Tax Planning Conversation

[Snaggletooth]

How my clients respond to tax planning discussions:

Ron: "You say you sold that half-acre for $5,000, and then turned around and gave it to your church? Why didn't you just give the land to the church, and you wouldn't have to pay capital gains on it - plus you get to deduct the $5000 anyway!!"
Client: "I shouldn't have to pay on that if I gave it away. When are we going to receive Bush's $600?"
Ron: "Looks like you cashed out your IRA three weeks before you turned 59 1/2, Geez, why didn't you call me before you did this? I would have told you to wait another month."
Client: "Yeah, my wife says I should be asking you these questions. In fact, she told me to ask you whether we're gonna get $300 on our teenagers this summer.
Ron: "$1500 in savings bonds for your grandchildren, and mutual funds for yourself? You just turned 60 and those bonds will mature in 7.5 years. Next time buy these savings bonds for yourself and mutuals for grandkids."
Client: "Y'know, I wonder if they will give us $300 for our grandchildern too. They really should. Can you figure up how much we're going to get??"

Typical in Tennessee. I'll bet no one in your state acts like this.

[ChEAr$]

more client dialogue

phone call this morning.
She: Will i qualify for the rebate? (after my question about income... then..) All I get is 158$
per month disability and about 200$ last year in interest.
Me; you don't qualify cause you don't have "qualified income."
She: Well it just isn't fair!!!!!
Me: why don't you file jointly with husband?
She: because he doesn't file; our son claims him.
Me: well how do you live?
She: my son helps me out.
She: It just isn't fair!!!
etc.

[Larmil]

phone call this morning.
She: Will i qualify for the rebate? (after my question about income... then..) All I get is 158$
per month disability and about 200$ last year in interest.
Me; you don't qualify cause you don't have "qualified income."
She: Well it just isn't fair!!!!!
Me: why don't you file jointly with husband?
She: because he doesn't file; our son claims him.
Me: well how do you live?
She: my son helps me out.
She: It just isn't fair!!!
etc.

My calendar says it's a full moon.

[myerstaxes]

LOL Here is Mine

Me: Why did you take that 401K you won in the divorce instead of rolling it over...
Client: I started to call you first, but I did not want to "Bother you"...
Me: Well, I can save you the early withdrawal penalty because it qualifies for the exception, but I could have saved you the $15K they held back for taxes...
Client:...Oh, PLEASE don't tell me that!!

[geekgirldany]

After sale of business:

C: My son wants the corporation to pay the tax on the money he got from the sale.
Me: Why was your son paid out of the corporation. You and your wife could have gave him and his wife up to $50,000 in 2007 tax free as a gift. I wrote it out for you before the sale in the summer.
C: "sound of crickets"