Comment on Tax time

Sarmyth@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

• EatYouWell@lemmy.world ⁨1⁩ ⁨year⁩ ago

  If your itemized deductions are higher than your standardized deduction, you’re likely in a fairly high income bracket and can have a professional do it for you.

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  • Thrashy@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Yeah… My wife and I together make six figures a year (if only just barely), own a home with a mortgage, and have a kid, and I’ve *never *had the itemized deduction exceed the standardized deduction. I think you’ve either got to specifically structure your financial life around taking deductions, or make “'It’s one banana, what could it cost” money to have itemized deductions make any sense, at which point, why are you complaining about the cost of tax prep anyway? A tax accountant doesn’t cost that much.

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    • HubertManne@kbin.social ⁨1⁩ ⁨year⁩ ago

      itemized was more than standardized before the bush tax cuts for me.

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    • Sarmyth@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

      Interesting. The interest from my mortgage payments and property taxes take me above the standard deduction alone, then I have work expenses as well.

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    • EatYouWell@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Yup, my income is solidly upper middle class, and my experience matches yours.

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• ExLisper@linux.community ⁨1⁩ ⁨year⁩ ago

  Interesting. What deductions do you have the government doesn’t know abut? Where I pay taxes they know how many kids do I have, they how much do I make and how much money do I save for retirement. What deductions do you have in US the government doesn’t track?

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  • starman2112@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

    Work expenses and charitable donations

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