Biden - $500k in Back Taxes

[jakefest]

Using "S" corp incorrectly to hide revenue from book deals.........tax the rich though! Can you imagine how this shoots his whole narrative in the face if true? I mean, just pay your fair share right?

Exclusive | Biden could owe as much as $500K in back taxes, government report indicates

Republicans say a new report indicates President Joe Biden improperly avoided paying Medicare taxes before he took office — raising the possibility that he owes the IRS as much as $500,000 in back …

nypost.com

 

[CoffeeIsForClosers]

For those who aren’t self employed, just curious what percentage of a companies profits you think should you be forced to taken as w2 income and how much should you be able to take as pass through income where you can avoid some payroll taxes (and get the 20% pass through deduction).

Just so you are aware….there is little to no IRS guidance on this. You just guess so that you can be second guessed later.

Also….wouldn’t paying $500k in back taxes mean he paid about $499,250k than the last guy paid in total?

p.s. no, not a Biden guy

 

[jakefest]

For those who aren’t self employed, just curious what percentage of a companies profits you think should you be forced to taken as w2 income and how much should you be able to take as pass through income where you can avoid some payroll taxes (and get the 20% pass through deduction).

Just so you are aware….there is little to no IRS guidance on this. You just guess so that you can be second guessed later.

Also….wouldn’t paying $500k in back taxes mean he paid about $499,250k than the last guy paid in total?

p.s. no, not a Biden guy

Don't have a horse in the race to be honest. I have several LLC's and I'm also a W2 employee, we typically toe the more cautious side of the line so I don't get hit with a tax bill at some point in the future.


Could care less what loopholes Biden or Trump use to "optimize", just flagging how utterly ironic it is that the guy demanding that people pay their fair share is using the same loopholes as everyone else to avoid paying their fair share.

 

[CoffeeIsForClosers]

Don't have a horse in the race to be honest. I have several LLC's and I'm also a W2 employee, we typically toe the more cautious side of the line so I don't get hit with a tax bill at some point in the future.


Could care less what loopholes Biden or Trump use to "optimize", just flagging how utterly ironic it is that the guy demanding that people pay their fair share is using the same loopholes as everyone else to avoid paying their fair share.

Maybe he thinks he paid his fair share? Just seems like a very subjective argument. He “may” owe back taxes.

 

[jakefest]

Maybe he thinks he paid his fair share? Just seems like a very subjective argument. He “may” owe back taxes.

Maybe all of the 1% think they pay their fair share? I certainly know I do

 

[CoffeeIsForClosers]

Maybe all of the 1% think they pay their fair share? I certainly know I do

Humble brag much?

More often than not, those who logically argue that there are situations where those at the top don't pay their fair share, I feel it's due to the strategies that they are able to implement that the rest of us cannot.

Not sure why the argument is to raise taxes.....why not just close loop holes?

 

[nytigerfan]

For those who aren’t self employed, just curious what percentage of a companies profits you think should you be forced to taken as w2 income and how much should you be able to take as pass through income where you can avoid some payroll taxes (and get the 20% pass through deduction).

Just so you are aware….there is little to no IRS guidance on this. You just guess so that you can be second guessed later.

Also….wouldn’t paying $500k in back taxes mean he paid about $499,250k than the last guy paid in total?

p.s. no, not a Biden guy

Just so you are aware….there is little to no IRS guidance on this. You just guess so that you can be second guessed later.

This is accurate. I have an S corp and how much I should pay myself in W2 income is a best guess that my COA makes. I have a friend who owns a roofing business that makes a lot more money than I do, but he pays himself a smaller W2 income than I do because his CPA says "your a roofer not an executive."

 

[jakefest]

Humble brag much?

More often than not, those who logically argue that there are situations where those at the top don't pay their fair share, I feel it's due to the strategies that they are able to implement that the rest of us cannot.

Not sure why the argument is to raise taxes.....why not just close loop holes?

Flat tax with no loopholes makes sense. The reality is, most only focus on income tax......you also have:

-Cap gains
-Property tax
-Estate tax
-Gas tax
-Sales tax

Your money isn't just taxed once, it's taxed multiple times and yet they want to raise taxes again........

 

[CoffeeIsForClosers]

Just so you are aware….there is little to no IRS guidance on this. You just guess so that you can be second guessed later.

This is accurate. I have an S corp and how much I should pay myself in W2 income is a best guess that my COA makes. I have a friend who owns a roofing business that makes a lot more money than I do, but he pays himself a smaller W2 income than I do because his CPA says "your a roofer not an executive."

Fair to say articles about us all owing back taxes could be coming out any day now? That was my original point. Simply bad journalism. Did not include all the information. Most people have no idea what’s it’s like to be in that situation.

 

[PawsFan_]

Humble brag much?

More often than not, those who logically argue that there are situations where those at the top don't pay their fair share, I feel it's due to the strategies that they are able to implement that the rest of us cannot.

Not sure why the argument is to raise taxes.....why not just close loop holes?

Sounds good to me. Do a flat tax based on income and capital gains only. Zero deductions for anyone.

 

[PawsFan_]

Using "S" corp incorrectly to hide revenue from book deals.........tax the rich though! Can you imagine how this shoots his whole narrative in the face if true? I mean, just pay your fair share right?

Exclusive | Biden could owe as much as $500K in back taxes, government report indicates

Republicans say a new report indicates President Joe Biden improperly avoided paying Medicare taxes before he took office — raising the possibility that he owes the IRS as much as $500,000 in back …

nypost.com

Tax the rich!