Tag: taxes
There are 23 entries that are tagged taxes. Now displaying reults 1 - 23.
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Reminder: Giveaway Ends Tonight
Posted on March 18, 2010 by Him
Do you need something to do this weekend? March Madness what? How about taxes?
Enter to win TurboTax Online Deluxe or Premier by 9:00 PM CDT. Do it. Now.
TurboTax Deluxe or Premier Giveaway
Posted on March 15, 2010 by Him
Tax day is only a month away, and you haven't done your taxes. Oh nos! What to do?
Well, one thing you can do is enter to win TurboTax Deluxe or TurboTax Premier, both online editions. TurboTax has generously donated a keycode for each of their Online TurboTax Deluxe and Premier Editions that will allow you to file your federal taxes for free (you'll still have to pay to file your state taxes). Here's a handy-dandy comparison chart of the TurboTax products so that you can compare the similarities and differences between the Deluxe and Premier editions.
To be entered for the giveaway, leave a comment stating which version of TurboTax you would like to win, either Deluxe or Premier. Easy, right?
Entries will be accepted until Thursday, March 18, 9:00 PM CDT. I'll close up the comments and choose a winner for each product by printing off the comments and tossing them into a hat and choosing a name.
Good luck!
Reader Question: Credit Card and Taxes
Posted on January 13, 2009 by Him
Reader Jeff writes:
First, I settled two credit cards, paying 2,500 of a 6,000 balance. Got a letter saying I will be sent something for taxes. What is this about?
Anyone have any idea?
A Look Back At 2008
Posted on January 09, 2009 by Him
Whew, 2008 was quite a year. For us, it will forever be remembered as the year that we got married! But what else happened this year for us financially?
Life
To cut expenses, we cut Netflix out of our life. We also cut back on weekend trips. I was officially diagnosed with depression and learned some of socioeconomic aspects of dealing with it. After we were married, our first fight was about...money. It wasn't as bad as the financial infidelity that Her's brother went through.
Budget
After much trial and error, we finally made a budget that we stick to.
Housing
Our crazy but generous landlord increased our rent a whopping $8 per month.
Saving
We started a Big Dreams Savings Fund with the spoils of our wedding and related showers. We've decided that 2009 will be a balls-to-the-wall savings year.
Debt
The biggest news was the huge gift we received that wiped a good portion of the student loan debt. We even succeeded in not taking any more debt for the wedding and the honeymoon. As newlyweds, we've decided that tackling the student loans will be our first financial priority.
Taxes
This year taxes got crazy. I had a hard time dealing with them early in the year but somehow figured it out. But, at the end of this year I went back to a dumbfounded state about taxes. We didn't know if we would have to pay taxes on the student loan gift payment, but it turns out that we didn't have to.
In 2008 we were light on the posts, especially the meaty financial ones. Our main focus was on the wedding and not much else. Since we now have a future together to plan for we have a lot of financial stuff to talk about in the upcoming months. Stay tuned!
Taxes: I Just Can't Get Them Right!
Posted on November 06, 2008 by Him
Earlier this year I posted about our tax situation from 2007, and what we would be looking forward to in 2008. Since Her and I just got married, we needed to do the usual adjustments for our lives, including the exciting tax situation! Here's what's been going on.
I grossly UNDERESTIMATED how much money Her and I would bring in from all income sources: Her's job, my job, and blog income. When I ran the numbers last February I must have been under the influence of something really good because I was really optimistic about a refund. Plugging the numbers again reveals that we're going to OWE ~$4,500!!!1!1!1!!
After finding out how much we are going to owe, I went into super action mode to see what we could do to reduce our tax burden. They are as follows:
- IRA - We're at the point in our lives where we're making too much money to take the deduction for contributing to a Traditional IRA. No luck there.
- Adjust withholding - To cover our tax burden, we would have to increase our withholding by $450 per pay period. Since it is close to the holidays and we've already made travel plans, this doesn't seem too feasible. Plus, what about the presents?!?
- Spend money - A large part of our tax burden is due to the increase of blog income this year. We haven't put too much money back into the business, but we could easily change that....
- Increase 401(k)/SIMPLE IRA contribution - yeah we could do this as well, but we'd have to contribute $18,000 to erase the tax burden. Again, the travel, the presents, the humanity!
- Open a SEP IRA and contribute to it - Again, we would have to contribute a LOT of money to substantially reduce our tax burden. The maximum amount that we're allowed by law to contribute is not nearly what we'd need to offset our taxes.
- Open a Solo 401(k) and contribute to it - Once again, we're going to have to contribute MUCHO DINERO to lower our owed tax. The solo 401(k) has a substantially higher contribution limit which would allow us to put in what we would need to make a dent in the tax burden.
- Gift tax - we're going to see a tax guy to confirm whatever plan we have, and to PUT THIS TOPIC TO REST.
So what action are we going to take? We're going try and reduce our taxable business income. We're going to open a solo 401(k) with Fidelity and will contribute a good amount of business cash there. We are also going to put some money into our business and expanding. The expenses incurred with that will further reduce our taxable business profit. After all this is said and done, we will owe ~$500.
Looking ahead to 2009, we're going to once again try and not owe or have a refund. We're going to change our withholding to cover our expected 2009 salaries. For this, we're going to assume that we have no other income. The taxes on our business income will be paid from those funds quarterly. We'll contribute a small amount into the solo 401(k) to reduce our taxable income to be eligible to contribute to Roth IRAs, which we will max out.
To make sure that our 2008 and 2009 plans were indeed feasible, we decided to see a tax guy. First things first: WE WILL NOT OWE ANYTHING FOR THE GENEROUS GIFT GIVEN TO US. Second, we had a good chat with our tax guy and he did confirm that our plan was sound and that we were taking advantage of all of the tax benefits available to us.
Since we've returned from our honeymoon, I've spent many hours looking up tax topics and figuring everything out. I hope that the knowledge I gained will help us to make better tax decisions in the future.
The Gift Tax, Student Loans, and How It STILL Doesn't Apply to Us (or YAY for Unified Credit)
Posted on September 05, 2008 by Him
Eh, so in my last post I may have very liberally applied some IRS rules to our (well, the donor's) situation.
Let's go over the exemptions of the gift tax again, shall we?
- Gifts, excluding gifts of future interests, that are not more than the annual exclusion for the calendar year,
- Tuition or medical expenses you pay directly to a medical or educational institution for someone,
- Gifts to your spouse,
- Gifts to a political organization for its use, and
- Gifts to charities.
See that part in bold? Yeah, I may have left that out of my last post. After some exhaustive googling, it seems that there is indeed a difference between paying a student loan to an institution who gave it out (eg, bank, Salle Mae) versus paying the tuition directly to an educational institution (eg, college, preschool).
Thanks, Savvy, for having me verifying all of this by leaving your comment.
While reading more about this whole gift tax thing, I came across something called the Unified Credit. I had a little trouble wrapping my head around this, so I hope to be a little clearer than mud when explaining it to you.
In 2008, an individual can gift up to $12,000 to any number of individuals without any tax implications - it doesn't even have to be reported. Any amount over $12,000 given to anyone would have to be reported and is subject to the gift tax.
Each individual is given a $345,800 "unified credit" on gift taxes throughout his lifetime (which equates to $1 million of gifts over the annual exclusions). When a person applies this credit to gift taxes, the amount is reduced for the lifetime of the individual. Thus, if a person is taxed $1,000 on a gift and applies the credit, that person would have $344,800 remaining to apply for his lifetime.
The credit is called "unified" because any amount that is used to credit gift taxes is then subtracted from the credit given for estate taxes. If an individual dies in 2008, he gets a $780,800 credit on his estate tax (which equates to a $2 million estate). Using the example in the last paragraph, if he applied $1,000 of credits over his lifetime to cover his gift taxes, then he would be left with a $779,800 credit on his estate taxes.
Since the credit is subtracted from lifetime use, a person can choose to not use the credit towards the gift tax and save it for his estate. That is pretty complicated stuff that I won't go into any more detail.
Whew. Still with me? So what does all this mean for us?
Not a thing. We still are not responsible for any taxes as the recipients of this gift.
Her's relative who gave us this gift would be responsible for reporting the gift because it is over the $12,000 annual exclusion. Of that gift, $38,000 is subject to the gift tax. Her's relative can apply whatever remaining unified credit to that tax and probably wipe it out completely, or can pay the gift tax if she is doing some advanced estate planning.
Her's relative is a smart enough woman to know what she was doing - I'm pretty sure that she thought this out or at least discussed this with a tax professional.
So, will anyone owe taxes on this gift? Probably not.
We are NOT tax professionals so please don't take this as advice. Seriously, we're just bloggers. See a tax professional for a definitive answer.
(much of this was explained in this article about the estate and gift tax)
The Gift Tax, Student Loans, and How It Doesn't Apply to Us
Posted on September 03, 2008 by Him
9/5/2008: Updated post is now up - The Gift Tax, Student Loans, and How It STILL Doesn't Apply to Us (or YAY for Unified Credit)
9/4/2008: This post has been edited for accuracy. Another post will be up shortly to clarify this one. I have struckout the inaccurate portions of this post, but will leave the whole thing up for posterity.
A few weeks ago Her wrote about a generous relative who paid off $50,000 of Her's student loans. Since then we've received a few comments about possible tax implications of such a large transfer of money. Admittedly, we didn't think about it at the time, so we did some research.
Of course the tax that would apply to our situation would be the Gift Tax. To understand the Gift Tax, I turned to the IRS's FAQ on Gift Taxes.
The IRS definition of a gift is
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.
One can gift up to the annual exclusion ($12,000 in 2007) to another person without triggering the gift tax. Also, one can gift up to the annual exclusion to multiple people without triggering the gift tax. There's a whole bunch of rules on exclusions that I'm not going to get into.
What surprised me is that it is the donor who would normally have to pay the tax, but special arrangements could be made so that the donee could pay the tax.
Of note of the Gift Tax are the exceptions, which are as follows:
- Gifts that are not more than the annual exclusion for the calendar year.
- Tuition or medical expenses you pay for someone (the educational and medical exclusions).
- Gifts to your spouse.
- Gifts to a political organization for its use.
Since Her's relative paid the student loan directly to the institution holding the loan, all of the money can be transferred tax-free. If Her's relative cut us a check and then we paid the loan, Her's relative would have to pay a tax on the very generous gift. It is very important to note the difference. Her's relative doesn't even have to report that any money was transferred.
If someone is going to make a payment for your tuition / student loan that exceeds the annual exclusion, make sure it is paid directly to the loan institution so that no gift tax will be triggered!
Originally, Her wanted the relative to cut us a check and then we would take care of it. We didn't know about the tax implications at the time. It is a good thing that the relative just paid the loan company directly. Since she did that, no one has to report anything, and nothing will be taxed. Yay!
Oh Nos! I Forgot to Report Income to the IRS!
Posted on June 16, 2008 by Her
A few days ago I received a scary looking letter from the IRS. It said that I had not reported some income in 2006, and I owe back taxes plus interest totaling over $600. I am every bit the law-abiding citizen, and I'm a goody-two-shoes to boot, so I was completely horrified! My head spun as I pictured myself being hauled off to prison, possibly even put to work on a chain gang! My first reaction was to throw the letter under the couch and pretend I never saw it, but reason prevailed.
Him and I made our first ever visit to a tax professional this past weekend. I brought the letter plus all my 2006 tax paperwork (thank goodness I saved all that stuff). He quickly determined that yes, I had failed to report this income. It was a complete oversight. I think that what happened was that at the time I was preparing my taxes, I was not sure where to report the income, so I set it aside for later. Unfortunately I completely forgot about it and sent in the return without it. The good news is that our new tax guy feels that we can successfully argue that the IRS is classifying this forgotten income incorrectly, so we'll owe about $200 less than the letter stated. He suggested we write a letter explaining our case and attach a check for the amount we believe I owe.
I spent the past night writing that letter, and boy was that nerve-wracking. I feel like a criminal! Hopefully the IRS will accept my argument and the check and settle the matter quickly. Has anyone else ever forgotten to report any income?
Giveaway Winnars!
Posted on March 27, 2008 by Him
Our H&R Block Taxcut Premium Online + E-File giveaway ended on Wednesday night. Here are the randomly chosen winners chosen via random.org:
Congratulations Sarah and Angie! I've emailed you the information for redeeming the prize. Happy taxes!
Giveaway Reminder: TaxCut Premium Online + E-file
Posted on March 26, 2008 by Him
Just a reminder: we're giving away 2 keycodes for TaxCut Premium Online + E-file, but you need to enter by 9 pm CDT TONIGHT. We'll pick and announce the winners tomorrow.
Head on over to the contest and enter to win!
Free TaxCut Online Premium + E-file!
Posted on March 21, 2008 by Him
We've been talking about taxes a lot here at Make Love, Not Debt. Refunds, payments, sales tax, oh my!
H&R Block has generously donated 2 keycodes for TaxCut Online Premium + E-file. With this, you'll get what you need for FREE to figure out and file your FEDERAL income taxes. You'll still need to pony up some cash for TaxCut state (and e-file should you choose to file that way for your state taxes).
In order to win 1 of the 2 keys, leave a comment answering the following question:
Do you expect to owe or get a refund?
We'll choose a two winners at random using the number generator from random.org.
We'll be closing the contest next Wednesday, March 26, at 9 pm CDT.
Good luck!
Chicago's Sales Tax is Going to Get Ridiculous
Posted on March 19, 2008 by Him
10.25%
10.25%
10.25%
That's the amount of sales tax that will be applied to purchases made in the city of Chicago in November.
What's that mean for us?
Well, I'm definitely going to try to NOT make any large purchases in the city. For pretty much anything over $100, I'm going to turn to the stores on the intarweb for a more competitive price that includes FREE shipping and NO sales tax.
I've stated in the past that I really like to patronize local small businesses, but seriously, the sales tax is re-donk. It's a shame because it is not really the local business owners' fault for this. They're really going to get screwed.
I guess it's a good thing we've started to think about moving away from Chicago. That's too bad: I really LOVE this city. Chicago has many cultural, academic, leisure, luxury, and business resources that will be hard to live without.
But 10.25% sales tax on everything will not be missed.
Miscellaneous Tax Stuff, Update
Posted on March 10, 2008 by Him
At the beginning of February, I had a bunch of tax stuff on my mind. Here's an update to all that madness.
1. I went ahead and ran all the numbers for my taxes - and I still was slated to receive a $4,000+ tax refund. This is attributable to two things: I underestimated the amount of withholding taken from my bonuses, and I vastly overestimated the income we would receive from this blog. Whoops. The good news is that I filed in the middle of February and received my rebate a week and a half after that. Woo!
2. Her ran the numbers for her taxes - and she's going to owe. Everything is already in place, all she has to do is hit "submit"...on April 14.
3. For this year, at least, we won't need a tax guy. Luckily for us, Tax Act had some cool worksheets that helped us estimate what our tax burden will be for 2008, answering many of the questions that I had. They take into account the blog income, our change of marriage status, and projected income for 2008 to help us figure out if we need to make estimated payments, what our withholding should be, etc. Serendipitously enough, it seems that my $4,000+ overpayment this year will just about cover what we need to cover for next year; thus, it seems like we can just keep on keepin' on. (Not surprisingly, the IRS w-2 calculator is still broken.)
4. Bad news: our incomes will exceed that amount for us to take any student loan interest deductions in 2008.
5. Good news: our incomes will exceed that amount for us to take any student loan interest deductions in 2008.
6. Tax planning sucks, but sucks less when you have a good beer.
How are your taxes going so far?
Miscellaneous Tax Stuff
Posted on February 05, 2008 by Him
No cohesiveness in this post, just tax stuff that's been on my mind...
1. It's the beginning of February, and all of our W-2's, 1099's, and other weirdly numbered tax documents are in. Right now they're sitting in a pile with all of our other financial crap - I get the feeling that neither Her or I don't really feel like dealing with it. In years past, we usually run to the computer and do a quick run of our numbers (this and last year using TaxAct
2. While we are less enthusiastic, I ran the numbers for all of my paperwork only. It seems that when I filled out the w-2 calculator last year after I received a raise I may have goofed a little; preliminary calculations are projecting for me to receive about a $4,000 tax refund. Hey Uncle Sam, I'd like some interest on that! No?
3. Speaking of the IRS w-2 calculator, it seems that it has been unavailable for a little while now. I'd like to adjust my withholding so that I don't overpay my taxes. We also need to see if Her's withholding is sufficient as well. Since we'll be married this year, we have to figure out how that will affect our tax situation.
4. We need a tax guy. While I'm fairly confident that I ran the numbers correctly, things are starting to get a little more complicated that I'm comfortable with. Revenue from this website has forced us to turn this into a business operation; therefore we'd like to get the eligible tax deductions. Also, as stated above, we're getting married this year and will need to account for that in this year's tax planning. I've asked around, and surprisingly enough one guy's name did pop up more than once. I didn't expect that since there's a billion tax guys in the city.
5. After we get married, our income will be too high to collect the full student loan interest deduction. Heck, we may even go over the income amount to collect any of the deduction. That means we have a bigger incentive to pay that sucker off more quickly.
6. When the hell did tax planning becoming something I worried about? Must...continue...to...resist...getting...older...
What's been on your mind about taxes lately?
Roundup, Booking Our Honeymoon Edition
Posted on January 24, 2008 by Him
I find it a little odd that there are people who don't believe that credit card rewards can actually be redeemed. The first time I've run into that thinking is through a few comments on this blog. Well, Her and I can tell you that, YES, credit card rewards are redeemable, and we're using them to greatly reduce the cost of our honeymoon. Still haven't paid a cent of interest on credit cards in a while, and don't plan to in the future, either.
Here's what I thought were good readings in the pfblogosphere this week:
Over at Get Rich Slowly, JD gives some good advice on whether you should do your own taxes or hire an accountant. We're probably going to see an accountant this year.
Jim at Blueprint for Financial Prosperity explains the differences between life insurances: term, whole, universal and variable. Since we'll be looking for a good plan this year, this is good information to consider.
While I don't agree with everything in this post in how to become and stay a millionaire by the Wastrel Show, it does give a very interesting aspect of wealth from a perspective that I haven't been exposed to.
Rocket Finances gives us a glimpse of how he does married finances. We do a his-hers-ours plan; we suggest you find the right solution for you.
We've been following 2 Million's review of Smart Couples Finish Rich. He has a great tip, "My wife and I would go to Starbucks and splurge on drinks or have some margaritas while we read it. Find what it takes to make this more enjoyable for your spouse." I'm all for coupling an important, potientially drab activity such as talking about finances with something fun.
Hey, did you know that Single Ma moved? Go check out her awesome new redesigned site, Fabulous Financials, right now!
Tip Top Tax?
Posted on January 18, 2008 by Her
Several wedding vendors have sent us cost estimates that include the tip, then tax the entire amount (including the tip). Is it normal/legal for them to tax the tip? Someone who knows the answer, please let me know!
Divided Household - Working Out A Serious Problem
Posted on January 23, 2007 by Him
When I first met Her, we both used the 1040-EZ form to do our taxes. We didn't make a lot of money, so that was the easy way.
Then we started to make a little more money. Taxes were becoming...computerized. Since at that point in our lives we weren't ready to combine our finances, we diverged when it came to picking which tax software we used.
She picked Turbo Tax.
I picked Tax Cut.
For years we did our taxes as separate entities, not foreseeing the impossibly great implications this may have meant down the road.
Yes, Turbo Tax is looks more polished, but in the past there were reports that there was spyware attached to the program. Tax Cut does look like a Windows 95 program, and is sponsored by H&R Block, a company that we would never want anything to do with.
Someone please explain to me: Why is Turbo Tax Federal + State
Please help is in our time of need. We need to pick one tax program. For the sake of our relationship.
Follow up: Raise and Taxes
Posted on September 13, 2006 by Him
Last week I wrote about my awesome raises that I was fortunate enough to receive this year, and how I hadn't adjusted my withholding accordingly.
This weekend, I played around with the IRS Withholding calculator, and plugged in the numbers that I had now. According to the calculator, I would owe Uncle Sam $1,721 at the end of this year. Ouch. That's even worse than last year's taxes owed.
I played around with the calculator for a bit, and I decided that raising my contribution to my SIMPLE IRA would not lower my income enough to really make a huge dent in the amount that I would owe. I followed the directions that the calculator page gave to me - decreased allowances to "0" and withheld $130 in addition - and hopefully I won't owe or be refunded more than $25.
This won't set us back financially, although we were going to put the extra money towards the credit cards. Maybe next raise.
Are there any other alternatives to lowering that tax bill?
Promotion and a Raise!
Posted on September 08, 2006 by Him
A few weeks ago I was promoted! There were a hints dropped by my supervisor, as well as rumors from the higher-ups at my company. Hey, when you work at a small company of 30 people, word tends to travel pretty fast. It was pretty awesome to get a new batch of business cards with my new title on it.
With the promotion came a salary increase. In fact, this would be the third pay raise in a little under two years. Since I've started, my pay has increased by 42.5%. This year alone my pay has increased twice, I got a bonus for referring a co-worker, a summer bonus, and I'm expecting another bonus in the winter. Including all of these bonuses, Her and I will breach a six-figure gross income this year. Whoa.
The downside to all of this? I haven't checked to see how these pay increases will affect the amount that I owe on taxes. I'm going to run all of my numbers through the IRS Withholding calculator and see how I'm doing. I'll provide an update on Monday.
Can America Afford the Next Recession?
Posted on May 02, 2006 by Her
Today Canada's new conservative government announced their first federal budget. The budget included broad tax cuts for most Canadians, a change from the liberal budgets in recent years. During the past several years the Canadian government has been paying off billions of dollars in international debt and tightening government spending. Finally they have gotten to a point where the government can afford to reduce tax revenues and put more money into the hands of working citizens. One economist explained that Canada is now considered a low-debt nation (relative to the United States, anyway). The Canadian government feels confident that years of fiscal responsibility will allow them to take on debt later if necessary, for example in the case of a recession. "Canada can afford the next recession!" he proclaimed.
Can the United States say the same?
I Heart Paying Taxes
Posted on April 14, 2006 by Her
Call me a communist, but taxes make me feel all warm and fuzzy. I like the idea of everyone in America sharing what they have and working together for the common good. Of course I’m not naive: I know that not everyone pays their fair share, and a great deal of tax revenue is mismanaged or used to better the lives of only a select few. But when the majority of Americans make a significant contribution, amazing things can happen!
There are two ways to look at where your tax money goes.
It gets mixed in with all the other revenue and I pay a little bit for everything.
In this view, I pay a tiny amount of money towards every program that receives tax funding, whether I use it or not. This view makes me feel good because I like knowing that I helped pay for elementary school computers, college grants, the highway construction on the south side, my brother’s military helicopter, my dad’s social security check, the rehabilitation of a convict I’ve never met, and a million other worthwhile programs. This also means that only a very tiny amount of my money was frittered away on wasteful spending. Less than a penny of my cash is going to help build that bridge to nowhere in Alaska! That’s okay, and I can always replace it with the penny I find on the sidewalk.
It all goes to pay for one thing I value, and none of my money goes to things I don’t benefit from.
In this view, I have to choose one destination for my cash. It’s here that I start to really see how good a deal I’m getting. Should I choose to believe my money is all going to clear the snow from my street? Or that I paid for the new books I read at the library? I can believe my money is being spent on the cleanup of the graffiti next door, or that it’s all being generously donated to the local animal shelter that rescued my kitties from the street. When I start to add up the sheer expense of all the benefits I’m getting, I can quickly see that I am getting far more than I paid for. If I had to shovel my own street, acquire my own library, clean the graffiti off the building next door and pay for hundreds of kitties kibble, I would certainly be exhausted and flat broke! And with this view, I can only assume that the bridge to nowhere was paid for by the idiot senator who proposed it.
When everyone rows in the same direction, it’s really amazing how far we can go. I like paying taxes because I enjoy the feeling of being part of a big community full of helping hands. The tax system isn’t perfect, but I’m happy with it.
Big Huge Note:
I am aware that there are gross inequalities in the fairness of our tax system, and that wasteful spending of tax revenue is a shame. I think every system should be continuously aiming to improve, and that our elected officials should be accountable for the failures of the tax system. That said, I still really do enjoy paying taxes and doing my part to make America a better place.
The U.S. Government Just Made Me Its Bitch
Posted on February 20, 2006 by Him
I'm lounging around on this fine President's Day, and I decided to do my taxes. I fire up good ol' TaxCut, enter in all of my data...
...and I owe the U.S. Government $474.
Next year Uncle Sam, please be gentle. Ouch.
Anyone got any good ideas on how to lower that tax bill?
Maybe he fills out a 1040EZ...?
Posted on January 31, 2006 by Him
The world's second richest man, Bill Gates is pretty rich.
(HOW RICH IS HE?)
He's so rich the US has to store his financial data on a special computer because his fortune is so vast.
It has to be pretty tough to fit "47,000,000,000" on line 1 of the tax form.
You think he uses Microsoft Money?
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