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Warren Buffett's letter to Uncle Sam


Beerball

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Do you have a 401k, money market, bank account? If so things worked out just fine for you too.

 

While things may have turned out fine for the time being, think the bank is done broke and it will come back to haunt us. I am being questioned by the IRS over business expenses in 2008 that really are inconsequential when compared to my total tax bill.

 

Our tax guy has said the are seeing this type of crap really ratcheting up as the IRS looks for money from anywhere, cause the gov is done broke .And yes, i will not have to pay any extra as I do not cheat on my taxes, but this will take a bunch of time and effort from both us and our accountant(not free by the way).

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While things may have turned out fine for the time being, think the bank is done broke and it will come back to haunt us. I am being questioned by the IRS over business expenses in 2008 that really are inconsequential when compared to my total tax bill.

Our tax guy has said the are seeing this type of crap really ratcheting up as the IRS looks for money from anywhere, cause the gov is done broke .And yes, i will not have to pay any extra as I do not cheat on my taxes, but this will take a bunch of time and effort from both us and our accountant(not free by the way).

 

What does this mean?

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What does this mean?

 

They are making me document $6,000 in business expenses while my total federal tax bill was much, much greater than that..Once you add in an effective tax rate, we are talking $2500 of taxes here at the most. Can not be a good use of either their time or mine..but desperate times call for desperate measures I guess

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They are making me document $6,000 in business expenses while my total federal tax bill was much, much greater than that..Once you add in an effective tax rate, we are talking $2500 of taxes here at the most. Can not be a good use of either their time or mine..but desperate times call for desperate measures I guess

I just received a tax bill from the state of Colorado based upon my 2006 income...I have never been to Colorado

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Meow

But, as many people have already pointed out, no one benefited more from the bailouts than Warren Buffett, so it's no surprise that he's grateful. Most bailout critics, furthermore, don't suggest that the government should have sat around and done nothing--they argue that the government's intervention should have been more fair and effective, particularly with respect to Wall Street.

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