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01-06-2019 08:16 PM
Well, I am 72 also and I know exactly where all our money comes from and exactly the paperwork we need. I do use Turbotax but I understand all the calculations that are being made. Of course our taxes are pretty straight forward - pensions, SS and IRA's - nothing complicated about it. I just don't trust anyone else to tell me what to pay. Most people should be able to do their own taxes.
01-07-2019 12:35 AM - edited 01-07-2019 12:38 AM
Yes, I was aware of the new laws. Mom's estate (Trust) was finally completed last fall. My accountant, broker and CPA have warned me to prepare to write a hefty check to the IRS, even with the new laws and my continued deducations and large donations.
ETA: Haven't checked about the recent accident and wheather the loss of my vehicle will help me financially. Amazing how those cars depreciate so quickly when you purchase another in a couple of years (unexpectedly). Perhaps there is a rainbow in all things?
It's going to be an interesting tax season for everyone, I'm sure. From what I've read and understand, most property owners will be very pleased with the new laws.
01-07-2019 07:45 AM - edited 01-07-2019 06:59 PM
The only thing that's going to save me money is when I'll be able to get a discounted rate for my property tax when I turn 65 in a couple of years. But since I have no mortgage, I have no deductibles to consider for taxes now. Looking forward to lowering my property taxes.
I have been doing my own taxes since I was 15yo when my dad showed me how to do them after I got my first real job.
01-07-2019 12:44 PM
01-07-2019 01:11 PM - edited 01-07-2019 01:18 PM
Be sure not to overlook taking an itemized deduction for medical expenses.
These can include health insurance premiums, long-term care insurance premiums, medical equipment, drug co-pays, mileage deduction and parking fees for trips to doctors, dentists and hospitals, etc. It might also include a portion of the rental expense for someone living in an assisted living community.
These expenses, once added up as a total medical deduction---and then added to property taxes, car taxes, charitable donations-- and perhaps much more-- just MIGHT mean that the newly increased standard deduction is still too low to be useful in simplifying a tax return.
The new tax rules might contradict what I just wrote above, but I don't think so.
The new tax rules are wonderful for younger people who live simple lives as renters and in good health......not as beneficial for older folks whose lives are mired in so many details.
01-07-2019 06:02 PM
01-07-2019 07:48 PM
When the taxes changed last year and your paycheck got larger overnight, that was the time to make a pre-emptive strike.
I changed my deductions to 0 to have the most taken out because I knew I would not be itemizing my deductions this year.
I have already modeled my return on Turbo Tax as my company keeps a running W-2 on our self service portal, so I was able to enter all of my numbers in and Turbo Tax told me I would be taking the standard deduction this year.
01-07-2019 08:38 PM
Other than myself and my adult children, most of the people I know do not file taxes. They say they don't make enough.
01-08-2019 02:14 AM
Yes, turbo DH does ours retired & collecting soc sec they don't take taxes out so end of the year we do it. Oh we owe but he does DD too she gets a refund. She gets excited getting some money back I remember those days.
01-08-2019 09:04 AM
@novamc1 wrote:Be sure not to overlook taking an itemized deduction for medical expenses.
These can include health insurance premiums, long-term care insurance premiums, medical equipment, drug co-pays, mileage deduction and parking fees for trips to doctors, dentists and hospitals, etc. It might also include a portion of the rental expense for someone living in an assisted living community.
These expenses, once added up as a total medical deduction---and then added to property taxes, car taxes, charitable donations-- and perhaps much more-- just MIGHT mean that the newly increased standard deduction is still too low to be useful in simplifying a tax return.
The new tax rules might contradict what I just wrote above, but I don't think so.
The new tax rules are wonderful for younger people who live simple lives as renters and in good health......not as beneficial for older folks whose lives are mired in so many details.
We always have to pay, but this makes me think at least our daughter may get a break. Is there something in there for renters?
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