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TOPIC: Tax Breaks

Tax Breaks 6 days 4 hours ago #1

  • Joker
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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!
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Tax Breaks 1 week 5 days ago #2

  • Wanderer
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To add insult to injury, we are running a deficit on spending ... where is this reduction in taxes going to be paid from?
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Tax Breaks 1 week 6 days ago #3

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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.
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Tax Breaks 3 weeks 2 days ago #4

  • FrankN
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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.
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Tax Breaks 4 weeks 1 day ago #5

  • Pinky
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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.
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Tax Breaks 4 weeks 2 days ago #6

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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: 4 weeks 2 days ago by JGibbs.
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Tax Breaks 1 month 5 hours ago #7

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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.
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Tax Breaks 1 month 1 week ago #8

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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.
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Tax Breaks 1 month 2 weeks ago #9

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I usually try to. Its hard to value those sometimes though.
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Tax Breaks 2 months 14 hours ago #10

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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.
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Tax Breaks 5 months 3 weeks ago #11

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my accountant also told me about this deduction and said I was able to use it.
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Tax Breaks 5 months 4 weeks ago #12

  • Moneyes
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Breakinger wrote:
I've heard of this tax break before, but I thought that it expired back in 2009. Have they reopened it again for this year? This would be a nice deduction for me to take because I just purchased a new vehicle over the summer.

They did reopen it, yes. Mine was just a basic return too, nothing really fancy about this one. Both cars in question I am making payments on, and they are both less than 5 years old. Maybe all that comes into play, I don't know
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Tax Breaks 5 months 4 weeks ago #13

This is good news to me because we also bought a car last year. I've ever heard of this before, but I'm definitely going to mention it to my accountant.
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Tax Breaks 5 months 4 weeks ago #14

We certainly do, Lexie. Thanks. I wasn't sure if this was something that I could still take. Do you know if there are certain states that don't allow you to claim this tax break?
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Tax Breaks 6 months 1 day ago #15

  • Lexie
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This is one that you can still take according to my CPA. We all need all the tax breaks we can get don't we?
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