Tax Breaks

  • Posts: 169

Replied by Joker on topic Tax Breaks

Well, I will back off the man for a short while since he is evidently supporting diplomatic solutions with North Korea instead of nukes. I'm sure it is eating him up not to be able to spew his rhetoric on Twitter like it was his idea. Who knows, maybe it was. I'll give him a chance to change my mind but if he continues like he has been his first 9 months, he isn't going to make it easy!
2 years 1 month ago #1

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Replied by Lexie on topic Tax Breaks

Well just to even the playing field, he has taking more vacations to date than the previous president.[/quote]

What about his refusal to take a salary? Does that help out some? I just wish folks would back off a little. We have him for 3 more years whether we like it or not (barring impeachment of course).
2 years 1 month ago #2

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Replied by FrankN on topic Tax Breaks

Lexie wrote:

Joker wrote: Frankly, Wanderer, I don't really think he knows or cares where as long as it doesn't come out of his pocket. Now that he's President, his company is making millions off our government from things like the secret service staying at Trump Tower, eating there, etc. He must think we are all fools. He doesn't even foot his staff's bill when they work just because he's President. He has plenty of money to do that but he doesn't even dream about it. Just digging us a deeper hole!


If it were you Joker, what would you do? At lease he is not taking multiple vacations on taxpayers money. I prefer to give the man a chance. Our last president was certainly not the answer. Just saying.


Well just to even the playing field, he has taking more vacations to date than the previous president.
2 years 1 month ago #3

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Replied by Lexie on topic Tax Breaks

Joker wrote: Frankly, Wanderer, I don't really think he knows or cares where as long as it doesn't come out of his pocket. Now that he's President, his company is making millions off our government from things like the secret service staying at Trump Tower, eating there, etc. He must think we are all fools. He doesn't even foot his staff's bill when they work just because he's President. He has plenty of money to do that but he doesn't even dream about it. Just digging us a deeper hole!


If it were you Joker, what would you do? At lease he is not taking multiple vacations on taxpayers money. I prefer to give the man a chance. Our last president was certainly not the answer. Just saying.
2 years 1 month ago #4

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Replied by FrankN on topic Tax Breaks

Wanderer wrote: To add insult to injury, we are running a deficit on spending ... where is this reduction in taxes going to be paid from?


There is no way Trump reduces the deficit. I would bet my life savings on it.
2 years 2 months ago #5

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Replied by Joker on topic Tax Breaks

Frankly, Wanderer, I don't really think he knows or cares where as long as it doesn't come out of his pocket. Now that he's President, his company is making millions off our government from things like the secret service staying at Trump Tower, eating there, etc. He must think we are all fools. He doesn't even foot his staff's bill when they work just because he's President. He has plenty of money to do that but he doesn't even dream about it. Just digging us a deeper hole!
2 years 3 months ago #6

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Replied by Wanderer on topic Tax Breaks

To add insult to injury, we are running a deficit on spending ... where is this reduction in taxes going to be paid from?
2 years 3 months ago #7

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Replied by Joker on topic Tax Breaks

I heard on the news yesterday that Trump is going to get corporate taxes lowered. What about the middle and lower class? We pay the bulk of taxes anyway and you would think that he could see that, however, he is only agreeing to help his friends in the upper echelon and corporate America.
2 years 3 months ago #8

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Replied by FrankN on topic Tax Breaks

JGibbs wrote: Are you all discussing a federal tax break or a state tax break? Is it a rebate option?
FRANKN, when you use a firm/CPA/ professional tax guru, don't they guarantee their work? It seems like they'd have some insurance to back it up and would hold your hand through an audit. Am I wrong?


They do have liability insurance, but no CPA can actually guarantee anything. You could still be audited and the IRS could have a different interpretation of something so its possible you could end up paying more taxes.
2 years 3 months ago #9

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Replied by Pinky on topic Tax Breaks

Yes, CPAs have insurance and they should help you through any audit situations you get in since they agreed to do so. If not, then you had better report them and get a new CPA that has experience dealing with the IRS. My old CPA boss was an ex-employee of the IRS so it was nothing for him to keep his clients out of the fray.
2 years 3 months ago #10

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Replied by JGibbs on topic Tax Breaks

Are you all discussing a federal tax break or a state tax break? Is it a rebate option?
FRANKN, when you use a firm/CPA/ professional tax guru, don't they guarantee their work? It seems like they'd have some insurance to back it up and would hold your hand through an audit. Am I wrong?
Last edit: 2 years 3 months ago by JGibbs.
2 years 3 months ago #11

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Replied by FrankN on topic Tax Breaks

Lexie wrote: According to my CPA, be fair but be high. Consider retail value when calculating the worth of an item. Then subtract a little for the time you used it and the condition it's in.


Trouble is, if you ever get audited, it can be difficult to prove or validate the value. In an extreme case, you could owe more taxes and penalties on top of that.
2 years 3 months ago #12

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Replied by Lexie on topic Tax Breaks

According to my CPA, be fair but be high. Consider retail value when calculating the worth of an item. Then subtract a little for the time you used it and the condition it's in.
2 years 4 months ago #13

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Replied by FrankN on topic Tax Breaks

I usually try to. Its hard to value those sometimes though.
2 years 4 months ago #14

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Replied by Lexie on topic Tax Breaks

Do any of you use non-cash contributions? We have recently moved/downsized and have given a ton of "stuff" to local charities. The non-cash contribution really made a difference in our tax returns last year. We are still going through our storage buildings and giving to charities. It should help out again on this year's taxes.
2 years 4 months ago #15

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