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Apr 12, 2024
4:03
:36
pm
BlueTooth
All-American
I don't have one. Not familiar with it. Quick and dirty look makes it seem like
It's basically what I'm calling a consumption or sales tax.
Not sure how it's implemented but wow, it looks like most of the worlds governments employ it.
Gonna do some reading up on this....thx
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BlueTooth
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BlueTooth
Joined
Sep 27, 2002
Last login
May 23, 2024
Total posts
4,880 (69 FO)
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Messages
Author
Time
Finally done with taxes. I'm an owner in an LLC. Can't believe all the different
homegrown
Apr 10, 2:32pm
Government can't do anything right. Why should that be different with taxes?
Jericho
Apr 10, 2:33pm
I was destroyed by taxes this year. I definitely need a strategy for next year.
kccougar
Apr 10, 2:34pm
Overpay your estimated taxes every quarter
mobicurious
Apr 10, 2:48pm
yep. Had to produce an extra 30k one year that was already spent. Tough
qwerew
Apr 10, 3:12pm
Flip it. Send me my tax bill and let me file if something is wrong. Let me
vagabonder
Apr 10, 2:34pm
Had the exact same experience and have just been sitting here asking myself the
gww687
Apr 10, 2:39pm
I elected as an S-Corp, but they only approved starting 9/1/2023, so I had to
Skeptical Optimist
Apr 10, 2:52pm
BTW, make sure you are hiring your kids for your LLC - that's tax free money
Skeptical Optimist
Apr 10, 2:54pm
Don't you have to pay employment taxes for your kids (or pay SE taxes on a 1099)? Maybe 15% is better than 25% on the
shokupanmanbo
Apr 10, 3:23pm
Not if you have an LLC or a sole proprietorship. You can pay them a reasonable
Skeptical Optimist
Apr 10, 3:39pm
If you simplify the tax code then you just make it easier to avoid taxes. The only real way to fix it is to get rid of
HarlemCoug
Apr 10, 3:05pm
No. The correct solution is a consumption tax. It's easily progressive as well.
BlueTooth
Apr 10, 3:16pm
what's your definition of a vat tax?
HarlemCoug
Apr 10, 4:26pm
I don't have one. Not familiar with it. Quick and dirty look makes it seem like
BlueTooth
Apr 12, 4:03pm
Why does it make it easier? If you just had a flat rate tax on all realized
homegrown
Apr 10, 3:30pm
The problem is "What is realized income?"
Narfin'Coug
Apr 10, 4:15pm
I understand. Just wish there was a legitimate way to simplify
homegrown
Apr 10, 5:54pm
Reminds me of this joke. Yes, you can poke holes in what he says
BYUHawk
Apr 10, 3:29pm
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