Taxes - who does em?

Who does your taxes?

  • Me

    Votes: 50 53.2%

  • Family member

    Votes: 4 4.3%

  • Accountant/Tax guy I pay

    Votes: 33 35.1%

  • Taxes are for little people

    Votes: 7 7.4%
  • Total voters
    94
paflyer said:
Was entering the European Theater in what became known as WW2 defense or offense ?
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Depends on which direction the bullets were traveling as to your opinion on it. I suppose.

Is it offense or defense when we annihilate something halfway around the globe with a button press from Creech? :)
 
SoonerAviator said:
There shouldn't be any deductions/itemization in the tax code anyway. There's no logical reason that I should be able to deduct mortgage interest. If you want a house, you pay the money. If that money is borrowed, you pay interest. Case closed. Same goes with child care expenses and the like. It's the reason our tax code is so ridiculous. Government trying to provide economic incentive for consumer behavior.
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The reason it is in the tax code is because the government is trying to provide economic incentive for a consumer behavior they deem beneficial (home ownership). When people own their homes, they are more likely to care about them and their neighborhoods, reducing negative outcomes of social interactions. Same thing, electric car tax rebates and solar installation tax credits. You can argue about whether or not those are good or bad things, but to do so, you'd probably have to go to www.pilotspin.com because it will get political way too quickly.

When you give money for something, people are more likely to do it. When you charge them for something, they are less likely to do it.
 
bflynn said:
The reason it is in the tax code is because the government is trying to provide economic incentive for a consumer behavior they deem beneficial (home ownership). When people own their homes, they are more likely to care about them and their neighborhoods, reducing negative outcomes of social interactions.
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Has to be combined with the myth that you own it. You own a mortgage, unless you have the title in hand. Even then you don’t own the thing. Try not paying your property taxes and see how long until they take it. Or just own it in the wrong location and enjoy a nice steaming cup of Eminent Domain.

Illusions based on subtle lies that “everyone believes” are very powerful.
 
TurboTax. My situation isn't complicated - no dependents, no house, just some investment accounts that provide dividends. Next year will be even easier because I suspect I'll be taking the standard deduction.

I could probably get away with filing manually, but the cost for TurboTax is pretty nominal compared to the time it saves.
 
bflynn said:
The reason it is in the tax code is because the government is trying to provide economic incentive for a consumer behavior they deem beneficial (home ownership). When people own their homes, they are more likely to care about them and their neighborhoods, reducing negative outcomes of social interactions. Same thing, electric car tax rebates and solar installation tax credits. You can argue about whether or not those are good or bad things, but to do so, you'd probably have to go to www.pilotspin.com because it will get political way too quickly.

When you give money for something, people are more likely to do it. When you charge them for something, they are less likely to do it.
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I'm well-aware of why it (and most every other deduction/credit) is in the tax code. Hence why @paflyer replied with "Social Engineering". I was positing that it's unnecessary and actually there to encourage financing of a home. If they wanted to encourage home ownership, they'd make property taxes deductible instead of mortgage interest. Owning your own home isn't likely influenced by tax deductions at all. Those who wish to own a home, do. Tax consideration of mortgage interest is purely a side-benefit.
 
FastEddieB said:
Property taxes are deductible. Though for 2018 they're limited to $10,000, lumped in with other state and local taxes, which may reduce their benefit.
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Correct, I misspoke. I was thinking state-level, not federal. Either way, it'll probably be irrelevant for a ton of people who will fall under the standard deduction next year.
 
SoonerAviator said:
I'm well-aware of why it (and most every other deduction/credit) is in the tax code. Hence why @paflyer replied with "Social Engineering". I was positing that it's unnecessary and actually there to encourage financing of a home. If they wanted to encourage home ownership, they'd make property taxes deductible instead of mortgage interest. Owning your own home isn't likely influenced by tax deductions at all. Those who wish to own a home, do. Tax consideration of mortgage interest is purely a side-benefit.
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Actually the deductibility causes prices and taxes to stay high and increase. But I know that the deductibility does weigh on the decision of how much house and the location against the monthly maximum. We'll see what the effect of the new tax code with limits does to the high tax areas. Will residents push back against the local tax (mostly school) burden?
 
paflyer said:
Actually the deductibility causes prices and taxes to stay high and increase. But I know that the deductibility does weigh on the decision of how much house and the location against the monthly maximum. We'll see what the effect of the new tax code with limits does to the high tax areas. Will residents push back against the local tax (mostly school) burden?
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Hard to push back against local school bond taxes that have to be paid, generally via the millage rates. I suppose they could push back against the taxes in future bond elections.
 
I muddle through TurboTax, mostly done now. Hopefully nobody ‘filed’ on me already.

I pay a bit more Federal, then get some State back, so no real hurry. For some reason my motivation level was low this year, just got almost done.
 
SoonerAviator said:
Hard to push back against local school bond taxes that have to be paid, generally via the millage rates. I suppose they could push back against the taxes in future bond elections.
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I don't know what a "bond" tax is, but anywhere I've lived the school board is elected, thereby vulnerable to the wrath of voters. IMO school board elections should only be open to actual property owners.
 
paflyer said:
I don't know what a "bond" tax is, but anywhere I've lived the school board is elected, thereby vulnerable to the wrath of voters. IMO school board elections should only be open to actual property owners.
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You don’t know what a school bond election is? Those bonds are approved by the voters to fund school projects and paid for with sales taxes or property taxes. Can’t do much about them once they’ve been approved and are hitting your pocket book, but you can certainly rally against future bond elections.


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Well, the deed is done.

Yesterday I sent in my GA return (with $8) and my first 1040ES for 2018. Today I filed my federal return online with Turbotax.

Last year my accountant charged me $495 for what has become a pretty simple return. I feel a little nervous giving up that security blanket, but for $495 its worth a try.

Good news is I ended up making little enough to pay no federal taxes - yay!

Bad news is I still ended up owing about $1,200 because we made more than we had estimated and had to pay back some Obamacare subsidies we received - boo!

I figure the worst that can happen is I made a mistake or missed something and get audited. I think I can justify everything submitted, and am willing to take that risk.

Still a little more nervous without my security blanket!
 
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