How to avoid paying taxs on your leases

Any suggestions on how to avoid paying taxs on your leases, before the 1 Jan rolls around.

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Permalink Reply by Nancy LeNau on January 5, 2012 at 4:12pm

I agree ! Very nicely said !

Permalink Reply by Frankie Jo on December 31, 2011 at 6:16am

Why?

2s72s0k9mm8gdPermalink Reply by 2s72s0k9mm8gd on December 31, 2011 at 6:41am

I plan on having the sales tax on a new Tacoma 4 door 4X4 and a Yamaha Grizzly 700 with snow plow to deduct next year! My contribution to jump starting the economy! I will gladly pay my fair share of taxes on this new found wealth.

Permalink Reply by grayhairedgrandpa on December 31, 2011 at 7:46am

From the IRS website...If you file a Form 1040, and itemize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes. (You can’t claim both.) If you saved your receipts throughout the year, you can add up the total amount of sales taxes you actually paid and claim that amount.

If your Tacoma and Yahama purchases total $35,000, then the 6% PA sales tax would be $2100. In most townships, PA and local income tax add up to 4.07%. This means if you have more than $51,000 of income (quite possible with gas lease and/or royalty), you would not be able to utilize the sales tax deduction.

2s72s0k9mm8gdPermalink Reply by 2s72s0k9mm8gd on December 31, 2011 at 8:55am

Thanks Grandpa. Looks like state & local income tax writeoff for me then.

Still getting that Tacoma & Grizzly anyhow ! LOL!

Permalink Reply by Joe on December 31, 2011 at 11:33pm


How do you plan to stimulate the economy buying imported stuff by foreign owned companys??

Permalink Reply by craig on January 1, 2012 at 5:24am

Well, just checked and both are made in the USA. Granted they are foreign corporations, but he will actually stimulate our economy in many ways. Check your ideas and facts that you want to post before actually posting, please!
 

Permalink Reply by Frankie Jo on January 1, 2012 at 5:58am

It is kind of a fine line but profit revenue will end up in Japan. If it is an equally satisfying product I think it would be preferable to buy a Polaris 4x4 or GMC truck, but with the global economy, how many of the parts comprising a GM product do not originate elsewhere? 

Permalink Reply by craig on January 1, 2012 at 6:35am

You are correct, it is a fine line, however the profit (which may leave our country)  from selling a truck pales in comparison to all the ancillary jobs/wages that support the building/distributing of these vehicles and their related parts. 

You also have to remember that a fair chunk of their previous profits have been used to build these plants and to provide the jobs. 

FWIW, The tacoma is 70% US made parts, the GMC line is around 90%.  I prefer Ford F-series trucks at 85% though : )

Permalink Reply by Albert Tischler on January 1, 2012 at 3:36pm

I just retired from the Ford Foundry in Brookpark , Oh    For the last 31 yrs the F-150 has been made 90% in Ontario Canada.  Get your facts right first .

Permalink Reply by craig on January 1, 2012 at 7:22pm

Easy there Albert......Ahhh,  I was posting the % of parts made in the  US, not that 85% of Ford Trucks were built here.

 " For the last 31 yrs the F-150 has been made 90% in Ontario Canada."  I am assuming you mean assembled. Regardless,  it sure seems Ford has a superb workforce in Canada that is reflected in an excellent product. 

In this article  http://www.automotiveaddicts.com/inthenews/07-10-06.html  they explain that the American Automobile Labeling Act (AALA) was an attempt to regulate what was called “Made in the USA,” by requiring that 75 percent of the parts content be from the US or Canada and then assembled in Canada would be called Made In the USA.  I guess I shoulda known better, however all my F 250s have been built in Kentucky for some time now so I didn't question it. 

So there ya have it, gov't labeling once again is misleading the public.

2s72s0k9mm8gdPermalink Reply by 2s72s0k9mm8gd on January 1, 2012 at 11:54am

Thanks Craig. I knew this and the fact did weigh into my decision. Even if they weren't made here , alot of American jobs are involved shipping , selling , and servicing them. And all the taxes involved in there purchase will help (supposedly) us all.

I choose to buy what I want with MY money based on MY preferences.

Joe: I buy my gasoline @KWIK FILL also.....research for yourself as to why!

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