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Topic: In other news ...

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Mdot21

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Re: In other news ...
« Reply #15862 on: April 20, 2022, 10:15:41 PM »
Tesla Solar Roof Review: 2021 Pros & Cons - Unbound Solar
Tesla Solar Roof Review: 2021 Pros & Cons - Unbound Solar

The promise, which I never believed, is these would cost the same as a regular roof, which is plenty expensive as it is. 
it's brand new. it will come down in price. eventually. 

847badgerfan

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Re: In other news ...
« Reply #15863 on: April 21, 2022, 07:09:33 AM »
This year business cost at restaurants was 100% deductible. 

Do you not think I pulled my credit card statements and recalled discussions of business at every charge of a restaurant?

Because.... I did....

Because... eff them. 

I dont mind paying taxes at all... but when my taxes are 150 to 175 pages every single year, there is a serious problem.  And yes, my taxes are that "complete" (to use the operative word in the findings of my last audit), and because... eff them, that's why. 

If the bastards offer $24.5k  for "married filing jointly" then there is at least $35k to be had conservatively itemizing.  And you're damn straight- I itemize like a mofo- because (wanna guess why?)...
We used to itemize but then we moved down here and there are no taxes to deduct. We also don't give $25K/year to charity anymore. Wife is on a fixed income now. I can't get to the standard deduction anymore, so F it.
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Cincydawg

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Re: In other news ...
« Reply #15864 on: April 21, 2022, 08:44:44 AM »
He can't itemize enough to reach the standard deduction, so he takes the latter.  So do I.

I pay a chunk in property tax.  They raised the standard deduction by almost 2x.  Most don't itemize now.

bayareabadger

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Re: In other news ...
« Reply #15865 on: April 21, 2022, 08:52:08 AM »
He can't itemize enough to reach the standard deduction, so he takes the latter.  So do I.

I pay a chunk in property tax.  They raised the standard deduction by almost 2x.  Most don't itemize now.
Yeah, I misread that. i’m pretty sure I’ve never itemized, a side effect of simply not spending that much money in the world (and not owning a house).

Cincydawg

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Re: In other news ...
« Reply #15866 on: April 21, 2022, 08:55:25 AM »
I itemized every year until the tax cuts became extant in 2018, I think it was.  If you owned a house, you could deduct mortgage interest, property tax, state income tax, and a few minor things and exceed the SD pretty easily.  The limit on SALT deductability became a factor in high income tax states, something Democrats claimed they would reverse, or raise to $80 K or something.

Dems are the party of the rich when they find it expedient.  I'm actually surprised they have not at least modified the "Trump tax cuts" yet.

Drew4UTk

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Re: In other news ...
« Reply #15867 on: April 21, 2022, 09:14:49 AM »
There are two big and one sizable softwares to use when you tackle taxes yourself.  Two of them, both big ones, we're sued and lost a class action suit some years ago by embedding "mistakes" that led to IRS advantage every single time. 

By then, I was married to the third.  I was married to it because importing the previous year was just too easy. 

As the IRS game goes, there may be $5 at the bottom of a stack of forms and you know it's there, but is it worth an hour of forms to get to? The answer is a resounding no.  With the software I used, however, it prepopulated all of those forms in between and made that adventure a five minute one.

Then, this company who made the software grew and became more popular.. over the years I notice forms aren't attached to it anymore.  You can still get them,  but you pretty much have to knkw they're there.  Importing helped for several years, but then that stopped amd made accessing them impossible... I figured they had been removed, but when I go to the IRS site and dig for them, there they are.  So... the question becomes how to get to them. 

You can't tell me this isn't by design and purposely done.  So, don't try.

So of I add a form to the return, even if by entering the form name/number, and it will still prompt for the forms required to "get to" the targeted form.  So.. I manually enter them now because the auto population (including name and social) is no longer there. 

There is no way this isn't by design and by some pretty heavy collaboration between that company and the IRS. 

However....

I was audited in 2008 because I "missed" a 1099 for selling some stocks... they weren't my stocks, they were me ex wife's.  She tried to slip that past.  I didn't catch it, as I didn't even know she owned them- the IRS caught them quickly.  And issued an audit. 

Turns out her dumb ass lost money on those shares, and once I proved to the IRS the shares didn't fall from the sky in her (our) possession and that she paid for them with post tax dollars, all was well.  I was using the software way back then, too.  The meeting in Philly which I was represented in resulted in an adjustment in my favor and a response that my taxes were "as complete as they had ever seen"... I took that as encouragement. 

I was audited two years ago too... this time the state got me for $5k... bastards... the agent and I had words- strong words- and he ended up "filing my taxes for me", and didn't allow a single receipt for material purchased as deduction from income... in affect making my margin 100%.  Much of the material was internet purchased and he said an email and/or credit card statement weren't legitimate receipts... well, hell, revenuer, they're the only receipts you get!! ....but that isn't where he nailed me. 

He nailed me by forcing me to amortize an expense which I wanted to claim in its entirety and all at once.  He said "that's what people do (amortize)"... I asked "where does it say I HAVE to?"... it doesn't say I have to, anywhere.. it cost me up front and I wanted to deduct it, in whole, the same year... he wouldn't let me because "that's not what people do".  I THINK I could have made a stink out of it and filed the way I wanted to, but... that would have led to many years of extreme scrutiny I have no doubt- and thats because that's how those bastards work.  So.  I ate it.  And, I have two more years left to amortize what he wouldn't let me take all at once at a rate of $12.5k every year.

That alone makes taking the standard disadvantageous. 

longhorn320

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Re: In other news ...
« Reply #15868 on: April 21, 2022, 10:06:28 AM »
There are two big and one sizable softwares to use when you tackle taxes yourself.  Two of them, both big ones, we're sued and lost a class action suit some years ago by embedding "mistakes" that led to IRS advantage every single time. 


so what is your opinion on turbo tax

is it good or bad or in between
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MrNubbz

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Re: In other news ...
« Reply #15869 on: April 21, 2022, 10:15:08 AM »

By then, I was married to the third.  I was married to it because importing the previous year was just too easy. 

I thought you were talking about wives,thinking you better be itemizing and lawyering up






Suburbia:Where they tear out the trees & then name streets after them.

MrNubbz

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Re: In other news ...
« Reply #15870 on: April 21, 2022, 10:20:32 AM »
I was audited two years ago too... this time the state got me for $5k....
bastards....the agent :violent-smiley-007: and I had words- strong words
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Riffraft

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Re: In other news ...
« Reply #15871 on: April 21, 2022, 11:00:35 AM »
I always have been very conservative on my tax return.  Im not saying I think thats for everyone.  I just did not want to have to deal with the IRS in an audit.

I represented one of my ex bosses one time when the IRS sent him notice they were going to conduct a 'Line Audit' on him.  Which means they make you support every line on your return.  OH joy.  They even make you explain every item that hits your 12 months of bank statements.  Good news though he came out clean except for not declaring a gun he sold for $500.  So they zapped him for that but nothing else.  Made me look pretty good so I was happy.

Anyway I decided a long time ago to be on the concervative side and so far it has served me well.
I go conservative on my taxes because I don't want to lose my CPA credentials. It drives my wife crazy paying every year.  As I tell her then retirement so we no longer have to deal with RSUs, stock options, etc. and can actually take college tuition credits, make a deductible contribution to IRAs, etc.

Personally we are in the gap area, where we cannot change out income to "non" income sources, but make enough money to lose many of the deductions. But as they say, I would rather pay taxes than not have the income.
« Last Edit: April 21, 2022, 11:34:53 AM by Riffraft »

847badgerfan

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Re: In other news ...
« Reply #15872 on: April 21, 2022, 11:23:53 AM »
Cruise ships are no longer allowed to dock in Venice, as of this month. The water is too high already. People are having to raise their doorways, and on one day while we were there, entire Piazza's were under water.





Lovely,romantic



U RAH RAH! WIS CON SIN!

longhorn320

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Re: In other news ...
« Reply #15873 on: April 21, 2022, 11:26:41 AM »
I go conservation on my taxes because I don't want to lose my CPA credentials. It drives my wife crazy paying every year.  As I tell her then retirement so we no longer have to deal with RSUs, stock options, etc. and can actually take college tuition credits, make a deductible contribution to IRAs, etc.

Personally we are in the gap area, where we can change out income to "non" income sources, but enough money to lose many of the deductions. But as they say, I would rather pay taxes than not have the income.
the only way you could lose your license from income tax filing is to do something illegal like fraud

just taking an aggressive approach wont get your license revoked

at least not here in Texas

They won't let me give blood anymore. The burnt orange color scares the hell out of the doctors.

Drew4UTk

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Re: In other news ...
« Reply #15874 on: April 21, 2022, 11:34:41 AM »
so what is your opinion on turbo tax

is it good or bad or in between
i wouldn't say its bad... i wouldn't say its good, either.  its one of those involved in the class action suit and lost.  the thing is, as if you were to hire a tax accountant/CPA to file your taxes, THEY get to pull up a chair and are in just as warm a pool as YOU are if you're audited.  It seems turbotax and H&R Block took the easy way out by basically disallowing certain actions to be taken- meaning your filings would be conservative no matter how you did them while using their software... unless you outright lied, that is- there is no help (and ought not be) for a liar. 

the software i use is tax act.  they used to have a great product, and it still isn't bad.. it's not 'good', but it's no better or worse than the other two heavyweights.  the only reason i still use it is because importing from previous years is SO easy- and because I import, when i compare previous filings to the current one i can find, easily, the forms missed during the "interview" process and add them.  Sometimes I get to use them, sometimes I don't.  

all i'm saying is there is a treasure trove of deductions just outside of view, and every year there is a honey pot.  there is zero chance those honey pots are accidental.  the honey pot this year is (seems to be) a 100% penny-for-penny deduction for business dinners so long as they were at a restaurant (apparently picking up a 1/4 of beef and tossing it in the smoker for a company party isn't claimable- ergo at least at that juncture).... and that is a pretty big deduction... i mean, legitimately, i claimed I think it was $1200 or thereabout with just that deduction- and it could have been more if i was to claim any dinner where business was mentioned, but legitimately and on meals that were arranged for business purposes, that's what I spent.... thing is, that's a 'honey pot' i found because it was within my area of reconnoiter... i'm sure (as in certain) there are more... and who knows about them?  I wager politicians do... big businesses who have a staff of tax attorneys do... cronies and gov't appointees.. ect... THEY know before anyone else and prepare accordingly and I'd stake my life on it. 

Riffraft

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Re: In other news ...
« Reply #15875 on: April 21, 2022, 11:37:33 AM »
the only way you could lose your license from income tax filing is to do something illegal like fraud

just taking an aggressive approach wont get your license revoked

at least not here in Texas


I understand that, but don't want to give the IRS the chance to interpret aggressive as fraud and then have to defend myself in tax court

 

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