Monday, February 26, 2007

Deductions

One of the things I got accomplished last weekend was filing our tax return. I once again wimped out and used TaxCut to do all the heavy lifting for me. The reason I didn't do everything by hand can be summed up in a single interaction with the program:

At the start of filing a return TaxCut has a splash screen that talks about how they've got all the new tax laws covered and asks if you want an overview of the changes this year. I quickly answered 'No', because that's exactly why I buy the program: so they can keep up with tax laws and I don't have to.

Anyway, I'm always amused by looking through the 'other adjustments' section of the federal and state calculations. That's where you find all the really crazy credits. Things like 'Intangible Drilling Costs', or 'Depletion', or if you sold a farm to a same state buyer on a Friday when the moon was waxing, etc. This year I noticed a new member of the state section: the Bovine Tuberculosis Testing Credit.

I guess I didn't realize cattle needed to be tested for tuberculosis, or that they could even get it. But on the other hand, I guess I'd rather not have a side of TB with my glass of milk, so I suppose I'm all for testing for it.

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