True Random Thoughts

#553
#553
Orangeredblooded said:
I’ve had one of my employees tell me the same thing. He didn’t get either of the stimulus payments, but can applied to his refund. He didn’t tell me what documentation he had to submit.
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He shouldn’t have to, as they will be able to see that he was a taxpayer last year (and this.) That will be the documentation. Or if he didn’t have to file last year, they now have him in the system.

As cynical as I am about all things financial and governmental, I think they did a darn good job on this, as a step to help people out.
 
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#554
#554
Orangeredblooded said:
I thought it applies to everyone since it’s added income.
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I assumed that, too, at first, but then I read about adjustments to the standard deduction instead.
The ones in previous years, as I recall, were treated as added income.
If it's a true "stimulus," it wouldn't be treated as added income, imo.
Of course, my idea was that the government (to achieve a real "stimulus") should've just refunded $xx tax liability upon filing (maybe based on income).
 
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#556
#556
VolNExile said:
He shouldn’t have to, as they will be able to see that he was a taxpayer last year (and this.) That will be the documentation. Or if he didn’t have to file last year, they now have him in the system.

As cynical as I am about all things financial and governmental, I think they did a darn good job on this, as a step to help people out.
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That's what I was thinking. It'd be easy to crosscheck and see if someone got the payments. But, as you say, it is the government.
 
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#560
#560
VolNExile said:
Don’t forget:

For those of us who don’t itemize on taxes, you can nevertheless get a deduction on up to $300 worth of donations (cash, credit card, debit card; not yore slightly used tightly-whities to Goodwill.) it’s part of the CARES Act. We’re saving some bucks this year for good causes.

This includes your donations to religious organizations, Red Cross, etc. Be sure to check the links in this below for information on eligible groups:

Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize | Internal Revenue Service

The specific IRS pub regarding what’s eligible:

Publication 526 (2019), Charitable Contributions | Internal Revenue Service
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Thanks Jimmy!!😂
 
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#561
#561
GordonC said:
I assumed that, too, at first, but then I read about adjustments to the standard deduction instead.
The ones in previous years, as I recall, were treated as added income.
If it's a true "stimulus," it wouldn't be treated as added income, imo.
Of course, my idea was that the government (to achieve a real "stimulus") should've just refunded $xx tax liability upon filing (maybe based on income).
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I was impressed that there wasn’t a delay, because people who live paycheck to paycheck were hurting then and there. It would have been a long wait until 2021.
 
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#562
#562
VolNExile said:
He shouldn’t have to, as they will be able to see that he was a taxpayer last year (and this.) That will be the documentation. Or if he didn’t have to file last year, they now have him in the system.

As cynical as I am about all things financial and governmental, I think they did a darn good job on this, as a step to help people out.
Click to expand...
I agree with you on getting it out fast to everyone, I never thought it would go as smooth, considering. On my employee, I really don’t know the circumstance, besides he lives with his mom (I try, believe me I try not to get too involved with their personal lives). I would imagine it has to do with her claiming support, him not in school and he not filing as an independent individual and letting his mom file.
 
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#563
#563
Orangeredblooded said:
I agree with you on getting it out fast to everyone, I never thought it would go as smooth, considering. On my employee, I really don’t know the circumstance, besides he lives with his mom (I try, believe me I try not to get too involved with their personal lives). I would imagine it has to do with her claiming support, him not in school and he not filing as an independent individual and letting his mom file.
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Yeah, there were a lot of conflicts last year with young people as claiming not a dependent, and parents claiming that they were. This happened with us the year that our son graduated college.

IIRC, whoever filled first got the check, whether kid or parent. Lots of untangling to do.
 
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#564
#564
GordonC said:
I assumed that, too, at first, but then I read about adjustments to the standard deduction instead.
The ones in previous years, as I recall, were treated as added income.
If it's a true "stimulus," it wouldn't be treated as added income, imo.
Of course, my idea was that the government (to achieve a real "stimulus") should've just refunded $xx tax liability upon filing (maybe based on income).
Click to expand...
This is where I need to read the updated tax code.
 
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#565
#565
Orangeredblooded said:
This is where I need to read the updated tax code.
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Do you use tax software, or do you do it on paper? (as I did for years and years) We use Turbo Tax, the CD or download version, which among other things, lets you see immediately the effect of every entry that you make. NOT the online version.

So far, it appears that TT is doing a pretty good job of asking for the relevant entries, so that things are properly captured (they certainly don't always.) Hubs had not heard about the $300 deduction and had thrown away all his thank-you letters.
BANGHEAD2.jpg
I told him about it, and sure enough, TT prompted for contributions.There have been some complaints about HR Block software not doing the same. No idea about the others. And of course, online complaints have to be run through the reality filter, as many of them are pretty idiotic.

But even with tax software, it's always wisest to get a good idea before starting of what ought to be happening.
 
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#568
#568
VolNExile said:
Do you use tax software, or do you do it on paper? (as I did for years and years) We use Turbo Tax, the CD or download version, which among other things, lets you see immediately the effect of every entry that you make. NOT the online version.

So far, it appears that TT is doing a pretty good job of asking for the relevant entries, so that things are properly captured (they certainly don't always.) Hubs had not heard about the $300 deduction and had thrown away all his thank-you letters.
BANGHEAD2.jpg
I told him about it, and sure enough, TT prompted for contributions.There have been some complaints about HR Block software not doing the same. No idea about the others. And of course, online complaints have to be run through the reality filter, as many of them are pretty idiotic.

But even with tax software, it's always wisest to get a good idea before starting of what ought to be happening.
Click to expand...

I use H&R but wait until April to file. Hopefully the updates will have fixed any issues by then.
 
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#569
#569
VolNExile said:
Do you use tax software, or do you do it on paper? (as I did for years and years) We use Turbo Tax, the CD or download version, which among other things, lets you see immediately the effect of every entry that you make. NOT the online version.

So far, it appears that TT is doing a pretty good job of asking for the relevant entries, so that things are properly captured (they certainly don't always.) Hubs had not heard about the $300 deduction and had thrown away all his thank-you letters.
BANGHEAD2.jpg
I told him about it, and sure enough, TT prompted for contributions.There have been some complaints about HR Block software not doing the same. No idea about the others. And of course, online complaints have to be run through the reality filter, as many of them are pretty idiotic.

But even with tax software, it's always wisest to get a good idea before starting of what ought to be happening.
Click to expand...
I’m old so I always start at the IRS.gov to read updates every year before I file. Pretty new to me, new means in the last 15ish years that I’ve used the online software. I’ve bounced around until I found one I felt comfortable with last year (TaxCut). H&R Block is where I started a few years ago. It felt like you were rushed through the process.
 
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#570
#570
95 Vol Alum said:
People stopped listening cuz fraud, money laundering, and stuff.
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Yeah, we have everything at Vanguard (worst IT ever, but not trying to rip us off 24/7) and Schwab. Hubs' mom's money is at Morgan Stanley. OMG, what crooks they are. Fees to breathe in, and fees to breathe out.
 
#571
#571
malinoisvol said:
Taxes make my head hurt.
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There is an app for that. I have been using one for so long and I still marvel at all the time and energy people spend reading and researching. My theory is either become an accountant and do the taxes yourself, pay an accountant, or (as I do) use the cheapest approximation of the software the accountant was using yourself.
 
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#572
#572
DD4ME said:
There is an app for that. I have been using one for so long and I still marvel at all the time and energy people spend reading and researching. My theory is either become an accountant and do the taxes yourself, pay an accountant, or (as I do) use the cheapest approximation of the software the accountant was using yourself.
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I'm an H&R guy. The hard drive in my head no longer has the space for all that crap.
 
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#574
#574
I remember when Taco Bell had three items on the menu - tacos and bean burritos with red or green sauce.
 
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#575
#575
I don't care much for taco bell, but those cinnamon things they have are the bomb.
 
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