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Tax Season - Like Christmas, but you get robbed instead [2010 Edition]

Discussion in 'Business, Careers & Education' started by the shah, Feb 9, 2011.

  1. imatlas

    imatlas Senior member

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    El Barrio
    Big refund this year, the first in many years. Of course that's only because we selected to defer paying taxes on a Rollover IRA to Roth IRA conversion, so we've got that to look forward to for the next two years.

    We're married with no kids, we rent our apartment, and we live in San Francisco. We're basically fucked when it comes to taxes.
     
  2. the shah

    the shah Senior member

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    lying furtively
    bump ~


    Mission: Evasion

    engage !!!
     
  3. Harold falcon

    Harold falcon Senior member

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    I tried to evade best I could, still owe. Goddammit I need some fake dependents I can claim.
     
  4. Thomas

    Thomas Senior member

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    take in a few foster kids. They count

    wait - no. I'm kidding.
     
  5. Harold falcon

    Harold falcon Senior member

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    I want fake dependents. Not kids I actually have to care for.
     
  6. the shah

    the shah Senior member

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    i know people in the hood who keep claiming each others children in order to do this haha and people wonder why some welfare recipients don't move out of welfare ... nice and comfy !

    i'm starting to doubt some of the stuff i put on there, but turbotax asks the questions in such vague manners so i guess it's fine

    all i can say is thank goodness for trade embargoes and multiple passports
     
    Last edited: Feb 27, 2013
    1 person likes this.
  7. Pennglock

    Pennglock Senior member

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    Heres a nice one Im using this year. Hire your kid and fill their roth ira.

    *Children working for parents dont pay fica on the first appx 5k. Nor will they owe income tax on such a small amount, so its basically a tax free transfer.
    *Earned income lets the kid use the roth ira.
    *The pay is also a deductable business expense for the parent.
     
  8. RedLantern

    RedLantern Senior member

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    The Brooklyn of Seattle
    ^ compensation would need to be competitive for this to work. If you "hire" your kid to mow your grass for 5K, the IRS would see that as a $4,980 gift.

    But if you've got some legitimate work that you want to hire your kid to do this seems like a good idea.
     
    Last edited: Mar 3, 2013
  9. GreenFrog

    GreenFrog Senior member

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    le sigh........... is all i have to say.
     
  10. the shah

    the shah Senior member

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    how old does a kid have to be for this to work ? of legal working age, i would assume..?
     

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