Chef Jim Posted February 26, 2007 Share Posted February 26, 2007 I doubled last year's wages by exercising some company stock options (at the top, thank you very much ). I've got a big bill coming. Can't have one without the other. To me a big tax bill is a big in my mind. Link to comment Share on other sites More sharing options...
HBSS151 Posted February 26, 2007 Share Posted February 26, 2007 Can't have one without the other. To me a big tax bill is a big in my mind. Stock Options - Gotta Love Them Just don't spend Uncle Sam's 50% Link to comment Share on other sites More sharing options...
Gordio Posted February 26, 2007 Share Posted February 26, 2007 I doubled last year's wages by exercising some company stock options (at the top, thank you very much ). I've got a big bill coming. I excercised some stock options this year & they tax the sh-- out of them, something like 42%. They took it right off the top. Link to comment Share on other sites More sharing options...
Chef Jim Posted February 26, 2007 Share Posted February 26, 2007 Stock Options - Gotta Love Them Just don't spend Uncle Sam's 50% Uncle Sam's 50%. Sounds like you need someone to help you with tax planning. Link to comment Share on other sites More sharing options...
EC-Bills Posted February 26, 2007 Share Posted February 26, 2007 I have to pay. How much...well, that's open to question. I say $5k, the IRS is saying $40k. Anyone know a good tax lawyer? That blows. Link to comment Share on other sites More sharing options...
HBSS151 Posted February 26, 2007 Share Posted February 26, 2007 Uncle Sam's 50%. Sounds like you need someone to help you with tax planning. I just use 50% as a ballpark number so that the uninitiated can wrap there heads around the concept, they can't keep all the (option) money. They're out there Kinda like the people who think they are really going to win $44 Million in the State Lottery Link to comment Share on other sites More sharing options...
Chef Jim Posted February 26, 2007 Share Posted February 26, 2007 I just use 50% as a ballpark number so that the uninitiated can wrap there heads around the concept, they can't keep all the (option) money. They're out there Kinda like the people who think they are really going to win $44 Million in the State Lottery Are you in a 50% tax bracket? Link to comment Share on other sites More sharing options...
HBSS151 Posted February 26, 2007 Share Posted February 26, 2007 Are you in a 50% tax bracket? Nope - but I'm willing to ! Link to comment Share on other sites More sharing options...
Chef Jim Posted February 26, 2007 Share Posted February 26, 2007 I have to pay. How much...well, that's open to question. I say $5k, the IRS is saying $40k. Anyone know a good tax lawyer? Do you need a lawyer to would a good CPA suffice? Link to comment Share on other sites More sharing options...
Chef Jim Posted February 26, 2007 Share Posted February 26, 2007 Nope - but I'm willing to ! If you're not, and it depends on where those options were held, the gain should be taxed as ordinary income. And unless you're in a 50% bracket your taxes won't be that high. But if the exercise put you in the highest tax bracket for 2006 Uncle Sam will want a big portion but not 50% Link to comment Share on other sites More sharing options...
Just Jack Posted February 26, 2007 Share Posted February 26, 2007 Kinda like the people who think they are really going to win $44 Million in the State Lottery When I start thinking about what to do with lottery winnings, I've already cut the amount in half if doing payments. For a lump some I believe it'd be closer to 60-70% gone to taxes. Back on topic, haven't done them so they haven't been sent in, but I do expect a refund. Link to comment Share on other sites More sharing options...
HopsGuy Posted February 27, 2007 Share Posted February 27, 2007 Stock Options - Gotta Love Them Just don't spend Uncle Sam's 50% It'll be around 31% that the guvment gets. I'm not Bob Nardellli. Link to comment Share on other sites More sharing options...
Fan in San Diego Posted February 27, 2007 Share Posted February 27, 2007 Watch out ! IRS agents monitor this thread. Link to comment Share on other sites More sharing options...
rockpile Posted February 27, 2007 Share Posted February 27, 2007 I owe $80. According to turbo tax, thats around exactly the amount I want each year. Almost perfect - a perfect return would have them owing you $80. The whole tax system is such a GD joke it makes me want to puke. I usually get a pretty good hunk of change back, only because it is hard to predict the yield from my wife's business, so I withhold too much. I have reluctantly chosen to err on the side of caution after being fined one year because I withheld too little. A perfect system would be no taxes. The next best thing would be everyone pays X% of their gross earned income, period. I would consider some allowance for children you support or a select few other exemptions. No paperwork, no loopholes, no hassle. There must be a way to make a flat tax work. Face it you earn it, it is taxed at that time and taxed again everytime you spend it or save it. I am sick of Uncle Sam's hand in my pocket. Link to comment Share on other sites More sharing options...
Albany,n.y. Posted February 27, 2007 Share Posted February 27, 2007 You should be able to deduct sales taxes. There is a standard deduction (depending on where you live) or you can itemize ALL of the sales taxes you paid last year. In the past, I've done it by hand and saved $50-100 on taxes. This year, I took the standard (not enough large purchases). Waiting for my check. You can't claim the sales tax if you claim the state income tax. It's one or the other. As a resident of NY state, there's no way that sales tax is more unless one buys a car or an extremely high big ticket item that tax year. I believe Texas doesn't have a state income tax & that's why you benefit from the sales tax deduction. Link to comment Share on other sites More sharing options...
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