The Ongoing New Financial Era Thread

psu_dad
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Re: The Ongoing New Financial Era Thread

Postby psu_dad » Sat Mar 03, 2018 3:15 pm

I'm in the same boat as you. I use an online service (TaxAct) that I've used for years. They save my return from last year which means I don't have to type in all the personal info and I can do a quick A-B comparison with last year to see if made a glaring omission somewhere. It's got an algorithm for catching things they think might catch the eye of the IRS. And it's got a feature that shows you what the "average" return of a person in your income bracket looks like, so you can see if you're way out of the norm. Perhaps those are all standard features for tax software.

Is it a good deal? I don't know. I haven't had the time to investigate. I doubt I'm going to save a bundle elsewhere, so it hasn't been a high priority to look. I think you should do a survey and report the results here.
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Blue&White
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Re: The Ongoing New Financial Era Thread

Postby Blue&White » Sat Mar 03, 2018 3:26 pm

Turbo Tax is under $150, it's easy and I can bang my taxes out in an afternoon. That's the extent of my survey. I'm not going to spend a bunch of time figuring out if I can get it done for #$30 less. Just not worth it to me.

Turbo Tax just imported all my information from TD Ameritrade. That was awesome. In fact, it was so easy I'm now annoyed I need to add information like the purchase date. What kind of crap is that?!
Alex Cora sucks. Mickey Callaway sucks. Baseball sucks. Everything and everyone just sucks. Is it football season yet?

psu_dad
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Re: The Ongoing New Financial Era Thread

Postby psu_dad » Sat Mar 03, 2018 3:32 pm

I'm gonna assume your taxes are more complicated than mine. I pay half that for Fed & State (including the electronic filing of both).
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Blue&White
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Re: The Ongoing New Financial Era Thread

Postby Blue&White » Sat Mar 03, 2018 3:36 pm

My wife is self employed, sort of. She buys her own materials and we take a lot of business deductions. She doesn't bill herself directly to her clients. She does that through an agency. So, she gets a bunch of 1099s and I have to go through all that, track the miles, the expenses, etc. It's a moderate pain in the rump but there are a lot of deductions she can take (or could take, I think a lot of them vanish next year) and I spend the time to grab all of them. It's extra work but it pays for the extra cost of Turbo Tax.
Alex Cora sucks. Mickey Callaway sucks. Baseball sucks. Everything and everyone just sucks. Is it football season yet?

Blue&White
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Joined: Sat Aug 12, 2017 10:01 am

Re: The Ongoing New Financial Era Thread

Postby Blue&White » Sat Mar 03, 2018 4:11 pm

On the plus side, I may not be as screwed with the tax cut as I originally thought. We had fewer deductions this year than last and, while I'm over the $24k threshold that will be relevant next year, I wasn't as far over it as I was last year. I'd have to sit and do the math but with the reduced rates, even if I get knocked back into that general deduction next year I may be ok. It's going to depend. I've made some changes this year to protect my tax situation. Between my wife and I, we upped how much we put in 401ks and other tax deferred plans, and I refinanced my mortgage to get rid of the home equity loan.

I'm not 100% sure how this will play out and I won't know for certain until next April. But, originally I thought it was going to cost me around $3k and now I"m not so sure. I may be able to stay even - and have the benefit of more money going to the future. If it works out that way, I'm reasonably happy I guess.

My kids are royally screwed, though, as we added another trillion to the debt, but, you know, screw them.
Alex Cora sucks. Mickey Callaway sucks. Baseball sucks. Everything and everyone just sucks. Is it football season yet?

PittGradPSUMad
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Re: The Ongoing New Financial Era Thread

Postby PittGradPSUMad » Sat Mar 03, 2018 7:00 pm

I used Turbo Tax Premier at $60 and change back when I had stock losses, mortgage interest and other stuff to deduct, but no mo. This year, I used basic at $30 a pop but haven't filed yet. Need to find out what H&R Block will cost me. If I pay nada, it'll make my day. The only problem.....I'm lazy when it comes to using a new product where I'll have to enter most of my data. The opportunity cost of not doing that shite might be worth the thirty bucks to stay with Ttax. The good news......I owe much less this year than last.
Yeah, well, that's like your opinion, man.

Blue&White
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Re: The Ongoing New Financial Era Thread

Postby Blue&White » Mon Mar 05, 2018 2:28 pm

This is a pretty good article in Bloomberg on how corporations are using their tax cuts. Channeling my inner psu_dad and my inner Captain Renault, I was shocked - SHOCKED! - to find out that most of the money is not going to raises and employee benefits.

One thing I found interesting is that some of the announcements about intend to spend due to the cuts seem to be bogus as the companies in question are simply spending at the same rate as in the past. Comcast gets called out for that one in particular.

We'll see with time what all this mean. I can tell you that I did not get a raise - again. I've not gotten a raise in 5 years and I don't see this tax cut changing that. I did get a slightly larger bonus, but that had nothing to do with the tax cuts. My boss just decided I deserved more of the pot of money than someone else did (and for that, I think him).
Alex Cora sucks. Mickey Callaway sucks. Baseball sucks. Everything and everyone just sucks. Is it football season yet?

psu_dad
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Re: The Ongoing New Financial Era Thread

Postby psu_dad » Mon Mar 05, 2018 2:55 pm

Labor has lost the muscle it had from the 50s through the 70s. Equity has always been more valuable than labor, but now it's way WAY more valuable. That's why the divide between the haves and the have-nots keeps growing. The former have the means to acquire equity. The latter do not. They only have their labor and the market for labor is a buyer's market.

"You'll get nothing and like it." - Judge Smails
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Blue&White
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Re: The Ongoing New Financial Era Thread

Postby Blue&White » Mon Apr 02, 2018 2:02 pm

"Your a dead man, Valentine!"

- psu_dad once he gets back to the board.
Alex Cora sucks. Mickey Callaway sucks. Baseball sucks. Everything and everyone just sucks. Is it football season yet?

psu_dad
Posts: 1405
Joined: Sun Aug 13, 2017 6:59 pm

Re: The Ongoing New Financial Era Thread

Postby psu_dad » Mon Apr 02, 2018 2:17 pm

I was curled up in the fetal position under my desk.
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