Text 33214, 75 rader
Skriven 2009-06-09 14:24:51 av Roy Witt (1:397/22)
  Kommentar till text 33167 av Robert Bashe (2:2448/44)
Ärende: Rental Tax
==================
08 Jun 09 10:56, Robert Bashe wrote to Roy Witt:

 RW>> :o) Under the newer, friendlier IRS, they'll take a return at face
 RW>> value. As you know, the IRS income tax here is deducted from
 RW>> paychecks on every payday.

 RB> Guess what happens here. And as far as I hear, the IRS has NOT
 RB> decided to forgo audits.

They haven't, but they're not persuing as many.

 RB>>> In the States, you file a return, compute your tax yourself and
 RB>>> attach a check (if you owe taxes) to the return. Only if your
 RB>>> return is audited (how long after you file the return can the IRS
 RB>>> audit it, Roy?)

 RW>> 3 years.

 RB> Thanks. I didn't know the limit. That's better than here, where such
 RB> audits can go back 5 years or even more.

The IRS suggests that you keep records for 6 years. They're limited by law
at 3 years, but if they find a descrepency in any returns filed after
that, they can go back and audit up to 6 years.

 RB>>> do you have to provide details and possibly pay penalties (if your
 RB>>> computed tax is too low).

 RW>> When I was in business, the IRS wanted me to pay an 'estimated' tax
 RW>> on my future income for the next quarter. My arguement was always;
 RW>> how can I make an estimate when I don't know what will happen over
 RW>> the next 90 days?

 RB> Logical, reasonable - but did they accept that? In Germany they'd
 RB> laugh in your face.

I never made any quarterly payments...and always filed two extentions
every year. My April 15th came in October then.

 RW>> Wouldn't it be nice if they removed all that complicated tax law and
 RW>> just implemented a flat tax?

 RB> You make my mouth water. But forget it, at least in Germany. Here, we
 RB> have a separate tax rule for nearly everone in the polulation, just
 RB> to be "fair".

To be fair, they could exempt anyone making, say up to $5000 over the
poverty level. That'd be around $25,000 here. Tax the rest at 15% to 10
times the poverty level and allow them certain deductions, like taxes
already paid on property, etc. and then at the next level of income, no
exemptions. The liberals should be happy with that, as it taxes the hell
out of the rich (who already pay 95% of the taxes anyway).

 RB> There was a German politician, Friedrich Merz, who seriously proposed
 RB> a tax system so simple that everyone yould work his tax out on a beer
 RB> coaster. He was pushed out of politics and now runs a successful
 RB> attorney practice.

Kinda like the guy who invented the 50mpg carburator.

 RB> A simple tax system would mean that everyone might understand what's
 RB> being taken from them - and the politicians here fear _that_ like the
 RB> devil does holy water.

With the information age well into it's 4th decade, they're not keeping
anything from us.


                R\%/itt

Joy lives in the fight, in the attempt, in the suffering involved, not in
the victory itself.

--- Twit(t) Filter v2.1 (C) 2000
 * Origin: SATX Alamo Area Net * South * Texas, USA * (1:397/22)