OT - Standard Deduction, or Itemized Deductions

DMW

Just curious, what do you do when filing federal income tax, standard deduction, or do you itemize?

theyolksonyou

Let turbotax guide me.

Ozzie_Isaac

Taxes?  My PA handles such mundanities.

theyolksonyou

Ozzie_Isaac said:

Taxes?  My PA handles such mundanities.

You have a public announcer?  What's your walk up music?

Ozzie_Isaac

theyolksonyou said:

Ozzie_Isaac said:

Taxes?  My PA handles such mundanities.

You have a public announcer?  What's your walk up music?

Personal assistant.... however, I do have walk up music.  Little Sheba by 38 Special

Gulfcoastguy

Until last year I did TurboTax. It usually works out standard deduction. But last year was half working and half retired so I paid a service.....and had to tell them state tax law on pensions and about federal tax credits.

DoubleEgger

Itemize 

lousubcap

I go with a firm that enabled me to use a liberal interpretation of home owner and residence requirements for a home sale long before what he sorted out was subsequently codified by the IRS.  Needless to say, this firm is not local but it doesn't matter.  I'm in for the duration.
Now to answer the specific question, run the numbers both ways and go with that which is in your best interest.   
Edit:  Little early for this as I would have looked for it in late Dec/early Jan to set the scene, but I don't have any reasonable access to a Sheetz   

RRP

I first started doing tax returns in 1966 when I was a young buck in public accounting. At that time I always WISHED that someday I would make the kind of money that those "well heeled" clients made. With that said I have been and have stayed a "somewhat knowledgeable" individual all these years. 

As for itemizing or standard deduction it really boils down to whether or not you have debt - such as a mortgage, credit card interest and other WEALTH drains! - Once you are free of paying out INTEREST to others then the standard deduction is your best method...unless you THINK you have some legally allowable tax scheme using business depreciation and deletion allowances. 

Spaightlabs

Nice try Narc.  I ain't saying chit

DMW

RRP said:

I first started doing tax returns in 1966 when I was a young buck in public accounting. At that time I always WISHED that someday I would make the kind of money that those "well heeled" clients made. With that said I have been and have stayed a "somewhat knowledgeable" individual all these years. 

As for itemizing or standard deduction it really boils down to whether or not you have debt - such as a mortgage, credit card interest and other WEALTH drains! - Once you are free of paying out INTEREST to others then the standard deduction is your best method...unless you THINK you have some legally allowable tax scheme using business depreciation and deletion allowances. 

I can see that. Property mortgage interest, state and local property tax, dependent deductions, and charitable giving make itemized a no-brainer decision for me.

DoubleEgger

Credit card interest hasn't been tax deductible for decades. 

JohnInCarolina

RRP said:

I first started doing tax returns in 1966 when I was a young buck in public accounting. At that time I always WISHED that someday I would make the kind of money that those "well heeled" clients made. With that said I have been and have stayed a "somewhat knowledgeable" individual all these years. 

As for itemizing or standard deduction it really boils down to whether or not you have debt - such as a mortgage, credit card interest and other WEALTH drains! - Once you are free of paying out INTEREST to others then the standard deduction is your best method...unless you THINK you have some legally allowable tax scheme using business depreciation and deletion allowances. 

Lot of “wisdom” here for those willing to LISTEN.

stlcharcoal

Itemize.....always.  A good accountant pays for themselves 10x just in a year.  Probably 1000x or more over the course of your life if those savings are invested.  This company was started as a deduction generator......in an unexpected turn of events, it became successful.  Damn!

DoubleEgger

JohnInCarolina said:

RRP said:

I first started doing tax returns in 1966 when I was a young buck in public accounting. At that time I always WISHED that someday I would make the kind of money that those "well heeled" clients made. With that said I have been and have stayed a "somewhat knowledgeable" individual all these years. 

As for itemizing or standard deduction it really boils down to whether or not you have debt - such as a mortgage, credit card interest and other WEALTH drains! - Once you are free of paying out INTEREST to others then the standard deduction is your best method...unless you THINK you have some legally allowable tax scheme using business depreciation and deletion allowances. 

Lot of “wisdom” here for those willing to LISTEN.

His analysis doesn't take into consideration a person's occupation. Not everyone sits behind a desk at the bank all day. 

JohnInCarolina

DoubleEgger said:

JohnInCarolina said:

RRP said:

I first started doing tax returns in 1966 when I was a young buck in public accounting. At that time I always WISHED that someday I would make the kind of money that those "well heeled" clients made. With that said I have been and have stayed a "somewhat knowledgeable" individual all these years. 

As for itemizing or standard deduction it really boils down to whether or not you have debt - such as a mortgage, credit card interest and other WEALTH drains! - Once you are free of paying out INTEREST to others then the standard deduction is your best method...unless you THINK you have some legally allowable tax scheme using business depreciation and deletion allowances. 

Lot of “wisdom” here for those willing to LISTEN.

His analysis doesn't take into consideration a person's occupation. Not everyone sits behind a desk at the bank all day. 

I think you mean “occupation”.

lousubcap

I would offer that occupation has nothing to do with the IRS.  For you and the IRS it's all about $$ and how you can maximize that which you deserve to keep.  

HeavyG

I'm a Sovereign Citizen so I don't pay taxes.

Woodchunk

Standard
i have several 1cent postcards so I am set for several years

DMW

HeavyG said:

I'm a Sovereign Citizen so I don't pay taxes.

I need to know more about this.

JohnInCarolina

HeavyG said:

I'm a Sovereign Citizen so I don't pay taxes.

Very interesting.  Do you have some kind of newsletter I can subscribe to?

Ozzie_Isaac

DMW said:

HeavyG said:

I'm a Sovereign Citizen so I don't pay taxes.

I need to know more about this.

Wesley Snipes was a sovereign citizen too.

DMW

JohnInCarolina said:

HeavyG said:

I'm a Sovereign Citizen so I don't pay taxes.

Very interesting.  Do you have some kind of newsletter I can subscribe to?

You are the sort that would subscribe to newsletters...

YukonRon

DMW said:

JohnInCarolina said:

HeavyG said:

I'm a Sovereign Citizen so I don't pay taxes.

Very interesting.  Do you have some kind of newsletter I can subscribe to?

You are the sort that would subscribe to newsletters...

The foil protector looks bush league at best. You want to borrow mine, it works great...

DMW

YukonRon said:

DMW said:

JohnInCarolina said:

HeavyG said:

I'm a Sovereign Citizen so I don't pay taxes.

Very interesting.  Do you have some kind of newsletter I can subscribe to?

You are the sort that would subscribe to newsletters...

The foil protector looks bush league at best. You want to borrow mine, it works great...

It was bigly

DoubleEgger

lousubcap said:

I would offer that occupation has nothing to do with the IRS.  For you and the IRS it's all about $$ and how you can maximize that which you deserve to keep.  

Of course it does. People in sales, small business owners (sole proprietorships, llc with pass through taxation etc) have a lot more deductions than your typical office/straight salary folks. 

Eggcelsior

JohnInCarolina said:

HeavyG said:

I'm a Sovereign Citizen so I don't pay taxes.

Very interesting.  Do you have some kind of newsletter I can subscribe to?

Only problem is you have to sign everything in blood. Chronic anemia is no laughing matter.

RRP

DoubleEgger said:

JohnInCarolina said:

RRP said:

I first started doing tax returns in 1966 when I was a young buck in public accounting. At that time I always WISHED that someday I would make the kind of money that those "well heeled" clients made. With that said I have been and have stayed a "somewhat knowledgeable" individual all these years. 

As for itemizing or standard deduction it really boils down to whether or not you have debt - such as a mortgage, credit card interest and other WEALTH drains! - Once you are free of paying out INTEREST to others then the standard deduction is your best method...unless you THINK you have some legally allowable tax scheme using business depreciation and deletion allowances. 

Lot of “wisdom” here for those willing to LISTEN.

His analysis doesn't take into consideration a person's occupation. Not everyone sits behind a desk at the bank all day. 

Fine! I wasn't trying to be an expert now and actually I haven't sat behind a desk for quite a few years now - I was merely reciting an often misunderstood NON-deduction that all too often SOME people pass off as "oh well, that interest will save me on my taxes". Obviously you are more well versed! Good night.

HeavyG

JohnInCarolina said:

HeavyG said:

I'm a Sovereign Citizen so I don't pay taxes.

Very interesting.  Do you have some kind of newsletter I can subscribe to?

Our newsletter is only available to members that make the minimum monthly "seed faith gift" of 0.00345 Bitcoin.

Before one can become a member they need to attend one of our meetings. We usually meet in a clearing in the woods. Most members wear their white hooded costumes but that is not expected of potential recruits. Post your public PGP key and I'll send you an invite/details for our next meeting.

Oh...probably best to not watch the movie "Deliverance" in the week or two preceding the meeting.

JNDATHP

Standard deduction because we have no mortgage interest, are not on our death beds (medical over 10% of AGI) and live in a no income tax state.

bgebrent

I tell my Jewish-Italian accountant to take care of it. No idea how long until sentencing.