So, if your income tax preparation involves a few W-2 (salaried income), 1099s for interest and dividends and capital gains, even a 1099B for stock transactions (NOT Crypto, nothing more than 5 transactions), then you should be doing your own taxes. Because a professional is going to have charge way more than you want to pay to prepare your taxes. And, the professional won’t be able to come up with a lower tax bill than you could by yourself.
Tag Archives: Income taxes
It’s time to get ready
I don’t know if you get today off or Monday- or both. But, that makes one of those days the perfect time to take stock of your finances- and maybe find some ways to minimize your taxes.
Kessler Earns a Boatload of Pinocchios
I don’t know about you, but I routinely read “The Fact Checker” by Glenn Kessler. He is normally a pretty good read- and to be honest, I don’t read it to determine how many Pinocchio’s he decides to award, but for the explanation as to why a statement is accurate or not. This past issue (at least when I was incensed enough to write this post) was way below his normal competency… No, it was totally unacceptable.
Can we settle?
It’s that time of year again.
When I get the dreaded phone call….
“The IRS says I owe a quarter million. Can you help me make it go away?”
Tax Planning- for Tax Savings
Please note: This post will be a little long today. But, I didn’t think it would make sense to split it into multiple entries. I am pretty sure you will agree with me when you finish reading it.
Poof! Like Magic, They Disappear!
Here’s a little something to keep in mind as you try to figure out how you are going to pay that tax bill that comes due next Monday. (Today is the 8th of April, right?)
Free is never really free
Mea Culpa!!!!!
I really should have thought about this when I was presenting the results of studies on what tax programs folks can use. (To recap- if you are at the 50% income level or below (~$66K or below), there are free programs that let you file your taxes. [Note: Many of them actually charge for state filing; it’s just the federal filing that’s free.] One offering is great if you don’t itemize; if you do, these folks recommend that you choose another. But, if you an unincorporated business, own (all or part of) an established business (that requires separate tax filing), possess a moderate-to-large stock portfolio, own a rental home or building… then you need our services.)
Yeah. A Postcard.
OK. You all know that we are now living under a new tax law (PL115-97, aka Tax Cuts and Jobs Act). One with a purported “much” higher standard deduction, which means fewer folks will be able to (or have to) itemize.
NOW!!!
Come on! You’ve been given much more time.
Because the 15th of April fell on a Sunday, the normal scheme of things would be that yesterday would have been the day to file your taxes. Except the IRS relies on Andover (MA) to process a bunch of electronically filed forms. And, the 16th of April was Patriot’s Day.
8 days a week
Yes, I remember that Beatles song well.
It’s appropriate today because the next 8 days are going to be insane. (Since I don’t work on Shabat, it’s really only a week’s worth of work, even though it’s an eight-day period.)