In case everyone doesn’t know yet. Gov. Dayton got his wish and is raising taxes by $1.8 Billion. He was beating the Obama drum of “The rich must pay their fair share”. Little did I know that to be “rich” you have to make $140,961 jointly. Dang it, I am rich and didnt even know it. My taxes will increase from 7.85% to 9.4%. Thanks Mark!
$140K? Thought they where shooting for $120K or more.
you rich people should pay more taxes. 
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$140K? Thought they where shooting for $120K or more.
I hope not because then I would be rich to. 
I haven’t look too closely because it makes me want to cry, but I believe the tax hike is hitting the poor, rich, and everybody in between. I wish I had a trust fund in income tax free South Dakota. 
Is it 140K Gross or 140K taxable income?
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Is it 140K Gross or 140K taxable income?
Article I read said taxable income
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Is it 140K Gross or 140K taxable income?
Article I read said taxable income
That is not so bad. Last year myself and many of my friends were able to get our AGI way under where we wanted. Our goal is to get the AGI down to $0.00. I wonder if that is possible.
I thought daytons proposal was $250K and up, house proposal was $400K and up, and the senate proposal was $140K.
Good to know that all your hard work and effort pays off. 
Here I thought this post was about Redneck figuring out who he was. 
wade, is that because you own your own business or something of that nature? If the majority of your income is from W2’s how do you get $140K down to $15K?
Dont worry, with the sales tax increase, it only impacts people who earn or spend money.
I’ll ask him when we’re fishing together for the opener in 10 days.
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wade, is that because you own your own business or something of that nature? If the majority of your income is from W2’s how do you get $140K down to $15K?
Yes Wade, we all want to know how to stick it to the government. 
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Yes Wade, we all want to know how to stick it to the government.
…and when you were last audited.
Without owning your own business, some ways to get your taxable income down are contributing more to your 401K, dental and medical premiums, medical flex spending accounts, and child care flex spending accounts.
if they can get the minimum wage up to where they want it to be then EVERYONE CAN BE RICH 
Finding a CPA that is an X IRS auditor makes a HUGE difference. I’m self employed, but when I had a “real” job, my accountant saved me many times what he charged. 
so if you max your 401K at 17K or whatever, max roth at 8K, max HSA at 3K? and wife takes care of kids. not seeing how you eliminate $100K of AGI.
i assume its through a business venture to really get it down.
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I’ll ask him when we’re fishing together for the opener in 10 days.
Give him a big thanks from me! Along with every other Dem. who voted for it.
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Dont worry, with the sales tax increase, it only impacts people who earn or spend money.
Ahh, that’s just to funny. Good old government stickin’ it to the middle class. ie rich people. What are people that make more than 10x’s that? I thought they were going to go after that top 1 or 2%. Not the middle of the pack?
I think the point is that the DEMs always claim they are raising the taxes on the RICH. I am pretty sure those that make $70K single or $140K joint are NOT what 99% of Americans consider rich.
Yes, You are!
I have the pleasure to work with some great accountants, and I get a lot of help from them. It’s all in the deductions & exemptions. For me I have a 7 member household which exempts 26,600. I drive heavily for work with a personal vehicle so 55.5 cents per mile. avg is 30k miles per year, so another 16,650. Those two alone just excluded 43,250 from being taxed. Now add in mortgage interest, and the rest of the deductions and credits and I can usually get a couple thousand dollar refund, once you add in child credits etc. PLUS I pay almost no federal withholding during the year! (once I hit certain income or have a bonus or large commission, they tax that, but it’s minimal/ How do I not pay taxes out of my paycheck AND get a refund? Oh glad you asked! Just fill out a new W4 form, read the instructions and on line 7 write EXEMPT,(if you qualify) the question is to the effect of “I was eligible for a refund of all tax paid in the prior year, and I expect a refund of all tax paid this year” turn that in to your HR department, and stop paying Federal taxes out of your paycheck! woohoo. why would anyone loan the government interest free money for a year, and then get a refund? I’d rather have that couple hundred every month, than wait a year to get back.
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In case everyone doesn’t know yet. Gov. Dayton got his wish and is raising taxes by $1.8 Billion. He was beating the Obama drum of “The rich must pay their fair share”. Little did I know that to be “rich” you have to make $140,961 jointly. Dang it, I am rich and didnt even know it. My taxes will increase from 7.85% to 9.4%. Thanks Mark!
As I read it, the 1.55% increase only applies to the joint income over $140,000. Given your figure of $140,961, your taxes will go up an incredible $14.89, an effective tax increase of 1/10th of one percent. The horror, The horror.
I don’t even know how to reply to this. The rate increases at $140,961. Not sure where your getting the $14.89. I must have taken a differnt math class than you in college.
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Good old government stickin’ it to the middle class. ie rich people. What are people that make more than 10x’s that?
Oh, you haven’t heard? … We call those people “EVIL”
that works great for you deano.
I believe work milage is not your commute to and from say the hospital you work at. its only milage you use say if you are a self employed contractor.
I only have 2 children and because I make too much ($140K Joint) i can only deduct i believe $1000 total.
I guess my situtation just says I pay more taxes. 
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Finding a CPA that is an X IRS auditor makes a HUGE difference. I’m self employed, but when I had a “real” job, my accountant saved me many times what he charged.
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Without owning your own business, some ways to get your taxable income down are contributing more to your 401K, dental and medical premiums, medical flex spending accounts, and child care flex spending accounts.
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I have the pleasure to work with some great accountants, and I get a lot of help from them. It’s all in the deductions & exemptions. For me I have a 7 member household which exempts 26,600. I drive heavily for work with a personal vehicle so 55.5 cents per mile. avg is 30k miles per year, so another 16,650. Those two alone just excluded 43,250 from being taxed. Now add in mortgage interest, and the rest of the deductions and credits and I can usually get a couple thousand dollar refund, once you add in child credits etc. PLUS I pay almost no federal withholding during the year! (once I hit certain income or have a bonus or large commission, they tax that, but it’s minimal/ How do I not pay taxes out of my paycheck AND get a refund? Oh glad you asked! Just fill out a new W4 form, read the instructions and on line 7 write EXEMPT,(if you qualify) the question is to the effect of “I was eligible for a refund of all tax paid in the prior year, and I expect a refund of all tax paid this year” turn that in to your HR department, and stop paying Federal taxes out of your paycheck! woohoo.
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