but state rights have been pretty well shredded because the federal government taxes the shit out of us then dangles our tax money in front of the states to get them to do what the federal government wants them to do.

Re: Obama Care
 

[quote=mlmpetert;749670]I think i mentioned this a while back, but its really important information that anyone with a HSA or FSA needs to be aware of. I have a high deductable HSA plan and love it because of the prudence it forces you to be abide by, but this really really sucks. Its going to affect a lot of people, and when i hear that someone has a HSA or FSA i bring this up and they usually have no idea.

[URL="http://www.foxnews.com/politics/2010/10/15/new-health-care-rules-require-doctors-note-pay-otc-drugs-fsas/"]FoxNews.com - New Rules Coming for Payments Out of Health Savings Accounts[/URL]

So from what ive heard there are going to 2 basic ways to go about getting your prescriptions.

1. The next time you go to the doctor get a prescription for everything you need or can think there is ever a chance you may need at some point in the coming tax year. (your doctor will hate you)

2. Save every reciept for everything you bought during 2011 and go back and a get a prescription for it. (your doctor will hate you)

In normal situations I don’t really have a need to go to a doctor so this issue affect people like me the most. The whole concept behind a high deductable HSA is that it keeps people from going to the doctor when the really shouldn’t (like because you have a cold or basic flu). For people with a normal FSA add on arnt really going to be financially affect by this, just really inconvenienced by it[/quote]


Okay this makes things a little easier for those of us that have HSA's and FSA's but its still a bitch:


[url=http://www.foxnews.com/politics/2010/12/27/irs-backs-pharmacy-ban-flex-account-debit-cards/?test=latestnews]IRS Backs Off Flex Account Debit Card Ban for Over-The-Counter Drugs - FoxNews.com[/url]

Re: Obama Care
 

Kind of surprised no one posted this yet.

[url=http://www.politico.com/news/stories/0111/47831.html]House passes health law repeal - Carrie Budoff Brown - POLITICO.com[/url]

[url=http://www.foxnews.com/politics/2011/01/18/states-join-obama-health-care-lawsuit-fla/]26 States Join Suit Against Obama Health Law - FoxNews.com[/url]