Thread: Most companies in U.S. avoid federal income taxes

I always pay more than I should in taxes just to be on the safe side since I am a public figure.

W

While you guys pull out books on the tax thing..That is cool > studying or checking on facts never hurt anyone.... I just wanted to say last night in the news it showed even higher numbers of foreign and domestic companies not paying federal tqxes. It was up in the high 40% area for foreign companis and 65% for domestic companies. over a 5 or 6 year period. JUST AMAZING!

So when we send in complaints WE NEED TO SEND THEM TO THE CORPORATE LEADERS ......NOT the PUPPET GOVERNMENT WE SEEM TO HAVE

ONE REASON ALSO TO GO FLAT TAX>>>>>>>>>>>

Makes sense. Doesn't anyone wonder how our GDP can be as enornous as it is, with corporate profits at all time highs, yet somehow we have an enormous budget deficit? Corporations are paying less of the national tax share than they have in 100 years. Combine that with millions of illegal employees that go untaxed, outsourced operations that escape taxation, and you have one huge mess.

Oh yeah, and these same corporations get government contracts, subsidies, and bail outs paid for by you and me.

Originally Posted by vmonkey56

Losses on a rental is a passive loss and is limited to $3,000 per tax year. Any additional loss during the tax year can be carried over to future years. Also, you must rent the property at fair market value.

IF I REMEMBER CORRECTLY; PASSIVE INCOME CAN BE MATCHED AND THEN TAKE THE LOSS OF $3,000. PASSIVE INCOME IS INCOME THAT YOU DID NOT EARN VIA WAGES; INCLUDES INTEREST - TRYING TO REMEMBER???

MAYBE I WILL PULL A BOOK OUT ON THIS ONE SOON.

There is no such thing as negative interest, so there could never be a passive loss from interest. If one were to lose money on an investment, such as stock, then that would be considered a capital loss. The rules on passive losses can get very complicated!

If you want to brush up on some of this, you can order a Pub 17 from the IRS.