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.
This fundemental truth about government is why if you are even counting on retiring you're crazy.
With the 50% hit the "buy and holders" took in the stock market. They are going to have to wait 10+ years, after the market turns bullish just to get back to even. When that happens is anybody's guess. My prediction will be that it will be slow growth going forward and with the boomers needing more and more money now that decent paying jobs are becoming more scarce, I would be surprised if the stock market can do better than a 6% annual return when things do turn around.
What makes you think the feds are going to let you keep your IRA/401k? It is all ill-gotten gains at the expense of other people and sheltered from taxes to boot. You deserve something more than the next guy because you were lucky and your portfolio didn't lose as much money as some other poor citizen who got taken in by Madoff? We are all subjects of the federal government and subject to a set of arbitrary laws that can be changed at any time. If you didn't realize that just from the tax code of the last 60+ years then you have been delusional just like me.
Think about it why do you even need an IRA and 401k? Because the feds have arbitrarily set tax rates too high and you can't save for your own retirement. They are currently proving they don't even have a need for collecting taxes in the first place. They print the money and can do so when ever they choose. Why do they need to take even more from us?
A “Home Office” deduction is an AUTOMATIC flag to the IRS...
As are many of the things being proposed here, which is exactly my point... people can do what they want but should be prepared for the possibility of a audit.
That’s funny. I always tell people they should be happy that I smoke since supposedly I’ll die young and they’ll save in not having to pay my SS. They give me funny looks.
I agree with you completely. My wife and I have been in “liquifiable” assets since we started saving. Why put it in 401k and IRA where you pay massive penalties if you need it? Why put it in these dumb tax deferred college accounts? Just save. Invest it, but save after tax dollars.
What’s worse is this. If we experience an inflation period like Argentina because of all this wild spending (and money creation), those people with actual savings are screwed. Government bonds and low risk things like CDs will be worthless since their rates are set. What to do? Put money in commodities like precious metals and oil? Maybe. Put it in a foreign currency? The euro is no better, and probably still worse. Land? They tax that every day. You can’t just sit on it.
Jeez, if things get bad, they’ll make transferring money out of the states illegal because that is what all tin horn governments do.
What to do to protect all those hours worked for the money?
If I could buy into some kind of index/fund that bet against inflation and another that bet for inflation, I would buy equal shares and be happy with zero growth and zero decline.
Cut driving to the bone to avoid paying taxes on fuel, toll roads, tires, etc. Try to bring your consumption down to the bare necessities and save every dime you can. BO’s grandiose giveaways will fail miserably if no one is funding them. He will be toast long before the election of 2012.
Hey guys look at this....
http://www.freerepublic.com/focus/news/2186297/posts?page=32
I know this is off topic but things are getting really crazy really fast...
I've smoked much longer than I care to mention. My sister - never. She had a heart attack and subsequent problems - my family was shocked because all of them thought it should have been me (I know, great, huh?).
My grandfather rolled his own and lived to in his eighties. His children - all have lived until at least their eighties - all have had cancer in one form or another and NONE smoked or drank.
It wasn't the big C that got him. It was a doctor and a problem that started off with an infected toenail, graduated to rampant infection - amputation - several years of debility and then death in a hospital. I've always said, let a doctor, especially an oncologist, get your ass in a hospital for any length of time and he will kill you.
You’ve been added. :)
You’ve been added as well. :)
My husband and I are both healthy. My mother smoked a lot and lived to 91. His mother died at about 75 from stomach cancer, she never smoked or drank. Both our fathers died in their 60s and they were both smokers and drinkers. Sometimes I think drinking is more of a culprit.
I knew quite a few young men and women who died from testicular cancer and breast cancer. I tend to blame their cancers on marijuana.
I have a theory though that vaccinations enabled the weak to live longer than they should have and now they’re leaving us because their weaknesses caught up to them.
please add me to your ping list
Wow! All the more reason to buy now, put the tobacco into tightly sealed containers and freeze it. Buy ahead. Or quit. Whichever.
However, my view is that it is not the sole ooga booga culprit that most make it out to be today. There are too many people unconnected with it for it to be - even with the false plaints of second and third hand impact. It has to be something else, and your posit that it might be vaccinations or other 'out-of-nature' interventions is as good as any explanation I've seen.
Home office deduction = a major audit flag, and eventually, a serious problem if you go to sell your home and have to recapture the depreciation. It ain’t worth it.
Can you use the Daschle "I forgot" rule?
Would you add me to your Ping List?
Thanks.
In fact, watch yourself on all tax tricks. There isn't much that has not been tried. Most tax delay/avoidance schemes are well known to taxing authorities and some can have costly consequences.
Disclaimer: I make no claim to be an authority, just a guy who worked many years at a state government tax authority.
“Can you use the Daschle “I forgot” rule?”
Heh. You can try any excuse you want, Timmy’s or Tommy’s, but the IRS agent auditing you will have heard that line 4,172 times by the time he gets to you, and it probably won’t be taken as funny.
ON the serious side, the HO deduction is dangerous because (in an audit) it is SO easy to torpedo, and it’s used by all manner of twerps and their twerpy home businesses, so it attracts excess IRS scrutiny. It really just depends upon how much trouble you wish to expose yourself to and how much an agent wants to make you hate life...and that, frankly, is a risk/reward scenario NO serious businessperson would rationally take on. Once you have a business that makes the deduction worth it...you shouldn’t jeopardize your biz with such an easily shot-down effort. IMO, of course. I am sure there are some happy basketweavers somewhere who’ve been successfully using it for years, but it’s a time bomb. The bottom line realization is that you make more money simply by not paying rent elsewhere than you do by claiming the proportionate use of vacuum-cleaner bags for your office.
I used to live in a house in North Hollywood, CA, my first house, classic 1946 war box, where I had a video equipment business in one bedroom, a computer equip biz in the illegally added-on (not by me) den, and rented the 2-car detached garage (which I had fixed up as a music studio) to a drummer for practice, and had a roommate (in the den) whose rent I reduced when the computer biz took half his space. The 2 businesses together grossed about $1 million a year. LOL, there was hardly a square foot of that house that wasn’t some kind of moneymaking something or other. Ahhh, the 80’s. Loved ‘em.
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