08 Jun 2012, 5:52 pm
JWC wrote:
Lucky you. I bumped up to a higher tax bracket last year and had to unexpectedly fork over about 1/3 of my daughter's college fund. 
That strikes me as bad planning, indeed.
The basic rule of tax is that it never hurts you to earn an extra dollar. If you were blithely spending gross revenue without taking into account the tax implications, then it's no wonder that you had to dip into savings when the bill came due.
But if you make provision for tax with every dollar that comes in, then there will never be a surprise come tax time.
08 Jun 2012, 5:56 pm
SpiritBlooms wrote:
JWC wrote:
Kraichgauer wrote:
JWC wrote:
Kraichgauer wrote:
And I certainly have no hate or envy for the rich. But I do resent, as a poor American, being held responsible for weighing the rest of the country down. And it really pisses me off that the well off feel that they don't have to pay 4% more taxes, but that I should have to pay income tax. You can't get blood from a stone.
-Bill, otherwise known as Kraichgauer
-Bill, otherwise known as Kraichgauer
Bill, its okay. I hate that you have to pay taxes, too!
As of yet, I don't have to pay any income tax. But Romney and other righties figure I and other poor Americans should, while the rich get tax cuts.
-Bill, otherwise known as Kraichgauer
Lucky you. I bumped up to a higher tax bracket last year and had to unexpectedly fork over about 1/3 of my daughter's college fund.
I honestly don't see how you can interpret what he said as LUCK. You're envying someone for making less than you. That's what you're saying, you realize?
The 'lucky you' part was rhetorical.
08 Jun 2012, 5:57 pm
08 Jun 2012, 6:03 pm
visagrunt wrote:
JWC wrote:
Lucky you. I bumped up to a higher tax bracket last year and had to unexpectedly fork over about 1/3 of my daughter's college fund.
That strikes me as bad planning, indeed.
The basic rule of tax is that it never hurts you to earn an extra dollar. If you were blithely spending gross revenue without taking into account the tax implications, then it's no wonder that you had to dip into savings when the bill came due.
But if you make provision for tax with every dollar that comes in, then there will never be a surprise come tax time.
It may be that simple in Canada, but not here in the US.
Short version is, I got a large Christmas bonus. My company usually doesn't give Christmas bonuses, so I hadn't taken that into account. If it hadn't been for that bonus, I wouldn't have bumped up a bracket and would have been fine. Ironic thing is the increase in tax liability was waaaaaay more than the bonus that caused it. I'd have been better off if I hadn't gotten the bonus.
08 Jun 2012, 6:05 pm
08 Jun 2012, 6:49 pm
Kraichgauer
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