Is anyone watching the debates tonight and tomorrow?

[Burnt Reynolds 5,058]

[Crtcl Rice Theory 2,432]

24 minutes ago, Burnt Reynolds said:

If Trump prepaid  20 years worth of taxes in cash, he would be the stupidest business owner ever.

 

It is likely he employed (legally we hope) depreciation that was carried forward to offset operating income.

 

If he skirted the law on the carry forwards, that might explain why he is under audit perpetually.

 

 

Edited October 23, 2020 by CanAm1980

[Burnt Reynolds 5,058]

Just now, CanAm1980 said:

If Trump prepaid  20 years worth of Taxes in cash, he would be the stupidest business owner ever.

I guess we'll give you however much time you need to learn about how businesses and taxes work. It's always funny when someone calls others stupid yet demonstrate they know pretty much nothing. Prepayments are estimations, which are normal as breathing air in the business world. Even normal filers do it when they estimate withholdings, then settle on the next filing, and so on. 

[Neonred 3,569]

19 minutes ago, CanAm1980 said:

If Trump prepaid  20 years worth of taxes in cash, he would be the stupidest business owner ever.

 

It is likely he employed (legally we hope) depreciation that was carried forward to offset operating income.

 

If he skirted the law on the carry forwards, that might explain why he is under audit perpetually.

 

 

Are you trying to say Trump did his own taxes instead of using tax accountants that would risk their own reputation by doing something illegal?

[Burnt Reynolds 5,058]

1 minute ago, Neonred said:

Are you trying to say Trump did his own taxes instead of using tax accountants that would risk their own reputation by doing something illegal?

Also if Trump was doing something illegal he'd have been prosecuted. Chances are, he was following laws and a tax code designed to benefit people like him. 

[Neonred 3,569]

1 minute ago, Burnt Reynolds said:

Also if Trump was doing something illegal he'd have been prosecuted. Chances are, he was following laws and a tax code designed to benefit people like him. 

Yep.  Seems like congress is trying to pin something on him that the IRS hasn't.  

[Crtcl Rice Theory 2,432]

32 minutes ago, Burnt Reynolds said:

I guess we'll give you however much time you need to learn about how businesses and taxes work. It's always funny when someone calls others stupid yet demonstrate they know pretty much nothing. Prepayments are estimations, which are normal as breathing air in the business world. Even normal filers do it when they estimate withholdings, then settle on the next filing, and so on. 

Did I call Someone stupid? Tempting but no. If there were quarterly payments they would have appeared in the copies released by the NYT. Like I said, carry forward depreciation which is common with developers. 

 

I ran a business for 7 years, I don't need an education on quarterly payments and the estimation process.

[Burnt Reynolds 5,058]

22 minutes ago, Neonred said:

Yep.  Seems like congress is trying to pin something on him that the IRS hasn't.  

Leak, negative press, leak, negative press. Kinda hard to prosecute Trump on this, in an actual criminal court or impeachment trial, so the entire idea is prosecuting in the court of public opinion through a corrupt slow drip of this bull and hope it wrecks Trump's election chances.

 

4 minutes ago, CanAm1980 said:

Did I call Someone stupid? Tempting but no. If there were quarterly payments they would have appeared in the copies released by the NYT. Like I said, carry forward depreciation which is common with developers. 

 

I ran a business for 7 years, I don't need an education on quarterly payments and the estimation process.

No one who ran a business would be asking why someone that owns a litany of them would be prepaying their taxes, nor coming to conclusions based on information they don't have. It's also not even remotely just depreciation and writing off those expenses we're talking about either. You clearly have no idea, and this is why the public shouldn't have this info until it can be simplified enough for them to understand (on top of it complicating an audit), case in point.

Edited October 24, 2020 by Burnt Reynolds

[Crtcl Rice Theory 2,432]

2 hours ago, Burnt Reynolds said:

 

 

No one who ran a business would be asking why someone that owns a litany of them would be prepaying their taxes, nor coming to conclusions based on information they don't have. It's also not even remotely just depreciation and writing off those expenses we're talking about either.

 

Quote

 

You clearly have no idea, and this is why the public shouldn't have this info until it can be simplified enough for them to understand (on top of it complicating an audit), case in point

Let's make this easier so you can digest it:

 

In 2017, Trump's pre-credit tax liability was $7,435,857. All but $750 of this amount was negated by carried-over tax credits, of which he had $22.7 million at the time.

 

 

Trump Paid $750 in Federal Income Taxes in 2017. Here’s the Math. https://nyti.ms/34cs6z8

 

 

[Burnt Reynolds 5,058]

You're not actually refuting anything I said, just pasting stuff as if you're talking to yourself. 

[Crtcl Rice Theory 2,432]

1 minute ago, Burnt Reynolds said:

You're not actually refuting anything I said, just pasting stuff as if you're talking to yourself. 

The only point you made is that you don't understand a 1040 form.

[Nature Boy 2.0 8,372]

16 hours ago, CanAm1980 said:

If Trump prepaid  20 years worth of taxes in cash, he would be the stupidest business owner ever.

 

It is likely he employed (legally we hope) depreciation that was carried forward to offset operating income.

 

If he skirted the law on the carry forwards, that might explain why he is under audit perpetually.

 

 

cept quarterly    estimates are required and a thing

[Crtcl Rice Theory 2,432]

57 minutes ago, Nature Boy 2.0 said:

cept quarterly    estimates are required and a thing

Yup. The debate question is, in my mind, to paraphrase 'why is Donald Trumps tax liability for 2017 (and other years) only $750? The answer is not "I prepaid them" like quarterly or credit from 2016 or such. The answer for 2017 is that the liability was reduced by depreciation carried forward. 

That doesn't say whether the depreciation was correct or incorrect, but the optics of a 'billionaire" sitting in the oval office is a great debate point. 

 

[Burnt Reynolds 5,058]

3 hours ago, CanAm1980 said:

Yup. The debate question is, in my mind, to paraphrase 'why is Donald Trumps tax liability for 2017 (and other years) only $750? The answer is not "I prepaid them" like quarterly or credit from 2016 or such. The answer for 2017 is that the liability was reduced by depreciation carried forward. 

That doesn't say whether the depreciation was correct or incorrect, but the optics of a 'billionaire" sitting in the oval office is a great debate point. 

 

The problem there in your responses is presuming everyone is asking the same question you are. It's clear you're going to narrate things as you prefer (eg "depreciation") so I guess you're just stuck being clueless. 

[Crtcl Rice Theory 2,432]

2 hours ago, Burnt Reynolds said:

The problem there in your responses is presuming everyone is asking the same question you are. It's clear you're going to narrate things as you prefer (eg "depreciation") so I guess you're just stuck being clueless. 

Go look at the 2017 return and show me what the the "prepaid" amount is.