Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Daniel Liberty who wrote (1935)	2/25/1999 12:42:00 AM
From: Colin Cody	Read Replies (1) of 5810

Daniel, The Congress raised the standard deduction a number of years ago just so taxpayers would not need to account for all sorts of things during the year, LIKE INVESTMENT INTEREST, in order to get their write-offs. People complained loud and continuously for years and years about the WORK Congress made them go through to get their fair share of tax deductions! They said "why do we need to hire CPAs and H&R Block to do our deductions?!!!" Congress gave the people what they asked for with a substantial unaccountable standard deduction. The new higher standard deduction limits are there so you don't need to bother with the investment interest and the other itemized deductions. The Sch A now is used for those taxpayers who have A LOT of items to deduct, going beyond the very generous standard deduction. Bottom line: As an investor who had a few $$$ in investment interest charged on his margin account... forget it. Colin

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