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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Simply stated, child support is not deductible. However, it is worth noting that identifying child support payments may not be so simple.
Closing Costs
Real estate closing costs can be pesky things. And since you are paying for them, can you at least deduct them from your taxes?
Tax Deduction written on a sticky-note
Tax deductions and credits serve the same purpose − to reduce the amount of a taxpayer's tax owed. The way that each serves this purpose is different.
speedometer
In 2019 self-employed taxpayers can deduct their car expenses at the standard rate of 54.5 cents per mile driven for business. However, most employees cannot.
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