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Weirdest thing said in tax class tonight

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  • #1

    Weirdest thing said in tax class tonight

    The instructor (a substitute) said "The IRS is pretty generous."
    He was referring to all the different types of deductions, etc., a taxpayer can take (we were working on dividends and interest tonight).

    This just went against every fiber of my being. I really was shocked to hear it. It is something I had never before supposed.

    So what do you think? Do you think the IRS is pretty generous?
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  • #2
    The IRS doesn't set the rules, so if they are generous, it can only be in their enforcement of the law, not in what is allowed in the way of deductions and so forth. I wouldn't dwell on the statement. Just roll your eyes and move along....
    "There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid

    "It is easier to build strong children than to repair broken men." --Frederick Douglass

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    • #3
      To certain people yes. Since we have had a house and kids, our deductions have about equaled our income.

      There are plenty of groups that the tax code does not work out so well for!

      Kind of a stupid statement, overall...

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      • #4
        My translation on that is you can take all the deductions you may or may not qualify and them some until you get audited. That's when IRS stop being generous
        Got debt?
        www.mo-moneyman.com

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        • #5
          Originally posted by MonkeyMama View Post
          To certain people yes. Since we have had a house and kids, our deductions have about equaled our income.

          There are plenty of groups that the tax code does not work out so well for!

          Kind of a stupid statement, overall...
          I am not sure if the statement is stupid, but I think the tax codes work more for certain people and incomes than for others. As mentioned, certain deductions can significantly change the amount of taxes paid in relation to other people who may not have the ability to have such deductions (such as home ownership, etc.).

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          • #6
            LOL tripod...

            The instructor spoke of some past "clients" that went straight out the door with some Feds for trying to take some deductions... with the wrong SSNs, of course. One guy just got up and ran out the door when questioned about his id (complete with scratched-out picture), THEN came back in 1/2 an hour with a carload of people. By then, the cops were there so the car-full left and left the guy there to be arrested.

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            • #7
              Originally posted by SnoopyCool View Post
              So what do you think? Do you think the IRS is pretty generous?
              Generous--with my money...

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              • #8
                Originally posted by Like2Plan View Post
                Generous--with my money...
                That is exactly it!

                No matter how generous the IRS seems every cent the 'allow you to keep' is your hard earned cent!

                The IRS follows the more is less theory of laws..the more laws they make the less of your money you get to keep..

                though I agree with the above, roll your eyes and move on in class.

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                • #9
                  Joan is right and something we forget, IRS doesn't make ANY tax laws, that is all Congress. IRS is only enforcement of those laws and compliance (making sure everyone pays). That is why even if we went to a flat tax we wouldn't get rid of IRS, they would still have to make sure there was compliance.

                  Having said that, I think "generous" might apply if the sub is thinking that there are a lot of deductions they can be taken, that perhaps weren't there before maybe. This changes a lot over the years. There was a time you could deduct credit card interest...can you imagine what would happen if we could do that now with so many people in CC debt? It all depends on how long you have been doing taxes maybe....and compare what used to be deducted and what is now being deducted.

                  All I know is every time Congress tries to "make it simplier" it just creates MORE rules and more loopholes and more paperwork.

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