Tax season blues

February 03, 2015 by Eric Linden
Woman exhausted doing taxes

Are you gathering all your necessary tax documentation now? Great time of year, isn’t it? Ha ha. Preparing your taxes will be a piece of cake because you spent much of your summer doing tax planning, right? This time of year is usually that great period of New Year’s resolutions and thinking, “Oh, those dang tax forms are arriving now!” Oh, brutal cold and blizzards are another highlight. But hey, look on the bright side: the tax code continues to become easier and easier to navigate. See sarcasm in some online dictionary.

We are kicking off the tax season with this goofy blog post celebrating all that is great with the tax season:


  1. We get to dwell on how much we made (or didn’t make) in 2014 (unless you are a 1 percenter);

  2. It’s the one time we can really enjoy the thought of those dud stocks we sold at a loss;

  3. We can hem and haw about what really is a deduction. (No, sir, that tie you purchased for that business meeting that you also wear to weddings is not a deduction.);

  4. We revisit our old college days procrastination techniques, finalizing our tax returns at 11 PM on April 15, 2015;

  5. We call our tax professional once a day for three weeks, which results in them BLOCKING our number;

  6. We wake up screaming in the night, “No!!!! I did NOT toss those receipts, did I?”

  7. We think a 1040 EZ is some sort of stomach fat reducing exercise gadget.

All kidding aside, we wish you a very happy tax season. We will get through this.

 

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Prescription eyeglasses for correcting your vision are deductible as a medical expense, but you may not be able to deduct them based on other factors.
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Generally, the IRS has three years form the date the return is filed to conduct an audit. However, there are exceptions to this three-year rule.
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If you paid off a prior year state or local tax obligation to your state, you can include these payments as a state tax deduction, subject to the $10,000 cap.
standard deduction or itemized deduction
Most taxpayers are familiar with the terms standard deduction and itemized deductions, but many are unaware of the differences between the two.
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