Disappointed in my tax refund results with $7500 EV credit.

[Glamisduner]

Not so, buying on a credit card you pay off every month gains you up to 60 days of float that you can keep in an interest bearing account.
Loans, too, can be advantageous, if their interest rate is lower than your investment's...

Makes sense, I wish I had those kinds of investments aside from 401k. I hate thinking about all this financial stuff. I know my car was a terrible purchase but at least I enjoy it

 

[cpa]

With an attorney, you have attorney-client privilege...not true with an accountant.

This statement is not entirely true. Accountants enjoy limited privilege with taxpayers. Lawyers enjoy unlimited privilege with their clients. I can offer income tax advice and strategy with a client, and that advice is privileged if I do not prepare the return. However, any attorney-client privilege or accountant-client privilege is waived if the lawyer or the CPA signs the tax return as a paid preparer. That is black-letter law despite the ABA's protestations.

So, if your tax attorney had unfettered privilege with you, then he did not prepare or sign the return. In all likelihood, privilege will only come into play if a special agent becomes involved and refers a taxpayer to the criminal enforcement division. That is when privilege will be invoked. Minor audit issues will never get so involved as to request looking at a lawyer's files; after all, these are civil matters more easily negotiated to satisfactory resolution.

 

[Knightshade]

Not so, buying on a credit card you pay off every month gains you up to 60 days of float that you can keep in an interest bearing account.

not to mention credit card rewards that can potentially get you 10-25% cash-back equivalent on your spending, especially when used for premium travel purposes.

 

[cpa]

is a pleasure to read your posts but quite frankly they are waste of your time. The people who need to read and understand them (like OP) apparently do neither.

Thanks, Brush. But it makes me cringe when citizens have such a misunderstanding of how the tax system works and spread this misunderstanding at the gospel truth. Sorta like when citizens conflate kW/kWh, and other technical terms to spread misinformation unintentionally.

Of course, this entire morass could be avoided if we just switched to a different sort of tax structure. But that is another topic for another day.

 

[Prunesquallor]

Ask Donald Trump. I assume the reason he won’t release his tax returns is because he has paid little or no tax.

I suspect it’s because he has little or no money.

 

[Knightshade]

I'm not saying taking out a 30 is dumb, I did that myself. When interest rates fall to a certain level, and the interest is tax deductible it is essentially free money.

FWIW a lot of folks (outside insane expensive places like CA) are finding their mortgage interest isn't deductible anymore since the standard deduction went up so high this year.

 

[mongo]

Makes sense, I wish I had those kinds of investments aside from 401k. I hate thinking about all this financial stuff. I know my car was a terrible purchase but at least I enjoy it

Some days my TSLA is good idea, some days not....

I'm not thrilled about my car payment, but after making the list of what we needed in a car, it was the only one that checked all the boxes, so it is what it is.
Same with my tractor, which was more than my previous cars...