Taxes - Hard Realiy

Just paid my taxes, first time I couldn’t zero it with a SEP contribution.

I realized that I spent ten times more in taxes than I did in vacations last year.

Sounds like you either have a lot to be thankful for (in terms of income) or need to go on more vacations. :laughing:

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Definitely more vacations. Still won’t do anything to mitigate the tax burden

When people would say that they’d hate to pay some outrageous amount of taxes some rich guy paid, my grandpa would say he’d love to have that problem. :slight_smile:

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I had to pay an underpayment penalty this year. That’s because I didn’t account for rising dividend and capital gains on taxable mutual funds. What a tough problem to have! Paid just under 20% of my AGI in taxes after standard deduction.

How much did our senators pay? Hedge fund managers?

A case in point, Mark Cuban reportedly paid $288 million in taxes for 2023 and he was proud to do so.

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I feel taxes are voluntary. I’m devoted to finding more ways to avoid taxes. Legally, of course.

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Yep, I’m good with that!

In all seriousness, I’ve spent a good chunk of my career working in tax for a multinational company. Avoiding taxes is something I know all too well.

I tell clients often it’s a good problem to have. Made more money but comes with more tax. Just sucks when it was income that wasn’t necessarily liquid or when they like a moron just spend it all without considering tax.

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I heard in some European countries that taxes are done automatically. Our system seems weird where each year everyone is looking for loopholea. Guess we need to pay accountants

https://www.politico.com/news/2024/04/15/tax-fewer-people-getting-refunds-00152248

Every level of our tax system is weird and stupid. From the prices before sales tax to income tax rate efficacy the whole thing. State and Federal it’s all dumb.

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If he wants to feel even prouder, he can pay mine. Always willing to help someone feel good about himself.

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