Jim & Alice Posted January 2, 2021 Report Share Posted January 2, 2021 On 12/31/2020 at 9:00 AM, LindaH said: I've used Turbo Tax's program for years and, if you qualify, you can do so for free. 2X Quote 2007 Dolphin Safe-T-Plus Steering Bar Our Blog: Click Here Link to comment Share on other sites More sharing options...
podwerkz Posted January 2, 2021 Report Share Posted January 2, 2021 (edited) 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 January 2, 2021 by podwerkz Quote Nothing to see here. Link to comment Share on other sites More sharing options...
GlennWest Posted January 2, 2021 Report Share Posted January 2, 2021 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. Quote 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 More sharing options...
bigjim Posted January 3, 2021 Report Share Posted January 3, 2021 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. Quote Link to comment Share on other sites More sharing options...
Twotoes Posted January 3, 2021 Report Share Posted January 3, 2021 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. Quote 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 More sharing options...
Barbaraok Posted January 3, 2021 Report Share Posted January 3, 2021 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. Quote 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 More sharing options...
hemsteadc Posted January 3, 2021 Report Share Posted January 3, 2021 (edited) I could go completely paperless if my 1099 was online like it was until a couple years ago. My employer stopped doing that without a word of explanation. I've asked, but nobody's talking. Edited January 3, 2021 by hemsteadc Quote Link to comment Share on other sites More sharing options...
Kirk W Posted January 3, 2021 Author Report Share Posted January 3, 2021 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. Quote Good travelin !...............KirkFull-time 11+ years...... Now seasonal travelers.Kirk & Pam's Great RV Adventure Link to comment Share on other sites More sharing options...
vermilye Posted January 3, 2021 Report Share Posted January 3, 2021 I've bee using FreeTaxUSA for a number of years. Since retiring, my taxes are simple enough that an accountant would be a waste of money. Quote Travel photos RV Blogs Journals & Travelogues at:http://www.lakeshoreimages.com My Travel Blog - Jon's Journeys Link to comment Share on other sites More sharing options...
GlennWest Posted January 3, 2021 Report Share Posted January 3, 2021 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. Quote 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 More sharing options...
Jaydrvr Posted January 3, 2021 Report Share Posted January 3, 2021 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 Quote Link to comment Share on other sites More sharing options...
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