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OT - Standard Deduction, or Itemized Deductions

DMW
DMW Posts: 13,836
in Off Topic
Just curious, what do you do when filing federal income tax, standard deduction, or do you itemize?
They/Them
Morgantown, PA

XL BGE - S BGE - KJ Jr - HB Legacy - BS Pizza Oven - 30" Firepit - King Kooker Fryer -  PR72T - WSJ - BS 17" Griddle - XXL BGE  - BS SS36" Griddle - 2 Burner Gasser - Pellet Smoker
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  • theyolksonyou
    theyolksonyou Posts: 18,459
    Let turbotax guide me.
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  • Ozzie_Isaac
    Ozzie_Isaac Posts: 21,673
    Taxes?  My PA handles such mundanities.

    I would rather light a candle than curse your darkness.

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  • theyolksonyou
    theyolksonyou Posts: 18,459
    Ozzie_Isaac said:
    Taxes?  My PA handles such mundanities.
    You have a public announcer?  What's your walk up music?
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  • Ozzie_Isaac
    Ozzie_Isaac Posts: 21,673
    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

    I would rather light a candle than curse your darkness.

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  • Gulfcoastguy
    Gulfcoastguy Posts: 7,335
    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.
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  • DoubleEgger
    DoubleEgger Posts: 19,173
    Itemize 
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  • lousubcap
    lousubcap Posts: 36,791
    edited October 2017
    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  ;) 
    Louisville; Rolling smoke in the neighbourhood.  Life is too short for light/lite beer!  Seems I'm livin in a transitional period. CHEETO (aka Agent Orange) makes Nixon look like a saint.  
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  • RRP
    RRP Posts: 26,455
    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. 


    Re-gasketing the USA one yard at a time 
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  • Spaightlabs
    Spaightlabs Posts: 2,349
    Nice try Narc.  I ain't saying chit
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  • DMW
    DMW Posts: 13,836
    edited October 2017
    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.
    They/Them
    Morgantown, PA

    XL BGE - S BGE - KJ Jr - HB Legacy - BS Pizza Oven - 30" Firepit - King Kooker Fryer -  PR72T - WSJ - BS 17" Griddle - XXL BGE  - BS SS36" Griddle - 2 Burner Gasser - Pellet Smoker
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  • DoubleEgger
    DoubleEgger Posts: 19,173
    edited October 2017
    Credit card interest hasn't been tax deductible for decades. 
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  • JohnInCarolina
    JohnInCarolina Posts: 34,735
    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.
    "I've made a note never to piss you two off." - Stike

    "The truth is, these are not very bright guys, and things got out of hand." - Deep Throat
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  • stlcharcoal
    stlcharcoal Posts: 4,759
    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!
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  • DoubleEgger
    DoubleEgger Posts: 19,173
    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. 
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  • JohnInCarolina
    JohnInCarolina Posts: 34,735
    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”.
    "I've made a note never to piss you two off." - Stike

    "The truth is, these are not very bright guys, and things got out of hand." - Deep Throat
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  • lousubcap
    lousubcap Posts: 36,791
    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.  
    Louisville; Rolling smoke in the neighbourhood.  Life is too short for light/lite beer!  Seems I'm livin in a transitional period. CHEETO (aka Agent Orange) makes Nixon look like a saint.  
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  • HeavyG
    HeavyG Posts: 10,380
    I'm a Sovereign Citizen so I don't pay taxes.
    “Reality is that which, when you stop believing in it, doesn't go away.” ― Philip K. Diçk




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  • Woodchunk
    Woodchunk Posts: 911
    Standard
    i have several 1cent postcards so I am set for several years ;)
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  • DMW
    DMW Posts: 13,836
    HeavyG said:
    I'm a Sovereign Citizen so I don't pay taxes.
    I need to know more about this.
    They/Them
    Morgantown, PA

    XL BGE - S BGE - KJ Jr - HB Legacy - BS Pizza Oven - 30" Firepit - King Kooker Fryer -  PR72T - WSJ - BS 17" Griddle - XXL BGE  - BS SS36" Griddle - 2 Burner Gasser - Pellet Smoker
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  • JohnInCarolina
    JohnInCarolina Posts: 34,735
    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?
    "I've made a note never to piss you two off." - Stike

    "The truth is, these are not very bright guys, and things got out of hand." - Deep Throat
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  • Ozzie_Isaac
    Ozzie_Isaac Posts: 21,673
    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.

    I would rather light a candle than curse your darkness.

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  • DMW
    DMW Posts: 13,836
    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...

    They/Them
    Morgantown, PA

    XL BGE - S BGE - KJ Jr - HB Legacy - BS Pizza Oven - 30" Firepit - King Kooker Fryer -  PR72T - WSJ - BS 17" Griddle - XXL BGE  - BS SS36" Griddle - 2 Burner Gasser - Pellet Smoker
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  • YukonRon
    YukonRon Posts: 17,261
    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...
    "Knowledge is Good" - Emil Faber

    XL and MM
    Louisville, Kentucky
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  • DMW
    DMW Posts: 13,836
    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
    They/Them
    Morgantown, PA

    XL BGE - S BGE - KJ Jr - HB Legacy - BS Pizza Oven - 30" Firepit - King Kooker Fryer -  PR72T - WSJ - BS 17" Griddle - XXL BGE  - BS SS36" Griddle - 2 Burner Gasser - Pellet Smoker
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  • DoubleEgger
    DoubleEgger Posts: 19,173
    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. 
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  • Eggcelsior
    Eggcelsior Posts: 14,414
    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.
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  • RRP
    RRP Posts: 26,455
    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.

    Re-gasketing the USA one yard at a time 
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  • HeavyG
    HeavyG Posts: 10,380
    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.
    “Reality is that which, when you stop believing in it, doesn't go away.” ― Philip K. Diçk




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  • JNDATHP
    JNDATHP Posts: 461
    edited October 2017
    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.

    Michael
    Large BGE
    Reno, NV
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  • bgebrent
    bgebrent Posts: 19,636
    I tell my Jewish-Italian accountant to take care of it. No idea how long until sentencing. 
    Sandy Springs & Dawsonville Ga
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