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Anyone done their taxes, yet?

 
Old 03-05-2019, 06:24 PM
  #51  
 
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Rob, time flies. This is the 4th tax season I have prepared only one return- my own. I retired July 31, 2015. I don't miss the late nights and the phone calls, but I do miss the client interaction. I had many clients for over 30 years. One of them, that I can recall, I did their tax returns the entire 42 tax seasons of my career. I count many of them as friends. And like you, they represented a wide range of income, from multi-millions a year to (one lady I remember well) ran a day care and didn't pay any tax at all. Sorry, but ssbfgc likely does not have the experience we do. Nor, I doubt, lives in my state of California where you don't need any taxable income at all to have high property taxes.
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Old 03-05-2019, 08:07 PM
  #52  
 
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Being in one of those rather blue states my beloved and I I didn't exactly fare particularly well this year.
I won't quote her exact reaction when the total came up from turbo tax.
suffice it to say she was less than pleased.
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Old 03-06-2019, 04:14 AM
  #53  
 
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Originally Posted by Zippy View Post
Gave up those investments a couple of years back, K-1s are always annoyingly late.
Me too.... at least in taxable accounts. I have one MLP left and that's in an IRA account so I don't have to wait for the K-1 to file.
I know that there's a school of thought that says MLP'S shouldn't be in an IRA but this one pays a great dividend and the UBTI amounts are always well below the $1000 exclusion limit.
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Old 03-06-2019, 04:59 AM
  #54  
 
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From my perspective, the difference in opinion expressed in this thread all comes down to the difference in deductions arising from state taxation. One might say the new laws punish those in blue states. Others may say the old system was rewarding those in blue states. In the end it is all about tax philosophy and a political discussion, so I'll just stop right here.
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Old 03-06-2019, 05:54 AM
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Originally Posted by Legal Bill View Post
From my perspective, the difference in opinion expressed in this thread all comes down to the difference in deductions arising from state taxation. One might say the new laws punish those in blue states. Others may say the old system was rewarding those in blue states. In the a end it is all about tax philosophy and a political discussion, so I'll just stop right here.
To a large degree you are right. Taxation has been political since the beginning. The very first thing that you learn in Taxation 101 is not to look to the tax code for fairness or logic.
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