by Chris Bowers, Sun Apr 15, 2007 at 10:55:55 AM EDT
Use this thread to tell the world what is on your mind.
by Chris Bowers, Sun Apr 15, 2007 at 10:55:55 AM EDT
And I used to prepare genuinely complicated tax returns, including estate tax returns, for a living back in another lifetime. I'm the sort of guy who can and once did wrestle his way through his taxes, even if they had all sorts of complications.
Pay $20 for the basic version of TurboTax, TaxCut, TaxAct, or whatever. They're fast, easy, and accurate. They really do take all the headaches out of tax prep.
I just finished my taxes and am going to use this thread to rant against the Alternative Minimum Tax (AMT). I use Turbo Tax and was able to determine that if my wife and I had remained single and lived together neither of us would have been subject to the AMT but b/c of our marriage two years ago we are.
I don't mind paying my fair share in taxes but I do mind inequitable situations. Why should we be subject to this tax just b/c we chose to get married? Our income is exactly the same either way. The tax code is completely skewed against two-income married couples.
Meanwhile, all of Bushes rich friends get mega tax cuts. Makes my blood boil.
Not to mention, income from dividends and capital gains is exempt from the AMT. So if you had the same income, but less of it was salary and wages, and more of it was dividends and/or cap gains, you'd pay less AMT tax.
Paying a CPA is worth it. Last year, I ended up overpaying by about three thousand, using TurboTax. This year, I let my CPA father-in-law take a crack at it, and apparently I'll be getting back about three grand and owe nothing past what my quarterlies covered.
As soon as I can find last year's return, I'll let him see if TurboTax missed some deductions.
There is a strategy I have heard about...
Claim some very high exemption (like 10+) for federal withholding, such that no income tax is taken from your check. Then, deposit the extra money each pay period into a money market or some other stable, interest bearing account. At the end of the year, empty the account to pay your due, and pocket the interest.
Neat trick, if you've got the discipline :-)
Don't do that without the OK of a tax professional. The IRS gets kinda touchy about it if you don't pay your taxes as the year's going along, either through withholding or quarterly estimated tax filings.
People who pay quarterly estimated taxes (self-employed, etc.) pay fines when that happens, even accidentally. I doubt that paycheck people would get off easier, especially if it looks intentional.
MissLaura on Economic Inequality
Charts, quotes from Jim Webb and John Edwards.
In Breaking Blue: Tornadoes for Bill Richardson, there is an interesting little snippet in the comments section about an exchange Gov. Richardson had with Tavis [Smiley] about support for Al Gonzales. I'd be curious about his overall surge potential with progressives if this is a big deal.
Thanks for pointing that out. I read the rest of the article, too, and I'm troubled by a candidate so enthusiastically supported by rich Republican Texans.
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Procrastination Tsk Tsk Chris :-P
Been there done that... good luck, god knows how much fun taxes are.
Is Bill Bradley making a play for Democratic VP with a new book and appearances on Meet the Press and the Daily Show? What are your thoughts?
AP uses Fox News cliches to write about Fox-Dems dustup
From an AP article on Democratic freezeout of Fox News in the primary debates
"Any time a candidate gives a Fox reporter the time of day, it reinforces the idea that Fox is real news," said James Rucker, who runs the Web site colorofchange.org. That Web site and MoveOn.org have been the most zealous in fighting the idea of Fox-sponsored debates.
Begrudgingly, Rucker admits that candidates shouldn't ignore Fox. But they should speak out against Fox whenever they appear, he said.
That attitude disturbs those who worry about the country retreating into ideological camps that want nothing to do with one another.