Sunday, April 5, 2009

Subtractions from Income

I've begun working on extensions! Many many extensions. The time has come that if there are returns that won't be finished in time to be reviewed properly, then they are to go on extension. I am using the computer system to make extension forms for Federal and State governments. The process is a little quirky to learn at first, but I think I have the hang of it now. It's simply a matter of getting used to the software, Prosystems fx.

In other news, I worked on a return that had a very obscure Maryland state deduction. After I put the monetary value of the deduction into the computerized form, I had to classify the deduction with a code, so that the state knows what the deduction is related to. When I say deduction, I mean what the state technically calls a "Subtraction from Income."

When I looked up the codes to use for different, special deductions, I noticed a whole bunch of strange things that people can subtract from their income in the state of Maryland. I've opted to list three of these:

1) Cost of conservation tillage equipment.

2) Value of farm products donated to a gleaning cooperative.

3) Purchase cost of manure spreading equipment.

Talk about random... My best guess would be that a particular lobbying group has worked very hard over the years to get these provisions put into the Maryland state tax code. To the majority of people though, these potential subtractions from taxable income seem quite useless, I imagine.

The work I am doing at the tax firm is interesting and generally not boring, but I am looking forward to the end of tax season. April 15th will mark the day when I get my Saturdays back. Because I've been working on Saturdays, my weekend is really only 1 day. As such, I have these three-day class/work cycles that seem to loop infinitely without giving me any time to take a breath.

P.S. Thanks, "Anonymous" and "Kiersten" for your comments! But seriously though, why on earth would anyone name their kid "Anonymous?"

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