Oh boy….here we go.
All of that’s true, but it’s not relevant to the tax discussion. My only point was that a high percentage of people don’t really have that much of a tax burden because the tax system allows for lots of deductions that favor business owners, no matter how small. And this is true.
True. But many with the same income are required to pay more than others.And no one in this discussion is paying 50 cents more tax than they are required to.
Absolutely. And as you stated, our tax laws are written to support private owned business as well as corporate. And if a self employed person isn't taking advantage of those tax laws they are naive. Back to "no one in this discussion is paying more tax than they have to".
I agree with your statements. I was pointing out that there’s a lot of moaning about taxes from many people that actually get pretty favorable tax treatment. Deduct what you legally can, but don’t complain about your taxes when many of the same income level pay much more.Absolutely. And as you stated, our tax laws are written to support private owned business as well as corporate. And if a self employed person isn't taking advantage of those tax laws they are naive. Back to "no one in this discussion is paying more tax than they have to".
Not exactly the same purpose, but ok you pay more SS than me, and probably less income taxes (if your tax preparer is any good). This topic just hit a nerve with me because two BIL that own ranches just visited and talked about all the deductions they take for taxes. Then the next day, complain about paying taxes. My wife was ready to choke her brothers.
It's a fine line being self employed; if one is smart you play by the rules. If one is smarter you look for every break you can get. I've always erred on the side of caution and been very conservative with deductions. You do not want to go sideways with the IRS.