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Old 02-07-2013, 08:19   #31
DanaT
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Join Date: Feb 2005
Location: CO & Baden –Württemberg
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Quote:
Originally Posted by Dennis in MA View Post
2. Tax break - FUDGE THEM! This was the biggest part of Simpson Bowles I wanted enacted. Basically I'm paying the moron to buy a 5x house. Because they get a tax break, I pay more. F that. It deludes them into thinking #1 above is do'able (and with a blip in their income, they can't afford the mortgage AND they have no tax break in the first place to fall back on).
Whether you agree with it or not doesnt matter. It is in the tax code and likely not going away. At certain points, you start doing things for tax breaks.

I just had my taxes finished (starting next week I am out of the country until after tax date). There are many things I had to do to lower my taxable income legally.

Google Section 179 depreciation. I am not sure current year 179 rules, but in past year you could buy (if you were a small business owner) a $70-100+ k SUV (as long as it was GVWR of over 6000 lbs) and take 100% write-off (lowering you taxable income by that amount) in a single year? Straight line depreciation means that you could take 20% each year for 5 years. Why buy "average" when you can go whole hog and get a better tax write off?
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