Jump to content

Income tax time!


Kirk W

Recommended Posts

5 hours ago, Kirk W said:

The fee to have a professional tax preparer do your taxes is an allowed deduction for anyone. 

 

Well, technically, yes, but if you don't have at least $12,400 filing as single (more if married) worth of deductions then you will see no reduction in your taxes due. 

Edited by podwerkz

Nothing to see here. 

Link to comment
Share on other sites

4 hours ago, podwerkz said:

I've used TurboTax for years ever since my previous CPA retired...

Two areas where TurboTax fell short is figuring the 'per diem' deductions for transportation workers, and figuring basis and P&L (capital gains and losses) for employee stock purchases, and then later on selling some of the stock.

I had to go outside the program and acquire documents and information on other websites, in some cases waiting days or weeks for information, then do a LOT of 'ciphering' (I had Jethro on speed dial!) then return to the program and enter my results into the program in the right places.

These two very basic functions should have been included in the package. 

 

 

 

We get per diem,  deductions all with just turbo tax. Don't understand your problem.

2003 Teton Grand Freedom towed with 2006 Freightliner Century 120 across the beautiful USA welding pipe.https://photos.app.goo.gl/O32ZjgzSzgK7LAyt1

Link to comment
Share on other sites

5 hours ago, podwerkz said:

Well, technically, yes, but if you don't have at least $12,400 filing as single (more if married) worth of deductions then you will see no reduction in your taxes due. 

A-ha.  I think this is what I was thinking about.  I know I have seldom if ever had a deduction large enough to help me on charity deductions or on medical payments for insurance, co-pays on health care and drugs.  Didn't this all get bumped up in the super great tax reform a few years back. At least I won't get hit to pay back my portion of FICA.  Like a lot of folks I did have to go back and pay for my military time to get credit for it towards retirement.  A change that was done after the fact in an administration long ago. I could not pay it back in a one year grace period so I paid a little better than $1000. in interest.  

Link to comment
Share on other sites

11 hours ago, Kirk W said:

The fee to have a professional tax preparer do your taxes is an allowed deduction for anyone.

Only if you file a Schedule A and itemize. If you take the Standard Deduction, which most do now that it is double what it used to be, then you are not deducting the professional tax preparer fee. If you are self employed you can still take it on your Schedule C and take the Standard Deduction on your 1040. The same if you have rental income, you take the deduction on your Schedule E and claim the standard deduction on your 1040. So sure if you have a simple 1040 return you can use Turbo Tax but if you have a complicated return then use a professional and deduct the fee as a business expense. 

2015 Itasca Ellipse 42QD

2017 Jeep Wrangler Unlimited Rubicon Hard Rock Edition

2021 Harley Street Glide Special 

Fulltimer

Link to comment
Share on other sites

You can take up to  $300 for charitable deductions this year off of your gross income if you use the Standard Deduction.  Line 10 on the 1040 is where it will go.   Not much, but at least something.  

Barb & Dave O'Keeffe
2002 Alpine 36 MDDS (Figment II), 2018 Ford C-Max HYBRID
Blog: http://www.barbanddave.net
SPK# 90761 FMCA #F337834

Link to comment
Share on other sites

41 minutes ago, Twotoes said:

Only if you file a Schedule A and itemize.

If you mean that you can't if you take the standard deduction, which many of us do, then you are taking a great deduction than you have deductions for. I suppose you don't exactly get it in that case, but you are getting all of your deductions, and more. In reality, you don't take any deductions if you use the standard (which we have been doing for quite some time now) but you could itemize and use that rather than the standard deduction, even if the total of your deductions came to less than the standard. 🤪 Not a very good plan, but you could and then you would also get to deduct the cost of your tax software. Since we pay no interest of any kind, we have a good Medicare supplement so we don't ever come close to being able to deduct medical expenses, and our charitable giving is nowhere close to enough to exceed the standard deduction ($24,800) we take that. But l do run the numbers each year, just just to be sure. 

Good travelin !...............Kirk

Full-time 11+ years...... Now seasonal travelers.
Kirk & Pam's Great RV Adventure

            images?q=tbn:ANd9GcQqFswi_bvvojaMvanTWAI

 

Link to comment
Share on other sites

48 minutes ago, GlennWest said:

Retired I see standard decuctations as the way to go. But when I work just my church donations is app 10,000. Then my travel, meals, rv site, all deductable also. 

Those are typically apples and oranges. The travel expenses should be 100% deductible on your Schedule C, while charitables are calculated against your standard deduction. Jay

 

 
 
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
×
  • Create New...