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Taxes - A Request and A Caution

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February 17, 2013 – Comments (3) | RELATED TICKERS: A , T , X

Several years ago, I was working as a tax consultant.  I spent a weekend putting together a blog that listed the deductions for each line of the Schedule C ( small businesses.)  I knew what I was talking about.  NOW I DON'T!

Did I just get your attention?  I hope so.  As late as 2008, I took classes in this stuff in the off years and did taxes in the tax season.  I got a lot of practice.  In 2009, Obama took office.  One of the changes that he made was to require that tax preparers pay for a PTIN (a tax preparation number - you cannot do someone else's taxes without it...at least not for pay.)  By then, you nice folks were teaching me about investing and I made more investing than I ever did with taxes.  The tax blog, done in 2009 as I recall, was an attempt to say thank you in the best way I knew how.  I also occasionally attempted to put together indexes of some great blogs.  Librarians do that and I still am, at heart, a librarian.

Several years have passed.  Tax laws have changed.  They have a way of doing that.  I have not kept up, so I do not know the proper answers to all the questions out there. I would not want to give an incomplete or incorrect answer or to let you think you had the right information when you don't.  One thing I do know is this.  There are some incredibly helpful and just plain wonderful people at CAPS and they answer questions.  If you are having difficulty, post a blog and ask.  For that matter, ask a few theoretical questions if you don't want to put your real question up there by itself.  Just please -

DON'T EXPECT THAT OLD BLOG TO HAVE YOUR ANSWERS!!!  The rules have changed and I have not continued the education to redo it properly.  God bless you all!

Mary 

 

 

3 Comments – Post Your Own

#1) On February 17, 2013 at 6:35 PM, Mary953 (80.87) wrote:

Oh Shoot!  I Cannot Believe I am doing this!

Okay, I just ran across this and just HAD to share it (because I am an idiot, I suppose)

Are you one of those people who bought a first home and got a $7500 credit?  One of the people paying it back $500 a year as part of your tax bill?  If you are and if you lost that home through foreclosure or through the destruction of the house, then there may be a form you need to check out.  It is form 5405 and it allows you to get out of rest of that debt IF you lost the house through foreclosure, condemnation, or destruction of the home.  The form looks intense, but it could save you $7000.  If you were in the path of a tornado, not-so-perfect storm, or other natural disaster, Check This Out.

I don't know any more about this than what I have put here.  I saw it and thought it was interesting and might possibly save someone some money.  I am on my third house in 40 years, so obviously I will not be filling this form out.  Good Luck!  

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#2) On February 18, 2013 at 11:22 AM, outoffocus (22.84) wrote:

Mary, 

Your tax blogs have always been helpful.  And it is awesome of you to even admit to not being up to date on the tax law changes. Its hard for me to even keep up with all the changes.  I've have to amend returns done by people who "had done taxes for years" but one missed tax law change can ruin the whole return.  

That tidbit about the FTHB loan is interesting. I will have to look more into that.  

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#3) On February 18, 2013 at 1:35 PM, Mary953 (80.87) wrote:

I actually thought of you when I wrote this.  Your tax advice is always so insightful and I know that anyone who needs a question answered can just post it.

The 5405 info was just a sort of postscript tacked onto something else I needed.  The info may have been widely spread and I just missed it, but just in case...... 

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