Friday, March 06, 2015

Tax clients I despise

Doing taxes for the public again (did this a few years ago) and have to rant for a moment. The tax clients I despise: The ones who keep no records and get mad I can't make up deductions. There is a thing called an audit and I refuse to go to jail for 5 years for a fraudulent return just because you are a cheap bastard. The ones who get mad their college expenses are not deductible. I'm sorry, but a dependent client cannot deduct college credits and I don't care if your friend told you otherwise. College expenses are deductible for independent people and lowers their taxes owed, they do NOT receive any extra refund. You must earn at least $26,500 Single or Married Filing Separately, $27,800 Head of Household, or $29,550 Married Filing Jointly, to receive full benefit of college credits. People who have not filed for years decide to suddenly file this year. Excuse me, why are you here if the IRS is not breathing down your neck for not filing for years. When I send this in, you can count on an audit of your past years lack of filing. People who believe they don't have to file because they don't owe. Read complaint above. You have to file if you earn above the standard deduction and exemption amount, which change every year. If a dependent, then must file if above the standard deduction. This year exemption is $3950 per person. This year standard deduction is $6200 for Single or Married Filing Separately, $9,100 for Head of Household, and $12,400 Married Filing Jointly. People who don't know about deductions. Read the form I copy for your records and you will find a long list of possible deductions. List for those taking Standard Deduction: HSA contributions, paying alimony, student loan interest, retirement contributions, education K-12 and college expenses, moving expenses if move more than 50 miles for a job, and child care expenses. List for those who can itemize beyond the standard deduction: Medical expenses/insurance, long-term care insurance, taxes from real estate or car tags, home mortgage interest, charity donations, and job expenses. People who want larger refunds than last year. If you wish a $5,000 refund, then you must pay $5,000 in taxes in the first place. I can not give back much more than you already paid through your paychecks so change your W-4 or make more money to pay more taxes and thus, get more back. Personally, I rather have money year around than a big check once a year. I think I'm done ranting for now. Post later.

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