Federal Tax Reform

lugbolt

Well-known member

Equipment
ZG127S-54
Oct 15, 2015
5,205
1,889
113
Mid, South, USA
I've dealt with the IRS. Not nicely either. They showed up armed looking for paperwork, and nothing more. Held us all with guns, and never really gave us a clear idea who they were until one of them took their jacket off which revealed "IRS Police" on the back of the shirt. I told the one lady officer that I wanted to speak to an attorney. She said I couldn't. Told her I'm going to call one. She said you can try, but it won't do you any good. Then I told her that she can't do that seeing how they never read us any rights...and none of us were placed under any sort of arrest. She said (and this was the exact wording) "we are the IRS. We can do anything we want to."

No lie. This happened about 8 years ago and I still to this day sometimes have nightmares about it, wake up in the middle of the night looking out the windows for the dark colored Chevy SUV's parked out front blocking the entrance.

So what were they after? Don't know. Nobody ever told us anything other than "paperwork". No charges were filed. The business owner said that over $100,000 was taken out of the bank account without their knowledge of it. I asked how. They said that the account showed the correct balance, but when they went to pay a bill, it kept saying insufficient funds. After it was all said & done, found out that the IRS really can do whatever they want. They'll seize your account and you will never know it.

Bunch of crooks if you ask me! The entire internal revenue service is. Nonetheless, we still have to pay taxes. The sad part is that the working class really gets hammered. Personally, after the 2011 deal I make it a point to take every single deduction legally possible. Before the raid, I usually just took the standard and rolled with it. I make it a point to volunteer, to donate, to give, and not so much for the tax deductions, but to help others....although the deductions are nice. Mortage interest? Deduction. Someone mentioned that the other day and said that "it must be nice to take advantage of the government"....well...it's perfectly legal, and is a perk to home ownership. Retirement contributions, taxes paid, car license renewal costs, I take as much as possible as long as it's not questionable.
 

Daren Todd

Well-known member
Lifetime Member

Equipment
Massey Ferguson 1825E, Kubota Z121S, Box blade, Rotary Cutter
May 18, 2014
10,146
6,576
113
Vilonia, Arkansas
I've dealt with the IRS. Not nicely either. They showed up armed looking for paperwork, and nothing more. Held us all with guns, and never really gave us a clear idea who they were until one of them took their jacket off which revealed "IRS Police" on the back of the shirt. I told the one lady officer that I wanted to speak to an attorney. She said I couldn't. Told her I'm going to call one. She said you can try, but it won't do you any good. Then I told her that she can't do that seeing how they never read us any rights...and none of us were placed under any sort of arrest. She said (and this was the exact wording) "we are the IRS. We can do anything we want to."

No lie. This happened about 8 years ago and I still to this day sometimes have nightmares about it, wake up in the middle of the night looking out the windows for the dark colored Chevy SUV's parked out front blocking the entrance.

So what were they after? Don't know. Nobody ever told us anything other than "paperwork". No charges were filed. The business owner said that over $100,000 was taken out of the bank account without their knowledge of it. I asked how. They said that the account showed the correct balance, but when they went to pay a bill, it kept saying insufficient funds. After it was all said & done, found out that the IRS really can do whatever they want. They'll seize your account and you will never know it.

Bunch of crooks if you ask me! The entire internal revenue service is. Nonetheless, we still have to pay taxes. The sad part is that the working class really gets hammered. Personally, after the 2011 deal I make it a point to take every single deduction legally possible. Before the raid, I usually just took the standard and rolled with it. I make it a point to volunteer, to donate, to give, and not so much for the tax deductions, but to help others....although the deductions are nice. Mortage interest? Deduction. Someone mentioned that the other day and said that "it must be nice to take advantage of the government"....well...it's perfectly legal, and is a perk to home ownership. Retirement contributions, taxes paid, car license renewal costs, I take as much as possible as long as it's not questionable.
Were you working for an RV dealer when that happened?
 

SidecarFlip

Banned

Equipment
M9000HDCC3, M9000HD, Kubota GS850 Sidekick
Oct 28, 2018
7,197
554
83
USA
MHO the IRS should be done away with,, impose a flat tax 14 or 17% across the board. No deductions, nothing you make 10000 you pay 15 or 17% you make a Mill same thing. Hooker steel worker coal miner, dont matter you rent you own your living under a bridge. Everybody pays the same, thats about as fair a tax system as you will ever get..
OK Im done ranting now
Keep hoping that and the liberals will enact it but at a 70%base tax rate.

The 'change' in your pocket will become lint in your pocket....:eek:
 

SidecarFlip

Banned

Equipment
M9000HDCC3, M9000HD, Kubota GS850 Sidekick
Oct 28, 2018
7,197
554
83
USA
I've dealt with the IRS. Not nicely either. They showed up armed looking for paperwork, and nothing more. Held us all with guns, and never really gave us a clear idea who they were until one of them took their jacket off which revealed "IRS Police" on the back of the shirt. I told the one lady officer that I wanted to speak to an attorney. She said I couldn't. Told her I'm going to call one. She said you can try, but it won't do you any good. Then I told her that she can't do that seeing how they never read us any rights...and none of us were placed under any sort of arrest. She said (and this was the exact wording) "we are the IRS. We can do anything we want to."

No lie. This happened about 8 years ago and I still to this day sometimes have nightmares about it, wake up in the middle of the night looking out the windows for the dark colored Chevy SUV's parked out front blocking the entrance.

So what were they after? Don't know. Nobody ever told us anything other than "paperwork". No charges were filed. The business owner said that over $100,000 was taken out of the bank account without their knowledge of it. I asked how. They said that the account showed the correct balance, but when they went to pay a bill, it kept saying insufficient funds. After it was all said & done, found out that the IRS really can do whatever they want. They'll seize your account and you will never know it.

Bunch of crooks if you ask me! The entire internal revenue service is. Nonetheless, we still have to pay taxes. The sad part is that the working class really gets hammered. Personally, after the 2011 deal I make it a point to take every single deduction legally possible. Before the raid, I usually just took the standard and rolled with it. I make it a point to volunteer, to donate, to give, and not so much for the tax deductions, but to help others....although the deductions are nice. Mortage interest? Deduction. Someone mentioned that the other day and said that "it must be nice to take advantage of the government"....well...it's perfectly legal, and is a perk to home ownership. Retirement contributions, taxes paid, car license renewal costs, I take as much as possible as long as it's not questionable.
Any and I own a black Suburban with tinted windows. Fun to drive and you get some interesting looks. The gummit vehicle of choice.
 

D2Cat

Well-known member
Lifetime Member

Equipment
L305DT, B7100HST, TG1860, TG1860D, L4240
Mar 27, 2014
13,816
5,557
113
40 miles south of Kansas City
For year 2018 many things that were deductible previously are no longer allowed. Like home equity loans, moving expense, job expense, tax preparation fees. Credit card fees, IRA fees, investment related fees now longer allowed. Personal deductions have changed also, it is now $24,000
 

sdk1968

Active member
Lifetime Member

Equipment
B2601HSD & CK4010HST 4WD/FEL
Oct 19, 2016
929
36
28
Ohio
well ..... i was for this new tax set up & new it would NOT benefit me.

It didn't.


ive went back & done my taxes 4 times now... with tubo tax & on my own.. (we usually get really close to the CPA's final numbers)

same results.... bad news.

my wife & i are not a simple tax set up. she works for the state & has her own business on the side & then im a project guy in a plant.

between the 2 of us we had 3 w-2's & 13-1099's for sub contractors.

YES we paid in less. YES we brought home more.

YES we OWE a shit ton in this new set up.

this new standard deduction did NOT help at all.

i basically lost all of my deductible expenses in exchange for the standard deduction, which was nowhere close to my previously allowed deductions.

in the old set up i could deduct my mileage for work & my union dues(which are 10% of my gross).... huge amount of deduction of my gross totals.

in the new set up? ive got NOTHING except charitable donations that is claimable.

the overall swing for "us" as a couple is going to be no refund & now paying about $7K to the fed.

NOT a happy tax season here.
 

fruitcakesa

Well-known member

Equipment
M 6040
Oct 26, 2010
856
270
63
Cavendish Vermont
well ..... i was for this new tax set up & new it would NOT benefit me.

It didn't.


ive went back & done my taxes 4 times now... with tubo tax & on my own.. (we usually get really close to the CPA's final numbers)

same results.... bad news.

my wife & i are not a simple tax set up. she works for the state & has her own business on the side & then im a project guy in a plant.

between the 2 of us we had 3 w-2's & 13-1099's for sub contractors.

YES we paid in less. YES we brought home more.

YES we OWE a shit ton in this new set up.

this new standard deduction did NOT help at all.

i basically lost all of my deductible expenses in exchange for the standard deduction, which was nowhere close to my previously allowed deductions.

in the old set up i could deduct my mileage for work & my union dues(which are 10% of my gross).... huge amount of deduction of my gross totals.

in the new set up? ive got NOTHING except charitable donations that is claimable.

the overall swing for "us" as a couple is going to be no refund & now paying about $7K to the fed.

NOT a happy tax season here.
I wasn't for it and just sent my info off to my tax guy and expect to also be paying for the great "middle class tax cut".
We own and operate a small custom commercial bakery and are firmly lodged
in the middle class.:confused:
Expecting another tax season where I pay more
 

SidecarFlip

Banned

Equipment
M9000HDCC3, M9000HD, Kubota GS850 Sidekick
Oct 28, 2018
7,197
554
83
USA
We have not did ours but I expect a refund though not as large as last year. We have not paid a dime in years and don't expect to. Farming is always a looser or so it seems.

Despite all that far as I'm concerned the new tax code rules suck.
 

SidecarFlip

Banned

Equipment
M9000HDCC3, M9000HD, Kubota GS850 Sidekick
Oct 28, 2018
7,197
554
83
USA
For year 2018 many things that were deductible previously are no longer allowed. Like home equity loans, moving expense, job expense, tax preparation fees. Credit card fees, IRA fees, investment related fees now longer allowed. Personal deductions have changed also, it is now $24,000
HEQ loan interest will really bit a lot of people hard in the butt. Used to be the big play. Leverage your equity with an HEQ loan and deduct the interest. That game ended.

Maybe I should buy a new large frame Kubota. I can write it off as I'm running out of write off's on ag equipment, just one implement left to deduct.