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Thread: Tax time

  1. #51
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    Quote Originally Posted by Dantheman View Post
    Rich people with gigantic mortgages.
    and upper middle class LDS tithers every other year

  2. #52
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    Quote Originally Posted by bigdude2468 View Post
    Here is what the Tax Foundation says about the number of filers who itemize. I think the important thing to note is pre tax reform 30% of filers itemized. I am not saying it is not a significant drop but 70% of filers never itemized.

    We estimate about 13.7 percent of taxpayers will itemize in 2019. This is more than 17 percentage points lower than it would have been in 2019 under pre-TCJA law.

    I understand the angst about the limit on state and local tax deductions. States that do not have an income tax (that is not me) have been getting the short end of the stick for years. There was a time that filers could take a sales tax deduction based on your income and the amount of sales tax (%) that your state charged. The states that do not have income tax fund their operations somehow, my guess is through other taxes. States that charge high sales tax deny their residents an opportunity to take a deduction.
    Property or sales tax. Property was and is to an extent deductible. Iím an itemizer due to mortgage and solar purchase. refund will be going to purchase either battery backup for the house or a generator.

    I was explaining to my parents how Cush their generation has it. They benefited from defined benefit pensions, mostly bought property before the massive booms, paid little for college, will collect in full on SS and Medicare, and leave us with a massive national debt and climate debt. Now that all their tax deductions are gone they get this massive standard deduction. My Dads response, ďwell I did have to put your ass through college.Ē . Thanks pops.

  3. #53
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    The standard deduction increase for married filing jointly was $11,700. Even at the marginal tax rate of 22% (tax bracket $77,401 - $165,000) the reduction in taxes would be $2,574. That's a nice sum but don't think it qualifies as massive. My wife and I are 70, we both lost our defined benefit pensions in the 90's. Unless you are a public employee most pensions are long gone. The two I have pay me a total of $600 per month, that's not how we survive. My wife was cashed out from her employer plan. After working there 15 years $30K went into a 403B. Also don't forget that the personal exemptions were eliminated which was $4,050 per person. This offset some of the standard deduction.

  4. #54
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    My accountant is now slinging mutual funds with the ex car salesmen and trust funders.

    I still pay him $400 a yr though because his wife left him for a dentist.


    Sent from my iPhone using TGR Forums

  5. #55
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    Quote Originally Posted by Cono Este View Post
    My accountant is now slinging mutual funds with the ex car salesmen and trust funders.

    I still pay him $400 a yr though because his wife left him for a dentist.


    Sent from my iPhone using TGR Forums
    Left an accountant for a dentist, huh? Really going for the thrills.

  6. #56
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    Saved $120 with freetaxusa. Thanks for the tip

  7. #57
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    just spent an hour going through my taxes yesterday w the money people
    I had to be all alert and act like I knew what they were saying and explaining
    the whole time i was thinking about pussy and skiing
    and now today I have to review the pages and pages of bs it's like I'm going to get a quiz on friday because they want me to understand how it all works
    form 1120s form k form 8990 2210 jesus christ
    I better pull a tube it might all make sense better

  8. #58
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    Quote Originally Posted by fastfred View Post
    the whole time i was thinking about pussy and skiing
    Dude we know.

    Quote Originally Posted by fastfred View Post
    and now today I have to review the pages and pages of bs it's like I'm going to get a quiz on friday because they want me to understand how it all works form 1120s form k form 8990 2210 jesus christ I better pull a tube it might all make sense better
    we just want you to agree with the damn thing so that later when yer audited and fucked because you can't substantiate something, because you were dreaming about skiing; that you don't go all postal on us.
    "Can't you see..."

  9. #59
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    Quote Originally Posted by Marshall Tucker View Post


    we just want you to agree with the damn thing so that later when yer audited and fucked because you can't substantiate something, because you were dreaming about skiing; that you don't go all postal on us.
    do you work for the irs?
    been audited before couple times never went postal just went with the flow and did what they told me
    it's not that hard, just pain in the ass

  10. #60
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    Quote Originally Posted by fastfred View Post
    form 1120s form k form 8990 2210 jesus christ
    I better pull a tube it might all make sense better
    Hahaha!

  11. #61
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    Quote Originally Posted by fastfred View Post
    do you work for the irs?
    Nah; after a really good run and good $$ with large co tax the last 30 years I'm workin for a small local cpa firm now. We're your advocate. Usually when they are putting you sleep it's because they need you to decide on smothin they don't feel confortable deciding on their damn selves.

    Now that you mention it in corp tax we were large case 100% audit coverage. Had really good IRS relationships, but they seemed to throw, with one glaring exception, good people at us.

    / carryon.
    "Can't you see..."

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