Posted on 02/15/2009 11:52:47 AM PST by Mad Dawgg
This Thread is to bring together Freepers to institute a legal way to Starve the US government of our Tax Dollars. Please add any and all suggestions to this thread for legal ways to STARVE THE BEAST!
Spread the Word to your Non-Freeper Friends. Show people how to keep more of their hard earned money and get more back from Uncle Obama.
OK so here goes:
So you feel like its all hopeless. You feel the inmates are in charge of the asylum.
Yeah its bad BUT there is something we can all do. AND it benefits yourself WHILE putting it to the looters in Washington.
First understand that the engine that drives Liberalism/ Socialism is taxpayer money. Without it they can't do all the crap they wish to.
So the first thing to do is strangle the dollars going to Washington on a weekly basis.
How you ask? Its simple really. Contact your employer and change your withholding on your W-2 Forms. Claim more dependents. This takes less out of your paycheck to send to Washington. (I suggest you claim one or two more than you actually have.)
Take that extra money per pay period and put it in a local bank in a Savings or Money Market account.
If at Tax Time you then owe some back you have it in your savings and you have made money on it rather than giving Uncle Sam a tax free loan on your money.
The next thing you can do is turn a hobby or interest into a legal side business and use it for more tax deductions. (Contact your accountant on the particulars on how to legally do such)
One of the benefits of turning a hobby into a side business is you can take a holiday vacation and legally turn most of it into a tax deduction.
You’ve been added. :)
Everyone should be giving 10%(at least) to their churches, anyway. That is the Tithe. Years ago, after I made the Decision and started to tithe, after a while I realized that I had more money in my pocket and was getting my long-standing intractable bills paid down without increasing my income. I did not reduce my standard of living by tithing and have been debt free since 2000. There are practical benefits over and above the biblical requirement.
You have to have paid in no less than 90% of your years taxes by the time yo send your 1040. If you work for yourself or otherwise don’t get withheld you have to make quarterly payments.
Thank you bump.... ;)
If you trade something, how can that be “income”? Income to whom?
The particular plan you were in sucks - you have to guess your future medical expenses pretty closely in order to benefit from it. However, there is the medical savings account, allowed when using a high-deductible medical insurance plan, that is pretty advantageous; you can accumulate savings over the years - of course little or no interest is paid, but contributions are before tax, and medical expenditures incur no tax liability.
“If you trade something, how can that be income? Income to whom?”
Dracula (IRS) demands that you claim trades as income, period. Each party has earned income as far as Dracula is concerned.
There is supposed to be paperwork/invoices/receipts to track the transaction. Without paperwork it is illegal and never really happened—and I, of course, would NEVER advise doing such a thing.
Paying with money is the same thing as trading an object or service with a dollar value to Dracula.
Another idea for those that sell service along with products is to drop the product price and raise the service price. This is even more important in Taxifornia where the sales tax is 10%. There is no sales tax on services—at least not until the coven in Sacramento gets around to piercing that artery.
NOT EXACTLY! What you should do is to claim more exemptions but NOT more dependents.
You are entitled to take as many exemptions as you feel are justified by itemizing your deductions, claim certain credits, have other adjustments to income such as charitable contributions, state and local taxes, medical expenses in excess of 7.5% of your income, and miscellaneous deductions. You can also take projected tax credits into account in figuring your allowable number of withholding allowances. (Download the 2009 W-4 withholding for and worksheet)
Next, in addition to your regular job, start a second job but make it a small business with you as the only employee. In other words, moonlight as a self-employed person who has to use their car and a computer. You can write off all of your small business expenses, including the use of your car and computer. The deductions for cars used in businesses is huge! Since almost all small startups return a negative profit (loss) the first year of operation, plan on incurring a lot more expenses than income. DON'T use the business in the home deduction -- it is a major, red flag.
Itemize, itemize, itemize. You can, and will, beat the standardized deduction with a little perseverance. There are hundreds of things that you can deduct legally if you push the envelope a "tad" regarding its business use. Even if you have a small business on the side, you can still claim employee's expenses for your primary job.
Donate! Donate! Donate! Give everything that you are not using or wearing to Goodwill, the Salvation Army, Human society or other charitable organizations. Don't throw it away, give it anyway. Then take a deduction for its "fair market value" which just so happens to be a lot "higher" in your neighborhood.
Open an IRA (eventually) and take the tax credit.
Try to take one or more tax credits located at the end of the 1040.
Did you have anything stolen (or that could have been stolen), even if you left something somewhere and when you went back it was gone? Is there anything you have that someone might might take it if you left it somewhere? Is it something that would be worth more in the future, like a collectible? Claim a loss. Did you leave your wallet somewhere and when you recovered it, you noticed that your money was taken (perhaps even by someone you know)? Claim a loss. Did any of your possessions become damaged by vandalism -- even items that you no longer needed? Claim a loss.
Did you go looking for a second job before you decided to have a small business? Deduct the cost of "looking" for a job. Did you buy anything to use on your job, go anywhere as part of your job, or spend any of your money for anything related to your job -- no matter how remote? Take employee expense deductions. You would be amazed at how many things can be costed out this way.
Buy anything new electronic equipment, computers and peripherals, or furniture for your job (or for your small business)? Take the Section 179 exemption instead of depreciating them so that you get back the full cost of the item on your current return.
Once you've done all that, go back as many times as possible when you think about some other deduction or tax credit you can add.
Lastly, You will be doing your own taxes. Some people like Turbo Tax. I prefer Taxcut. With either, you can file ELECTRONICALLY at any time, but I highly suggest that you file on April 14. The closer to the deadline you file, the safer it will be.
Thanks for the link, mom ................ FRegards
Buy online to avoid sales tax.
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Been doing that for years. Now will do almost all online. No sales tax, free shipping.
bookmark
If you own a business, s corp, and some of your employees are close friends or family, tell them they are *fired* haha. Have them file for unemployment. They collect it, they still work but don’t get paid, they are just helping out, you pay them the difference by paying them out of your distribution, they kick back to you what your taxes will be on the difference between the unemployment and your out of pocket money to make up the difference. He wants to increase unemployment benefits for everyone, illegals too, soak em.
#44....Excellent response.
What would happen if lots of people sucked all of their cash [CDs if they’re coming due]out of the banks on April 15.
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There is a movement on the internet for this. To take all money market and checking account money out the week of the 15th. You can always put it back but it will create a HUGE storm.
Can’t believe I missed this thread. Great info.
Would you please add me?
You’re on the list.
Thanks, jellybean!
If your child goes to a religious school, rather than pay a tuition, make a donation to the church. In other words, right the check to the church, not the school.
Companies need to lower their prices as much as they can to stimulate buying. Lower taxes mean less tax revenue. People aren’t buying anyway but lower tax revenues will cripple them.
Or buy smokes tax free from Indian reservations.
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