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Discussion in 'Politics, Religion, Social Issues' started by Michael Goff, Aug 11, 2014.
If you see an angle, work it. Not sure what the big deal is. People do it every year.
Could you elaborate?
Who doesn't look for angle when filing their taxes to keep from getting stomped?
If you see the shot, take it.
I agree, play the system like it plays you.
There are angles, and then there are unfair angles.
Imagine if there was a tax break for people of a certain religion or a certain racial group. Would you be in favor of those on the basis of "everyone is looking for an angle"?
You analogy doesn't work, however, lets keep in mind that if a person were trying to work their personal income tax as some type of corporate entity tax, there is a whole slew of different problems and headaches being introduced.
I personally don't care about what anyone else does, but know every year I look for every savings I can get to get my tax burden to a negative where I am being paid with a return, and giving little to nothing in income tax.
Anyone would be nutty not to. Anyone that just wants to do a straight filing and pay the maximum taxes possible., more power to them.
Here comes a lawyer to spoil the fun...
Firstly, this analogy is really poor. Degrees are not property - they cannot be mortgaged, charged, assigned etc. So even if people (natural persons) were treated like corporations (legal persons) they still couldn't do what is suggested. Let's think of a better example - say I trademark "iStudentUK legal services". I can own that trademark as an individual, or I can incorporate a company (really easy to do) and have the company own the trademark. People can get the benefits of company law by incorporating a company if they so wish!
Secondly, a lot of people get uptight about corportations having legal personality. Which shows a complete lack of understanding of even the most basic legal principals. A company could not function if it did not have legal personality.
Now there are flaws with company law and taxation, but creating silly and incorrect arguments doesn't help solve them.
I don't. I don't make enough to not get a refund, but I don't do anything to maximize that refund.
OK...just to be a pain....
Do you pay more tax than required, or refuse your refund?
If not, then you are maximizing your refund.
Please forgive my guessing at what you really mean (presumptuous of me), but it seems that you are saying that you do not avail yourself of loopholes to lower the taxes that you pay.
I'm saying that I get a refund, but I don't go hunting through my year for ways to increase that refund. I treat my refunds as unaccounted windfalls each year, so I don't go out of my way to make it as big as possible.
I know people that go crawling through receipts, find every textbook or eyeglasses that were purchased that year to write off, I don't bother.
Maybe your last sentence is right, but I just use TurboTax on my iPad and don't bother with most of the additional sections to get more money back.
Treating a corporation as an entity makes sense. Treating a corporation as though it has the same rights as a person does not make sense. Nor does it makes sense to treat a corporation as the sum of its owners, when it is the workers who provide the labour that makes the corporation run. Of course, I am talking about sense and not the law....
Would you consider an independent contractor who takes business office deductions, mortgage interest deductions, business related auto mileage deductions, health expense deductions, and the like, as someone "crawling through receipts"...a pejorative sounding description of behavior?
Of course not.
That said, billing family dinners as business expenses for a family owned businesses would qualify to me.
I didn't mean to describe the practice in a negative light, I was just trying to get the point across that I personally put no effort into tax deductions because I get a refund every year anyway.
Hopefully that clears things up a bit.
It does, indeed!
Like NT said, I also know people who do quite dubious things. I work in the entertainment industry and have numerous friends who work in TV and film. Several of them write off every piece of electronic equipment they buy (including their big screen TVs, blu-Ray players, etc), every movie they buy or rent, their cable bill, everything...and call it "research" for their job as a grip on a TV show.
And no, I don't do things like that. I could probably write off some mileage, but I don't. Not worth the effort.