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ALBliberal

(2,374 posts)
Fri Apr 5, 2024, 08:54 PM Apr 5

I'm a CPA. I have been doing taxes since I graduated in 1984. [View all]

Initially for KPMG. And on to a large local firm then working for Sandia Labs auditing government contracts. In 2000 I started my own business while raising a family. Still doing it even tho my youngest is 27. Love my aging clients. I’m aging with them.
But man. Is it HARD.
To see first hand how the middle class is over taxed in this country compared to the wealthy. Those with wages, hard earned pensions, IRA distributions, and social security? Compared to the wealthy with qualifying dividends and capital gains?
It’s really hard this year.
I always do my best for each and every client.
But our tax system is jacked when it comes to working folks and those that retire as such.
(Oh and believe me the wealthy are not reinvesting in the “economy” they are hanging on to the money and they will be back with more sheltered income and tax breaks next year).

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This message was self-deleted by its author Wonder Why Apr 5 #1
Ok ALBliberal Apr 5 #4
The suppression of wages for a generation ThoughtCriminal Apr 5 #2
Completely agree. ALBliberal Apr 5 #5
raising the min wage to an actual living wage wd prolly fix the program. mopinko Apr 5 #19
Living wage jobs lend to a civil society. The Wizard Apr 6 #113
livable wage socialism RANDYWILDMAN Apr 6 #128
The last living wage job I had was 50 years ago. The Wizard Apr 7 #130
Longer than a generation kwijybo Apr 5 #24
They think if they just didn't have ta pay no taxes, they'd have it made. Okay. No military? They don't realize no brewens Apr 5 #35
In Estonia, the goverment calculates what you owe Wicked Blue Apr 5 #3
I don't think that was the point. FoxNewsSucks Apr 5 #6
Ya. My post was about the unfairness of the tax system. ALBliberal Apr 5 #10
K gains OrangeJoe Apr 6 #97
Capital gains and salary/earnings are both taxed in the US. brooklynite Apr 6 #98
not at the same rate. but, I'm sure you know that FoxNewsSucks Apr 6 #103
Perhaps the time to rant about this is when Democrats control the White House and Congress... brooklynite Apr 6 #111
LOL dpibel Apr 6 #127
Capital gains are taxed at lower rates than salary/wages. ALBliberal Apr 6 #104
Page 37 Instructions for 1040 OrangeJoe Apr 6 #118
I was about to do my taxes, I use TurboTax Nictuku Apr 5 #7
Well I guess I put myself out there as a cpa ALBliberal Apr 5 #8
I'm sure I'll figure it out Nictuku Apr 5 #14
Sometimes a computer tech shop can recover files on a corrupted drive... you may want to check that as well... good luck bsiebs Apr 5 #9
By the time I went and did that (I live rural), I could probably re-input all the relavent info. Nictuku Apr 5 #15
True... I'm in Los Angeles... ignore my advice :) bsiebs Apr 5 #33
Can't you get a copy of previous years return from TurboTax? Dan Apr 5 #34
Only the online website version has a copy of it. Nictuku Apr 6 #92
What I do with files. usonian Apr 5 #43
Turbo tax is one of the companies Old Crank Apr 6 #61
The files will have an extention IbogaProject Apr 6 #74
The same thing happened to me year before last CountAllVotes Apr 6 #80
Check your files on the computer you used karynnj Apr 6 #85
Until we keep taxes on labor.... mjvpi Apr 5 #11
Agree. But the exclusion of qualifying dividends (basically domestic dividends) ALBliberal Apr 5 #12
Yes, that's the point I was hoping to make. mjvpi Apr 5 #44
I'm sort of thinking that our wampum is only fiat currency anyway courtesy of the Backseat Driver Apr 6 #93
I guess I was sort of thinking that our wampum is fiat currency anyway, courtesy of the Backseat Driver Apr 6 #95
I've never understood why CDs and savings accounts TheFarseer Apr 7 #129
Also CPA since 1980. I don't miss the 60-70 hour work week. Most of chicoescuela Apr 5 #13
Yes. Maybe 7 years of 70 hour weeks during tax season. ALBliberal Apr 5 #16
Thank you. My kids enjoy my casino career stories as they can be interesting. chicoescuela Apr 5 #32
I think his point was,, surfered Apr 5 #17
The United States is one of the few countries gab13by13 Apr 5 #18
Geez. ShazzieB Apr 5 #37
I will only say in doing your own taxes or being closely involved ALBliberal Apr 5 #45
Returns are not "non-complicated" if your earnings are complicated brooklynite Apr 6 #99
Thank you for posting this. love_katz Apr 5 #20
Can't rescue your data (sometimes, disk rescue programs can) but a suggestion ... usonian Apr 5 #21
This year with that $14000 standard deduction killed me. Retired n living on SS and a small pension. Hikerchick57 Apr 5 #22
Also retired with SS and small pension soldierant Apr 6 #56
We Pay Taxes On It ProfessorGAC Apr 6 #70
Agreed Hikerchick57 Apr 6 #96
That is soldierant Apr 6 #119
Why does the standard deduction kill you? oldsoftie Apr 6 #100
I used to be able to deduct a few things, Hikerchick57 Apr 6 #108
But if the standard is higher than your previous deductions, oldsoftie Apr 6 #114
Yep. You got it. That's how it works. n/t LuckyCharms Apr 6 #115
Thanks, Hikerchick57 Apr 6 #125
I'm not sure I understand either...lol Hikerchick57 Apr 6 #124
Looking at it from a high level, it goes like this: LuckyCharms Apr 7 #133
Thanks so much for that! I think I get it now, I was confused as you could tell. Hikerchick57 Apr 7 #134
And inflation, especially on medical expenses, is killing me. snot Apr 6 #109
The gap phase is terrible, my meds are out of hand. If my research is correct Hikerchick57 Apr 6 #110
If we can win a blowout in Nov I hope this is high on our partys to do list in the first 2 years Cheezoholic Apr 5 #23
Why should income from tips be tax free? MichMan Apr 5 #40
Only to say it's another way to tax working income (why not demand qualifying dividends be taxed) ALBliberal Apr 5 #46
Should all other income from work also be untaxed? MichMan Apr 5 #51
All income should be taxed ALBliberal Apr 6 #52
This message was self-deleted by its author MichMan Apr 6 #66
We had all 3 branches '21-'23. Where were the big proposals? oldsoftie Apr 6 #101
And the tax credits that should be indexed, aren't. nilram Apr 5 #25
1972 and I am working a data entry job. We MOMFUDSKI Apr 5 #26
Income from labor should be taxed the least. CrispyQ Apr 5 #27
Obscene is the word for it, all right! ShazzieB Apr 5 #39
Yep ALBliberal Apr 5 #47
Bernie, AOC, Katie Porter, Elizabeth Warren and others have been right all along. PatrickforB Apr 5 #28
Righteous rant. yardwork Apr 5 #30
Preach!!! ShazzieB Apr 5 #41
You made me post this. usonian Apr 5 #42
And, the sooner we realize that this is not just a meme OldBaldy1701E Apr 6 #67
Going philosophical ... Oops usonian Apr 6 #78
I love it all. OldBaldy1701E Apr 6 #87
"I'll be happy WHEN .... " usonian Apr 6 #88
Very true. (n/t) OldBaldy1701E Apr 6 #89
We need to march on Washington multigraincracker Apr 5 #29
Marching is like prayer is like masturbation NanaCat Apr 6 #63
Yep. Nothing will stop the rich multigraincracker Apr 6 #65
I don't mind paying my share of tax but the tax on "my money" SS doc03 Apr 5 #31
In NM we have stopped taxing social security ALBliberal Apr 5 #49
We also have free public college Desert grandma Apr 6 #57
At least the Germans and the USA have agreed that Social Security is subject to residence-based taxation DFW Apr 8 #139
This I suppose will ruffle some feathers but why should my SS be taxed when I worked doc03 Apr 8 #140
I know I should have looked into this earlier, but...... DFW Apr 8 #141
SS was taken out of my pay every two weeks doc03 Apr 8 #142
It still gets taken out of my pay as well. DFW Apr 8 #143
Why I love Biden. He doesn't increase taxes on the middle class. applegrove Apr 5 #36
i WAS a CPA moonbeam23 Apr 5 #38
It's tough. I hang in there for my long time clients ALBliberal Apr 5 #50
Well I guess if you are uberwealthy, you can buy a bunch of lobby type people who can whisper in the ears of the mitch96 Apr 5 #48
They bank on us not being educated about taxes ALBliberal Apr 6 #54
If you look at the changes in the tax code moonbeam23 Apr 6 #60
It's hard work moondust Apr 6 #53
Thanks for this post, ALBliberal Hekate Apr 6 #55
THANK YOU Skittles Apr 6 #58
Yes you do get f%%%ed ALBliberal Apr 6 #59
I worked for IRS 10 yrs and prepared tax returns in CPA firms RipVanWinkle Apr 6 #62
i worked for KMPG, we probably overlapped. small world. the days of "billable hours" ugh BlueWaveNeverEnd Apr 6 #64
I too am a retired CPA. The tax system doesn't need fixed it needs replaced. All you stated is true. twodogsbarking Apr 6 #68
We brought this on ourselves maxrandb Apr 6 #69
What you've touched on Mr.Bee Apr 6 #71
Wayne E. Brown founded Big Bear in 1933 maxrandb Apr 6 #75
Here's one problem TheFarseer Apr 7 #131
Convert $12.60 from 1980 dollars to 2024 dollars Mr.Bee Apr 6 #81
By design a feature of the 2017 tax bill IbogaProject Apr 6 #72
They lowered taxes on the rich Mr.Bee Apr 6 #73
The 2017 tax bill also increased the standard deduction quite a bit MichMan Apr 7 #136
The standard deduction increase is 'temporary' and slated to revert later IbogaProject Apr 10 #144
Needs to be extended then MichMan Apr 10 #145
Then we will have "increased the deficit" IbogaProject Apr 11 #146
Accounting degree - not a CPA. Small business people pay ridiculous sums underpants Apr 6 #76
Yeah, I know someone that is middle class and completely stopped paying their taxes. Jacson6 Apr 6 #77
I think some GOPers ran on the flat tax idea. Remember, 9....9....9? Silent Type Apr 6 #91
People getting paid in cash still wouldnt be paying anything MichMan Apr 6 #126
Usually the company or person paying cash will be paying taxes on their income. Jacson6 Apr 7 #135
Whenever a filthy-rich person gets a deduction Farmer-Rick Apr 6 #79
That's because Mr.Bee Apr 6 #83
Exactly Farmer-Rick Apr 6 #86
I've gotten a taste of "wealth privilege" Happy Hoosier Apr 6 #82
LIke Maurice Minnifield said in Northern Exposure.. mdmc Apr 6 #117
Tax burden in this country has always been on backs of middle class and poor while the wealthy and corporations iluvtennis Apr 6 #84
Nobody has mentioned how Trump's billionaire tax cut slowly increased the middle class tax burden world wide wally Apr 6 #90
Fresh evidence: Republicans' tax breaks didn't pay for themselves LetMyPeopleVote Apr 6 #94
Scrap the entire tax code. VAT tax, 3 tired flat income tax, treat ALL income equally, oldsoftie Apr 6 #102
Does your "12% corp flat rate (which is HIGHER than what the avg corp is actually paying now) with NO deductions." kelly1mm Apr 6 #120
Profit. Not revenue. oldsoftie Apr 6 #122
Thanks for the clarification! nt kelly1mm Apr 6 #123
Does your '12% corp flat rate (which is HIGHER than what the avg corp is actually paying now) with NO deductions.' kelly1mm Apr 6 #121
Long-term capital gains tax rates are exploited by the middle class as well Shermann Apr 6 #105
Nothing wrong with taking advantage ALBliberal Apr 6 #106
How much of federal income taxes do the top 10% of earners pay? Silent Type Apr 6 #107
Thats why so many proposals we see mentioned are unrealistic. oldsoftie Apr 7 #132
This! I've never found good numbers for the 'untaxed income' Abolishinist Apr 8 #137
There you have it! Multiply your experience by MILLIONS of other people. oldsoftie Apr 8 #138
Wealthy people did not get wealthy Progressive dog Apr 6 #112
I agree with you and see only one solution for myself mdmc Apr 6 #116
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