To my accountant with Kermit

[Arturo]

I had to do another visit to my accountant with some more stuff. I despise tax season. I am a partner in a law firm, and unlike my employees, I pay estimated taxes. I try to be accurate. Basically, I take just about 1/2 of what I make and carry it off the the IRS every April. The 1/3...20% rule usually works for me as long as I have fully funded my SEP. Meaning, it is simple, just take 1/3 of my gross. That goes to the feds. Take 20% of that amount, that goes to the state. Usually eyeballs pretty well after all deductions. You should try it and see if it works for you.

Well, I was feeling crummy like something was missing this morning....and I was not interested in going to the accountant. I put on Kermit, and I had a whole new sense of tolerance for the situation. Here he is.

[Arturo]

This pic was taken some days ago and so was the message, but I could not manage to upload the pic to hence the wrong date.

[Gaijin]

Saaaaaweet!

[chad234]

Nice watch!! I feel your pain on tax season, I have to go to my accountant this week as well.

[watchnut]

Taxes are one of the reasons I bought my new Sub. You work hard, save your money, invest what you can and send a nice chunk of it to the politicians so they can P*** it away. So why not spend some on yourself and get something that reminds you, everytime you look at it, how hard you worked and that you deserve it. Great watch!

[Arturo]

I agree. I was also needing to do something with the money from the Ladies YM...divorce asset that came back to me. My college pal said that I should make lemonade out if that money and so that when I look down at my wrist, I could see something like a new start and all that. Plus the color green, the color of nature and new life and....well, it made sense to do that. And I am thrifty and always feel guilty about getting myself material things for some reason....But not with Rollies or with shell cordovan shoes. Something so good about those things that I just let it ride.

[Blue Bull]

Estimated tax and giving 50% to the tax man .... ?? I am in the same position.Have to pay provitional tax end of Feb and Aug,with VAT bimonthly.Its VAT ,before the 24th of this month,again ... I hope you get more for your tax $ paid,in the States,because here,we get very little back in the form of healthcare,education,safety,infrastructure etc. etc.

[Arturo]

Having a Rollie makes it tolerable to go to the accountant. There are incentives for charitable giving, and IRA saving, and complex Kafkaesque deductions for equipment and depreciation and everything else, but that is what it is. IT seems that way sometimes. And losses always help, but who wants losses? I am not complaining for the magical life I lead.

[mansion]

A lawyer stitches a monogram on his shirt sleeves?

Gee. Only car dealers do that.

[Arturo]

A tradition I got from my dad....I have my shirts monogrammed from Brooks Brothers when I order them....at least the shirts I wear with suits or sportscoats. I Never lose them at the dry cleaner that way. Been doing it for 25 years. I haven't seen car dealers with monogrammed shirts lately though. But maybe lawyers and car dealers have a lot in common.

[mansion]

Arturo! I never did say that!

I could never afford to defame a lawyer!

[Arturo]

I can take it bro....Actually, with the new cars out there of such high quality, car salesmen have a pretty good gig as the product practically sells itself. Lexus, Honda, Toyota, BMW, Audi....these machines are so elegant nowadays with computerized technology that the new car salesman is more a facilitator and psychological coach during the purchase with the customer. Don't worry...I am fine with all lawyer jokes.

This insomnia after that cat gets me up is getting old though.....I find the forum, have a cup of hot milk, watch some inane informercials, and then konk off at 4 am.

[Alcan]

Originally Posted by Arturo

Lexus, Honda, Toyota, BMW, Audi....these machines are so elegant nowadays with computerized technology that the new car salesman is more a facilitator and psychological coach during the purchase with the customer.

Great quote, Arturo. Mind if I use it?

[jac67]

Arturo

I feel your pain!

BUT, if you're paying 50% to the Taxman, you need to get ANOTHER Accountant - AND FAST!!!

I am a Chartered Accountant who specialises in Professional Practices as well as Medical Professionals, and none of them pay close to 50%.

One of my clients as well as a friend who is a full equity Partner in a very large international practice pays on average 27% tax on his Gross Income.

You need to get someone who deals with professionals exclusively to give you the most tax effective structure(s).

Paying 50% as well as working 70+ hours a week, doesn't seem fair.


John.

[Arturo]

I have a top accountant and have changed several times. Basically, I can only feel safe if I throw half of it in a tax account. Like I said, the 30% plus 20% of that 30% added together gets me there so it is probably closer to 37%. Btt it feels like 50%. That is this year post divorce and she had a business we were able to deduct as well so that made a difference in the past. Hmmm, maybe I need a second business.

[Blown Wide Open]

Alright, do you put your last initial in the middle, or on the end?

I'm a monogram junky myself.

The LV is starting to call me....

PAtrick

[Arturo]

Last initial on the end...I usually get the script one as well

[Tombstone]

I am glad to know others who pay as much tax as I do. Makes me feel much better, I don't mind paying tax it's just life. What bothers me is the growthing percentage of people that leach off the system, who get a monthly check for nothing. I would like a free monthly check to buy Rolex watches with no effort on my part. If a person truly needs help they should have it. I have problems when I am standing in the check out line and observe people that look perfectly health negotiate food stamps for cigarettes and booze. It is not my job to pay taxes for peoples vice. Just my two cents and yes I do feel better.

[Blue Bull]

Originally Posted by Tombstone

I am glad to know others who pay as much tax as I do. Makes me feel much better, I don't mind paying tax it's just life. What bothers me is the growthing percentage of people that leach off the system, who get a monthly check for nothing. I would like a free monthly check to buy Rolex watches with no effort on my part. If a person truly needs help they should have it. I have problems when I am standing in the check out line and observe people that look perfectly health negotiate food stamps for cigarettes and booze. It is not my job to pay taxes for peoples vice. Just my two cents and yes I do feel better.

The harder you work the ,higher the tax bracket.So,not only do you have to pay more tax,in absolute terms but percentage wise too ... So,you work harder,pay more tax,BUT,do the goverment do more for you in return ??

The only fair system, is a flat tax rate system, where everybody pays the same %,at all levels of earnings..

A social system of free handouts,in a society where there is enough work,is bound for ruin in the long term.