UUUUGGGGGHHHH. Just completed taxes and IRS stinks

[hccj]

My husband and I just completed our taxes and I am so frustrated. The new tax laws regarding gambling don't seem to be very well thought out … or maybe I am just eating sour grapes. So, we had $9K plus in handpays last year. Prior to 2018, we sold our rental properties. Our children are grown and our family business operates under a corporation. We have zero debt and no write offs, so while our Win/Loss statement shows a significant amount of loss over our reported wins, we were not allowed to deduct the losses, as we did not meet the criteria for itemizing deductions. Now, I am not whining about the tax obligations on a winning year at all. We fully believe we should pay our share on earned income. The problem is … there was no income at all. In our business, we write off every expense. How are losses on gambling not an expense toward income on gambling. We are in pre-retirement mode, so we are simplifying our lives, which should be a good thing. However, the new tax laws will prove to be a problem for casinos if they are not addressed, I think. Well, thanks for listening to me vent. I'm really just a little cranky over the additional $1,900 they took from us this year.

[treyster]

I've been saying for years the $1200 threshold is a joke. It should be double that and they missed the chance last year to change it.

[Elf70]

Sorry you got burned by the tax changes. I’ve heard lots of people making the same complaint. Unfortunately for me my accountant has gone silent on me. Not answering emails or phone calls. I haven’t received my taxes from him yet and I’m stressed to the max. I always have them with a few weeks of sending him everything. Not this year. He’s not local so no driving to his office. I have no idea what I’m going to do if I don’t get something from him this week. I have no idea what’s going on with him and am super pissed he hasn’t responded to me. I sure hope I have something soon.

[zeus]

Sorry you got burned by the tax changes. I’ve heard lots of people making the same complaint. Unfortunately for me my accountant has gone silent on me. Not answering emails or phone calls. I haven’t received my taxes from him yet and I’m stressed to the max. I always have them with a few weeks of sending him everything. Not this year. He’s not local so no driving to his office. I have no idea what I’m going to do if I don’t get something from him this week. I have no idea what’s going on with him and am super pissed he hasn’t responded to me. I sure hope I have something soon.Holy crap, Elf! That is a scary thought. I hope you get good news this week. If not, get that extension ready to file. And then kick some ass and take names!

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[Elf70]

Holy crap, Elf! That is a scary thought. I hope you get good news this week. If not, get that extension ready to file. And then kick some ass and take names!

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Even worse.... Our business taxes were due March 15 and I don’t know if he filed an extension or not!! I can’t tell how stressed I am. [emoji22][emoji22][emoji22][emoji22][emoji22]

[charlie50]

Looks like the new rule of thumb is to have taxes taken out on all handy's here on out . this is gotta be hurting the gambling industry to some how ..i wonder to what extent Warren

[dvandentop]

Not looking forward to doing mine next weekend
Atleast i can deduct the gamble wins but i only had 2-3 last year

[Mimi]

Doing our return this year I learned going forward to have taxes taken out until you reach that 24k threshold for itemizing. The way things are going for me, it will be taxes withheld all on handpays because they're few and far these days, HHH! I realize the new tax laws hurt some, but this year we received the largest refund we've had in years!!! Added bonus, none of our income is taxable to the state of Mississippi!

[charlie50]

Doing our return this year I learned going forward to have taxes taken out until you reach that 24k threshold for itemizing. The way things are going for me, it will be taxes withheld all on handpays because they're few and far these days, HHH! I realize the new tax laws hurt some, but this year we received the largest refund we've had in years!!! Added bonus, none of our income is taxable to the state of Mississippi!

#funweekendatIP lol

[Slotspert]

This is part of the S.A.L.T. limitation rule which hits us really hard in California. There is no real "tax benefit" for charity donations anymore (especially the write-off for non-monetary "stuff" so many of us donate to charity), unless you break the $12,000/$24,000 threshold (single/joint). For 80%+ tax filers, a hand-pay is now 100% taxable money regardless unless you exceed this threshold.

[DK528]

This is part of the S.A.L.T. limitation rule which hits us really hard in California. There is no real "tax benefit" for charity donations anymore (especially the write-off for non-monetary "stuff" so many of us donate to charity), unless you break the $12,000/$24,000 threshold (single/joint). For 80%+ tax filers, a hand-pay is now 100% taxable money regardless unless you exceed this threshold.

Us in NY too re the salt deduction.

I got to take the med expense deduction this year. The W2s inflated my adjusted gross income so that I didn’t get as much of a deduction as I should have. But did get to claim losses to offset the W2 wins.


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[hccj]

Thanks everyone for listening to me vent. We've had to pay taxes most years and this year we still eked out a refund. I really just was whining.

[hccj]

Sorry you got burned by the tax changes. I’ve heard lots of people making the same complaint. Unfortunately for me my accountant has gone silent on me. Not answering emails or phone calls. I haven’t received my taxes from him yet and I’m stressed to the max. I always have them with a few weeks of sending him everything. Not this year. He’s not local so no driving to his office. I have no idea what I’m going to do if I don’t get something from him this week. I have no idea what’s going on with him and am super pissed he hasn’t responded to me. I sure hope I have something soon.


Oh, Elf. I am so sorry. I hope he gets back to you soon. That is miserable. Our CPA offices two doors down, so I can find him anytime. I truly hope your corporate tax return was done or extension filed. That is nerve-wracking! He should have his butt kicked for leaving you in the dark!

[Curlyd]

Elf70, that is very scary. Almost makes you wonder if he is medically unable to respond. As hubby does our very simple taxes I still worry because his health can be an issue.

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[Elf70]

Elf70, that is very scary. Almost makes you wonder if he is medically unable to respond. As hubby does our very simple taxes I still worry because his health can be an issue.

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I googled for his obituary - nothing thank goodness. I agree that something must be wrong. He’s done an excellent job for us for 20 years. This is very out of character. Fingers crossed I get something in the mail today!

[foamy]

Sorry you got burned by the tax changes. I’ve heard lots of people making the same complaint. Unfortunately for me my accountant has gone silent on me. Not answering emails or phone calls. I haven’t received my taxes from him yet and I’m stressed to the max. I always have them with a few weeks of sending him everything. Not this year. He’s not local so no driving to his office. I have no idea what I’m going to do if I don’t get something from him this week. I have no idea what’s going on with him and am super pissed he hasn’t responded to me. I sure hope I have something soon.

File for a extension

[Elf70]

File for a extension

For sure. I guess I’ll wait until this weekend or Monday. I have set up an online account so I can do it automatically.

[Elf70]

Finally received a response to my numerous emails. My accountant is in the hospital. I was given a name of another accountant who has my taxes and should be completing them. That accountant will call me this afternoon and give me an update. I can not tell you how relieved I am to finally have an answer! I hope my long time accountant is ok. He’s a good man.

[Curlyd]

Good news for you and I hope your accountant is out and heading ack to good health soon

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[zeus]

Finally received a response to my numerous emails. My accountant is in the hospital. I was given a name of another accountant who has my taxes and should be completing them. That accountant will call me this afternoon and give me an update. I can not tell you how relieved I am to finally have an answer! I hope my long time accountant is ok. He’s a good man.Whew, that was cutting it close. But the main thing is you now know everything is being taken care of.

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[emmas]

Finally received a response to my numerous emails. My accountant is in the hospital. I was given a name of another accountant who has my taxes and should be completing them. That accountant will call me this afternoon and give me an update. I can not tell you how relieved I am to finally have an answer! I hope my long time accountant is ok. He’s a good man.

Glad you got a response. Hope your accountant the best. Good luck with the taxes.

Just filed and had to pay additional taxes (a lot more) because of changes to SALT. Not a happy camper.

[MommaT570]

I heard a lot of people complaining about there taxes good luck guys and gals

[hccj]

Finally received a response to my numerous emails. My accountant is in the hospital. I was given a name of another accountant who has my taxes and should be completing them. That accountant will call me this afternoon and give me an update. I can not tell you how relieved I am to finally have an answer! I hope my long time accountant is ok. He’s a good man.

This is good news! Not so much for your accountant. I hope he is OK. Also hoping your extension was filed on your corporate taxes as well!

[hccj]

Have to say I am embarrassed to admit that only days after creating this post whining about gambling and taxes, we have now booked our annual trip to Wynn. Will be there July 24-28. Will definitely have taxes deducted from any handpays, but apparently I am over the frustration with the new tax law and am looking forward to returning to my happy place!

[The Shamus]

Hey treyster:

It would be nice to see some pictures you have taken over the years -- I will put up some old photos of you and make a nice video! Everything else going okay! I like to update the friends I made along the way! Take care!

/\/\/\/\ the Shamus /\/\/\/\

[clemi]

Still waiting for my tax returns to be done... my accountant must have been overwhelmed! Supposedly my taxes will be done by Monday, which will be about 4 weeks since we met.

Crossing fingers I will get these done by Monday!

[Elf70]

Crossing fingers for you too clemi! I verified today that my extensions have been filed. Thank goodness. I hate that it will probably be several months before I know if I owe additional taxes but at least I know I’ve deposited what I owed last year.

[clemi]

Crossing fingers for you too clemi! I verified today that my extensions have been filed. Thank goodness. I hate that it will probably be several months before I know if I owe additional taxes but at least I know I’ve deposited what I owed last year.

Thanks Elf, my taxes came back today... between refunds due to me and estimated tax payments I owe on Monday, I pretty much broke even for what’s due, phew!

[Elf70]

Thanks Elf, my taxes came back today... between refunds due to me and estimated tax payments I owe on Monday, I pretty much broke even for what’s due, phew!

That’s great! This tax year has been so stressful. Glad you didn’t have to wait until Monday. See you soon!!!

[charlie50]

Well Donna just got back from H&R .... and did ok,actually a better return than last year . if she had not of gotten that 7500 handy last at Harrahs kc she wouldn't of had enough to make the deduction . i didnt know that you could only deduct the amount you won . i thought you could deduct all of your losses . but anyway worked out great .oh and she's getting another 120 or so back from the state of Missouri apparently with the deduction that was over paid as well when they took the taxes on her handies or some sort of non resident thing..not sure

[20cardmg]

File for a extension

If getting a refund extension is ok..if you owe your screwed unless you send money with it lol

[Elf70]

If getting a refund extension is ok..if you owe your screwed unless you send money with it lol

I’m not sure if I understood correctly but the accountant that is helping out my former accountants clients - said that due to the circumstances (my regular accountant is not expected to survive) - there will be no penalty on taxes owed this year as long as I’ve paid 100% of what I owed last year. I hope he’s right and that I understood correctly.

[foamy]

I’m not sure if I understood correctly but the accountant that is helping out my former accountants clients - said that due to the circumstances (my regular accountant is not expected to survive) - there will be no penalty on taxes owed this year as long as I’ve paid 100% of what I owed last year. I hope he’s right and that I understood correctly.

We have filed extensions and owed taxes before so I bet you are ok


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[dvandentop]

I have done extensions and owed money just paid the fees wasnt the end of the world

Just had to pay interest on what was owed in April 15 and some other fees

[tee2green]

I’m not sure if I understood correctly but the accountant that is helping out my former accountants clients - said that due to the circumstances (my regular accountant is not expected to survive) - there will be no penalty on taxes owed this year as long as I’ve paid 100% of what I owed last year. I hope he’s right and that I understood correctly.Oh Elf, how sad. So sorry about your accountant. Was it a heart attack?

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[Curlyd]

Very sorry to hear that Elf.

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[Elf70]

Oh Elf, how sad. So sorry about your accountant. Was it a heart attack?

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I asked new accountant if he was going to be ok and he said he wasn’t expected to survive. New accountant was very upset as they are close friends so I didn’t ask anything further. It is quite upsetting. I’ve known the man since the day we opened our business 27 years ago. He’s about my age and always appeared to be in good health. He’s a fellow slotter so never judged my gambling. We had great Vegas conversations. Another example of why we all need to make the most of every day. Life is short.

[clemi]

I’m so sorry Elf :(

[20cardmg]

I’m not sure if I understood correctly but the accountant that is helping out my former accountants clients - said that due to the circumstances (my regular accountant is not expected to survive) - there will be no penalty on taxes owed this year as long as I’ve paid 100% of what I owed last year. I hope he’s right and that I understood correctly.
Yes elf...if you paid at least 100% of last year tax or 90% of this year you are ok on extension

[bluesfan]

Oh wow Elf - sorry to hear about your accountant. Very sad.

[Penguin]

Sorry to hear about your accountant. Always makes one stop and think when someone we know passes on (especially when they are younger than you).