Tax changes
November 17th, 2022 at 2:32:49 AM permalink | |
odiousgambit Member since: Oct 28, 2012 Threads: 158 Posts: 5689 | When you do your taxes for 2022 tax year, you will find that though you suffered from having your income devalued during the year, you will not have this reflected in your tax bill, which goes under the same rules as 2021 tax year. That's another way inflation robs you even though, these days, eventually anti-bracket creep rules will finally kick in. 2023 Standard deduction changes "For married couples filing jointly, the standard deduction will rise to $27,700, up from $25,900 in the current tax year. That's an increase of $1,800, or a 7% bump. For single taxpayers and married individuals filing separately, the standard deduction will rise to $13,850 in 2023 from $12,950 currently. That's an increase of about 6.9%. Heads of households will see their standard deduction in 2023 jump to $20,800 from $19,400 this year. That's an increase of 7.2%. " 2023 Tax brackets changing too "The IRS is boosting tax brackets by about 7% for each type of tax filer, such as those filing separately or as married couples." https://www.cbsnews.com/news/tax-bracket-irs-inflation-adjustment-tax-brackets-for-2023/ I'm Still Standing, Yeah, Yeah, Yeah [it's an old guy chant for me] |
November 17th, 2022 at 6:36:11 AM permalink | |
DRich Member since: Oct 24, 2012 Threads: 54 Posts: 5343 |
The good news is that the money I am using to pay my tax bill is now worth about 7% less than last year. Most likely they will raise the tax rates again to compensate next year. At my age a Life In Prison sentence is not much of a detrrent. |
November 28th, 2023 at 10:55:39 AM permalink | |
rxwine Member since: Oct 24, 2012 Threads: 193 Posts: 19777 | First thread I saw about taxes so putting this here. I’ve decided to become a conservative. Ha ha, not really. But I have decided I might be for zero taxes on investing with certain conditions. ‘ 1. Taxes still have to be made up somewhere else. And/or 2. If there has to be a tax on investing it will be so simplified, you wouldn’t need to hire a tax consultant. Nor file anything on a tax return about it, if possible. So, basically, interest, dividends, capital gains, and tax advantage accounts would either get a simple flat rate or nothing. Reason. One reason really. IT WOULD OPEN UP INVESTING TO MANY MORE PEOPLE. Much like a straight up bet, you calculate whether you won or lost, and little more is required. AS you see, I’m not really worried about the well-off or astute investor. They already do fine. It’s all the rest. You believe in an invisible god, and dismiss people who say they are trans? Really? |
November 28th, 2023 at 3:31:03 PM permalink | |
AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18952 |
Dividends should always be 100% tax free. The tax on that income was already paid. The President is a fink. |
November 28th, 2023 at 4:26:26 PM permalink | |
Gandler Member since: Aug 15, 2019 Threads: 27 Posts: 4476 |
That makes no sense, that is like saying income from rental properties should be tax free because they were purchased with money that was already taxed..... If you want tax free dividends, only buy dividend stocks in your retirement accounts.... |
November 28th, 2023 at 5:04:04 PM permalink | |
AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18952 |
No, it makes perfect sense. The tax was paid at the corporate level. Taxing the dividend is taxing it twice. Your example makes no sense. The income from a rental property is income. It is profit after expenses. Do you understand what a corporation actually is? The President is a fink. |
November 28th, 2023 at 6:08:51 PM permalink | |
ams288 Member since: Apr 21, 2016 Threads: 29 Posts: 13433 |
People! /s “A straight man will not go for kids.” - AZDuffman |
November 28th, 2023 at 7:35:57 PM permalink | |
Gandler Member since: Aug 15, 2019 Threads: 27 Posts: 4476 |
It does not matter what organization pays the dividend, it is being paid as regular income to an individual. (Almost) every income source is taxed at some source before it gets paid out to an individual (where it is taxed as income.) When you receive a (monthly or whatever the structure) dividend personally it is personal income. |
November 29th, 2023 at 3:59:29 AM permalink | |
AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18952 |
It is NOT personal income. It is corporate income from a corporation you own. The tax on the income was paid at the corporate level. You are just then getting some for personal use. To tax dividends is no different than taxing your direct deposit paycheck then taxing it again when you take money out at the ATM. YOU ARE THE ORGANIZATION! The President is a fink. |
November 29th, 2023 at 9:28:59 AM permalink | |
Mission146 Administrator Member since: Oct 24, 2012 Threads: 23 Posts: 4147 |
"The tax on that income was already..." Income/x = Investment Into Dividend-yielding stock Dividend Yielding Stock Yields Dividends = Income Income from Dividends = Tax Already Paid How? "War is the remedy that our enemies have chosen..let us give them all they want." William T. Sherman |