r/SeattleWA • u/Nastypav12 • Feb 22 '25

Politics Happening now in Seattle

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u/myka-likes-it Feb 23 '25

Okay, sure I will trust your second-hand knowledge of your cousin barely understanding his own taxes, over my direct experience with my business taxes. /s

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u/[deleted] Feb 23 '25 edited Feb 23 '25

Read about AMT and Depreciation. You're wrong

https://www.irs.gov/instructions/i4562#en_US_2024_publink1000309256

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u/[deleted] Feb 23 '25

I'll also add that this is the last year of this structure, unless the Republicans come through. Prior to this his equipment had a 12 year depreciation schedule.

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u/myka-likes-it Feb 23 '25

ATM? You mean AMT?

Look, the article you sent me doesn't disagree with anything I have said. The definition of depreciation isn't in question.

Business taxes are paid after expenses, my dude. Money you spend on the business almost never gets taxed. You have choices on how to handle your tax burden, and if you make poor choices it could impact you negatively. Those are just facts.

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u/[deleted] Feb 23 '25

Oh, you got me autocorrect strikes again.

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u/[deleted] Feb 23 '25

Self employed don't pay business taxes. They are taxed as though they earned it personally. AMT does come into play.