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As a professional tax preparer

Posted on: September 28, 2020 at 08:30:46 CT
BigDave MU
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I have a morbid curiosity about Trump's tax returns. I'm one of the very few, and maybe only person, on this board that has a chance to really understand them. I've worked on a few returns that have over 3000 hours put into them. It gets pretty complex.

I've not read the Times article because I refuse to give them my personal information to read an article on their site. But I have read a few stories about it.

The most interesting thing is what is not in the article. No mention of Russian ties, which was the basis for everyone wanting to look at them in the first place. There's no mention of total income and charitable contributions, which are ALWAYS mentioned in these kinds of articles about President's tax returns.

Instead, the Times picked a very few small things they think will embarrass Trump without including any context that would allow you to draw a reasonable conclusion about them. It's a hit piece.

I'm not going to get into all the hypotheticals of how it could be done, but it can be very true that Trump pays "tens of millions" of dollars in taxes and his tax return still show almost no federal income tax on his tax return. You also have to understand it is possible there could be more than 100 different tax returns involved for the entire Trump organization, and that is just in the US and does not count other countries. Trump would have a great deal of control over what and how much would flow into his personal tax return. And none of that is a tax dodge, or cheating, or "gaming the system".

And to those that dream that Trump is "broke" or a fraud, the article disproves your point entirely. This paragraph was in an article I read about it, "The Times also said he has used “questionable measures” to reduce his tax bill. He faced a possible hit of “more than $100m” if he lost “a decade-long audit battle with the IRS over the legitimacy of a $72.9m tax refund that he claimed, and received, after declaring huge losses”.

Let's assume the worse and say the IRS disallows his deduction and that he owes $100M. And lets say that includes interest and penalties and the amount of additional tax he owes is $70M. That $70M of tax can only come from income he produced, probably around $225 million of income. So you can't talk out of both sides of your mouth. He can't be broke and also owe a bunch of tax, because behind all that tax would have to be a bunch of income. The article also mentions he owns "hundreds of millions of dollars in valuable assets". Trump will not be declaring bankruptcy anytime soon. Sorry.
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As a professional tax preparer - BigDave MU - 9/28 08:30:46
     Thanks for the lengthy take without saying anything. - tigerdb MU - 9/28 09:57:18
          Damn yer TDS is strong. Trust yer guvmint IRS you commie(nm) - TigerFan92 STL - 9/28 10:52:50
     Dead on(nm) - TigerFan92 STL - 9/28 09:42:59
          What's dead on? A magat interpretation of an article - tigerdb MU - 9/28 10:57:03
               I own a lot of real estate. you must be a bad accountant but - TigerFan92 STL - 9/28 11:52:11
                    WTF does you owning real estate have to do with ****, - tigerdb MU - 9/28 12:12:34
                         you clearly have no clue what the tax code is. & have TDS(nm) - TigerFan92 STL - 9/28 12:18:35
                              LOL, you stupid MAGAT, is that the best you can do? - tigerdb MU - 9/28 12:43:07
                                   yer a nutbag. a dumb one. probably paycheck to paycheck - TigerFan92 STL - 9/28 12:48:41
                                        Again, you stupid ****ing MAGAT, how does owning - tigerdb MU - 9/28 12:56:56
     As a professional tax preparer: Appreciate the informative - BH O'bonga MU - 9/28 09:22:12
     Thank you for the facts. Curious as to how much a tax - tigertix MU - 9/28 09:16:33
     Always avoid taxes. I live half way between 2 Lowes stores. - Fred G. Sanford MSU - 9/28 08:54:44
     Under this kind of scrutiny sure. Under MSM and... - JayRoy KC - 9/28 08:37:08
     (Plugs ears) LaLaLaLa - Rask(nm) - Wildcat KSU - 9/28 08:33:53
     So you apparently believe if you use facts and logic - 4TigersinMichigan MU - 9/28 08:32:52




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