All Forum Posts by: Duncan Taylor

That one is tougher to answer.

I'm assuming you just got the letter with a balance due and not an audit notice. If it includes penalties and interest and you have documentation showing you acted in good faith, I'd probably have my CPA or tax attorney respond with the documentation. You might be able to get some or all of the penalties and interest waived.

If you made the mistake because you don't have or didn't have the right documentation, fix that problem first. Keep meticulous records. If I didn't have the documentation I needed to show I acted in good faith, yeah, I'd probably just pay it and keep perfect records from this point forward.

Everyone is afraid of audits but unless you are intentionally doing something you shouldn't be doing, you don't have to fear the tax man and his auditors.

I think we have some time before prices start heading up in any aggressive way.

In fact, I believe we are likely to see another dip between now and the end of 2015.

On the mortgage side, I am a big fan of using leverage to buy and then paying it off as quickly as possible. For every dollar in deductible interest you pay, you throw away over half of it since you only get back your marginal tax rate.

You got it.

It's tax season and we just went through these numbers for last year.

That's a fair question.

Last fall I underwent double knee replacement surgery. I had it done here in GA and was laid up for a while. I found this site because of a search I ran to vet the contractor we are using on the lake house.

I read here for probably a week off and on and eventually jumped in to answer a question. In these newbies I see a lot of memories when I was starting out long ago. I fell for some of the guru claptrap and paid my stupid tax.

I'm not here to do deals. I'm not here to sell anything. I am here way too much.

But, looking back 36+ years, as hard as it was getting started it was a lot of fun too. Everything was new. There were new things to learn and new ways to put things together. For the newbies, I say enjoy it because if you succeed it will lose some of its charm. It won't suck, I'm not saying I want to be broke and starting out again, but there were lots of good times in there too.

Yeah, the cost was my motivation to move here. But it is nowhere near $10K an hour without the cost of the plane. Crew, attendant and fuel averages closer to $3k - $3.5K an hour. My hanger cost here in GA is lower than I had in WA. But it is up near the lake house not here in the metro area.

I'm happiest, cost wise, when a trip is at least mostly business related though.

Yes, you are absolutely correct. Thank you for pointing that out.

Nothing high line in WA or the states. I always wanted to but it just never came together for me. Mostly apartments and mid-rise office space in the US.

I still have a house in Kenmore right on the lake. I can't imagine selling it my best friend and personal lawyer lives next door.

I grew up in Tacoma and will always love the PNW. But, my wife grew up in Raleigh and the younger grandkids all live here in north GA now. So, since a happy wife means a happy life I decided it was easier to just move here. We were putting way too many hours on the G4 going back and forth.

We are in Duluth, GA while the house on Lake Lanier is being finished. I have to live on the water and near a golf course. A golf course on the water's edge is heaven to me. A gun range I can easily get to a couple of times a month is a must too.

I don't even pretend the money I give to the kids and grandkids is a loan anymore.

As Jay pointed out, even if they would, you wouldn't want it because of the cost.

Get preapproved for a mortgage. Then you will know the maximum you have to work with.

My advice would be to stay safely under that number.

Starting now, you will be a very happy camper when you are my age.