Someone please correct me if im wrong anywhere in this example:

i earn 60,000 at work per year. My online business earns 0 this year, and 10,000 next year. Therefore 2008 total income = 60k, and 2009 = 70,000.
Half way through 2008, i decide to buy a yukon/tahoe Hybrid for ,000, but decide to finance, so the payments from june thru december add up to ,000. However, i can still use the section 179 deduction of 25,000 and the depreciation, therefore, a dedcution of about ,000? (thats 25 + 7k) (60-25 = 35/5 yrs = 7k). And i am in the 25% tax bracket, thus i would recieve (.25*32k) k back?

in june 2009 i decide to sell car, but i only get 45k for it, do i have to show that as an income?
Or scenerio 2, i trade it in for 45, and get another 60k car. Can i use section 179 and depreciaion again on whole value of the car, or just on the 15k differance?

and final question, does all this work, if it was a lease instead?

Here’s a little tidbit-
Consider his proposals:

o In effect, he would legislate a 60 percent tax bracket for upper-income Americans, killing all initiative and innovation. He’d raise the top bracket to 40 percent. He’d apply FICA taxes to all income, not just that under 0,000 as at present. So add 40 percent plus FICA’s 12.5 percent plus Medicare’s 2 percent plus state and local taxes averaging, after deduction, at 5-6 percent, and you have a 60 percent bracket.

o He would double the capital gains tax, saddling the 50 percent of Americans who own stock with dramatically higher taxes.

o He’d double the dividend tax, hitting elderly coupon-clippers now retired and depending on fixed incomes.

o He wants to cover 12 million illegal immigrants with federally subsidized health insurance, dramatically driving up costs and forcing federal rationing of healthcare. As in the U.K. and Canada, you will not be permitted certain medical procedures if the bureaucrats decide you are not worth it.

o He proposes requiring Homeland Security operatives to notify terror suspects that they are under investigation within seven days of starting the investigation

o He says that unless they can establish that there is "probable cause to believe that a certain individual is linked to a specific terrorist group," Homeland Security cannot seize his documents and search his business. The current standard is only that the search be "relevant" to a terror investigation.

o In effect, he would legislate a 60 percent tax bracket for upper-income Americans, killing all initiative and innovation. He’d raise the top bracket to 40 percent. He’d apply FICA taxes to all income, not just that under 0,000 as at present. So add 40 percent plus FICA’s 12.5 percent plus Medicare’s 2 percent plus state and local taxes averaging, after deduction, at 5-6 percent, and you have a 60 percent bracket.

He does not oppose -per-gallon gasoline but only says that he wishes there had been a more "gradual adjustment" to the higher prices.

http://gulf1.typepad.com/gulf1_c_morris/2008/06/obamas-new-stra.html

PRETTY SCARY STUFF HUH?

I have to be honest, though, while Pres. Obama adopted the meat of McCain’s proposal, he sure made it less inclusive and more regressive. Being some DINO Mr Obama proves to us once again.

John McCain proposed 00 tax credit to EVERYONE for purchasing health care.
If you are wealthy and in the 38% tax bracket that would give you 00/38% = 94 worth of health care free to everyone.
If you are middle class and in the 25% tax bracket that would give you 00/25% = ,000 worth of health care free to everyone.
See? Wealthy people would enjoy less tax exemptions. That’s progressive.

Now goes Mr. Obama actual proposal to put a cap on health care tax deductions. Needless to say that people who by health care insurance privately do not need to apply. This is how Obama encourages small businesses in their mission of jobs creation. But lets forget about such small irrelevant things.

There is now 100% tax detectability of health care group policy provided by employers. Obama wants to put 00 cap on this tax deductible benefits. Meaning that compared to McCain’s plan wealthy people whose tax deduction would be only 94 anyway under McCain will get no tax hit, but those in the middle class will be liable for the difference ,000 – ,000 = ,000 to lose its tax deductible and hence pay ,000 x 25% = ,000 extra tax.

So much for taxing the rich.
Ref:

http://taxvox.taxpolicycenter.org/blog/_archives/2009/2/26/4105759.html

There are more and I admit that some of my input data are not accurate, but its only because

a) The liberal media ignores the misdeeds of Barack Obama
b) The plans are still in the making – and this is the best point to stop them.
Ref:

http://taxvox.taxpolicycenter.org/blog/_archives/2009/2/26/4105759.html

There are more and I admit that some of my input data are not accurate, but its only because

a) The liberal media ignores the misdeeds of Barack Obama
b) The plans are still in the making – and this is the best point to stop them.

I am single, claiming 0, no business expenses or deductions, nothing but a very basic tax form is needed for me to file. Every single year prior to this year I’ve received a full refund of the amount withheld of both federal and state income tax (CA–so much for that one this year I guess) .. In 2007 I only worked about half the year, made a little over k, and received my full refund of around 0. In 2008, I worked the entire year, made a little over k, and federal income tax withheld almost 00. But when I tried to e-file (using turbo tax free edition) it showed a refund amount of only . What circumstances have caused such a drastic drop in my refund? If I am not entitled to a full amount refunded, I understand I guess, but why such a tiny fraction? I haven’t actually filed yet because I’m hoping I missed something on my return and will at least get more than back. My status hasn’t changed from 2007 to 2008–same company, same W4, no changes–why this drastic decrease? Can anyone explain?

http://articles.moneycentral.msn.com/Common/Taxes/2007TaxBrackets.aspx

I’m still in the same tax bracket according to this (???)

Due to some massive tax credits and deductions I was in the 10% tax bracket last year. Due to further investment in a business, I’m looking at the 10% bracket once again. If I withdrew 0K from an IRA rollover (it used to be a 401k, now it’s an IRA) what would I be hit with? 10% tax plus the 10% penalty or would I be hit with my tax rate at the time of accumulating the 401k (33% or so).

Thank you Yahoo Answer Community in advance!

1. 5% National Sales Tax on ALL goods and services…
2. Eliminating our 10% tax bracket…
3. Exemption for adults up to the POVERTY LINE…
4. 1/2 POVERTY LINE exemption for children…
5. consolidating our tax brackets into three… first, from poverty line to MEDIAN household income would be our new 15% bracket… from MEDIAN income to our current 30% threshold would be our new 25% bracket, and from (THAT NUMBER) and over would be our 35% bracket…
6. Corporate taxes would follow the same as income tax…
7. Businesses would get an immediate write-off on all capital investment. NO DEPRECIATION!
8. The only deductions allowed in our tax code, because of the generous exemption, would be mortgagte interest, retirement savings, and charitable contributions…

I didn’t say amount, I said percentage of their income, the rich, or the middle class? How often do the rich make their retreats to luxourious motels and write it off as a tax deduction, a business expense. Why should all of the burden fall on the middle classes shoulders?
To those of you who are illiterate due to years of imbreeding in order to make certain you marry with in your tax bracket, please, read the question, the highest percentage of their income.
Pure breds, just like animals….
I’m proud to be a mut, at least I know my mama and my daddy are not brother and sister.

My consulting business did well enough this year that I had a bit of money due to the IRS. I planned on setting up an IRA this year since I’m in my mid-twenties. I like the tax-free potential of the Roth, but I also need to lower my AGI this year. Would it make sense to open and contribute a portion of my wages to a traditional account and deduct what I need to break even on taxes, and throw the rest into a Roth account? Not exceeding the ,000 limit on contributions of course… The fees on the accounts should be negligable, considering that I’m working primarily with an Internet broker.
25% is my current tax bracket.

I was wondering if u can save tax deductions from year to year to make sure that u are paying in the most optimal tax bracket? I have hear of businesses doing this… But I want to know if this is possible for individuals. Please post links that i can read up on for more information. Your answers are appreciated. Thank you.