New Tax Rules

[srivendel]

Important reading.

The IRS has significantly tightened its rules on charitable deductions for 2007.

S.

[channelmaniac]

Important reading.

The IRS has significantly tightened its rules on charitable deductions for 2007.

S.

Yet another government for all of us.

We were always careful to keep receipts... now we have to have larger ticket items appraised?

[altiain]

Seems fair to me. I've known people to donate old junker cars and them claim a hugely ridiculous "fair market value" for said car on their taxes. I'm a firm believer in using all of the available loopholes, but there is a huge difference between taking advantage of allowable deductions and blatant lying on your taxes.

[MiataMike]

What are you talking about? My Ford Pinto was worth $55k

[Titus]

Seems fair to me. I've known people to donate old junker cars and them claim a hugely ridiculous "fair market value" for said car on their taxes. I'm a firm believer in using all of the available loopholes, but there is a huge difference between taking advantage of allowable deductions and blatant lying on your taxes.

Spoken like I man who was a student the last tax year he filed for! I actually agree with you, but it sure is harder to swallow when you have a Texas sized tax bill.

[srivendel]

Spoken like I man who was a student the last tax year he filed for! I actually agree with you, but it sure is harder to swallow when you have a Texas sized tax bill.

+1. I agree that larger items should be itemized, but making you account for every pair of socks you give to Good Will seems like overkill, and an accounting headache for the entire universe. Tax fraud is an issue, and everyone should pay their fair share, but making grandpa account for the $20 he threw in the collection plate at church is rough.

S.

[icepenguin66]

Seems fair to me. I've known people to donate old junker cars and them claim a hugely ridiculous "fair market value" for said car on their taxes. I'm a firm believer in using all of the available loopholes, but there is a huge difference between taking advantage of allowable deductions and blatant lying on your taxes.

Yeah, I agree with that but on the other hand maybe the government should try to alleviate the tax burden on the people who would most likely be committing such offense. I'm pretty damned conservative but am reconsidering my stance on tax cuts. When a 17 yr old hs senior get a $2.00 tax return and must pay several hundred the following year during his first year of college something ain't right ya know!

[altiain]

Spoken like I man who was a student the last tax year he filed for! I actually agree with you, but it sure is harder to swallow when you have a Texas sized tax bill.

Uhh.. no. I've never had a typical college student's income or taxes. Don't forget that I was married with a house, mortgage, investment portfolio from my previous career that had been leveraged to pay for school, etc., during my years as a "college student". I assure you I paid plenty of taxes while finishing my undergraduate degree.

As for the accounting headache - if you're really irritated by the idea of keeping track of every $10 bill you toss in the collection plate at church for your taxes, maybe you've forgotten why you're throwing those bills in there in the first place.

[onething]

- if you're really irritated by the idea of keeping track of every $10 bill you toss in the collection plate at church for your taxes, maybe you've forgotten why you're throwing those bills in there in the first place.

[Treibenschnell]

As for the accounting headache - if you're really irritated by the idea of keeping track of every $10 bill you toss in the collection plate at church for your taxes, maybe you've forgotten why you're throwing those bills in there in the first place.

Better seats in the auditorium up above?

[Radio-Active]

Well,

One thing is for sure.

I hate giving 50% of my money to the government!!!

35% up front to the federal.

8.25% to the state for sales tax.

And then there is property tax, lisencing fees and misc. other stuff.

[srivendel]

As for the accounting headache - if you're really irritated by the idea of keeping track of every $10 bill you toss in the collection plate at church for your taxes, maybe you've forgotten why you're throwing those bills in there in the first place.

Thanks for the reminder. I thought paying the church $10 to get a $3 tax break sounded like a great scheme!

S.