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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124147  
Subject: Re: Weird tax conversation. Date: 10/21/2003 10:07 AM
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Hi all!

I was talking with someone about finances, and he said his Accountant is the greatest. He asked how mine was working out, and I said I didn't have one. He was shocked. He mentioned that I am missing out on a lot of money because of this.

I guess I'm just confused as to what I would be "missing out" on.

Little comparison:

Salaries: We both make about the same income < $100k/yr
Spouse: DW works(same salary as mine), & his wife is a SAHM.
Children: Us (0), Him (3)
House: we both bought around the same time(1 year ago), & mine is worth ~ $100k more.
Mortgage: I owe ~ 70% of the house value, Him ~ 90%
Cars: Us- 1 car own outright, Him- 2 leased cars, motorcycle loan, ATV loan.
Other Debt: Mortgage only for us, He's declared bankruptcy once & has several cards maxed.

I don't have a Home based business, or travel for work, so besides the Mortgage interest, what else is there?

Any ideas? I'm kind of guessing that this Accountant is doing some shady things, but I wanted your opinions.

Three possibilities spring to mind. You've mentioned one of them. The second is that your acquaintance is so naive about tax matters that he filed a simple return with standard deduction and didn't take any child credits, etc. before he found his accountant. Third, there is significant information that you are unaware of.

However, on the surface, there is nothing in your post that would lead one to believe that his accountant can be working miracles.


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