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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.
I have a Retired IRS agent for a friend and he does our taxes. My wife owns her own business and we get no where near what is being claimed here…. 
me thinks somebody is stretching the truth or their filings 
Let’s see if I can illustrate the value of a good accountant.
There was company who’s CEO retired and the board of directors wished to hire a new CEO from within the company if at all possible; so their first list of candidates was the head of their law dept, the head of their engineering dept, and the head of their accounting dept.
So the Chairman of the Board calls in the Engineer and says “There’s only one interview question, What’s Two Plus Two?” The engineer replies “Well it’s gonna be somewhere between three and five; but if ya need the exact figure, I can get out my sliderule and work it down for ya.” Chairman says “No, that’s fine; you can go now”
Next is the Lawyer, so the Chairman calls him in and says “There’s only one interview question, What’s Two Plus Two?” The Lawyer replies “Well last I checked, majority opinion leaned toward four with two dissenting opinions; but if you need I can research if there’s been any more recent case for ya.” Chairman says “No, that’s fine; you can go now”
Last is the accountant so the Chairman calls him in and says “There’s only one interview question, What’s Two Plus Two?” The Accountant looks him straight in the eyes and replies “Well Sir, What would you LIKE it to BE?”
Guess who got the job 
“I am pretty sure those that make $70K single or $140K joint are NOT what 99% of Americans consider rich.”
A perfect example of ‘that’ side using people ignorance to their advantage. I’ve gone over this with my wife many times because she had the same idea that there are all these people running around this country making 1M+ in income every year that are the ‘rich’ and income levels like the 140k we are speaking of here is ‘middle of the pack’ when in reality a household income of 140k puts you in the top 10% (or just short of it).
“the increase in their tax liability will be $868 or a whopping 0.43%.” – if 868 bucks is no biggie to you I will gladly take it off your hands, I guarantee that I’ll put it to better use than the government will.
It’s funny how the liberals think $868.00 of MY money is no big deal. 
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Nevertheless, using the correct figures of the senate bill (raising the ceiling on the 7.05% bracket to $140,959 and the floor for the 9.4% bracket) for someone with $200,000 in taxable income, the increase in their tax liability will be $868 or a whopping 0.43%.
And then the next 2 year budget they’ll say we have a shortfall and raise them again making your total $1736 and so on and so on…
I don’t know how anyone can have the government picking their pocket ever minimize it whether it is $10 or $10,000 in new taxes you owe.
Anyone know if the $1.50 cigarette tax is going through too? That seems fair, I mean, we always need to punish one segment of society either by race, sexual preference or personal choice.
Workers earning as little as 26k will pay more income tax under the current proposal. If you don’t qualify for the year end tax breaks or don’t know how to file for them you pay more tax.
***See todays Pioner Press review of the current proposals up for vote.
-J.
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It’s funny how the liberals think $868.00 of MY money is no big deal.
Who said it was your money? 
Don’t you know, we are a village. Its OUR money.
I don’t find it funny how some people don’t even question government spending and are willing to open up their wallet. Yet if everyone gets a tax break, that is unsustainable and the “rich” need the tax cuts rolled back.
I bet if you adjust for inflation and go back 40 years, $140K income today would equal being right smack dab in the middle of the middle class.
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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.
I have a Retired IRS agent for a friend and he does our taxes. My wife owns her own business and we get no where near what is being claimed here….
X2
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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.
I was just suggesting ways to help get below the $140K mark, not eliminate it completely. I have NO idea how that works.
About the time the Dems took control, I also became self-employed. So between rising taxes, self employment taxes and buying my family’s health benefits – I am going backwards just in time for 3 kids to enter college. So, why does my “fair share” have to be so much more than other people? I already pay proportionately more.. crazy
Because yur one of them greedy capitalist types and we need to discourage THAT KIND of greed.
Of course the kind of greed represented by the Gov’t needing more and more of your money is completely acceptable; even honorable. 
so just 
and be thankful you’re fortunate enough to have the priviledge of taking the big 
on tax day
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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.
What union are you a part of?
Uhhhh, when I read Jerad’s “give him a big thanks from me”,
I took it as sarcasm 
now, I guess I’m not so sure either way
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It’s funny how the liberals think $868.00 of MY money is no big deal.
Well then, you could try giving it to me instead of them … because …
I can promise ya, I’d make a big fuss over it if that’ll make ya feel better about the whole ordeal
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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.
What union are you a part of?
Yes I was laying the sarcasm in pretty thick but forgot the gremlins
I always fall apart when people think the government can spend my money supporting my family and local business better then I can.
Not having any kids anymore I want to see the child tax credit LOOPHOLE taken away along with up to $5000 head of household tax LOOPHOLE even thought they didn`t pay any one red cent in taxes.
Don’t forget the mortgage interest loophole. If you can afford a mortgage/house, you can afford the interest.
The thing that has me worried about this, is that it won’t be taken back when the economy rebounds. I mean the ST of MN was in a surplus budget wise prior to the recession. Now that we have less revenue to share with the state, the idea is to raise the tax rate to compensate.
But the rate won’t ever go back down even when the economy rebounds.
………what’s wrong with me, I’m starting to think like one of them……………… 
You got that right. Things are tough, we need money. Things are good, you shouldn’t mind us taking your money.
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You got that right. Things are tough, we need money. Things are good, you shouldn’t mind us taking your money.
Just like when gas was $4 a gallon and everything including garbage pick up went up because of fuel cost. As soon as gas dropped back down to almost $3 a gallon, cost never went back down……
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