[DAVES]

Originally Posted by Haggar

I am a CPA. Many times I have seen withholding taxes on a brokerage statement.
I do have not a sense of how this has been calculated but if you talk to your agent he would probably know the answer. Withholding can be set up on practically anything including the sale of a property ( may be appropriate in the sale of a commercial property).

Haggar

Withholding taxes on a brokerage statement, Not proper accountant view but, we have to assume it is correct. As a client of both a CPA and more than one brokerage, I would not want to be caught in the middle of a dispute of the brokerages numbers, my CPA and the taxman. I hold one foreign stock-MY MISTAKE. I am charged a fee, a percentage of my dividend by some brokerage. That does not show in the dividend rate published. I expect it is or should be a tax deduction. I no longer can itemize though my accountant compares it to the normal deduction. Yet another gotcha.

[DAVES]

Originally Posted by Stu from NYC

Some day if we can get a very simple tax system the vast majority will be able to do it themselves.

My feeling is since tax law changes all the time and really do not want new dealings with the IRS better to pay a good professional.

That joyous day will never come. It has been said they must change the tax code every few years because too many people learn to live with the previous tax code. A borrowed thought from an article I read. Our constitution is four pages. Our tax code is now 186,000 pages.

That guy Herman Cain proposed a flat tax 9-9--9. That was actually stolen from a book by Steve Forbes. Forbes said the number would need to be 12-12-12. That would surely not go well, even if truth, with voters. A straight flat tax would remove a great deal of government power. Tax rates used to encourage and discourage events. Housing a clear example. Aside Cain later modified has plan to allow deduction for interest on a home mortgage. The flat tax died even before it was born.

[Stu from NYC]

Originally Posted by DAVES

That joyous day will never come. It has been said they must change the tax code every few years because too many people learn to live with the previous tax code. A borrowed thought from an article I read. Our constitution is four pages. Our tax code is now 186,000 pages.

That guy Herman Cain proposed a flat tax 9-9--9. That was actually stolen from a book by Steve Forbes. Forbes said the number would need to be 12-12-12. That would surely not go well, even if truth, with voters. A straight flat tax would remove a great deal of government power. Tax rates used to encourage and discourage events. Housing a clear example. Aside Cain later modified has plan to allow deduction for interest on a home mortgage. The flat tax died even before it was born.

Your right sad but very true.

The only way that we all pay our fair share is with a flat tax and the vested interests aint gonna let that happen.

[Babubhat]

Calculate your income each quarter. Annualize it. Quicken is good for this. Input into inexpensive tax software and calculate tax. Make estimated payment.

Annualized Income - Overview, Mechanisms, Examples