....It's why lawyers look forward to Friday. It's a joke, get it? It applies to CPAs (and their staff) this time of year too.
Actually, I took yesterday off. The opportunity came up to take the kids hiking up behind the reservoir, and on a day like yesterday who could say no? The boys and their two friends pretty much ran the whole four mile loop over hill and down dale and through the poison oak. Then they came home and collapsed on the sofa.
Tips gleaned so far from this tax season:
1) For non-individual clients (partnerships, S-Corps, C Corps) the telephone tax credit is soooo not worth it. Is anybody out there actually calculating it for their clients? You spend what, $100 worth of billable time to get somebody $54 back?
2) IF, hypothetically, you had a good year at the local casino, and if you have a stack of W2-G's showing withholding on your gambling winnings, don't even bother inputting them one by one, because you can't electronically file anyway if you have more than 30 of those things.
And even if your losses exceed your winnings and you deduct said losses on Schedule A, you could still wind up with more of your Social Security income becoming taxable because your gross income before deductions is higher than it would be otherwise. So you lose more than you win, and you still wind up, in effect, paying tax on your winnings. And they say the lottery is a tax on stupid people.
As always, none of the above is meant to be construed as actual tax advice.
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