First Draft 1040 Form, start tax planning!

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   The IRS has came out with a first draft of the 2018 1040 Form.
Includes lots of caveats, like, do not use :-)
But it's a start.

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                              Mikek

If anyone is interested I'll post a link to a good 2018 tax planing
tool that uses Excel.
   I'm making adjustments to see if it is wise to do Roth Conversions  
and how much to stay in a low tax bracket, whether to take long term  
capital gains, etc. Fun stuff ;-/


Re: First Draft 1040 Form, start tax planning!
I like that one part. If I had to worry about it I would have to cause a st
ir...

See they got a line in there for "Amount you overpaid" and then one for "Am
ount you would like refunded to you".  

Now on that one line of course comes from tax records, but the other asks "
How much would you like...".

Well the answer is obvious, I think I would like $ 17,000,000 this year. Th
ank you. I will be awaiting the check.  

Ha, onetime I had a dilemma, made too much and had W-2s, W-1099s and UI. I  
had three ways to figure it out, each would possibly get past them. One the
y owed me money. Another was about even and the really right way I owed the
m. So what's the best way to cheat on taxes ? Let the IRS do it. I wrote in
 big letters "DO IT FOR ME" and sent it in with all the forms n shit, and t
hey figured it out in my favor and included a check.  

If they ever want to bug me and say I cheated what do you think I would say
 ? (I'm thinking "so sue yourself") :-)

Re: First Draft 1040 Form, start tax planning!
amdx wrote:

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   I have not done a 1040 in *years* as it simply does not apply to me.


Re: First Draft 1040 Form, start tax planning!
On 9/30/2018 12:53 PM, amdx wrote:

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   Robert Baer said,
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Is that because of low income or you don't live in the US?

                                       Mikek


Re: First Draft 1040 Form, start tax planning!
amdx wrote:
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   I am Socially Insecure; "income" fixed by Obama and his lying  
henchmen saying cost of commodities or whatever has not changed, so at  
most one gets $4 more each year...

Re: First Draft 1040 Form, start tax planning!
On 09/30/2018 01:53 PM, amdx wrote:

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The only thing that scares Americans more than a bunch of Arabic  
turristz is a bunch of Arabic numerals

Re: First Draft 1040 Form, start tax planning!
On 01/10/18 16:34, bitrex wrote:
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<http://nationalreport.net/sarah-palin-wants-arabic-numerals-banned-americas-schools/

Yes, I know that site is a spoof and that despite the amazing number of
daft things Sarah Palin has said, the story is not true.


A German mayoral candidate apparently /did/ suggest banning them,
however.  Americans don't have a monopoly on ignorance!

<https://www.independent.co.uk/news/world/europe/german-neo-nazi-mayor-candidate-arabic-house-numbers-ban-western-digits-otfried-best-volklingen-a7928726.html


Re: First Draft 1040 Form, start tax planning!
On 10/01/2018 11:00 AM, David Brown wrote:
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Everyone should vote for that candidate and then insist all his personal  
finance and the town government accounting be done in e.g. Roman  
numerals from that point on. under penalty of death. Nobody likes a  
hypocrite.

Re: First Draft 1040 Form, start tax planning!
bitrex wrote:
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   Yeah; how in  the heck does one multiply with Roman numerals?


Re: First Draft 1040 Form, start tax planning!
On 4-10-2018 8:47, Robert Baer wrote:
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Put both numerals in the same bed, and they automatically start
multiplying....


Re: First Draft 1040 Form, start tax planning!

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Not fun! We just shipped a 2" stack of paper off to our accountants,
to finish off last year's extension. I'd rather design electronics
(and read books, and take walks) and pay them to them do the
paperwork.


--  

John Larkin         Highland Technology, Inc

lunatic fringe electronics  


Re: First Draft 1040 Form, start tax planning!
On 10/1/2018 11:01 AM, John Larkin wrote:
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  Yes, I do have a tax prep guy which I have found is not the same as
a tax planner.  I only pay $600 to my tax prep guy, I once got a tax  
planner quote and it was over $3,000.
   What I have learned so far is, I should have sold some Long Term  
Capital Gains, over several years, when my children were deductions and  
their college expenses were credits. I could have paid 0% tax on LTCGs.
  I could have sold and immediately bought back to reset my cost basis.
  I'm also checking numbers on Roth Conversions. If I can pay taxes in  
the 12% bracket and then avoid a 22% tax on RMDs I want to do that.
  If I can get RMDs low enough I can also avoid taxes on my SS income.
  It would have been easier to accomplish if I had learned this earlier.
You have been warned.

                       Mikek

Re: First Draft 1040 Form, start tax planning!

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We have a firm of financial advisers that advise all of our employees,
so I just do what they say. And I let the tax people do the taxes.
Money is boring. I figure that if I spend my time designing
electronics, the money will just sort of happen.


--  

John Larkin         Highland Technology, Inc
picosecond timing   precision measurement  

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