Private Jets Ownership Now Tax-Advantaged
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Private aircraft ownership has never been more achievable – and now is the time to act. With Donald Trump’s landmark Big Beautiful Bill ushering in unprecedented
That’s the point. Poor people gambling can’t write off their losses on taxes. Well, they can, just only up to 90%. Rather than all of it like it has been.
I’m always terrified to write stuff off because I fear I will accidentally write something off that I’m not really allowed to due to some obscure legalese and then I will get audited in 5 five years and owe 10 grand in late fees and interest or some shit.
It’s not too bad as long as you’re not a dick about it. One year I marked myself as head of household instead of single. I’m not even sure why I did it. I only thought “huh, this saved a lot on my taxes”, and really had no idea what I was doing. They sent back a correction and how much i owed. I paid and that was it. Not scary at all.
Of course in today’s world all about spite and punishment I could imagine it being much worse
Yeah, I’m a sane world you just get a letter explaining where they think you made a mistake, and you can either pay the difference or provide evidence your position is correct. All done by mail.
In most countries for average people if you can make a convincing argument about why you thought it would be allowed and can argue it with a straight face they arent interested in nailing you over it because it isnt worth their time.
I asked my accountant “Hey, when I take sick leave at work and I have to get a doctors certificate to get paid for those days, does that make the doctors visit a work expense?”
He said “Thats a legitimate enough argument that if you want me to I’ll put them on your return. Dont know if it would pass an audit but the reasoning is solid”
It’s not hard to file taxes. Especially for an individual, with a normal W2 income, and not much else. Certain people try to make it hard, but it’s not.
I don’t need to pay someone to put a number on a form.
Most poor people probably just take the standard deduction anyway. It’s not like they have enough money to accumulate a large amount of deductible expenses anyway. Possible exceptions might be large medical expenses or a mortgage.
Ah, and only 90% of gambling losses. Looks like another point against the poor.
Not that I’m condoning gambling, but, weird how those things impact polar opposite sides of the wealth gap.
In my experience, poor people gamble a lot. I’ve never seen a rich person buy a lottery ticket
rich people gamble plenty, they just call it investing and get way more tax write offs for doing so
That’s the point. Poor people gambling can’t write off their losses on taxes. Well, they can, just only up to 90%. Rather than all of it like it has been.
Does it require them to itemize? Most cant
Pretty sure poor people don’t have enough money to hire someone who can write off losses
They don’t make enough to itemize in the first place, they’ll just take the standard deduction. (Unless they lost like $20k on scratchers somehow)
Anyone can write off stuff on their taxes. It’s pretty easy actually.
I’m always terrified to write stuff off because I fear I will accidentally write something off that I’m not really allowed to due to some obscure legalese and then I will get audited in 5 five years and owe 10 grand in late fees and interest or some shit.
It’s not too bad as long as you’re not a dick about it. One year I marked myself as head of household instead of single. I’m not even sure why I did it. I only thought “huh, this saved a lot on my taxes”, and really had no idea what I was doing. They sent back a correction and how much i owed. I paid and that was it. Not scary at all.
Of course in today’s world all about spite and punishment I could imagine it being much worse
Yeah, I’m a sane world you just get a letter explaining where they think you made a mistake, and you can either pay the difference or provide evidence your position is correct. All done by mail.
I too get nervous every time I do my taxes but I figure if I’m honest about it they’ll forgive most mistakes
In most countries for average people if you can make a convincing argument about why you thought it would be allowed and can argue it with a straight face they arent interested in nailing you over it because it isnt worth their time.
I asked my accountant “Hey, when I take sick leave at work and I have to get a doctors certificate to get paid for those days, does that make the doctors visit a work expense?”
He said “Thats a legitimate enough argument that if you want me to I’ll put them on your return. Dont know if it would pass an audit but the reasoning is solid”
It’s not hard to file taxes. Especially for an individual, with a normal W2 income, and not much else. Certain people try to make it hard, but it’s not.
I don’t need to pay someone to put a number on a form.
Most poor people probably just take the standard deduction anyway. It’s not like they have enough money to accumulate a large amount of deductible expenses anyway. Possible exceptions might be large medical expenses or a mortgage.
The rest of the world: nah, its insane and difficult that you have to file taxes
Wait, if you buy a 10 dollar scratch card, you can deduct 9 dollars from you income for tax purposes?
You think the people buying scratch tickets are itemizing? Idk, maybe they will, they’re not the brightest