BS: Raise your kids to be money managers

Subject: BS: Raise your kids to be money managers
From: Q (Frank Staplin)
Date: 30 Apr 10 - 02:34 PM

Unless one hires a good tax accountant, many odd quirks in tax assessment and court rulings may be missed. My accountant told me that Canadian tax rulings run to some 16 volumes, and the basic tax form directions are insufficient to keep many taxpayers from paying too much. He found one that works for me and I got a sizeable refund.
The U. S. basic forms also omit much that can save one money.

Here is a bonus for money managers in the U. S.
If one is a money manager in a private partnership, a chunk of his fees may be treated as long-term capital gains, taxed at the low rate of 15 percent.
Obama would like to close this particular example, but it is still open.
How many more tax loopholes are there?

NY Times editorial, "Hedge Funds Make Hay," Sunday, April 4, 2010.

Subject: RE: BS: Raise your kids to be money managers
From: gnu
Date: 30 Apr 10 - 03:14 PM

It's good advice to hire a pro if your taxes are not straight forward. My business was simple, so I did my own.

My only advice as far as hiring someone is this. Hire a pro. NOT someone like Block (heads). My mother hired them years ago and was puzzled... she did the return herself and found they "missed" $3k. She went back and they apologized, but refused to refund the fee. I went to see them and got the refund. And subsequently wrote a "letter to the editor".

Oh... one other thing, especially for those over 75 who pay on a quarterly basis (in Canada). The form that CRA sends has an amount to pay. That amount is NOT necessarily correct. A pro will determine how much you should pay quarterly. Last year, my mother paid the amount on the form and the government had the use of over $2.5k of her money... refunded after filing without interest.

Subject: RE: BS: Raise your kids to be money managers
From: Q (Frank Staplin)
Date: 30 Apr 10 - 06:04 PM

Good advice, Gnu.
I use a certified public accountant, his own business for many years, and very capable.
Outfits like Block just hit the high points, and Block was using parttime help the last I heard.
I submit the quarterly payments but the accountant determines the minimum amount needed to avoid any penalty.