I’m confused - why so many losses of money? $750 in income tax? I paid 25k last year. What does this mean I don’t get what this tells us, but I’ll be honest I don’t like the way it looks. That’s my knee-jerk reaction though so take it with a grain of salt. But I kind of got angry when I saw that.
because when you have losses you dont pay taxes on what you've lost, and sometimes you've lost so much it can carry over for the next year or two.
If you lost 20k last year would you pay taxes on that?
That explains a lot based on your income level. It’s your worth that do not allow you access to answers to your questions. It’s easy to deduce you do not have a knowledgeable accountant or they never attempted to explain complicated financial accounting to you. It’s understandable due to your income level.
I’m confused - why so many losses of money? $750 in income tax? I paid 25k last year. What does this mean I don’t get what this tells us, but I’ll be honest I don’t like the way it looks. That’s my knee-jerk reaction though so take it with a grain of salt. But I kind of got angry when I saw that.
(1) Those who own a lot of real estate often have losses for tax purposes due to depreciation.
(2) Although it varies from one year to the next, sometimes the "Alternative Minimum Tax" can create a tax that otherwise would be less or zero.
This makes sense, thank you!!
because when you have losses you dont pay taxes on what you've lost, and sometimes you've lost so much it can carry over for the next year or two. If you lost 20k last year would you pay taxes on that?
I was really asking a question here. I’m sorry, ya’ll, I’m still learning!! Sometimes this board can really beat you down. :(
Because you didn't have any business losses that offset your income
No need to downvote this anon just because they don’t know something. It’s always good to be curious
Thank you! I down know why, but being downvoted really gets to me haha. I try because I’m still learning but wow, it’s dog eat dog on here lol
You should be angry when billionaires pay less than you.
Are we playing "You might be a libtard if..."?
Absolutely not!!! :(
That explains a lot based on your income level. It’s your worth that do not allow you access to answers to your questions. It’s easy to deduce you do not have a knowledgeable accountant or they never attempted to explain complicated financial accounting to you. It’s understandable due to your income level.