Free Tax Advice-So Ask Away

Discussion in 'The Howard Stern Show' started by illini fan, Dec 23, 2013.

  1. illini fan

    illini fan New Member VIP

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    As a benefit to being a member of this board, I'm offering free tax advice...so ask away..I will try to answer the best that I can...

    ...and I give you wrong advice, remember it was free!!!

    :cheer:
     
  2. TehLivingDeath

    TehLivingDeath New Member Banned User

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    I'd rather pay my accountant. No offense.
     
  3. itpdude

    itpdude New Member

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    Well, I want to ask an opinion about the ACA, particularly the mandate. Seeing as the deadline for signing up is by tonight sometime and how it appears millions of Americans are going to flout the ACA mandate and take the penalty, do you think the ACA can survive through 2015 given if millions of Americans, most presumably that younger and healthier class, will likely cause a "death-spiral" for the act?
     
  4. skytzoboy

    skytzoboy not a fuck to give

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    My wife is a CPA - I'm good.
     
  5. itpdude

    itpdude New Member

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    Oh man, I love giving my accountant a big manila envelope full of receipts with different scribbled notes and shit. . . . he actually attached a "PIA fee."

    I asked what that was and it was exactly what I thought: A Pain in Ass Fee.
     
  6. R.P. McMurphy

    R.P. McMurphy Well-Known Member

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    ...curious about the 500 $ charity donation. is that a freebee starter kit? it seems like everybody should just include it automatically but i dont know.

    i do my own taxes with taxact, it seems pretty thorough.
     
  7. TehLivingDeath

    TehLivingDeath New Member Banned User

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    lol, that's nice of him. I go through all my receipts and tall shit up for my accountant. He doesn't need to see them, so I try to save him a step.
     
  8. illini fan

    illini fan New Member VIP

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    If the ACA were run by a private corporation, the answer would be no...but since its run by the federal government that can run up annual trillion dollar deficits, it will survive unless republicans get control of both houses and the white house, in which case, the law will be repealed..
     
  9. illini fan

    illini fan New Member VIP

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    Keep Those Records for Cash Donations

    It is extremely important to get receipts and keep records for your donations. If you make a cash donation of less than $250, a canceled check or a receipt from the charity showing its name, the amount and the date of the contribution is sufficient. However, contributions of more than $250 require written documentation from the charitable organization. This receipt must include the amount you gave and whether or not you received anything of value as a result of your contribution.


    Donating Property? Don't Forget That Receipt!


    Like cash donations, if you donate property (defined as anything that is not cash) to a charitable organization, the records you must keep depend on the value of the property you contribute. A contribution of less than $250 requires a receipt from the charity showing the charity's name, the date of the donation, and the location and description of the property donated. In addition to a receipt, donations between $250 and $500 require written acknowledgment of your contribution from the charity, stating whether the organization gave you any goods or services as a result of your contribution.


    Donations of property valued between $500 and $5,000 require detailed records of how you initially got the property and the approximate date you received it, in addition to a receipt and written acknowledgment. You must file Form 8283, Noncash Charitable Contributions, for all donations of property valued at more than $500. In addition to every requirement stated above, contributions over $5,000 require a written appraisal from a qualified professional.


    Please note that property donations of more than $500 made on or after January 1, 2005 will require written documentation from the charity indicating whether or not the property will be sold or used by the organization. You will not be able to receive a charitable deduction without this documentation.
     
  10. FSFN

    FSFN Well-Known Member

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    Say Zoozazoo on your next call to Wiggy.
     
  11. FlaFlaFlunkie

    FlaFlaFlunkie Fabulous!

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    So how soon will it be before some dolt posts his social security number? :jj:
     
  12. illini fan

    illini fan New Member VIP

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    The last three times I attempted to call, he wouldn't pick up.. I think he has a beef with me for some reason...

    :jj:
     
  13. itpdude

    itpdude New Member

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    Now that is interesting. . . so even if the ACA causes a death-spiral due to the "right" people (people who aren't sick) simply eating the fine in 2014, the govt could plausibly fund the shortfall with deficit spending.

    Now, because the ACA is really nothing more than a law that requires people to buy PRIVATE insurance (those who can get Medicaid are, by and large, already on Medicaid), and the govt has imposed limits on how much insurance companies can charge, will the govt. simply write checks to private insurance companies for the shortfalls? And if so, will they cover costs plus some extra to ensure profits?

    Because this system seems to be predicated on having a LOT of younger, healthier people sign up and pay more than their health-status justifies and the sick, those with previous conditions, can only be charged so much, there will almost have to be a huge shortfall for private insurance companies.

    Right? Or am I wrong?
     
  14. R.P. McMurphy

    R.P. McMurphy Well-Known Member

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    ...so 250 or 500 deduction with the "safe zone" as a consideration. seems like if you dont claim one of those youre throwing money away. i dont track medical mileage and all that busy work stuff so if i can knock 100 bucks of my taxes im willing.
     
  15. illini fan

    illini fan New Member VIP

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    good question...by the way what's yours????
     
  16. illini fan

    illini fan New Member VIP

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    pretty much...
     
  17. FlaFlaFlunkie

    FlaFlaFlunkie Fabulous!

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    [​IMG]
     
  18. FSFN

    FSFN Well-Known Member

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    Nice! Are you back on twitter?
     
  19. itpdude

    itpdude New Member

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    Tracking mileage became WAAAAAY easier for me when I got a mileage app on my smart phone. It's become a habit to take one minute before driving and one minute at the destination to punch in mileage.

    Before I had scraps of paper, would write on my hand, etc. . . . huge pain in the ass.
     
  20. illini fan

    illini fan New Member VIP

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    You're right on the money...as long as the democrats are in charge, they will pass a bill to make-up any shortfall...