Bushes Report Gross Income of $784,219 (Tax Time)

AP via My Way News ^ | Apr 15, 4:24 PM (ET) | By DEB RIECHMANN

[So Cal Rocket]

It went the other way for me... I went from a refund of $500 to having to pay $1,200 after figuring my tax under the AMT.

[Huck]

D'oh! Try again? :-/

[Not A Snowbird]

The only thing that saved my butt is the sales tax deduction. Fortunately I bank electronically and use Quicken, so everything was documented.

[Heuristic Hiker]

Its also a covenanted biblical promise...giving a tithe(Malachi 3:8)....and I would bet that neither Kerry nor Gore gave anything close to 10% to religious organisations!

[Dog Gone]

I'm working on it, but it still looks grim. I've had nearly $3000 more withheld this year, and am still coming up short.

I just found a $4.00 foreign tax credit, but that ain't cutting it.

HELP! My wife has been on me to replace the carpet, and I think I'm sending the money to the IRS instead!

[Dog Gone]

I bank electronically, but don't use Quicken. So I had to take the standard deduction which is probably less than the actual amount.

I also refinanced the home to a ridiculously low interest rate of 3.75% which just obliterated the interest deduction. I'm screwed in the short term while being better off in the long term.

Too bad it happens right when my expenses are the highest.

[Not A Snowbird]

Ouch. We refinanced too, so we lost alot of interest deduction. We had a high employee business expense that we wont' have in 2005, so I think I'm hosed for this year.

I'm off to catch the train! Have yourself a good stiff drink when you finish, you'll feel better. I know I did.

[SC DOC]

That is true, but I can't imagine his prior year being that low, given his total income over the years. Too bad the article didn't reveal this as they did Bush.

[SC DOC]

Actually you are right. In 2003 their tax liability was $253,067 on taxable income of $813,226. Therefore they withheld enough this year to avoid penalties.

[Euro-American Scum]

Bushes Report Gross Income of $784,219 (Tax Time)

Well, this is without a doubt, Bush's fault.

[deport]

So I had to take the standard deduction which is probably less than the actual amount.

---

If you have to take the standard deduction then do it one year and for the next lump as many expenses into that year as possible... such as pay two years property tax in the same year, make two years donations in the same year, Jan for the year just past and Dec for the current year.... Sometimes that can help get enough to surpass the standard deduction.

[GoLightly]

I would have been surprised if they hadn't covered themselves. Paying taxes is bad enough as it is, but penalties hurt even more.

When you have a complicated income situation, making sure you've paid in to cover the previous years' liability is the easiest way to make sure you're not stuck paying the government any bonus money.

[Dog Gone]

I was referring to the standard deduction for sales tax, a new feature for Texas filers. You can deduct your actual sales tax paid during 2004, or you can take the government standard deduction for this.

Since this law was passed in mid-year, there are precious few of us who were keeping sales tax receipts before then.

[deport]

Gotcha......

[what's up]

The Bushes give to Americares. I feel better now about my donations to the same.

[Harmless Teddy Bear]

That's what ours came out to. 10%. Is that decent?

Very.

My personal rule is save 10%, invest 10%, give 10%.

In a good year it goes up.

[Harmless Teddy Bear]

I had to take the standard deduction which is probably less than the actual amount.

You might benefit from having a tax preparer look over your last few returns. You can file an amended return for up to five years if it looks like you over paid.

And next year itemize. The "it's deductible" program is great.

[GOP_1900AD]

RE: on which he paid $207,307

Ouch!

[GOP_1900AD]

RE: The Bushes paid $22,158 in state property taxes on their ranch near Crawford, Texas.

By my standards, that is cheap. I've got probably 1/50th the amount of land, and pay 1/5th that in property tax.

[Scenic Sounds]

I've always wondered how Presidents handle their tax returns. I think that usually their assets are placed in a blind trust and, if so, can he be expected to have to sign a tax return swearing that the return is accurate?