1. SPS Accounts:
    Do you find yourself coming back time after time? Do you appreciate the ongoing hard work to keep this community focused and successful in its mission? Please consider supporting us by upgrading to an SPS Account. Besides the warm and fuzzy feeling that comes from supporting a good cause, you'll also get a significant number of ever-expanding perks and benefits on the site and the forums. Click here to find out more.
    Dismiss Notice
Dismiss Notice
You are currently viewing Boards o' Magick as a guest, but you can register an account here. Registration is fast, easy and free. Once registered you will have access to search the forums, create and respond to threads, PM other members, upload screenshots and access many other features unavailable to guests.

BoM cultivates a friendly and welcoming atmosphere. We have been aiming for quality over quantity with our forums from their inception, and believe that this distinction is truly tangible and valued by our members. We'd love to have you join us today!

(If you have any problems with the registration process or your account login, please contact us. If you've forgotten your username or password, click here.)

Taxes! Oh the Fun of It!

Discussion in 'Alley of Dangerous Angles' started by Elios, Apr 6, 2005.

Page 3 of 3
  1. Sir Belisarius

    Sir Belisarius Viconia's Boy Toy Distinguished Member ★ SPS Account Holder

    Joined:
    Jul 7, 2000
    Messages:
    4,257
    Media:
    23
    Likes Received:
    4
    Gender:
    Male
    Remove all ads!
    I haven't been cheating, it's my income went up 39% in one year - without a significant change in withholding. :p Don't you wish you had that excuse?!?

    Snook - I'm sure you're just bitter that the Sox are in last place already!
     
    Sir Belisarius, Apr 11, 2005
    #41
  2. Carcaroth

    Carcaroth I call on the priests, saints and dancin' girls ★ SPS Account Holder

    Joined:
    Aug 3, 2004
    Messages:
    1,655
    Likes Received:
    5
    The PAYE (Pay as you Earn) scheme in the UK is fairly straight forward for Tax and National Insurance. Alas if you reach the higher earnings bracket (Around about £38k I think.) you then have to do a tax return each year and include any investments, interest earned etc. The tax relief on mortgages was dropped about 10 years ago now.
     
    Carcaroth, Apr 11, 2005
    #42

  3. The Great Snook Gems: 31/31
    Latest gem: Rogue Stone

     Adored Veteran

    Joined:
    May 15, 2003
    Messages:
    4,123
    Media:
    28
    Likes Received:
    313
    Gender:
    Male
    @Sir Bel,

    The official rules state that after winning a championship the home team is given a five year grace period. With the Sox they may actually get a ten year grace period.

    Besides I only pay attention to baseball when it is playoff time. I can't wait for Football to start up again.
     
    The Great Snook, Apr 11, 2005
    #43
  4. Aldeth the Foppish Idiot

    Aldeth the Foppish Idiot Armed with My Mallet O' Thinking Veteran

    Joined:
    May 15, 2003
    Messages:
    12,434
    Media:
    46
    Likes Received:
    250
    Gender:
    Male
    @HB,

    It's only the interest on the mortgage that is a tax write off. Of course, on a typical 30-year mortgage, for the first few years 90% of your monthly payment IS interest, so I suppose in that regard, yes, it is a big write off. But I think the confusion is that it's not like you get that much money, it's that your taxable income is reduced by that amount. If you pay $5,000 in interest in one year, you are taxed as if you earned $5,000 less. It's not like they give you $5,000 back in tax money.
     
    Aldeth the Foppish Idiot, Apr 12, 2005
    #44
  5. Harbourboy

    Harbourboy Take thy form from off my door! Veteran Pillars of Eternity SP Immortalizer (for helping immortalize Sorcerer's Place in the game!)

    Joined:
    May 29, 2003
    Messages:
    13,354
    Likes Received:
    99
    In NZ, the interest on your mortgage on your rental property is a deduction from taxable income. So, in effect, the government pays for 1/3 of your interest bill. But in that sense, it is no different from a business that gets to deduct all its business expenses.
     
    Harbourboy, Apr 12, 2005
    #45
Page 3 of 3
Sorcerer's Place is a project run entirely by fans and for fans. Maintaining Sorcerer's Place and a stable environment for all our hosted sites requires a substantial amount of our time and funds on a regular basis, so please consider supporting us to keep the site up & running smoothly. Thank you!

Sorcerers.net is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to products on amazon.com, amazon.ca and amazon.co.uk. Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.