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Old 01-25-2016, 08:41 AM   #61
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Yes, if you itemize deductions you can claim gambling losses on your 1040 sch A. It's an other itemized ded, but you better have records of your gambling and it cannot exceed winnings.
How exactly do you record a loss at a casino??? Isn't it capped at like $500 or something?

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We're in the same tax bracket and I can't claim student loan interest anyway. Make too much money and Obama says I can't catch a break on student loan stuff.
ummmmm, how much is too much to not claim student loan interest???

That's so fvcking stupid... I love how taking out a loan to further your education is such high interest and has so many limitations put on them... Such bullsh*t
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Old 01-25-2016, 09:42 AM   #62
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That figure could be a bit outdated....but that's the last figure I remembered.
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Old 01-25-2016, 10:15 AM   #63
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ummmmm, how much is too much to not claim student loan interest???

That's so fvcking stupid... I love how taking out a loan to further your education is such high interest and has so many limitations put on them... Such bullsh*t
I know, I love it too. Oh so very much.

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^^^$80k single and $160k MFJ or MFS

That figure could be a bit outdated....but that's the last figure I remembered.
This.
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Old 02-06-2016, 10:49 AM   #64
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^^^$80k single and $160k MFJ

That figure could be a bit outdated....but that's the last figure I remembered.
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Old 02-06-2016, 10:53 AM   #65
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Also,

Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

57.5 cents per mile for business miles driven, up from 56 cents in 2014
23 cents per mile driven for medical or moving purposes, down half a cent from 2014
14 cents per mile driven in service of charitable organizations

https://www.irs.gov/uac/Newsroom/New...o-Rise-in-2015
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Old 02-06-2016, 05:41 PM   #66
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I'm fvcked even with filing single.

#humblebrag
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Old 02-06-2016, 06:20 PM   #67
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Why should you get to write off your student loan interest? You are the only one to blame if you can't handle your student loans.
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Old 02-07-2016, 08:59 AM   #68
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Why should you get to write off your student loan interest? You are the only one to blame if you can't handle your student loans.

So many reasons. The most basic is that the government wants to incentivize certain investments, like home buying, energy efficiency, and education.

The phaseout limit is absurdly low. Heck, almost all of the phase outs are. Look at the passive activity loss limits. I lose money every year on a rental house, but can't deduct that loss from my ordinary income because I make too much. Obama and the Dems tell us the definition of rich should be $250k, but all of the phaseout limits are well below $200k.

I seriously considered deducting my MBA tuition as a business expense. It has been done successfully before, but be prepared to fight the IRS in tax court if you get audited.

The absolute worst part of the tax code is the child care one. I put my kids in child care for one reason, and one reason alone: so my wife and I can work. For that privilege, I pay a cool $50k a year. Completely legitimate business expense, yet the IRS decided I only get to put $6k in an FSA.

That part is so unfair, and child care is getting so expensive, it will change in our lifetime. Just too late to benefit me.
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Old 02-07-2016, 09:10 AM   #69
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So many reasons. The most basic is that the government wants to incentivize certain investments, like home buying, energy efficiency, and education.

The phaseout limit is absurdly low. Heck, almost all of the phase outs are. Look at the passive activity loss limits. I lose money every year on a rental house, but can't deduct that loss from my ordinary income because I make too much. Obama and the Dems tell us the definition of rich should be $250k, but all of the phaseout limits are well below $200k.

I seriously considered deducting my MBA tuition as a business expense. It has been done successfully before, but be prepared to fight the IRS in tax court if you get audited.

The absolute worst part of the tax code is the child care one. I put my kids in child care for one reason, and one reason alone: so my wife and I can work. For that privilege, I pay a cool $50k a year. Completely legitimate business expense, yet the IRS decided I only get to put $6k in an FSA.

That part is so unfair, and child care is getting so expensive, it will change in our lifetime. Just too late to benefit me.
There's a solution to this - quit making so much and drop your income levels to access a plethora of deductions.
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Old 02-07-2016, 10:20 AM   #70
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So many reasons. The most basic is that the government wants to incentivize certain investments, like home buying, energy efficiency, and education.

The phaseout limit is absurdly low. Heck, almost all of the phase outs are. Look at the passive activity loss limits. I lose money every year on a rental house, but can't deduct that loss from my ordinary income because I make too much. Obama and the Dems tell us the definition of rich should be $250k, but all of the phaseout limits are well below $200k.

I seriously considered deducting my MBA tuition as a business expense. It has been done successfully before, but be prepared to fight the IRS in tax court if you get audited.

The absolute worst part of the tax code is the child care one. I put my kids in child care for one reason, and one reason alone: so my wife and I can work. For that privilege, I pay a cool $50k a year. Completely legitimate business expense, yet the IRS decided I only get to put $6k in an FSA.

That part is so unfair, and child care is getting so expensive, it will change in our lifetime. Just too late to benefit me.
Subtract $50k from the smaller income of you and your wife's, divide the resultant number by the number of hours worked, and then let us know how much is being effectively earned per hour in that job.....

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Old 02-07-2016, 11:12 AM   #71
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Why should you get to write off your student loan interest? You are the only one to blame if you can't handle your student loans.
Why deduct anything then? Are you so baller that you have zero deductions on your taxes?

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Old 02-07-2016, 01:18 PM   #72
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I ****ed myself hard the last two years... I used the school credit that gives you free money for two years while at a community college and now I'm stuck using the credit that just gives me back some of my income tax. Now that I'm at a four year and **** costs more, it looks like I cost myself about $2k total
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Old 02-07-2016, 01:25 PM   #73
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Just got 1099'ed, ugh this is going to hurt
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Old 02-07-2016, 01:28 PM   #74
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Just got 1099'ed, ugh this is going to hurt
Why is that a bad thing? 1099s are a godsend. Start expensing sh!t.
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Old 02-07-2016, 02:02 PM   #75
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Subtract $50k from the smaller income of you and your wife's, divide the resultant number by the number of hours worked, and then let us know how much is being effectively earned per hour in that job.....
Thought about this too. Wonder if it's more cost-beneficial for one of them not to work while their kids are young.
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Old 02-07-2016, 07:43 PM   #76
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Subtract $50k from the smaller income of you and your wife's, divide the resultant number by the number of hours worked, and then let us know how much is being effectively earned per hour in that job.....

She makes about $120k. So, $70k/ 2040 (40 hour weeks since she's government and works nothing more) = about $34 an hour.

Unfortunately, it's not that good when you account for taxes. I make about a third more than her, so assume I'm the primary bread winner. That means about $50k of her salary is taxed at 33%. Add to that 5.75% state tax, 6.2% social security tax, 1.45% Medicare tax, an additional .9% Medicare tax on $30k of her earnings, and a 3.8% Medicare tax on investment income. That means that last $30k of her income is being taxed at close to 50%.

Let's assume she has a blended tax rate of 45%, again assuming all of her income is incremental to mine. That means her $120k is more like $66k after taxes. After paying for childcare, that means she's netting $16k, or less than $8 an hour.

That, my friends, is the problem with our tax code today, and the disincentive it creates for spouses to work. Even at a healthy six figure salary, after paying taxes and childcare, she's taking home about what the 17 year old neighbor makes in fast food (who is probably paying a negative income tax rate). More importantly, it's all made possible by the marriage penalty. Without it, many of the excessive taxes wouldn't apply to us filing as two separate adults. Treating two six figure earners (who have to pay someone to watch their two kids while they are both working) the same as a single earner household making the same income is patently absurd.

So why is she working? Well, that's not counting 401k match, her pension, or future earnings. As the kids age and the childcare cost goes down, things will get better. Also, her income will continue to go up. But, for now, I continue to drive a 14 year old E46, because despite clearing nearly $300k as a household, after taxes, student loans, housing, and childcare, I can't afford anything newer...
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Old 02-08-2016, 01:51 AM   #77
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She makes about $120k. So, $70k/ 2040 (40 hour weeks since she's government and works nothing more) = about $34 an hour.

Unfortunately, it's not that good when you account for taxes. I make about a third more than her, so assume I'm the primary bread winner. That means about $50k of her salary is taxed at 33%. Add to that 5.75% state tax, 6.2% social security tax, 1.45% Medicare tax, an additional .9% Medicare tax on $30k of her earnings, and a 3.8% Medicare tax on investment income. That means that last $30k of her income is being taxed at close to 50%.

Let's assume she has a blended tax rate of 45%, again assuming all of her income is incremental to mine. That means her $120k is more like $66k after taxes. After paying for childcare, that means she's netting $16k, or less than $8 an hour.

That, my friends, is the problem with our tax code today, and the disincentive it creates for spouses to work. Even at a healthy six figure salary, after paying taxes and childcare, she's taking home about what the 17 year old neighbor makes in fast food (who is probably paying a negative income tax rate). More importantly, it's all made possible by the marriage penalty. Without it, many of the excessive taxes wouldn't apply to us filing as two separate adults. Treating two six figure earners (who have to pay someone to watch their two kids while they are both working) the same as a single earner household making the same income is patently absurd.

So why is she working? Well, that's not counting 401k match, her pension, or future earnings. As the kids age and the childcare cost goes down, things will get better. Also, her income will continue to go up. But, for now, I continue to drive a 14 year old E46, because despite clearing nearly $300k as a household, after taxes, student loans, housing, and childcare, I can't afford anything newer...
Sounds like a lot of complaining about not getting special handouts from the government. Maybe you should earn more money before having kids if they are such a financial burden that you need special tax allowances from the government.
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Old 02-08-2016, 01:54 AM   #78
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Why deduct anything then? Are you so baller that you have zero deductions on your taxes?
I deduct what I am legally eligible to deduct, and I do not complain about wanting additional handouts.

Sounds like people got a poor ROI on their student loans.

This year might be tougher on deductions because I just got a bonus larger than ChrisDuke entire annual salary. But I won't be whining for more tax freebies because my car being almost 10 years old.

If there's one part of the tax code to whine about, it's the marriage penalty, but if you're smart you just never get legally married. Saves thousands or tens of thousands.
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Old 02-08-2016, 07:30 AM   #79
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Old 02-08-2016, 09:34 AM   #80
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I deduct what I am legally eligible to deduct, and I do not complain about wanting additional handouts.

Sounds like people got a poor ROI on their student loans.

This year might be tougher on deductions because I just got a bonus larger than ChrisDuke entire annual salary. But I won't be whining for more tax freebies because my car being almost 10 years old.

If there's one part of the tax code to whine about, it's the marriage penalty, but if you're smart you just never get legally married. Saves thousands or tens of thousands.


No you didn't. Stop gaskinging us.
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