BONUS MONEY!

FINALLY GOT OUR BONUS MONEY KIND OF SAD THOUGH ON HOW MUCH TAXES YOU HAVE TO PAY THE GOVERMENT WHEN ITS OUR LAND. WE PAY THE PROPERTY TAXES AND WE PAID FOR OUR LAND. IM STILL GRATEFUL FOR THE MONEY JUST CANT UNDERSTAND HOW THE GOVERMENT HAS TO STICK THERE NOSE IN EVERYTHING.WE SIGNED BACK IN DEC 2011.

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Permalink Reply by Billy Park Whyde on May 9, 2012 at 3:12pm

Wouldn't surprise me to see the Government demand x amount for leases as a way to increase tax revenue! Steal it from the O&G companies through you!

Permalink Reply by Farmhouse on May 10, 2012 at 12:44am

Take it from someone who learned the hard way. Take 40% right off the top and put into a CD where you can't touch it- For Taxes.

IRS don't play.

Permalink Reply by CATHIE on May 10, 2012 at 12:49am

So true as i stated earlier pay taxes first THEN DO YOUR SPENDING  IM PAYING TAXES TODAY! JUST UNREAL HOW MUCH THE GOVERMENT TAKES.

Permalink Reply by Oliver Perry on May 10, 2012 at 1:01am

Cathie,

Can you give an approximate percentage you will have to pay? Thanks!

Permalink Reply by Farmhouse on May 10, 2012 at 1:04am

I try to live by a rule given by another poster.

Third-Taxes

Third-Savings

Third-Personal Use.

Permalink Reply by CATHIE on May 10, 2012 at 1:04am

I WOULD SAY ANY WHERE FROM 28-40 %

Permalink Reply by SBRW on May 10, 2012 at 1:15am

What percentage?  If it's 40% then you saying for every 100k you should set back 40k?  Just as a example.  They say the state's broke - sure.   I guess with all the entitlements everyone expects these days (including our own politicians) I can see why.  Total Bs.  Funding for nothing they do and or own but then again don't pay taxes on the property and then they own it, more bs.  One shouldn't have to pay taxes on their own property.  What ever happened to the days when the government feared the people and now the people fear the government.  Irs doesn't need to exist - period - more stream line create a job bs.  One reason I like Ron Paul.  I'm sure your family and or local business could use the money more than the government.  BS!

Permalink Reply by CATHIE on May 10, 2012 at 2:43am

YOU ARE CORRECT WITH THE 40% OR MORE I JUST SEEN MY CPA AND I HAD TO PAY CLOSE TO $40,000 SO BE WISE AND PAY YOUR TAXES FIRST!

Permalink Reply by Kathleen on May 10, 2012 at 1:38am
Unbelievable isn't it :0). Your told your getting this big balloon and start dreaming, than your responsible enough to look into the big balloon and all of a sudden it's really deflated :0).
I no longer even think of the big balloon I only think of the deflated balloon now so I don't see how much air was taken out.
Permalink Reply by owner on May 10, 2012 at 1:22am

If you are going to recieve your bonus money next year, you might have to pay even higher taxes.  The Bush tax cuts are scheduled to expire after this year and tax rates will automatically increase several percentage points!   That is unless Congress extends the Bush tax cuts.   May be better to get that bonus money this year as soon as possible. 

Permalink Reply by Linda A on May 10, 2012 at 2:33am

Consult a CPA about how to minimize the taxes you will owe.  There are certain investments which are tax deductible so you might as well spend that money on those items rather than pay it all in taxes. 

This is especially helpful if you have a farm - you could update your equipment.

New windows and furnaces in your home have tax incentives.  There are many more, I am sure, but these are the most common.

Don't hesitate and be smart about it - getting professional advice is WELL worth their fee! 

Also, while negotiating your lease, why not include partial payment one year, and then the rest the second year?  Especially if you are leasing late in the year, and then the second half could be paid just after Jan. 2nd or so, and then you don't have to pay the taxes on that portion until April 15, of the following year, giving you 16 mos to use your 'tax money' before it must be paid!  You could invest and earn a lot on it before they steal it!!!!!!

Permalink Reply by Tim Yoder on May 10, 2012 at 2:48am

There are some significant tax credits out there for home improvements. One of the biggest is geothermal HVAC. I must be honest this is the business I am involved with. I won't put any of our info in this thread but can answer any questions if someone wants to send me an email. I believe you need to send me a friend request.

The tax credit is 30% of the entire cost. Can be pretty significant for an upgrade that can pay for itself in savings.

 

SBRW,

Unfortunately the vast majority of our tax burden leaves our state and enables D.C. to spend and spend and spend.

Just my opinion :)

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