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TOPIC: Tax Breaks

Tax Breaks 2 months 1 week ago #1

  • Joker
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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!
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Tax Breaks 2 months 1 week ago #2

  • Lexie
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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).
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Tax Breaks 2 months 2 weeks ago #3

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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.
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Tax Breaks 2 months 3 weeks ago #4

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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.
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Tax Breaks 3 months 2 weeks ago #5

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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.
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Tax Breaks 4 months 3 days ago #6

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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 4 months 1 week ago #7

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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 4 months 1 week ago #8

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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 4 months 2 weeks ago #9

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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 months 3 weeks ago #10

  • 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 months 3 weeks ago #11

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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 months 3 weeks ago by JGibbs.
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Tax Breaks 4 months 3 weeks ago #12

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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 5 months 1 week ago #13

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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 5 months 2 weeks ago #14

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I usually try to. Its hard to value those sometimes though.
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Tax Breaks 5 months 3 weeks ago #15

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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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