Tax system sucks
Posted: Wed Jan 21, 2009 6:48 pm
Stocks:
I bought and sold a foreign(Canadien) stock and now I have to make sure and fill out form 8612,...I think.
What is it? Buy and sell stocks in under a year and its short term gain and taxed differently then if i hold it for a year or longer?
If I buy a stock that I have a loss in I cant sell it for 30 days, lest i wont have full loss. In the mean time the stock price drops further.
Farm:
If I sell farm products that end up being exported(hay), I pay less taxes then if the product was consumed here. Something like, subtract 30% of total revenues of exported product to be taxed. Then I have to figure out how much expense gets put toward the export catigory compared to domestic....worth figuring out in the end, but a pain in the ass. Has to do with NAFTA. Terrestrial tax I think they call it.
Filled out some stupid form so I didnt have to pay sales tax here in washington on replacement parts for farm machinery, but tires dont count nor some other stuff, batteries, brake linings ect. Every business that I go to has to have my form on file.
Filled out another form, I think, this shit all blends together after a while, to not pay sales tax on offroad diesel. Again the oil company has to have my form on file.
Theres another one that if I buy a new piece of equipment that can be used to reduce field burning i dont have to pay sales tax on said new item, but the item has to be used for 51% of said purpose. Some guys got busted for this recently.
Paid $250 to the local farm agency(FSA) to keep me eligible for certain farm subsidies, which may or may not happen, but I have to pay 250 now.
Because i dont pay quarterly taxes my tax bill is due March 1 not April 15. No gov savings plan,ie., refund, for me.
Health care;
My $237.99/month for H.I. is 100% tax deductible because Im a farmer and I guess business owner, but my wifes and stepsons $380 a month is not tax deductible because she gets to buy H.I. through her employer. Why?
Car tabs: Here in Wa. we voted to have a flat fee of $30/ year for car tabs. Before that a new car tab would set you back $400/year older cars less. State legislature found a way to increase this by making us pay a tonnage fee, thus my F-250 pays $61/year and my S-10 pays $51/year. I suppose a Ford focus must be counted for a couple hundred lbs. in groceries? Maybe $31.50?
Anyways...
I bought and sold a foreign(Canadien) stock and now I have to make sure and fill out form 8612,...I think.
What is it? Buy and sell stocks in under a year and its short term gain and taxed differently then if i hold it for a year or longer?
If I buy a stock that I have a loss in I cant sell it for 30 days, lest i wont have full loss. In the mean time the stock price drops further.
Farm:
If I sell farm products that end up being exported(hay), I pay less taxes then if the product was consumed here. Something like, subtract 30% of total revenues of exported product to be taxed. Then I have to figure out how much expense gets put toward the export catigory compared to domestic....worth figuring out in the end, but a pain in the ass. Has to do with NAFTA. Terrestrial tax I think they call it.
Filled out some stupid form so I didnt have to pay sales tax here in washington on replacement parts for farm machinery, but tires dont count nor some other stuff, batteries, brake linings ect. Every business that I go to has to have my form on file.
Filled out another form, I think, this shit all blends together after a while, to not pay sales tax on offroad diesel. Again the oil company has to have my form on file.
Theres another one that if I buy a new piece of equipment that can be used to reduce field burning i dont have to pay sales tax on said new item, but the item has to be used for 51% of said purpose. Some guys got busted for this recently.
Paid $250 to the local farm agency(FSA) to keep me eligible for certain farm subsidies, which may or may not happen, but I have to pay 250 now.
Because i dont pay quarterly taxes my tax bill is due March 1 not April 15. No gov savings plan,ie., refund, for me.
Health care;
My $237.99/month for H.I. is 100% tax deductible because Im a farmer and I guess business owner, but my wifes and stepsons $380 a month is not tax deductible because she gets to buy H.I. through her employer. Why?
Car tabs: Here in Wa. we voted to have a flat fee of $30/ year for car tabs. Before that a new car tab would set you back $400/year older cars less. State legislature found a way to increase this by making us pay a tonnage fee, thus my F-250 pays $61/year and my S-10 pays $51/year. I suppose a Ford focus must be counted for a couple hundred lbs. in groceries? Maybe $31.50?
Anyways...