Taxes - a thimk[sic]

[Pat-inCO]

I have been of the opinion that only those with larger incomes could
really utilize the services of a tax accountant. Since I am retired
with a pension (that ain't half what it seemed when it started) and
fortunately for me, also have some income from Social Security (PLEASE
don't go off on SS tirades). Changing houses, I decided to use a tax
accountant. I'll admit it, I'm lazy when it comes to learning tax codes just
to potentially save a few dollars.

This last year I sold one house, moved to AZ and bought another house.
Well, it turns out that CO income tax for retired people with incomes
below a certain point are quite good . . . it's called ZERO. But AZ
does not care; you pay AZ income taxes. The funny part is that the tax
accountant I used (Son-In-Law's brother) said that he could have saved
me even more, had I done (laundry list of items). Humm. I think I'll
work on getting at least some of that laundry list accomplished for
2019.

Why do I bother you with all this? Simply that there are a plethora of
things, all legal, that you can do to save on your income tax. Since
there are most states represented on the forum, I'll not detail any that
I am going to do, but rather just mention that some research AND access
to a good tax accountant can save many people a bunch on taxes.
Presuming you would even want to do that. :roll:
It SURE as all (bleep) did for me.

. .

P.S. If you start soon, it will all be in place for next tax time. 8)

 

[Fox Mike]

We too have used an accountant for years. Having homes in two states, numerous varied income and banking accounts we found it much easier to just hand our information to Teresa and await her call that all is complete. I used to do our taxes but as our income became varied I just couldn't kept up with all the new laws. I also can now go to bed without heartburn.

 

[Pat-inCO]

I also can now go to bed without heartburn.

I can identify with that! 8)

 

[Kevin]

My parents live in Arizona. They tell me, and I don’t know the details. But for state taxes, if you know a teacher; you may designate all (100%) of what you owe in state taxes to go directly to that teacher. It doesn’t go to the state and then to the school district etc. etc.

And yes, an accountant is a good idea.

 

[fiasconva]

I used a tax prep lady until I could no longer itemize. After that it was just the short form and my standard deduction was way greater than my itemized deductions. I use Turbo Tax now. It's pretty simple once you get used to it.

 

[1ruger]

My wife is a CPA and we still use an accountant to prepare and file our tax return.
There are a lot you can do to minimize the income tax. In our case since we have 2 school age kids there are additional options open to us.

 

[Rick Courtright]

I am going to do, but rather just mention that some research AND access
to a good tax accountant can save many people a bunch on taxes.
Presuming you would even want to do that. :roll:
It SURE as all (bleep) did for me.

Hi,

I'm not an accountant, but have been in the tax biz (two completely different animals with a bit of overlap) for 30 years now.

The secret is NOT in the access to your accountant or tax consultant. I'm available the entire year to answer clients' questions, plan things out for them, etc. Which I do... as do most others I know. The secret is DOING what they tell you to do.

But when the client WON'T do what they're told to do, a whole lot of time, and in some cases, valuable good will, is forever gone. Yet the bill's still there! I may choose to forget about a client and send them elsewhere. IRS (or any other taxing agency) doesn't forget.

Rick C

 

[pete44ru]

I used a tax prep lady until I could no longer itemize.

I use Turbo Tax now.

It's pretty simple once you get used to it.

Ditto - Since, once used, Turbo Tax (Intuit) remembers all your data from year to year.

All I do each year is plug in the new numbers - it takes me a little over 30mins online.

AND, the version I use is free for both state & federal taxes.


.

 

[Pat-inCO]

... Turbo Tax (Intuit) remembers all your data from year to year.

All I do each year is plug in the new numbers -
it takes me a little over 30mins online.

Where does it store your data?
If it is on your machine, then things are fine.
If it is "in the cloud", you have all your financial data available to hackers.

 

[pete44ru]

.

AFAIK, TurboTax only stores info that anyone can get online or from a telephone book - certainly not financial/banking info.

Besides, I don't have enough money to qualify for financial data...…..

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