[net.taxes] Taxes on salaries received while on

rws@gypsy.UUCP (03/19/84)

#R:u1100a:-59700:gypsy:22100002:000:255
gypsy!rws    Mar 19 10:28:00 1984

Be careful!

If you take a tax exemption this year, you might not be able to income
average for the next four years, which can hurt you much more than paying
taxes now.

Bob Schwanke
Siemens RTL
Princeton, NJ 

decvax!astrovax!princeton!siemens!gypsy!rws

mbr@fortune.UUCP (04/07/84)

#R:u1100a:-59700:fortune:15800005:000:419
fortune!mbr    Apr  6 17:46:00 1984

A recent article in US News & World Report stated that one of the
proposals for reducing the deficit involves changing the conditions
under which you can use income averaging, so that it is much more
difficult to qualify for.  I believe the proposal was to change the
averaging period from 5 to 4 years, and change the income increase
threshold from 120% to 140%.

	{ihnp4,ucbvax!amd70,hpda,sri-unix,harpo}!fortune!mbr

ajs@hpfcla.UUCP (04/11/84)

> If you take a tax exemption this year, you might not be able to income
> average for the next four years, which can hurt you much more than paying
> taxes now.

I don't get it.  If I take the exemption now, how does that prevent
me from income averaging?  If it reduces my current taxable income, it
should make it EASIER to average in the future, no?

Alan Silverstein