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Post by southparkcpa on Mar 16, 2017 12:44:42 GMT -5
Worst case scenario, what is on those taxes? What is the Holy Grail or silver bullet that is going to take down the Trump monster? You think he claimed a check to Assange? I just dont think this strategy has been thought-out by the Dems and the far-left media. Did you read my post? You're asking the wrong guy. Not directed at FF2..just used his post. We Love FF2. Look at TRUMPS return, here's a CPA view. 1. $150 million total income 2. Line 21 $103 million NOL writeoff 3. Line 27, Line 58 He paid $1.9 million in medicare tax 4. Line 40 Itemized deductions of $17 million 5. Line 44 Reg tax $5.3 million 6 Line 45 AMT of a whopping $31 million. He effectively paid $36 million in income tax on $31 million of income. READ THAT AGAIN..... He paid $36 mil in tax on $31 in taxable income. The AMT crushed him. Lower right hand corner of return he paid interest of $88,000, penalty of $68,000. This tells you he had substantial tax liability in 2004 as well. Thats my 2 cents. |
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Post by Ff2 on Mar 16, 2017 12:50:03 GMT -5
Did you read my post? You're asking the wrong guy. Lower right hand corner of return he paid interest of $88,000, penalty of $68,000. This tells you he had substantial tax liability in 2004 as well. That his CPA fucked up on?  |
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Post by southparkcpa on Mar 16, 2017 13:08:10 GMT -5
Lower right hand corner of return he paid interest of $88,000, penalty of $68,000. This tells you he had substantial tax liability in 2004 as well. That his CPA fucked up on? No.... thats almost the cost of doing business. He simply didnt want to pay the safe harbor and income was higher than projected. What I find VERY alarming is his schedule C income. I would have guessed ALL of his business's are held in Corporations, not as disregarded LLC's. |
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Post by DDNYjets on Mar 16, 2017 19:32:33 GMT -5
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Post by bxjetfan on Mar 16, 2017 21:08:50 GMT -5
The balls on her. Wait, wut? |
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Post by Touchable on Mar 17, 2017 6:41:50 GMT -5
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Post by BushytheLobster on Mar 17, 2017 7:28:36 GMT -5
Did you read my post? You're asking the wrong guy. Not directed at FF2..just used his post. We Love FF2. Look at TRUMPS return, here's a CPA view. 1. $150 million total income 2. Line 21 $103 million NOL writeoff 3. Line 27, Line 58 He paid $1.9 million in medicare tax 4. Line 40 Itemized deductions of $17 million 5. Line 44 Reg tax $5.3 million 6 Line 45 AMT of a whopping $31 million. He effectively paid $36 million in income tax on $31 million of income. READ THAT AGAIN..... He paid $36 mil in tax on $31 in taxable income. The AMT crushed him. Lower right hand corner of return he paid interest of $88,000, penalty of $68,000. This tells you he had substantial tax liability in 2004 as well. Thats my 2 cents. Any way to tell what he would have paid without AMT? |
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Post by southparkcpa on Mar 17, 2017 7:37:29 GMT -5
Not directed at FF2..just used his post. We Love FF2. Look at TRUMPS return, here's a CPA view. 1. $150 million total income 2. Line 21 $103 million NOL writeoff 3. Line 27, Line 58 He paid $1.9 million in medicare tax 4. Line 40 Itemized deductions of $17 million 5. Line 44 Reg tax $5.3 million 6 Line 45 AMT of a whopping $31 million. He effectively paid $36 million in income tax on $31 million of income. READ THAT AGAIN..... He paid $36 mil in tax on $31 in taxable income. The AMT crushed him. Lower right hand corner of return he paid interest of $88,000, penalty of $68,000. This tells you he had substantial tax liability in 2004 as well. Thats my 2 cents. Any way to tell what he would have paid without AMT? yes..... $5.3 million. This is an advanced area of taxation but generally, he lowered his income through an NOL (net operating loss carry forward from prior years), the AMT reduces this benefit. |
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Post by Big L on Apr 16, 2017 6:29:46 GMT -5
What exactly are tax returns supposed to show anyway? OK, you earned X, and paid Y in taxes. What's the big deal? What is scandalous about this? What potential info is on them that I'm missing?
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Post by tkasper01 on Apr 16, 2017 7:12:26 GMT -5
What exactly are tax returns supposed to show anyway? OK, you earned X, and paid Y in taxes. What's the big deal? What is scandalous about this? What potential info is on them that I'm missing? The left is certain he is paying less then he should. These returns really prove otherwise, at least for the year in question. You cannot blame people for taking advantage of an out dated, convoluted and confusing tax system. I use a CPA to do my taxes every year. I am not expert. I do not want to miss or over state something. I do take advantage of whatever loopholes/options are available to me. |
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Post by Big L on Apr 16, 2017 7:59:05 GMT -5
What exactly are tax returns supposed to show anyway? OK, you earned X, and paid Y in taxes. What's the big deal? What is scandalous about this? What potential info is on them that I'm missing? The left is certain he is paying less then he should. These returns really prove otherwise, at least for the year in question. You cannot blame people for taking advantage of an out dated, convoluted and confusing tax system. I use a CPA to do my taxes every year. I am not expert. I do not want to miss or over state something. I do take advantage of whatever loopholes/options are available to me. i try to do my taxes to the best of my ability. However, accounting is not my area of expertise. I wouldn't ask an accountant to size a steel beam, so I shouldn't be expected to navigate the tax code flawlessly.... As for the tax return thing - rich people get tax breaks and exploit loopholes. We already know this. The outrage over trump releasing return does not seem to weigh the info gleaned from it (earned X, paid Y), IMO. Unless I'm missing something. |
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Post by tkasper01 on Apr 16, 2017 8:20:16 GMT -5
The left is certain he is paying less then he should. These returns really prove otherwise, at least for the year in question. You cannot blame people for taking advantage of an out dated, convoluted and confusing tax system. I use a CPA to do my taxes every year. I am not expert. I do not want to miss or over state something. I do take advantage of whatever loopholes/options are available to me. i try to do my taxes to the best of my ability. However, accounting is not my area of expertise. I wouldn't ask an accountant to size a steel beam, so I shouldn't be expected to navigate the tax code flawlessly.... As for the tax return thing - rich people get tax breaks and exploit loopholes. We already know this. The outrage over trump releasing return does not seem to weigh the info gleaned from it (earned X, paid Y), IMO. Unless I'm missing something. You're not. |
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Post by Ff2 on Apr 16, 2017 19:35:55 GMT -5
What exactly are tax returns supposed to show anyway? OK, you earned X, and paid Y in taxes. What's the big deal? What is scandalous about this? What potential info is on them that I'm missing? So why not show them? |
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Post by Big L on Apr 16, 2017 19:39:56 GMT -5
What exactly are tax returns supposed to show anyway? OK, you earned X, and paid Y in taxes. What's the big deal? What is scandalous about this? What potential info is on them that I'm missing? So why not show them? beats me. Why aren't the White House visitor logs public? |
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Post by flushingjet on Apr 16, 2017 21:57:52 GMT -5
What exactly are tax returns supposed to show anyway? OK, you earned X, and paid Y in taxes. What's the big deal? What is scandalous about this? What potential info is on them that I'm missing? The left is certain he is paying less then he should. These returns really prove otherwise, at least for the year in question. You cannot blame people for taking advantage of an out dated, convoluted and confusing tax system. I use a CPA to do my taxes every year. I am not expert. I do not want to miss or over state something. I do take advantage of whatever loopholes/options are available to me. The left are morons, because the only taxes you "should" pay are what is computed using all deductions and credits possible. Nothing more nothng less. Not what some envious anti American anti capitalism dirt bag thinks you must |
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