OT - Standard Deduction, or Itemized Deductions

JRWhitee

@bgebrentwe may have the same accountant? 

etherdome

I do whatever circumstances warrant. If family has over $12,700 in deductions then we itemize. If not, we happily take the standard. Honestly there really  is no decision here. 

northGAcock

bgebrent said:

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

It will be big. You are being closely watched after that intentional boat number scheme and obvious slight of hand moves with your alleged cooks. Be careful....be very very careful.

pgprescott

I’m not sure I learned much except @DoubleEgger is a first class, well, you know. 

DoubleEgger

pgprescott said:

I’m not sure I learned much except @DoubleEgger is a first class, well, you know. 

Just responding to yet another ignorant statement by Ron. 

Everyone who itemizes isn't drowning in debt as Ron implied.  That's simply an ignorant statement. 

YukonRon

pgprescott said:

I’m not sure I learned much except @DoubleEgger is a first class, well, you know. 

I try not to take exception to the comments made occasionally in this room, as I never can be certain whether they be in jest, or real.
However, should this comment be derogatory, I will do so now.
First of all, you are making a baseless and moronic assumption about @DoubleEgger.
I know Michael. He is first class in a manner you can't possibly understand.
He is amongst the first to help out in any cause, and provides practical, logical information to those in need.
You want to call somebody a first class ass hole, you start with me. I deserve it on every level you got.
Michael does nether care about or need opinions from you about him.
You are wrong here.
Peace.

Woodchunk

I will be looking for the drama edition of turbo tax

YukonRon

Woodchunk said:

I will be looking for the drama edition of turbo tax

I have every version released. I especially enjoy the action/thriller series which absolved you from any tax liability and calls you a hero when printed.

Ozzie_Isaac

YukonRon said:

Woodchunk said:

I will be looking for the drama edition of turbo tax

I have every version released. I especially enjoy the action/thriller series which absolved you from any tax liability and calls you a hero when printed.

My personal favorite are the historical period pieces.  It sends me all of your taxes.

lousubcap

Suffice to say several years ago I had to file a petition in the US Tax Court and eventually involve my congressman to reach a settlement with the IRS.  Yes, it was quite a ride.  Since I have paid interest and interest on penalties I feel I have done my part for the debt.  
Just do whatever to keep what you deserve.  

JohnInCarolina

YukonRon said:

pgprescott said:

I’m not sure I learned much except @DoubleEgger is a first class, well, you know. 

I try not to take exception to the comments made occasionally in this room, as I never can be certain whether they be in jest, or real.
However, should this comment be derogatory, I will do so now.
First of all, you are making a baseless and moronic assumption about @DoubleEgger.
I know Michael. He is first class in a manner you can't possibly understand.
He is amongst the first to help out in any cause, and provides practical, logical information to those in need.
You want to call somebody a first class ass hole, you start with me. I deserve it on every level you got.
Michael does nether care about or need opinions from you about him.
You are wrong here.
Peace.

I would like to agree with most of this post but disagree with two sentences in the middle.  That does not appear to be an option.  

Eoin

lousubcap said:

Suffice to say several years ago I had to file a petition in the US Tax Court and eventually involve my congressman to reach a settlement with the IRS.  Yes, it was quite a ride.  Since I have paid interest and interest on penalties I feel I have done my part for the debt.  
Just do whatever to keep what you deserve.  

I tried arguing with HMRC here about their interpretation of the rules once. After a while I concluded that they would never give up and it was cheaper to pay and set about earning the money back rather than arguing. Unless you are big enough to afford better lawyers than the revenue, it's hard to fight them.

pgprescott

YukonRon said:

pgprescott said:

I’m not sure I learned much except @DoubleEgger is a first class, well, you know. 

I try not to take exception to the comments made occasionally in this room, as I never can be certain whether they be in jest, or real.
However, should this comment be derogatory, I will do so now.
First of all, you are making a baseless and moronic assumption about @DoubleEgger.
I know Michael. He is first class in a manner you can't possibly understand.
He is amongst the first to help out in any cause, and provides practical, logical information to those in need.
You want to call somebody a first class ass hole, you start with me. I deserve it on every level you got.
Michael does nether care about or need opinions from you about him.
You are wrong here.
Peace.

The fact that you deduced this as “the” option speaks to the point. I offered nothing more than the previous content and an open ended statement that if the previous content were not as it is, could have been interpreted many different ways. Of course you being able to read and of above intelligence, were easily able to put the correct answer together. Sorry. 

Focker

Come on Pete, he bought me a bottle of rub once, which exceeds my definition of a great man. 

"First class in a manner you can't understand."
LMFAO

ColtsFan

Not married, No kids, 2 mortgages, donations, work related expenses, home office and I still struggle to beat out the standard deduction. 

Legume

ColtsFan said:

Not married, No kids, 2 mortgages, donations, work related expenses, home office and I still struggle to beat out the standard deduction. 

Find some kids.

Eoin

Legume said:

ColtsFan said:

Not married, No kids, 2 mortgages, donations, work related expenses, home office and I still struggle to beat out the standard deduction. 

Find some kids.

No tax deduction can make up for the cost of children.

lousubcap

@ColtsFan - You many want to find a good tax person as your situation sounds like itemizing would be the obvious choice.  
Disclaimer: no tax wizard here.  

fishlessman

well this thread is disturbing, have always been able to itemize, i owe too much to get by.  scribbling some quick math, i could sell the house, put 200k from it in the bank, keep the mortgage on the camp, and keep living the same dream on 15288.00 per year take home and just take the personal deduction with money back. and no friggin stress

HeavyG

No worries @fishlessman,  what with Trumpsterfire's new tax cuts aren't we all getting YUGE refunds anyway? 

fishlessman

HeavyG said:

No worries @fishlessman,  what with Trumpsterfire's new tax cuts aren't we all getting YUGE refunds anyway? 

and raises

fishlessman

HeavyG said:

No worries @fishlessman,  what with Trumpsterfire's new tax cuts aren't we all getting YUGE refunds anyway? 

im just hoping i can still declare 8 dependents  during the year and still break even after taxes. my interest and tax payments are YUGE with the camps.

thetrim

I am Al Sharpton.  I don't pay any taxes.

fishlessman

those new tax calculators eliminating salt deductions is going to put me back about 10 twelve packs a year. how many others in the 12% tax bracket going to get hurt by this, guess we could include the other brackets as well

Raymont

A tax professional would cost you $300-$500 for personal. I think they are worth it, but each year I also personally evaluate what changed in my life. If no changes - similar income, etc, then maybe you skip and do it yourself using last years return as template. If big changes (home sale/purchase, marriage, kids, then I for sure want a professional.  At a minimum the tax professional evaluates how close you are to itemizing being beneficial (they have computer software).  Also, there is a benefit to having accountant submit.. they are on the hook too if audited. Also advice - don't go with big city accountant.. way overpriced. Find a nice local down home gal/guy.

Woodchunk

Who would have thought that postcards are back