Re: Taxes make me angry...
 

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My wife is a US citizen

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Do you two play colonist and crown? [img]/images/graemlins/grin.gif[/img]

Re: Taxes make me angry...
 

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My wife is a US citizen

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Do you two play colonist and crown? [img]/images/graemlins/grin.gif[/img]

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he probably makes her dress up as martha washington and say "give me my stamp tax King!"

Re: Taxes make me angry...
 

That's funny, lol.

Mack

Re: Taxes make me angry...
 

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If you are really paying the IRS 35% of your income, you're doing your taxes wrong. Even if you took NO deductions, you'd still only pay 35% on the PORTION of your income that is in the 35% tax bracket, not the entire income.

Cry me a river and then go read the code.

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Ive read these instructions up, down and sideways and I dont see anything about this. I plan to use a CPA, but still can you explain more.

It says if you are over 100K you need to use the tax computation on page 77

if over $326,450 then x.35 -$19,530.

it doesnt speak anywhere about portions, but I sure as hell hope you are right!

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scroll to the last page of this irs link:

http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

If your taxable is over:.........The tax is:

326,450..........................94,727.50 + 35% of the amount over 326,450
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that $94,727 includes taxing the portion between 150,150 and 326,450
at 33%, the portion between 71,950 and 150,150 at 28% ... all the way down to the first $7,300 at 10%.

Re: Taxes make me angry...
 

IRS regulation section 1.61-2(d)(1) "Compensation paid other than in cash--in general" Except as otherwise provided...if services are paid for in property, the fair market value of the property taken in payment must be included in income as compensation. If services are paid for in exchange for other services, the fair market value of such other services taken in payment must be included in income as compensation. If the services are rendered at a stipulated price, such price will be presumed to be the fair market value of the compensation received in the absence of evidence to the contrary.

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Since he won't pay you any cash you won't actually owe taxes ...



Quote: sounds nice, but you are incorrect. (one of the neat little things we learn in law school...)



quote: Where is the line on the 1099 for hunting & gathering rights?

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Re: Taxes make me angry...
 

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Presumably this is why she doesn't have to pay:

IRS: foreign earned income

Foreign-earned income of up to US$80,000 is exempt if you live abroad.

Seems bizarre to me that otherwise (and above that) you have to pay.

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there are three different ways to get foreign income out from under US taxes to a limited degree. which is most advantageous depends on your income, other deductions etc etc.:

section 911(a)(1) foreign income exclusion. up to $80,000 of your income, with tests for residence or presence abroad.

section 27 foreign tax credit. (not in my statutory supplement.)

section 164(a)(3) "state and local, and foreign, income, war profits, and excess profits taxes." this is just a regular itemized deduction. it tends to be the least advantageous.

Re: Taxes make me angry...
 

having written these three replies, I should now disclaim: I am not a tax professional, a tax expert, or a lawyer. I can not and will not advise you on your taxes. I can only refer you to my limited incomplete and scattered exposure to portions of tax law.

Re: Taxes make me angry...
 

have you looked into opening a swiss bank account? they really exist. they'll turn people in for terrorism or drug dealing. but they consider tax evasion a political crime and I think they may be bound by swiss law not to reveal anything about you.

Re: Taxes make me angry...
 

Do you build every highway you drive on? Do you want to live in a world where there is no protection for your possessions outside of yourself and everyone else knew that?

I am not saying that the U.S. tax policy is good or even anything less than stupid and unfair in many ways. But taxes are a necessary part of a functioning society.