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!

Sent from my SM-G955U using Tapatalk

[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!

Sent from my SM-G955U using Tapatalk

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.

[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.