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Trusted Contributor
Posts: 1,248
Registered: ‎03-10-2010

Re: It's Tax Time

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.

Respected Contributor
Posts: 3,687
Registered: ‎02-22-2015

Re: It's Tax Time

[ Edited ]

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. Smiley Happy

Honored Contributor
Posts: 13,670
Registered: ‎05-22-2016

Re: It's Tax Time

[ Edited ]

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.Smiley Happy

 

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.

Respected Contributor
Posts: 3,967
Registered: ‎03-04-2015

Re: It's Tax Time

Image result for surprised cat

Respected Contributor
Posts: 2,738
Registered: ‎07-02-2015

Re: It's Tax Time

[ Edited ]

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.

 

 

 

 

Respected Contributor
Posts: 4,691
Registered: ‎03-12-2010

Re: It's Tax Time

Despite the IRS being furloughed to a skeleton staff, taxes are still due April 15th. The people most affected by this will be those expecting and needing a return quickly. Hopefully this budget issue will be done by the end of the month. GIven the current and persistent state of Congress not doing much of anything and now opposing parties, we really are going to see nothing done in Washington. Replace them all with kindergartners. At least kindergartners will work together and get something done. They are taught how to place nice together.
Honored Contributor
Posts: 13,454
Registered: ‎03-10-2010

Re: It's Tax Time

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.

 

 

===================================
QVC Shopper - 1993

# IAMTEAMWEN
Esteemed Contributor
Posts: 6,859
Registered: ‎03-09-2010

Re: It's Tax Time

Other than myself and my adult children, most of the people I know do not file taxes.  They say they don't make enough.  

Trusted Contributor
Posts: 1,425
Registered: ‎08-13-2010

Re: It's Tax Time

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. 

Respected Contributor
Posts: 2,382
Registered: ‎09-18-2010

Re: It's Tax Time


@novamc 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?