What is going on with taxes for 2023

The US government took out less in taxes so that they do not have give the large returns to those making 50-250k. Child Tax Credits are different. No more big COVID deductions.

I usually get about 1500 each year. This year I am getting back 3 dollars.

3 dollars.

That one guy said he would end income tax.

That has my vote all day every day .

Hell if Biden ended income tax I would vote for him but not over that other guy also ending it.

originally posted by: pennylane123
That one guy said he would end income tax.

That has my vote all day every day .

Rand and Ron Paul, too bad the Republican party consider them as TOO RADICAL .

Apparently not wanting the American tax payers to police the world, build and support millatary bases all around the world, give corporate bailouts and keep more power and money on the individual persons pockets is too radical for the Republicans.

originally posted by: interupt42

originally posted by: pennylane123
That one guy said he would end income tax.

That has my vote all day every day .

Rand and Ron Paul, too bad the Republican party consider them as TOO RADICAL .

Apparently not wanting the American tax payers to police the world, build and support millatary bases all around the world, give corporate bailouts and keep more power and money on the individual persons pockets is too radical for the Republicans.

I think you mean UNIPARTY

originally posted by: interupt42
a reply to: TheMichiganSwampBuck

My understanding on this is that they changed the rules in 2020 and you can't use deductions from one business for another as easily in the past.

For example a high income w2 owner wouldn't be able to run a side property real estate business and use that to deduct tax liabilities from the w2 income unless they can prove the spend 51% of their time on the real estate company.

With shortterm rentals there are other restrictions as well that has to be rented out x amount of days of the year with no longer than 7 days rentals making y percent of the year.

This is kinda along the lines of what my accountant was describing to me when I had to write the big checks out. Things have changed since I decided to go back into small business contract work.

a reply to: TheMichiganSwampBuck

or,.... do like the dupont family does,,,
claim everything as owned by the company
even the entire house, cars,.. everything

Well they probably just shipped it off to Ukraine .......

Gee O we

I’m not sure where the OP lives

I’m in America known as a third world nation

To anyone who disagrees America as a third world nation needs to read Forbes magazine (Forbes is prestigious in financial international millionaire advice)

Let’s not forget the USD is mass printed and everyone goes shopping as if money laundering as the bank has no gold on the vault.

Be lucky you get any IRS refund doing thos tax returns from working hard labor

originally posted by: reader110
a reply to: TheMichiganSwampBuck

or,.... do like the dupont family does,,,
claim everything as owned by the company
even the entire house, cars,.. everything

Yes, you are the company, but you'd have to incorporate or risk losing it all if the company gets into trouble. It would also have to be a successful business, not a do-nothing shell corporation, so you could build some wealth and store it someplace else. You could take it a step further and become a non-profit like a charity or religious organization and go tax-free altogether.