Income tax

[Zoe]

Wished I could pay by credit card but the transaction fee way to high (would cost me over $1,000).
Speaking of credit card, I usually pay off my balance but last month I paid half of it and meant to pay the other half.
I can't believe the interest rate credit card charges. I think it's like 10% after I realized it a week later. Ugh.
It's ridiculously high and it continues if not paid in full for next month.
No one should pay minimum payments. Never. You'll stay poor for rest of your life.

I guess the credit card charges dept of revenue a fee and they put a little surplus charge in there also. I had to move money around so I had enough in one checking account to cover the bill.

I am always late on filing my taxes. Bad habit.

If you would have had to pay $1,000 on credit card fee to IRS, you made a bunch of money.

My sister and brother in law had to pay in $11K but they made a bunch of money. They got all that free money from Trump in pandemic. They have like 100 employees. She retired this year after being in education for years and years. Her husband sells janitorial products. They were booming in pandemic and got all that free money from Trump. Like $250K.

You helped pay them. LOL They sell all kinds of disinfectants and toilet paper etc.etc. Got free money from Trump though. My point is pandemic did not hurt them. It helped them but they got free money.

 

[Fernando]

I guess the credit card charges dept of revenue a fee and they put a little surplus charge in there also. I had to move money around so I had enough in one checking account to cover the bill.

I am always late on filing my taxes. Bad habit.

If you would have had to pay $1,000 on credit card fee to IRS, you made a bunch of money.

My sister and brother in law had to pay in $11K but they made a bunch of money. They got all that free money from Trump in pandemic. They have like 100 employees. She retired this year after being in education for years and years. Her husband sells janitorial products. They were booming in pandemic and got all that free money from Trump. Like $250K.

During pandemic some of my tenants didn't apply for the free money. Not sure if they knew how to apply or aware they were free.

You helped pay them. LOL They sell all kinds of disinfectants and toilet paper etc.etc. Got free money from Trump though. My point is pandemic did not hurt them. It helped them but they got free money.

Congress is discussing tax reform and hopefully details will come out few weeks.
One is the SALT cap which currently caps itemizers at $10,000 in deducting state sales tax,
One proposal was up to $25,000 which doesn't sound a lot to me. I may save me $4,000 in taxes which isn't something as great as I hope.

 

[Zoe]

During pandemic some of my tenants didn't apply for the free money. Not sure if they knew how to apply or aware they were free.

Congress is discussing tax reform and hopefully details will come out few weeks.
One is the SALT cap which currently caps itemizers at $10,000 in deducting state sales tax,
One proposal was up to $25,000 which doesn't sound a lot to me. I may save me $4,000 in taxes which isn't something as great as I hope.

We don't pay state tax but pay a high sales tax rate that goes to different govt institutions. Depending on what you buy we are between around 5% and 10% on sales tax. There are probably exemptions on those rates for some people. I am not in the category of those people.

Sales tax is nondeductible expense for me.

 

[Fernando]

We don't pay state tax but pay a high sales tax rate that goes to different govt institutions. Depending on what you buy we are between around 5% and 10% on sales tax.

I would think states like Texas would love higher SALT cap.
I heard property values have gone up and owners are paying much higher property taxes.
Nice, no state income tax but get to deduct property taxes.

 

[Zoe]

I would think states like Texas would love higher SALT cap.
I heard property values have gone up and owners are paying much higher property taxes.
Nice, no state income tax but get to deduct property taxes.

I agree. We are not in that boat in TN. We pay high sales taxes. I don't really know how the sales taxes are broken down. Some go to public education. Some go other places in TN.

They go somewhere.

 

[Fernando]

I agree. We are not in that boat in TN. We pay high sales taxes.

How high is your sales tax? Oakland will be passing an increase at 10.75% to help pay for shortage of police.

 

[Zoe]

How high is your sales tax? Oakland will be passing an increase at 10.75% to help pay for shortage of police.

It varies on what you buy in TN. I can't answer your question Sir.

Idk is my best answer. I know it is not deductible unless you itemize your expenses like you. I am not in your category of income.

 

[Fernando]

It varies on what you buy in TN. I can't answer your question Sir.

Idk is my best answer. I know it is not deductible unless you itemize your expenses like you. I am not in your category of income.

Across Oakland, San Francisco sales tax is 9.875%.
I heard Europe has a 20% VAT sales tax. It's high but foreigners can get it reimburse at the airport.
I'll be flying out in the morning so no time to fill out the paperwork.

 

[Fernando]

It varies on what you buy in TN. I can't answer your question Sir.

Idk is my best answer. I know it is not deductible unless you itemize your expenses like you. I am not in your category of income.

I'll help you out.
I checked and Nashville has sales tax of 9.75%. Don't complain. It's not that high.

 

[Zoe]

I'll help you out.
I checked and Nashville has sales tax of 9.75%. Don't complain. It's not that high.

That is not problem. It is deductible in some circumstances.

The State govt of TN looks at is a net instead of gross. I may have that backwards.

Nashville may have different laws on local taxes than Memphis. Idk

I have appraised in Nashville=. Remember I focus on subject property and my client.