Tax Insights

Your Guide to State, Local, Federal, Estate + International Taxation

Random thoughts only incidentally related to tax return preparation

As everyone is aware by this point, the tax deadline was extended by one month for 1040 returns. And in our tired haze, some odd things have come to light, so thought I would share some of these foibles.

Don’t miss: Relocating to a new state? Consider these tax issues.

  • Autocorrect can always play a number on you. It changed efile to edible so the sentence started out Edible rejects . . . Really, it was all downhill from there.
  • The taxable income limitation for a corporation resulted in the exact same dollar amount of charitable contributions limitation as the 50% meals deduction. These numbers are right above each other on the return, causing some head scratching until we reconciled the return. Numbers are so fun!
  • Message received out of the blue: Breaking news – peanut M&Ms are back. RIP waistline.
  • Emailed a client about his extension payment. Not 20 minutes had gone by and I had checks made out to the regulatory agencies in our office. When I asked him how he was so fast he replied “I wanted to get you the checks before the price went up.”
  • Client: “I am looking at my K-1 – what is the taxable income?” If only it were that easy. His K-1 had no less than seven numbers impacting his taxable income, so I dutifully explained them all.
  • Sometimes a bad joke or pun falls flat. But most of the time the effort is appreciated. Gallows humor, maybe. Information for life, right there.
  • “You’re kidding, right? Please tell me you are kidding. Oh, God, you’re not kidding.”
  • Everyone says they want to eat healthy. But the donuts and M&Ms sure do disappear quickly.
  • “Plan B coming up.” *Pause* “I am still working out the details of Plan B. It just rattles in my head until it hits either one lone brain cell or flies out my ear”
  • After all of this, none of which I understand, I need a drink. Or chocolate. Or both.
  • Conversation I had with a younger team member: Me: “Yes, that can indeed be done.” Response: “Dope!” Me: “I think that is good – right?”

Start with edible and end with dope and neither one has anything to do with anything illegal or illicit.

A huge thank you to our entire tax team for their dedication and hard work. It was intense, at times a slog, and mind numbing with all of the law changes. Take a well-deserved breather and relax! If you have any questions about your tax return, feel free to contact a Henry+Horne tax professional.

Donna H. Laubscher, CPA