Mark Luscombe
Mark Luscombe
code fact gotten simplicity spite talk tax
In spite of all the talk about simplicity, in fact the tax code has gotten more complicated every year.
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People are generally pretty good at keeping track of things they write a check for but they're a little sloppier with the $5 they put in the collection basket at church or give to the organization on the street. A lot of people also fail to keep track of non-cash donations. They drop things off at Goodwill without making an inventory of what they gave.
exclusive office wrinkles
There are a lot of little wrinkles as to how exclusive the use of the office has to be.
complex
What's really complex about it is you're going to have to do allocations you've never had to do before.
advantage bush cuts people tax
Because of the AMT, some people are not able to take advantage of the tax cuts that Bush made available.
consistent cuts wanting
He's been pretty consistent in wanting to make the cuts permanent.
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Ideal candidates would be those who can afford to pay a little more now with the hope of long-term savings down the road, helped out a little by the tax savings on the initial investment.
areas disaster help hurricane people
People who don't live in presidential-declared disaster areas get help, but not the most help or the quickest. Those in declared disaster areas but not in the Hurricane Katrina-Rita-Wilma areas get more help quicker, while those in the Katrina-Rita-Wilma disaster areas get most.
congress extend failed increase intend
Congress failed to extend the exemption increase into 2006. I think they still intend to do that, just retroactively.
self sign tax
No self-respecting tax practitioner would sign on to any of these.
addition bad brings extension failure file filing interest pay penalties possible return situation smart worse
The one thing that can make a bad situation worse is not filing your return or requesting an extension. That brings on a failure-to-file penalty, in addition to possible penalties and interest for failure to pay. It's smart to file even if you can't pay, and pay even if you get an extension to file.
file filing money paid return tax worth
You don't have a filing requirement because you don't have a tax due. But if you had withholding, you've paid tax. It's worth your while to file a return to get your money back.
interest viewed
This is because they're viewed as prepaid interest.
afford compared involved loss passive pay people rules stuff tax
Compared to some other tax issues, like passive loss rules and stuff like that, it's not all that complicated, but people involved in things like passive loss rules can usually afford to pay for some sophisticated help.