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Post by Dutch on Apr 8, 2024 10:37:02 GMT -5
My dad died in 2018. Before that, his wife was complaining that her savings weren't providing enough income due to low interest rates. She had about a million dollars in CDs. Probably 1% interest back then, which gave her $10,000 per year.
Today, that same million would have given her around $50,000?
I remember articles saying how bad seniors were being effected by low interest rates back then.
Today, I got my tax return and saw the schedule listing our interest from various sources.
I guess what will harm one person, helps another.
Interest rates effect various age brackets differently. Young people weren't complaining when they got 3-4% mortgages, but the elderly were effected negatively.
Something to think about.
For the first time in my life, I didn't pay any federal taxes. YEEHAW
I did owe a bit to the state due to that interest income.
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Post by dougl on Apr 8, 2024 10:57:46 GMT -5
That's just the thing.Left wing Liberal policies impact everyone differently.The hard working middle class almost always end up taking without any astro glide.Every time they're at the wheel,it costs me tens of thousands of extra dollars.
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Post by davet on Apr 8, 2024 11:24:11 GMT -5
Lest we not forget that Trump imposed one of the largest tax increases via tariffs. Tariffs hurt the poor the most, followed by the middle class.
So, there’s that.
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Post by fleroo on Apr 8, 2024 12:17:44 GMT -5
I found that "Loophole Accountant" I was looking for, and actually will be getting back just shy of what I was when I claimed my 3 little Child Credits. Not sure what she found, but makes me think I SHOULD NOT have been doing my own taxes all along, just to save a paltry fee comparatively.
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Post by Loggy on Apr 8, 2024 12:26:02 GMT -5
....... For the first time in my life, I didn't pay any federal taxes. YEEHAW I did owe a bit to the state due to that interest income. Well Dutch......the U.S. Treasury always gladly accepts donations!! Donating To US Treasury
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Post by Dutch on Apr 8, 2024 13:09:20 GMT -5
....... For the first time in my life, I didn't pay any federal taxes. YEEHAW I did owe a bit to the state due to that interest income. Well Dutch......the U.S. Treasury always gladly accepts donations!! Donating To US Treasury I donated at the office.
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Post by Dutch on Apr 8, 2024 13:11:54 GMT -5
Those Trump tax cuts sure help.
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Post by jwk on Apr 8, 2024 13:12:57 GMT -5
I found that "Loophole Accountant" I was looking for, and actually will be getting back just shy of what I was when I claimed my 3 little Child Credits. Not sure what she found, but makes me think I SHOULD NOT have been doing my own taxes all along, just to save a paltry fee comparatively. I'm not 100% sure but don't you have so much time to make corrections in past returns?
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Post by Dutch on Apr 8, 2024 13:34:31 GMT -5
I found that "Loophole Accountant" I was looking for, and actually will be getting back just shy of what I was when I claimed my 3 little Child Credits. Not sure what she found, but makes me think I SHOULD NOT have been doing my own taxes all along, just to save a paltry fee comparatively. I'm not 100% sure but don't you have so much time to make corrections in past returns? He's in the top 1%, let him pay the extra tax. 😂😂
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Post by davet on Apr 8, 2024 16:56:14 GMT -5
I found that "Loophole Accountant" I was looking for, and actually will be getting back just shy of what I was when I claimed my 3 little Child Credits. Not sure what she found, but makes me think I SHOULD NOT have been doing my own taxes all along, just to save a paltry fee comparatively. I'm not 100% sure but don't you have so much time to make corrections in past returns? Three years from the due date of the original, or date filed....whichever is later. (IIRC)
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Post by Loggy on Apr 9, 2024 18:34:51 GMT -5
I'm not 100% sure but don't you have so much time to make corrections in past returns? Three years from the due date of the original, or date filed....whichever is later. (IIRC) That's what I remember Dave. Haven't cked the SOL rules lately but in addition there was also a 6 year statute if you underreported income 25% or more plus if fraud..... statute remains open.
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