Taxes

[gggg...@gmail.com]

Affected by gov't shutdown?

[ItsJoan NotJoann]

On Friday, January 4, 2019 at 6:32:03 PM UTC-6, gggg...@gmail.com wrote:
>
> Affected by gov't shutdown?
>

What type of taxes are you referring to?

[Beaver...@live.com]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

I have to find someone new to do my taxes and do an amended return for 2017. Having panic attacks over it for some reason.

[ItsJoan NotJoann]

On Friday, January 4, 2019 at 9:20:24 PM UTC-6, Beaver...@live.com wrote:
>
> I have to find someone new to do my taxes and do an amended return for 2017. Having panic attacks over it for some reason.
>

C.P.A.

[Beaver...@live.com]

That's who did it the last few years.

I wish the original owners of the company I worked for never sold, I think I would be happier making around minimum wage there than then all the stress of the 24/7 hustle even if I am making ten times more.

[Michael Black]

Isn't tax time all of 3 months away? I can't imagine this shutdown
lasting that long.

Michael

[The Real Bev]

Is your tax life too complex to use TurboTax or the HRBlock thing? Both
work fine. One year I persuaded my mom, who always used a CPA, to use
one of the programs. The only difference was that the CPA put some
foreign income in a different place, but the bottom lines were the same.

--
Cheers, Bev
The volume of a pizza of thickness 'a' and radius 'z'
is given by pi*z*z*a

[Beaver...@live.com]

I don't know.

[Dennis]

On Fri, 4 Jan 2019 23:24:44 -0800, The Real Bev <bashl...@gmail.com>
wrote:

>On 01/04/2019 07:20 PM, Beaver...@live.com wrote:
>> I have to find someone new to do my taxes and do an amended return
>> for 2017. Having panic attacks over it for some reason.
>
>Is your tax life too complex to use TurboTax or the HRBlock thing? Both
>work fine. One year I persuaded my mom, who always used a CPA, to use
>one of the programs. The only difference was that the CPA put some
>foreign income in a different place, but the bottom lines were the same.

Twice I have paid a professional to do my taxes, because I had some
new situation that I was unsure about doing myself. Both times, while
going through the professionally prepared returns the next year to see
how to do the next year's taxes, I discovered errors - in the
government's favor. Since then we just use the current H&R Block
software, give it our best shot and hope for the best. The worst that
has happened was once we received a proposed ammendment from the gov,
paid the proposed additional tax owed plus a small penalty (<$20), and
done. Way cheaper than a CPA.

Dennis (evil)
--
I'm behind the eight ball, ahead of the curve, riding the wave,
dodging the bullet and pushing the envelope. -George Carlin

[The Real Bev]

On 01/07/2019 01:38 PM, Dennis wrote:

> Twice I have paid a professional to do my taxes, because I had some
> new situation that I was unsure about doing myself. Both times, while
> going through the professionally prepared returns the next year to see
> how to do the next year's taxes, I discovered errors - in the
> government's favor. Since then we just use the current H&R Block
> software, give it our best shot and hope for the best. The worst that
> has happened was once we received a proposed ammendment from the gov,
> paid the proposed additional tax owed plus a small penalty (<$20), and
> done. Way cheaper than a CPA.

Definitely. Likewise minor errors. Best Buy has BRBlock Deluxe for $35
(CD) with a $5 gift certificate code. Best price I found.

A friend regards his 1040 as his opening bid.

--
Cheers, Bev
"I don't trust carry-out food. When you find hair in my cooking
you don't hafta worry about where it came from!" -- Dinette Set

[Beaver...@live.com]

I still can't believe I was able to turn it around in a such a dramatic fashion , mainly because I still have no idea what I am doing and fear it could fall apart at any minute, but now it just seems like life is mocking me.

I definitely don't mind paying taxes, I am so thankful I live in a land where I can amass a small fortune just pointing and clicking a few hours a day but am confounded by all the complications and contradictions involved in just calculating and paying the proper amount. I am so sick of dealing with this shit. I just wish I could find another employer to pay me minimum wage to hang out all day. That was when I really had it good.

[catalpa]

<gggg...@gmail.com> wrote in message
news:b1ce29eb-1bfe-4b0b...@googlegroups.com...

> Affected by gov't shutdown?

Why would they be? If you don't pay your taxes on time you will owe more in
interest and penalties.

[The Real Bev]

On 01/07/2019 06:32 PM, Beaver...@live.com wrote:

> I definitely don't mind paying taxes, I am so thankful I live in a
> land where I can amass a small fortune just pointing and clicking a
> few hours a day but am confounded by all the complications and
> contradictions involved in just calculating and paying the proper
> amount. I am so sick of dealing with this shit. I just wish I could
> find another employer to pay me minimum wage to hang out all day.
> That was when I really had it good.

That's what the tax programs do -- they ask you questions about stuff.
Sometimes you have to figure out what form to use and fill in stuff, but
that probably is pretty straightforward.

I used to order the thick book and READ it, but now I rely on the
software to do the thinking for me. I don't like thinking about taxes
and try to forget about them as soon as I've mailed off the forms and
checks on April15. I simply don't trust e-filing so I mail everything.
Most people e-file, though. Saves paper.

Risk the $35! You'll be glad you did.

--
Cheers, Bev
In theory there is no difference between theory and practice,
but in practice there is.

[ItsJoan NotJoann]

I've doing the e-filing pretty much since it was first offered umpteen years
ago. But I've always done the 1040EZ form as I have no deductions but do
use the TurboTax site. It's pretty thorough and does ask a ton of questions
and sometimes I think I could have done the return with plain old pencil and
paper faster. However, it's good that the site does ask so many questions to
get the best refund and also to keep my butt out of jail. [ :-)]

A few minutes after submitting my tax return I will get a notice stating that
the IRS has accepted my form. It also will send me an e-mail the next and
state I can expect my refund in about 2 weeks or so. I have it automatically
deposited into my bank account and it has always been in my account within
10 days or so.

[The Real Bev]

I used e-file ONCE with TurboTax a few days before the deadline. I got
an acknowledgment back, but it was weird. When I tried to check again I
got nothing. I checked a month later and it was NEVER received. I sent
paper and never tried toe-file again. Once burned... Paper, ink and
postage are relatively cheap.

--
Cheers, Bev
666øF -- the oven temperature for roast beast.

[ItsJoan NotJoann]

On Tuesday, January 8, 2019 at 12:42:15 PM UTC-6, The Real Bev wrote:
>
> I used e-file ONCE with TurboTax a few days before the deadline. I got
> an acknowledgment back, but it was weird. When I tried to check again I
> got nothing. I checked a month later and it was NEVER received. I sent
> paper and never tried toe-file again. Once burned... Paper, ink and
> postage are relatively cheap.
>
>

I don't know how long I've been doing my taxes online; whenever it was Uncle
Sam stopped sending me the booklet. I was a bit perturbed I didn't get the
booklet and I think someone said they stopped sending out the simple tax
sheet. That's when I first started doing mine online; surprised I was.

[Dennis]

On Mon, 7 Jan 2019 23:27:05 -0800, The Real Bev <bashl...@gmail.com>
wrote:

>On 01/07/2019 06:32 PM, Beaver...@live.com wrote:
>
>> I definitely don't mind paying taxes, I am so thankful I live in a
>> land where I can amass a small fortune just pointing and clicking a
>> few hours a day but am confounded by all the complications and
>> contradictions involved in just calculating and paying the proper
>> amount. I am so sick of dealing with this shit. I just wish I could
>> find another employer to pay me minimum wage to hang out all day.
>> That was when I really had it good.
>
>That's what the tax programs do -- they ask you questions about stuff.
>Sometimes you have to figure out what form to use and fill in stuff, but
>that probably is pretty straightforward.
>
>I used to order the thick book and READ it, but now I rely on the
>software to do the thinking for me. I don't like thinking about taxes
>and try to forget about them as soon as I've mailed off the forms and
>checks on April15. I simply don't trust e-filing so I mail everything.
> Most people e-file, though. Saves paper.

We e-file Fed via the H&R Block software, but stupid Oregon charges to
e-file state taxes, so screw them - paper, envelope and stamps it is.
Probably costs the morons (and thus, the taxpayers) more money to
receive and process paper filing, too.

>
>Risk the $35! You'll be glad you did.

I got H&R Block Deluxe + State 2018 for $25 at Amazon (w/special
promotion).

Dennis (evil)
--
My output is down, my income is up, I take a short position on the long bond and
my revenue stream has its own cash flow. -George Carlin

[The Real Bev]

On 01/08/2019 01:58 PM, Dennis wrote:
> On Mon, 7 Jan 2019 23:27:05 -0800, The Real Bev <bashl...@gmail.com>
> wrote:
>
>>On 01/07/2019 06:32 PM, Beaver...@live.com wrote:
>>
>>> I definitely don't mind paying taxes, I am so thankful I live in a
>>> land where I can amass a small fortune just pointing and clicking a
>>> few hours a day but am confounded by all the complications and
>>> contradictions involved in just calculating and paying the proper
>>> amount. I am so sick of dealing with this shit. I just wish I could
>>> find another employer to pay me minimum wage to hang out all day.
>>> That was when I really had it good.
>>
>>That's what the tax programs do -- they ask you questions about stuff.
>>Sometimes you have to figure out what form to use and fill in stuff, but
>>that probably is pretty straightforward.
>>
>>I used to order the thick book and READ it, but now I rely on the
>>software to do the thinking for me. I don't like thinking about taxes
>>and try to forget about them as soon as I've mailed off the forms and
>>checks on April15. I simply don't trust e-filing so I mail everything.
>> Most people e-file, though. Saves paper.
>
> We e-file Fed via the H&R Block software, but stupid Oregon charges to
> e-file state taxes, so screw them - paper, envelope and stamps it is.
> Probably costs the morons (and thus, the taxpayers) more money to
> receive and process paper filing, too.

California likewise. Seems really stupid. HRB generates the forms in
what seem to be machine-readable form... Probably has to do with
pandering to some union.

>>Risk the $35! You'll be glad you did.
>
> I got H&R Block Deluxe + State 2018 for $25 at Amazon (w/special
> promotion).

It was more at Amazon when I looked. BB was $35+tax-$5 GC. And I used
$30 worth of my BB 'rewards'.


--
Cheers, Bev
A recent psychic fair was cancelled due to unforeseen circumstances.

[Dennis]

On Mon, 7 Jan 2019 18:32:52 -0800 (PST), Beaver...@live.com wrote:

>
>I still can't believe I was able to turn it around in a such a dramatic fashion , mainly because I still have no idea what I am doing and fear it could fall apart at any minute, but now it just seems like life is mocking me.

Ah, my automated system is finally up and running!

>
>I definitely don't mind paying taxes, I am so thankful I live in a land where I can amass a small fortune just pointing and clicking a few hours a day but am confounded by all the complications and contradictions involved in just calculating and paying the proper amount. I am so sick of dealing with this shit.

IIRC, didn't you say the same thing when you were doing the phone
answering service gig?

Dennis (evil)
--
"There is a fine line between participation and mockery" - Wally

[ItsJoan NotJoann]

On Tuesday, January 8, 2019 at 3:58:53 PM UTC-6, Dennis wrote:
>
> We e-file Fed via the H&R Block software, but stupid Oregon charges to
> e-file state taxes, so screw them - paper, envelope and stamps it is.
> Probably costs the morons (and thus, the taxpayers) more money to
> receive and process paper filing, too.
>

> Dennis (evil)
>
No state income tax here but TurboTax would just looooove to import all my
information for $29.95. That's ok, I'm quite capable of entering my own
name, address, SS number, etc.

[The Real Bev]

They both suck in each other's useful stuff as well as their own. They
import a lot of investment info, but not the numbers. A handy reminder
if you have a number of accounts. Useful, but not really necessary.

California state income tax used to end up being roughly 10% of the
federal. Now it's nearly half. Bastards.

--
Cheers, Bev
=========================================
"Welcome to Hell, here's your accordion."

[Dennis]

On Wed, 9 Jan 2019 09:18:04 -0800, The Real Bev <bashl...@gmail.com>
wrote:

>California state income tax used to end up being roughly 10% of the
>federal. Now it's nearly half. Bastards.

Plus you have what - 9%? - sales tax. My son just moved to the Bay
area to start his first real professional job out of college. Major
sticker shock.

[ItsJoan NotJoann]

On Wednesday, January 9, 2019 at 2:55:36 PM UTC-6, Dennis wrote:
>
> Plus you have what - 9%? - sales tax. My son just moved to the Bay
> area to start his first real professional job out of college. Major
> sticker shock.
>
> Dennis (evil)
>
>

Sales tax here is 9.25 to 9.45%.

[Michael Black]

On Wed, 9 Jan 2019, Dennis wrote:

> On Wed, 9 Jan 2019 09:18:04 -0800, The Real Bev <bashl...@gmail.com>
> wrote:
>
>> California state income tax used to end up being roughly 10% of the
>> federal. Now it's nearly half. Bastards.
>
> Plus you have what - 9%? - sales tax. My son just moved to the Bay
> area to start his first real professional job out of college. Major
> sticker shock.
>

I gather things are far worse out there, like rent going up and making it
hard for people to live.

We have 9.5% provincial sales tax here, that's on top of 5% "goods and
services tax" which isn't on food, but is on "luxury" items like chocolate
bars. GST is on books, but this province doesn't charge PST on them.
The GST has been around since 1990, replacing a tax that had been built
into the price, so it's not there on some things. But at the time, not
much that I bought (other than electronics, and it wasn't like I bought
taht all the time) had no tax, now it's a lot more common for me, even
clothes.

On the other hand, if you make below a certain amount per year, you get
about $88 quarterly from the federal government as a GST rebate, and $156
quarterly from the province as a rebate on provincial sales tax. So
almost a thousand dollars back each year, with the advantage of it comes
in decent size chunks. I don't spend enough, so it's more like found
money. YOu have to file income tax, but it's not based on whether you pay
income tax. I skipped a few years, not enough income, and I actually got
back a few years of retro-rebates last year, the feds allow it for up to
ten years, the province is stingier.

Michael

[gggg...@gmail.com]

On Wednesday, January 9, 2019 at 3:04:04 PM UTC-10, Michael Black wrote:
> On Wed, 9 Jan 2019, Dennis wrote:
>
> > On Wed, 9 Jan 2019 09:18:04 -0800, The Real Bev <bashl...@gmail.com>
> > wrote:
> >
> >> California state income tax used to end up being roughly 10% of the
> >> federal. Now it's nearly half. Bastards.
> >
> > Plus you have what - 9%? - sales tax. My son just moved to the Bay
> > area to start his first real professional job out of college. Major
> > sticker shock.
> >
> I gather things are far worse out there, like rent going up and making it

> hard for people to live...

According to this recent article:

- In much of urban California, historically middle-class professionals—firefighters, homebuilders, young lawyers and countless others lower down the economic food chain—can no longer afford to buy homes because they simply can’t compete in their local real estate markets.

https://www.fastcompany.com/90207566/how-our-budding-tech-utopia-is-setting-the-stage-for-a-working-class-dystopia

[The Real Bev]

On 01/09/2019 12:55 PM, Dennis wrote:
> On Wed, 9 Jan 2019 09:18:04 -0800, The Real Bev <bashl...@gmail.com>
> wrote:
>
>>California state income tax used to end up being roughly 10% of the
>>federal. Now it's nearly half. Bastards.
>
> Plus you have what - 9%? - sales tax. My son just moved to the Bay
> area to start his first real professional job out of college. Major
> sticker shock.

Just went up to 10.25% in Pasadena thanks to the stupid people who
believed that the extra .5% would go to anything useful.

--
Cheers, Bev
"I've learned that you can keep puking long
after you think you're finished." -- SL

[The Real Bev]

On 01/09/2019 05:45 PM, gggg...@gmail.com wrote:

> According to this recent article:
>
> - In much of urban California, historically middle-class
> professionals—firefighters, homebuilders, young lawyers and countless
> others lower down the economic food chain—can no longer afford to buy
> homes because they simply can’t compete in their local real estate
> markets.
>
> https://www.fastcompany.com/90207566/how-our-budding-tech-utopia-is-setting-the-stage-for-a-working-class-dystopia

Around here a $half-million home is an 800SF 2BR 1bath house built
cheaply in 1952 on a 7500SF lot. It cost $19K in 1967.

[Dennis]

But no income tax, right? We have income and property taxes, but no
sales tax. I would happily trade the income tax for a sales tax/VAT,
but the state government keeps proposing to add a sales tax in
addition to the other taxes (the vaunted "three legged stool").
Fortunately, the voters keep nixing that idea (so far).

[Dennis]

On Wed, 9 Jan 2019 20:08:54 -0800, The Real Bev <bashl...@gmail.com>
wrote:

>Around here a $half-million home is an 800SF 2BR 1bath house built
>cheaply in 1952 on a 7500SF lot. It cost $19K in 1967.

My son is currently in a roommate situation in a 1972 1460SF basic
ranch home on a 5000SF lot in East Bay. The real estate websites value
it at ~$1.1 million. A studio apartment goes for median $1800/month +
utilities. Crazy.

Dennis (evil)
--
I'm a hands-on, footloose, knee-jerk head case. -George Carlin

[ItsJoan NotJoann]

On Thursday, January 10, 2019 at 11:04:47 AM UTC-6, Dennis wrote:
>
> On Wed, 9 Jan 2019 17:03:31 -0800 (PST), ItsJoan NotJoann
> <itsjoan...@webtv.net> wrote:
>
> >Sales tax here is 9.25 to 9.45%.
>
> But no income tax, right? We have income and property taxes, but no
> sales tax. I would happily trade the income tax for a sales tax/VAT,
> but the state government keeps proposing to add a sales tax in
> addition to the other taxes (the vaunted "three legged stool").
> Fortunately, the voters keep nixing that idea (so far).
>
> Dennis (evil)
>

Correct. No city, county, or state income tax here. My state is friendly
to retirees as there is no tax on retirement income. Uncle Sam, though,
says "gimme, gimme, gimme."

[Dennis]

On Thu, 10 Jan 2019 09:59:40 -0800 (PST), ItsJoan NotJoann
<itsjoan...@webtv.net> wrote:

>Correct. No city, county, or state income tax here. My state is friendly
>to retirees as there is no tax on retirement income. Uncle Sam, though,
>says "gimme, gimme, gimme."

I suppose everyone's situation is different, but my actual federal
taxes paid have been surprisingly low since at least the 2000's. Like
around 5% of total gross income.

[catalpa]

"ItsJoan NotJoann" <itsjoan...@webtv.net> wrote in message
news:f84d515f-87d8-4985...@googlegroups.com...

Frugal people don't get tax refunds. I make sure I owe a small amount every
year.

[ItsJoan NotJoann]

On Thursday, January 10, 2019 at 7:34:58 PM UTC-6, catalpa wrote:
>
> Frugal people don't get tax refunds. I make sure I owe a small amount every
> year.
>

I suppose your reply was directed to me but I'm not sure what frugal people have
to do with my e-filing experience. However, I am frugal but still have gotten a
refund since the first time I filed a tax return.

[The Real Bev]

It just means you're loaning the government money interest-free.

Long ago the penalty/interest on underpaid taxes was much less than even
bank interest, so it paid to have NO withholding and just send a check
in April. They stopped that pretty quickly :-(

No underpayment penalty as long as you pay in advance for THIS year at
least what your total tax liability was for the previous year.
Sometimes we get a refund, sometimes we pay.

--
Cheers, Bev
"Once you've provoked a few people into publicly swearing they are
going to hunt you down and kill you, the thrill wears off."
-Elric of Imrryr

[ItsJoan NotJoann]

On Friday, January 11, 2019 at 12:58:49 PM UTC-6, The Real Bev wrote:
>
> Sometimes we get a refund, sometimes we pay.
>

Thankfully, I've always gotten a refund.

[catalpa]

"ItsJoan NotJoann" <itsjoan...@webtv.net> wrote in message

news:dbafa828-8947-416e...@googlegroups.com...

Well this is the frugal living group and the part of your post relevant to
the group is the refund part.

While a refund may have a psychological benefit to you there is no monetary
benefit. I want to have my money now, not a year from now. The government
doesn't get or deserve a free money ride at my expense. My psychological
benefit comes from me contolling my money not the government.

The added benefits are I don't have to worry about my refund being stolen
and I don't have to file early to get my refund.

Frugal is as frugal does.

[ItsJoan NotJoann]

On Saturday, January 12, 2019 at 4:49:47 PM UTC-6, catalpa wrote:
>
> "ItsJoan NotJoann" <itsjoan...@webtv.net> wrote in message
> news:dbafa828-8947-416e...@googlegroups.com...
> >

> > I suppose your reply was directed to me but I'm not sure what frugal
> > people have
> > to do with my e-filing experience. However, I am frugal but still have
> > gotten a
> > refund since the first time I filed a tax return.
> >
> Well this is the frugal living group and the part of your post relevant to
> the group is the refund part.
>
> While a refund may have a psychological benefit to you there is no monetary
> benefit. I want to have my money now, not a year from now. The government
> doesn't get or deserve a free money ride at my expense. My psychological
> benefit comes from me contolling my money not the government.
>

Whatever floats your boat.

>
> The added benefits are I don't have to worry about my refund being stolen
> and I don't have to file early to get my refund.
>

I've never worried about my refund being stolen; it's been deposited into my
bank account, automatically I might add, for y-e-a-r-s. I've never worried about 'filing early to get my refund.'

>
> Frugal is as frugal does.
>

True. What works for you, works for you. What works for me, works for me.

[gggg...@gmail.com]

https://www.cnn.com/2019/01/12/politics/government-shutdown-qa/index.html

[gggg...@gmail.com]

On Friday, January 4, 2019 at 2:32:03 PM UTC-10, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

https://www.cnn.com/2019/01/23/politics/irs-employees-absences-government-shutdown/index.html

[gggg...@gmail.com]

On Friday, January 4, 2019 at 2:32:03 PM UTC-10, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

https://www.cbsnews.com/news/as-tax-season-begins-heres-how-behind-the-irs-is-2019-01-28/

[gggg...@gmail.com]

https://www.cbsnews.com/news/how-to-get-your-tax-refund-as-quickly-as-possible/

[gggg...@gmail.com]

On Friday, January 4, 2019 at 3:55:27 PM UTC-10, ItsJoan NotJoann wrote:

> On Friday, January 4, 2019 at 6:32:03 PM UTC-6, gggg...@gmail.com wrote:
> >
> > Affected by gov't shutdown?
> >

> What type of taxes are you referring to?

Filing a 1040?:

https://www.forbes.com/sites/brucebrumberg/2019/02/05/tax-time-irs-eliminates-capital-gains-tax-and-amt-from-form-1040/

[Beaver...@live.com]

FUCK I got my 1099's from my vendors and I still gotta figure out my expenses and find someone new to help me with this shit.

[gggg...@gmail.com]

On Friday, January 4, 2019 at 2:32:03 PM UTC-10, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

Don't make these mistakes:

https://www.fool.com/taxes/2019/03/10/make-these-4-tax-mistakes-and-the-irs-could-come-k.aspx

[ItsJoan NotJoann]

On Sunday, March 10, 2019 at 6:33:23 PM UTC-5, gggg...@gmail.com wrote:
>
> Don't make these mistakes:
>
> https://www.fool.com/taxes/2019/03/10/make-these-4-tax-mistakes-and-the-irs-could-come-k.aspx
>

Well DUH. If you try any of these stupid deductions then they need to come
knocking. But there will never be a shortage of stupid people.

[gggg...@gmail.com]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

https://www.cnbc.com/2019/12/26/this-is-why-filing-your-income-tax-return-will-never-be-the-same.html

[Emma]

On Saturday, January 5, 2019 at 7:20:24 AM UTC+4, Beaver...@live.com wrote:
> On Friday, January 4, 2019 at 4:32:03 PM UTC-8, gggg...@gmail.com wrote:
> > Affected by gov't shutdown?
>

> I have to find someone new to do my taxes and do an amended return for 2017. Having panic attacks over it for some reason.

You might be able to file for a Tax debt relief by yourself, you can get more insight from this credit karma article http://aourl.me/s/74814mv

[catalpa]

<gggg...@gmail.com> wrote in message
news:a6c398af-48d4-4acf...@googlegroups.com...

> On Friday, January 4, 2019 at 4:32:03 PM UTC-8, gggg...@gmail.com wrote:
>> Affected by gov't shutdown?
>
> https://www.cnbc.com/2019/12/26/this-is-why-filing-your-income-tax-return-will-never-be-the-same.html

The vast majority of people are clueless on how the income tax system works.
The gubberment should have kept tax witholding the same and given all the
clueless larger tax refunds. There is no possible way to communicate to the
clueless about the income tax system.

Key points from the article:

"We spent a lot of time explaining to people how their taxes were reduced in
the prior year, but they still owed more on April 15," said Edward J.
Reitmeyer, CPA and regional partner-in-charge at Marcum LLP.

If you were already withholding less tax from your pay - either because you
had itemized deductions in previous years or you claimed multiple exemptions
for your dependents - you likely paid too little in tax during 2018 and
wound up owing in April 2019.

This confounded taxpayers, as they measured the success of the new tax law
based on whether they had bigger refunds.

"The biggest way the new tax law was botched was the failure to communicate
the difference between a lower tax liability for the year versus lower tax
bills in April," said Jeffrey Levine, CPA and director of financial planning
at BluePrint Wealth Alliance.

[The Real Bev]

"You can cure ignorance, but stupidity goes clear to the bone."
"You know how dumb the average person is? Half the people are even dumber."
"We don't know how smart people can be, but we know that dumb goes all
the way to zero."
"People are too stupid to realize they are."
"Genius may have its limitations, but stupidity is not thus handicapped."

Take your pick!

--
Cheers, Bev
"Johnston [Island] was the home of a U.S. chemical weapons disposal
facility for 10 years before operations ended in November 2000.
The island was turned into a wildlife preserve."
© 2002 The Associated Press

[gggg...@gmail.com]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

https://www.nerdwallet.com/blog/taxes/best-tax-software/

[gggg...@gmail.com]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

https://www.nerdwallet.com/blog/taxes/capital-gains-tax-rates/

[gggg...@gmail.com]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

https://nypost.com/2020/03/17/irs-gives-americans-3-month-break-for-filing-taxes/

[ItsJoan NotJoann]

Too late. Taxes have already been filed and refund was received 6 days later.

[Beaver...@live.com]

Complete mess here but just sorta stalling, Mainly still going thru Amex bills and figuring out expenses.

[ItsJoan NotJoann]

Good luck!

[rbowman]

Good for you. Filed and a hefty check sent to both the Feds and state.

[ItsJoan NotJoann]

No state income tax here and the IRS refund was used to pay 8 car notes.

[rbowman]

It's days like that when I wish I still lived in New Hampster. Not only
does this state have an income tax they also tax you SSI. They will
withhold Federal tax from SSI and RMD but not state. I gotta retire one
of these days.

[ItsJoan NotJoann]

No tax here on SS either. What's RMD?

[The Real Bev]

Required Minimum Distribution. The feds decide how long you're likely
to live and make you take out a certain MINIMUM amount from your
IRA/401k each year so that by the time you're dead the money will all
have been taxed and gone. If you live longer than that I guess you're
just SOL.

Chickenshit if you ask me.

Roth IRAs are different -- you put in money that's been taxed, but you
pay no taxes when you take it out. OTOH, $6K/year is a piddling amount
to save toward retirement so you better invest it in something with a
BIG payoff.


--
Cheers, Bev
Children, your performance was miserable. Your parents will
all receive phone calls instructing them to love you less.

[ItsJoan NotJoann]

On Wednesday, March 18, 2020 at 7:01:35 PM UTC-5, The Real Bev wrote:
>
> On 03/18/2020 03:32 PM, ItsJoan NotJoann wrote:
> >
> > What's RMD?
>
> Required Minimum Distribution. The feds decide how long you're likely
> to live and make you take out a certain MINIMUM amount from your
> IRA/401k each year so that by the time you're dead the money will all
> have been taxed and gone. If you live longer than that I guess you're
> just SOL.
>

Oh ok. I'm drawing from my 401k and pension which was rolled over into an
investment account. My financial adviser figured out how much I receive
and how much the IRS gets each month.

>
> Chickenshit if you ask me.
>

True.

>
> Roth IRAs are different -- you put in money that's been taxed, but you
> pay no taxes when you take it out. OTOH, $6K/year is a piddling amount
> to save toward retirement so you better invest it in something with a
> BIG payoff.
>

> Cheers, Bev
>
Yeah, I invested in my 401k for 20+ years and the company put money into
my pension from the first day I started work there a couple hundred years
ago. Well, it seemed like I worked there for a couple hundred years. 😉

[rbowman]

On 03/18/2020 06:55 PM, ItsJoan NotJoann wrote:
> Oh ok. I'm drawing from my 401k and pension which was rolled over into an
> investment account. My financial adviser figured out how much I receive
> and how much the IRS gets each month.

To be honest I started doing a traditional IRA for the tax deduction. I
was self employed and 401K's weren't around yet anyway. I'm paying the
piper now.

The theory is you'll draw the funds down when you're retired and are in
a better tax position. I'm still working so that's not the case for me.
The real kick in the teeth is I can't contribute to the IRA so the
deduction is gone and it's spitting out the RMD which I don't need or
want at the moment.

[The Real Bev]

On 03/18/2020 07:42 PM, rbowman wrote:
> On 03/18/2020 06:55 PM, ItsJoan NotJoann wrote:
>> Oh ok. I'm drawing from my 401k and pension which was rolled over into an
>> investment account. My financial adviser figured out how much I receive
>> and how much the IRS gets each month.
>
> To be honest I started doing a traditional IRA for the tax deduction. I
> was self employed and 401K's weren't around yet anyway. I'm paying the
> piper now.

He didn't tell you about Keoghs for the self-employed? You could
contribute more to them than to an IRA. I think there was no cap, or at
least a higher one.

> The theory is you'll draw the funds down when you're retired and are in
> a better tax position. I'm still working so that's not the case for me.
> The real kick in the teeth is I can't contribute to the IRA so the
> deduction is gone and it's spitting out the RMD which I don't need or
> want at the moment.

Bastards.


--
Cheers, Bev
"Never keep up with the Joneses. Drag them down to your level.
It's cheaper." -- Quentin Crisp 1908 - 1999

[gggg...@gmail.com]

https://www.cnbc.com/2020/03/20/ccoronavirus-mnuchin-says-irs-will-move-tax-filing-deadline-to-july-15.html

[gggg...@gmail.com]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

https://www.cnbc.com/2020/04/15/tax-day-is-now-3-months-away-here-are-3-tax-savings-opportunities.html

[gggg...@gmail.com]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

https://www.cnbc.com/2020/04/23/leon-cooperman-says-the-coronavirus-crisis-will-change-capitalism-forever-and-taxes-have-to-go-up.html

[gggg...@gmail.com]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

https://www.cnet.com/personal-finance/best-tax-software-of-2020-turbotax-h-r-block-tax-slayer-and-more/

[gggg...@gmail.com]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

A tax preparer told me that I don't have to pay any taxes this year.

Nest year, if my income is the same, will I get into trouble with the IRS/state tax authorities if I just forego filing?

[gggg...@gmail.com]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, gggg...@gmail.com wrote:
> Affected by gov't shutdown?

Selling stocks to avoid incurring larger tax liability - any tips?

[gggg gggg]

On Wednesday, July 22, 2020 at 12:11:01 AM UTC-7,

> Selling stocks to avoid incurring larger tax liability - any tips?

If a person is planning to sell a house that they inherited, what percentage of the selling price should they set aside for subsequent taxes?

[gggg gggg]

On Friday, January 4, 2019 at 5:55:27 PM UTC-8, itsjoan...@webtv.net wrote:
> On Friday, January 4, 2019 at 6:32:03 PM UTC-6, > >

> > Affected by gov't shutdown?
> >

> What type of taxes are you referring to?

https://www.foxbusiness.com/media/kudlow-the-tax-man-cometh-and-your-taxes-are-going-up

[John Weiss]

On 04/07/21 17:44, gggg gggg wrote:
>
> If a person is planning to sell a house that they inherited, what percentage of the selling price should they set aside for subsequent taxes?

Ask a realtor. It varies widely by location.

[gggg gggg]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, .com wrote:

"What Biden's capital gains tax proposal could mean for your wallet":

https://www.foxbusiness.com/politics/biden-capital-gain-tax-proposal-wealthy-americans

[gggg gggg]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8,om wrote:
> Affected by gov't shutdown?

https://www.marketwatch.com/story/my-cautionary-tale-an-11-mistake-on-my-tax-return-cost-me-11k-in-my-third-stimulus-payment-2021-04-07

[gggg gggg]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, wrote:
> Affected by gov't shutdown?

https://news.yahoo.com/got-irs-math-error-letter-152411992.html

[gggg gggg]

On Friday, January 4, 2019 at 4:32:03 PM UTC-8, wrote:
> Affected by gov't shutdown?

https://www.marketwatch.com/story/i-bought-my-home-for-30-000-but-now-its-worth-almost-3-million-how-can-i-avoid-a-massive-tax-bill-11638309329