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Thread: A tax question

  1. #26
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    Overall we did well this year.

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    Very Active Member Tango's Avatar
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    People are getting less taxes taken out of their payroll check every month. That's the issue I see. And the standard deduction went up to $25,000 if you use the short form 1040. It's $26,000 if both of you are over 65. If all you deductions are less than $25,000, you are better off using the standard deduction. Tom
    Baloo is my name. Spyders are my game. Well, it's a doo-bah-dee-doo, yes, it's a doo-bah-dee-doo, I mean a doo-bee, doo-bee, doo-bee, doo-bee, doo-bee-dee-doo. And, well, now. Ha ha! What have we here?



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    Quote Originally Posted by Saluda View Post
    Overall we did well this year.
    Who is "we" ??

    Lowering your income while increasing your deficit spending is not my definition of "doing well".
    Not for an individual OR for the Government.

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    Quote Originally Posted by Tango View Post
    if you use the short form 1040.
    My tax preparer told me that there are no "short forms" anymore.
    And since that is my wife, I am obliged to believe her.

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    Quote Originally Posted by Easy Rider View Post
    My tax preparer told me that there are no "short forms" anymore.
    And since that is my wife, I am obliged to believe her.
    I don't know if I'd call it a short form; but, the 1040 is now a lot shorter with the fill ins to determine how much you owe or are owed. I'm just one of those lazy people that lets my state tax return pay what I owe on the federal; it's just a wash.

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    Quote Originally Posted by Easy Rider View Post
    Who is "we" ??

    Lowering your income while increasing your deficit spending is not my definition of "doing well".
    Not for an individual OR for the Government.
    N.O.Y.B. I'll rephrase that, we did great !

  7. #32
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    Quote Originally Posted by wyliec View Post
    I don't know if I'd call it a short form; but, the 1040 is now a lot shorter with the fill ins to determine how much you owe or are owed. I'm just one of those lazy people that lets my state tax return pay what I owe on the federal; it's just a wash.
    I am a volunteer tax preparer with the VITA - Volunteer Income Tax Assistance - program in Wichita Falls (sponsored by United Way) and the IRS really did tax preparers a favor when they changed the 1040. You see, the form itself is a single page now …. BUT, and this is a BIG BUT, there are now SIX schedules that feed the 1040. So, since tax preparers charge by the schedule / form (in general, anyway), they can now charge more to prepare even the most simple of returns. This is where programs like VITA really help those that simply cannot afford a couple hundred dollars to prepare their taxes -- we do it for free (and being in Wichita Falls, a good portion of our clients are military … many retired from Sheppard Air Force Base).

    So, in general …. except for those whose itemized deductions were severely cut (like the 10K cap on property tax deductions), I am finding that MOST people really did get a tax cut. The lowered amount withheld has caught some by surprise, but as pointed out above …. it is your total tax burden vs. income year to year that really shows if you received a tax cut.

    Personally, I am happy to owe a few hundred dollars as that means I had use of MY money and not the federal government (for free, they don't pay any interest on the money you get back).

    All the best ….. Ann
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  8. #33
    Very Active Member Tango's Avatar
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    The single page 1040 is your "short" form. If you go beyond it, it is no longer a "short" form. The more forms you need to fill out. The more you will pay for it. Here in Fl. they really rip you off with charges. Tom
    Baloo is my name. Spyders are my game. Well, it's a doo-bah-dee-doo, yes, it's a doo-bah-dee-doo, I mean a doo-bee, doo-bee, doo-bee, doo-bee, doo-bee-dee-doo. And, well, now. Ha ha! What have we here?



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    I have been using Turbo Tax for years. Just answer the questions, fill in the numbers, and it chugs the final numbers for you. $50 gets most taxes done right. You do not need to spend hundreds for a professional or pseudo professional to do it for you.

    H & R Block, Jackson Hewitt (ooops we blew it), all pick up their tax "experts" from the street. They put them through a class, give them a pitch on how to increase the "take" via loans, etc. It's almost like buying a car. Buyer beware.

    H & R and JH are also all computer generated. They enter and the program chugs the numbers.
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  10. #35
    Very Active Member Tango's Avatar
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    Turbo Tax for us next year. Might also look into AARP. They do it for free also. Tom
    Baloo is my name. Spyders are my game. Well, it's a doo-bah-dee-doo, yes, it's a doo-bah-dee-doo, I mean a doo-bee, doo-bee, doo-bee, doo-bee, doo-bee-dee-doo. And, well, now. Ha ha! What have we here?



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    I have used TurboTax for several years for our own tax return -- and ours is NOT simple. We have a farm (Sched F), I have a small consulting business (Sched C), we have income from royalties (Sched E) as well as capital gains / losses from an inherited portfolio (Sched D), and up until this year itemized deductions (Sched A) - a real alphabet soup of tax forms. Still, for the most part, it is plug in the numbers and let TT do the rest. It is this complex return that is the reason the woman running the VITA program wanted me to volunteer … she has been after me for about 4 years. VITA is actually using SW developed for / by the IRS and there are some restrictions -- no farm, a cap on business income, very limited depreciation capabilities, and a few others. My biggest challenge has been dealing with unfamiliar SW; the tax return prep is not that difficult and every return is reviewed by an experienced volunteer for accuracy (some have been with the program in excess of 20 years).

    So, I agree with above about certain tax preparation outfits that are in it for the money. Since VITA is all volunteer, uses "IRS" software, has a long track record of properly prepared returns, and is non-profit …. I have a high degree of confidence in the service provided (many of our clients return year after year, so they must be pleased with the service as well).

    All the best …. Ann
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    Quote Originally Posted by JerryB View Post
    Hi Rogue Hawk,

    Re: did we get a tax cut?

    In a word: No

    Jerry Baumchen
    In another word: YES!!
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    Quote Originally Posted by Tango View Post
    The more forms you need to fill out. The more you will pay for it. Here in Fl. they really rip you off with charges.
    What do you do for a living ? (or did, if you are retired?)

    Does the amount you charge for YOUR services constitute a "rip off" ??

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    Quote Originally Posted by Bob Denman View Post
    In another word: YES!!
    In yet another word: Maybe.

    Have either of you ever seen the tax code? It's hundreds of pages long. There is a word for this: Complicated.
    I get really sick and tired of people acting like complicated subjects are simple. They're NOT.
    It's entirely possible for one person to get a tax cut and another NOT to get a tax cut. It depends ENTIRELY on your personal situation.

    Both of you: Stop dumbing things down! One size does NOT fit all! Sheesh!
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  15. #40
    Very Active Member Tango's Avatar
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    Quote Originally Posted by Easy Rider View Post
    What do you do for a living ? (or did, if you are retired?)

    Does the amount you charge for YOUR services constitute a "rip off" ??
    I needed a few forms filled out. She(local Florida) charged me $360. Last year in PA.. I had several pages of stock sales and buys. and my preparer charged me $180. My sister also in Florida, same person, paid $380. They sold their house. Why was it double in Florida for less work? Tom
    Baloo is my name. Spyders are my game. Well, it's a doo-bah-dee-doo, yes, it's a doo-bah-dee-doo, I mean a doo-bee, doo-bee, doo-bee, doo-bee, doo-bee-dee-doo. And, well, now. Ha ha! What have we here?



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