Tax Breaks
- Lexie
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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.
- FrankN
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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.
- Joker
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- Wanderer
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- Joker
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- 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.
- Pinky
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- JGibbs
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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?
- FrankN
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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.
- Lexie
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- FrankN
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- Lexie
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- FrankN
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- Moneyes
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Replied by Moneyes on topic Tax Breaks
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