WEBVTT 1 00:00:00.120 --> 00:00:03.919 Repairs on the earlier down poll from the heavier winds 2 00:00:03.960 --> 00:00:07.080 earlier today that ended up blocking that road at Walnut Street. 3 00:00:07.240 --> 00:00:10.119 So those heavy winds did in fact affect the roads 4 00:00:10.160 --> 00:00:13.080 all day. Right now though everything does seem to be 5 00:00:13.119 --> 00:00:15.839 moving along just fine. Let's go to the downtown upper 6 00:00:15.839 --> 00:00:18.920 and lower decks at ninety three. Look good, Zacmbridge all 7 00:00:19.039 --> 00:00:23.440 wide open. Both directions upper and lower decks of ninety three, 8 00:00:23.480 --> 00:00:25.239 like I said, are wide open. The Leveret up and 9 00:00:25.280 --> 00:00:28.600 down ramps are good. Stuo drive. No problems there. On 10 00:00:28.679 --> 00:00:31.000 the pike. You should be good out west heading out 11 00:00:31.000 --> 00:00:33.479 to Natick. Everything looks good in the south of town. 12 00:00:33.520 --> 00:00:36.640 Twenty four Route three ninety five all good along the 13 00:00:36.719 --> 00:00:39.520 south shore and four ninety five no problems right now 14 00:00:39.560 --> 00:00:43.799 between Foxborough and as you make your way down towards Bourne. 15 00:00:44.359 --> 00:00:47.240 Zach Transport wbz's twenty four hour traffic network. 16 00:00:48.240 --> 00:00:51.119 There's a lot to love about the trusted twenty twenty 17 00:00:51.119 --> 00:00:54.439 five SUPERU out back Bye with one point nine percent 18 00:00:54.479 --> 00:00:58.119 financing or lease for just two ninety nine per mine 19 00:00:58.200 --> 00:01:03.039 details at subru of new dot com. 20 00:01:03.200 --> 00:01:06.799 Here's the fourty WBZ and you weather forecast. 21 00:01:06.400 --> 00:01:08.480 And I will be windy and cold, still under a 22 00:01:08.480 --> 00:01:11.000 partly cloudy sky. Low t upature around thirty two, but 23 00:01:11.079 --> 00:01:13.040 the wind gusts will not be as high as they 24 00:01:13.040 --> 00:01:15.719 were earlier. Tomorrow's still going to be a blustery day, 25 00:01:15.760 --> 00:01:18.439 whens gusting thirty to forty miles per hour and all 26 00:01:18.439 --> 00:01:21.680 add a chill to the air, despite sunshine and some clouds. 27 00:01:21.719 --> 00:01:24.200 I forty three Tomorrow and accub with the real field 28 00:01:24.200 --> 00:01:27.480 tempatures mostly in the twenties, mainly clear, brisk and cold Tomorrow, 29 00:01:27.560 --> 00:01:29.640 night lows in the mid to upper twenties. Still the 30 00:01:29.760 --> 00:01:31.920 chili breeze Sunday, but not even as much of a 31 00:01:31.959 --> 00:01:35.000 factor as tomorrow. Partly Sunday. Sunday a high forty two 32 00:01:35.599 --> 00:01:38.000 and early clouds given what a sunshine. Monday a high 33 00:01:38.000 --> 00:01:41.040 of forty seven and highs get into the fifties on Tuesday. 34 00:01:41.359 --> 00:01:43.879 I'm accub with the bed relatis Brian TOMPs a WBZ 35 00:01:44.159 --> 00:01:45.359 Boston's news radio. 36 00:01:46.920 --> 00:01:50.959 Ah this traffic, Hey, Randy, what's up the bathroom? 37 00:01:51.079 --> 00:01:51.280 Thinks? 38 00:01:51.319 --> 00:01:52.439 Backed up? What am I gonna do? 39 00:01:52.680 --> 00:01:54.920 Call the company that gives a poop about your pipes? 40 00:01:55.079 --> 00:01:55.799 Don't around. 41 00:01:55.799 --> 00:01:56.840 I gotta get the sink fit. 42 00:01:57.159 --> 00:02:00.799 It's Dreams by James you've heard the commercials. 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Expertly crafted windows indoors bring fresh air, 55 00:02:31.199 --> 00:02:35.000 natural light and energy efficiency to your home always stunning style. 56 00:02:35.319 --> 00:02:37.560 Visit Pella dot com to find a showroom near you, 57 00:02:37.680 --> 00:02:39.680 or call one one hundred pell an out to schedule 58 00:02:39.719 --> 00:02:42.680 your free consultation. Heella Windows and Doors of New England, 59 00:02:42.919 --> 00:02:44.319 where quality meets innovation. 60 00:02:46.960 --> 00:02:49.800 Well, let's get back to Nightside with Dan Ray. I'm 61 00:02:49.840 --> 00:02:53.240 Al Griffith WBZ Boston's News Radio. 62 00:02:54.400 --> 00:02:59.919 It's night Side with Dan Ray. I'm WBZ Costin's Radio. 63 00:03:00.159 --> 00:03:03.159 Thank you very much. Al Griffin. Here on a Friday 64 00:03:03.240 --> 00:03:05.639 night and a little after nine o'clock as we head 65 00:03:05.639 --> 00:03:08.439 towards the midnight hour weekend. Beckons, we'll get you all 66 00:03:08.479 --> 00:03:11.520 the way till it is about eleven fifty eight. We 67 00:03:11.560 --> 00:03:15.240 have an interesting program lined up and we have delighted 68 00:03:15.280 --> 00:03:18.479 to have back as a guest, Mark Misselbeck. Mark is 69 00:03:18.520 --> 00:03:21.840 a CPA. He's been doing this work for a few years. 70 00:03:21.840 --> 00:03:24.120 I'm not going to ask him how many, but believe me, 71 00:03:24.199 --> 00:03:27.479 he's as good as there is. Mark, Misslbeck, welcome back 72 00:03:27.520 --> 00:03:28.080 to Nightside. 73 00:03:28.080 --> 00:03:32.479 How are you well? Thank you for the ability to 74 00:03:33.080 --> 00:03:34.000 present to the public. 75 00:03:34.719 --> 00:03:38.159 Well, I'll tell you, I think we've figured this out. 76 00:03:38.159 --> 00:03:40.919 This is probably the fifteenth year that we have done this. 77 00:03:41.000 --> 00:03:44.080 We've been doing the show for seventeen and a half years, 78 00:03:44.199 --> 00:03:50.479 and you are now with a major firm. You've been 79 00:03:50.479 --> 00:03:54.080 with a major firm your entire career. This one is 80 00:03:54.159 --> 00:03:59.800 Cherry Cherry Beckheart Advisory LLC out of Waltham. Will be 81 00:03:59.879 --> 00:04:03.319 more than happy to give that address and how people 82 00:04:03.400 --> 00:04:05.560 can get in touch with you. You're not looking for work. 83 00:04:05.599 --> 00:04:08.599 You've done this and generally we do it twice a year. 84 00:04:08.639 --> 00:04:11.319 We did it I think it was the day before 85 00:04:11.400 --> 00:04:16.720 Valentine's Day in February, February thirteenth and Basically people call 86 00:04:16.800 --> 00:04:22.120 up with all sorts of different questions and you're not off. 87 00:04:23.600 --> 00:04:27.560 Amazes me, You've been doing this how many years? Unless 88 00:04:27.600 --> 00:04:30.800 you don't want to date the specific over four decades? 89 00:04:30.839 --> 00:04:34.759 Would you say, I'm working on fifty three years? 90 00:04:35.279 --> 00:04:40.319 Okay? Pretty direct? And did you go to school for this? 91 00:04:40.480 --> 00:04:42.839 Up here? I've never really asked you this in the air. 92 00:04:42.879 --> 00:04:45.439 I just wanted to kind of make people know where you're, 93 00:04:45.839 --> 00:04:49.160 where you where you learned everything that well, of course, 94 00:04:49.199 --> 00:04:51.959 this is your career, your your subject is that you 95 00:04:52.000 --> 00:04:54.160 have to learn stuff every year when the when the 96 00:04:54.199 --> 00:04:56.360 tax code has changed. But where did just where did 97 00:04:56.399 --> 00:04:58.920 you start off? At a collegiate level. 98 00:05:00.199 --> 00:05:03.399 I took my Bachelor of Science degree in accounting at 99 00:05:03.439 --> 00:05:07.360 the University of Connecticut in Stores. I then spent five 100 00:05:07.399 --> 00:05:10.360 years with the I R. S on the other side 101 00:05:10.360 --> 00:05:13.720 of the table, auditing, and later on I got my 102 00:05:13.759 --> 00:05:15.639 master's degree at the University of Hartford. 103 00:05:16.920 --> 00:05:21.839 All right, Hartford, by the way, has a few A 104 00:05:21.879 --> 00:05:23.920 couple of guys on the Red Sox played at the 105 00:05:24.079 --> 00:05:25.759 University of Hartford. I don't know how much of a 106 00:05:25.759 --> 00:05:28.639 baseball fan you are, but a kid they just picked 107 00:05:28.680 --> 00:05:30.879 up who had been a picture with the Braves, and 108 00:05:30.920 --> 00:05:33.199 so there's a there's a couple of players from from 109 00:05:33.279 --> 00:05:36.079 your old school who are who might be might be 110 00:05:36.120 --> 00:05:38.240 on the Red Sox this year. But we're not here 111 00:05:38.279 --> 00:05:40.959 to talk baseball. We're here to talk taxes. Even though 112 00:05:41.079 --> 00:05:45.759 taxes arrives the same month as baseball, April, taxes are 113 00:05:45.759 --> 00:05:48.720 something we all have to worry about. I always like 114 00:05:48.759 --> 00:05:51.879 to ask this as a fundamental question, what is the 115 00:05:51.879 --> 00:05:55.279 best way people can save money when someone else is 116 00:05:55.360 --> 00:05:58.680 doing their taxes for them, whether it's a firm like 117 00:05:58.800 --> 00:06:05.720 yours or private practitioner. I think if people have the 118 00:06:05.800 --> 00:06:09.680 ability to pull their stuff together and not just put 119 00:06:09.720 --> 00:06:12.040 a box of receipts and all of that in front 120 00:06:12.079 --> 00:06:15.040 of you, is that not true? I assume you're going 121 00:06:15.079 --> 00:06:17.199 to agree with me on this issue. 122 00:06:17.959 --> 00:06:21.560 If you don't summarize your own materials, then you're going 123 00:06:21.639 --> 00:06:25.120 to pay us to do it. So setting out the 124 00:06:25.279 --> 00:06:29.639 details of your numbers, adding up the totals, describing them, 125 00:06:30.040 --> 00:06:32.720 then we can just scan through them and make sure 126 00:06:32.800 --> 00:06:37.680 that they are properly categorized deductible items, and then drop 127 00:06:37.720 --> 00:06:41.639 them into the appropriate point in the return. In preparing it. 128 00:06:43.360 --> 00:06:49.439 Now, you of course can help people with relatively simple returns, 129 00:06:50.560 --> 00:06:55.800 but every year the tax code gets bigger. When you 130 00:06:55.920 --> 00:07:00.360 started doing the taxes fifty yard years ago, how much 131 00:07:00.399 --> 00:07:05.199 has that tax code grown in terms of sections, pages, 132 00:07:05.279 --> 00:07:07.399 whoever you want to describe it. Has it doubled in 133 00:07:07.439 --> 00:07:08.959 size in the last fifty years. 134 00:07:10.079 --> 00:07:12.279 I couldn't tell you. I don't keep track of that. 135 00:07:13.199 --> 00:07:15.720 I have enough trouble keeping up for the changes. 136 00:07:16.600 --> 00:07:18.759 Well that's the point I mean. It just seems to 137 00:07:18.800 --> 00:07:23.720 me that there's always more. Congress is always either uh passing, 138 00:07:23.839 --> 00:07:28.040 you know, carve outs and exceptions. That's why the lobbyists 139 00:07:28.040 --> 00:07:32.079 works so hard in Washington, d C. So what I 140 00:07:32.079 --> 00:07:34.920 want to do is give people an opportunity to however 141 00:07:36.759 --> 00:07:40.959 complicated or simple their questions might be. Mark will take 142 00:07:40.959 --> 00:07:43.279 your phone calls at six one, seven, two, five, four 143 00:07:43.399 --> 00:07:47.839 ten thirty six one seven, nine, three, one ten thirty. Again, 144 00:07:49.199 --> 00:07:51.879 I don't know what percentage of people at this point 145 00:07:52.079 --> 00:07:55.920 even attempt to do their taxes, But I think that 146 00:07:56.199 --> 00:08:02.279 anyone who who's earning money is well advised in this 147 00:08:02.360 --> 00:08:06.879 day and age to work with someone, whether it's an 148 00:08:06.959 --> 00:08:11.040 accountant in their neighborhood, or as their taxes get more complex, 149 00:08:11.519 --> 00:08:15.480 deal with a company like yours. What are some of 150 00:08:15.519 --> 00:08:19.199 the things that are important to know about this year's 151 00:08:19.279 --> 00:08:23.240 tax season mark that perhaps are different from others. Let's 152 00:08:23.279 --> 00:08:26.040 start off with a few new wrinkles that people need 153 00:08:26.079 --> 00:08:27.959 to be concerned about. 154 00:08:28.600 --> 00:08:34.519 The tax code was modified to expand the child tax credits, 155 00:08:35.200 --> 00:08:40.320 adds some additional credits or larger credits for home improvements 156 00:08:40.440 --> 00:08:45.840 that tend to provide energy efficiency. Depending upon the rating 157 00:08:45.879 --> 00:08:48.240 of the materials put in, you may need a certificate 158 00:08:48.320 --> 00:08:53.120 from the contractor to prove that it meets the criteria 159 00:08:53.360 --> 00:08:59.080 that qualifies the improvement for the credits, and for the 160 00:08:59.120 --> 00:09:02.279 first time in instead of merely being limited to your 161 00:09:02.399 --> 00:09:08.559 principal residence, it's potentially available on a vacation home. So 162 00:09:08.879 --> 00:09:15.000 if you installed solar panels or heat pumps, solar power, 163 00:09:15.919 --> 00:09:19.519 heat waters, waters windows. 164 00:09:20.039 --> 00:09:22.279 I have a friend of mine who installed a lot 165 00:09:22.279 --> 00:09:23.720 of windows which will make his home. 166 00:09:23.639 --> 00:09:29.720 Tighter insulation windows more secure, that is by way of 167 00:09:30.399 --> 00:09:38.279 air tight or heat heat protective doors, et cetera. But 168 00:09:38.879 --> 00:09:42.480 the total costs tends to be limited in those categories. 169 00:09:43.440 --> 00:09:48.600 The greater credits are available for geothermal, for solar and 170 00:09:48.639 --> 00:09:51.120 that kind of thing, and those are the. 171 00:09:51.120 --> 00:09:53.320 Kind of things that are much more expensive as well. 172 00:09:54.399 --> 00:09:57.519 Oh yeah, but then you also have the potential for 173 00:09:57.639 --> 00:10:03.120 some rebate grants through either the state government or sometimes 174 00:10:03.200 --> 00:10:04.960 the power companies. 175 00:10:05.759 --> 00:10:09.840 Now these are these deductions or are there some deductions 176 00:10:09.840 --> 00:10:12.360 as well as credits? And I want you to explain 177 00:10:12.399 --> 00:10:16.120 to people the difference between a deduction and a credit. 178 00:10:17.519 --> 00:10:21.639 Typically, there's no deduction unless you are doing it more 179 00:10:21.679 --> 00:10:25.360 on a commercial basis to generate power and sell it 180 00:10:25.399 --> 00:10:29.159 back to the electric companies. It's more in the nature 181 00:10:29.200 --> 00:10:33.519 of credits. That is, you get to office your taxes 182 00:10:33.720 --> 00:10:39.039 by some dollar amount that effectively becomes a tax rebate 183 00:10:39.679 --> 00:10:43.279 to offset the cost of the installation of the improvement 184 00:10:43.879 --> 00:10:48.519 that is, reducing your reliance on generated electricity and so forth. 185 00:10:49.240 --> 00:10:51.759 A lot of people still don't quite understand the difference 186 00:10:51.840 --> 00:10:55.799 between deductions and credits. Credits are dollar for dollar will 187 00:10:55.840 --> 00:10:58.320 reduce if you have x amount of credits that will 188 00:10:58.360 --> 00:11:02.159 reduce your tax obligation on a dollar for a dollar basis. 189 00:11:02.200 --> 00:11:06.000 A deduction is less valuable because you can you can 190 00:11:06.080 --> 00:11:10.799 offset the amount of money which is subject to taxation. 191 00:11:11.120 --> 00:11:15.000 But a deduction is not nearly as valuable, you know. 192 00:11:15.279 --> 00:11:19.519 As a DAN. The top tax bracket for individuals is 193 00:11:19.559 --> 00:11:23.440 thirty seven percent. If you have a ten thousand dollars deduction, 194 00:11:23.559 --> 00:11:26.840 that saves you thirty seven hundred dollars exactly if you 195 00:11:26.879 --> 00:11:29.440 have a ten thousand credit to saves your ten thousand 196 00:11:29.320 --> 00:11:32.360 in taxes. That's the basic difference between the deduction and 197 00:11:32.399 --> 00:11:32.879 a credit. 198 00:11:33.600 --> 00:11:37.000 Explain very simply, as you often are able, as you 199 00:11:37.120 --> 00:11:39.200 always seem to be able to do. My guest is 200 00:11:39.240 --> 00:11:42.840 Mark Misselback. He's a CPA. Mark has been doing this 201 00:11:42.879 --> 00:11:45.519 for a few years, actually a few years over fifty, 202 00:11:45.559 --> 00:11:48.159 but he is always at the top of his game. 203 00:11:48.200 --> 00:11:50.480 He's been a guest in this program now probably for 204 00:11:50.559 --> 00:11:55.159 fifteen years. Whatever questions you might have about your taxes, 205 00:11:55.600 --> 00:11:58.159 I will remind all of you that it is tax Day. 206 00:11:58.159 --> 00:12:03.559 This year is April fifteenth. There's no Patriots Day or 207 00:12:03.679 --> 00:12:05.200 Marathon Day exception. 208 00:12:05.360 --> 00:12:05.759 This year. 209 00:12:05.799 --> 00:12:09.840 It's Tuesday, April fifteenth. I have plenty of questions, but 210 00:12:10.039 --> 00:12:11.960 the questions that are the most important are the ones 211 00:12:12.000 --> 00:12:14.919 that work with you. So feel free to join the conversation. 212 00:12:15.000 --> 00:12:17.879 We'll open up the phone line six one seven, two five, 213 00:12:18.000 --> 00:12:20.840 four ten thirty. That's pretty easy. Six one seven, two 214 00:12:20.879 --> 00:12:24.600 five four ten thirty or six one seven nine, three, one, 215 00:12:25.080 --> 00:12:28.320 ten thirty. Don't be shy. Don't assume someone else is 216 00:12:28.320 --> 00:12:31.840 going to ask you a question, because taxes are so individualized. 217 00:12:32.320 --> 00:12:35.480 Back on Night Side with Mark Misselbeck. Get the phones 218 00:12:35.519 --> 00:12:38.879 going back right after this, and we will start with 219 00:12:39.519 --> 00:12:41.720 what we take questions in order. So if you wait 220 00:12:41.840 --> 00:12:44.399 and you call late, you might not make it. If 221 00:12:44.399 --> 00:12:46.960 you call now, I guarantee you'll get on. Coming back 222 00:12:47.000 --> 00:12:49.399 on night Side. 223 00:12:50.320 --> 00:12:53.279 Now back to Dan Ray live from the Window World 224 00:12:53.399 --> 00:12:58.080 nights Side Studios on WBZ News Radio. 225 00:12:57.679 --> 00:13:00.519 Six one, seven, two, five, four, ten thirty. Those lines 226 00:13:00.559 --> 00:13:03.399 are full. The only line that is open is six 227 00:13:03.559 --> 00:13:10.279 one seven nine. As always, Mark, there'll be plenty of questions. Uh, 228 00:13:10.320 --> 00:13:14.000 And we're going to start it off with Heather in Arlington. Heather, welcome. 229 00:13:14.039 --> 00:13:18.159 You're on Night Side with CPA of several years, Mark Misselbeck. 230 00:13:18.200 --> 00:13:21.440 Go ahead, Heather, what's your comment or question? Hi? 231 00:13:21.639 --> 00:13:23.720 Thank you very much for taking my call. I wanted 232 00:13:23.759 --> 00:13:29.159 to ask if you have a child who is over 233 00:13:29.279 --> 00:13:36.039 eighteen and becomes disabled then that you're providing and they're 234 00:13:36.080 --> 00:13:40.320 you know, seemed disabled, do you get a tax credit? 235 00:13:40.399 --> 00:13:43.080 Can you like count that as a dependent? Again, if 236 00:13:43.120 --> 00:13:44.559 you're providing housing and all that. 237 00:13:44.559 --> 00:13:45.200 Kind of stuff. 238 00:13:48.759 --> 00:13:50.840 There's some kind of noise coming through on them on 239 00:13:50.960 --> 00:13:53.039 the line. But yes, I. 240 00:13:53.039 --> 00:13:58.200 Heard that as well, Heather everything, okay, yes, No, sorry, 241 00:13:58.279 --> 00:14:00.000 I don't I didn't hear anything. 242 00:14:00.440 --> 00:14:03.960 Okay, Yeah, we're hearing some crackling, so that's fine. Okay, 243 00:14:04.240 --> 00:14:05.080 I heard the same thing. 244 00:14:05.120 --> 00:14:09.159 Mark, Go ahead, Mark, Yeah, I'm getting a lot of that, 245 00:14:09.200 --> 00:14:16.159 but I'll try and answer. If they're over eighteen and disabled, 246 00:14:16.279 --> 00:14:19.360 or over eighteen and a full time student up to 247 00:14:19.440 --> 00:14:22.480 age twenty four. On the student side, you can still 248 00:14:22.480 --> 00:14:29.200 claim them as dependent. There's no additional dependency exemption to 249 00:14:29.279 --> 00:14:33.559 be claimed at this point, with the prospect that at 250 00:14:33.600 --> 00:14:35.440 the end of the year, if Congress doesn't act, we 251 00:14:35.600 --> 00:14:38.639 revert to the law as it stood before twenty eighteen, 252 00:14:39.240 --> 00:14:42.279 and then there would be a dependency exemption and your 253 00:14:42.399 --> 00:14:45.799 standard deduction would go down. We're waiting now to see 254 00:14:45.960 --> 00:14:48.720 what action the Congress may take with respect to those 255 00:14:48.759 --> 00:14:52.519 tax cuts and benefits that were enacted in twenty seventeen 256 00:14:52.559 --> 00:14:53.799 effective twenty eighteen. 257 00:14:54.960 --> 00:15:02.000 So in twenty seventeen, Heather's situation was eliminated, and it 258 00:15:02.159 --> 00:15:04.879 was not that your son or daughter was eighteen at 259 00:15:04.919 --> 00:15:08.480 that time, but that was something that was taken away 260 00:15:08.720 --> 00:15:09.840 in twenty seventeen. 261 00:15:10.879 --> 00:15:14.600 Well, here, here's the deal. The additional trick with this 262 00:15:14.720 --> 00:15:18.039 is if the child is not your dependent and you're 263 00:15:18.080 --> 00:15:25.440 paying for the living expenses, college, rooming, car insurance, clothing vacations, 264 00:15:26.200 --> 00:15:30.159 those are all gifts to the child, and you can't 265 00:15:30.200 --> 00:15:32.919 give more than eighteen thousand without having to file a 266 00:15:32.960 --> 00:15:36.399 gift tax return and report the excess as a taxable gift. 267 00:15:37.320 --> 00:15:40.600 It doesn't result in actual tax paid because you have 268 00:15:40.639 --> 00:15:44.840 a lifetime exemption approaching fourteen million dollars under the inflation 269 00:15:44.879 --> 00:15:48.080 adjusted exemption, but you eat into that with each year 270 00:15:48.480 --> 00:15:51.639 that you gift over eighteen thousand as a full time 271 00:15:52.080 --> 00:15:56.399 as a full dependent of yours counted as disabled or 272 00:15:56.559 --> 00:16:00.440 a full time student. All of the expense, since you're 273 00:16:00.480 --> 00:16:07.639 paying to support the child, are support obligations and not gifts, 274 00:16:09.279 --> 00:16:13.159 so there's no other tax impact in paying those expenses. 275 00:16:14.360 --> 00:16:17.879 It's an interesting sort of distinction that Congress makes on 276 00:16:18.000 --> 00:16:20.720 something like that. Mark. I mean, I understand you can 277 00:16:20.759 --> 00:16:25.399 have a rationale for almost anything, but boy, that that 278 00:16:25.559 --> 00:16:28.240 seems to me that in this day and age, I mean, 279 00:16:28.600 --> 00:16:31.840 if I'm not mistaken, you can you can keep your 280 00:16:31.919 --> 00:16:38.559 children on your your medical insurance up until the twenty 281 00:16:38.559 --> 00:16:40.480 six Yeah, And it just seems to me to be 282 00:16:40.519 --> 00:16:44.200 distinctions that Congress draws, And I don't see why someone 283 00:16:44.320 --> 00:16:47.399 like Heather who has a child, Oh no. 284 00:16:47.639 --> 00:16:51.360 I remember I said, full time student from nineteen to twenty. 285 00:16:51.399 --> 00:16:53.320 No, he's able to go to school now. 286 00:16:53.960 --> 00:16:58.879 Yeah, a stabled child is in a different category. And 287 00:16:58.960 --> 00:17:03.000 as it is a full disability, the age limit on 288 00:17:03.120 --> 00:17:06.759 claiming them as a dependent is gone. 289 00:17:07.640 --> 00:17:12.160 Right, which seems to me counterintuitive, and again count Congress 290 00:17:12.160 --> 00:17:14.799 often is counterintuitive. But it seems to me that if 291 00:17:14.799 --> 00:17:19.920 someone is dealing with the responsibility for a child over 292 00:17:19.960 --> 00:17:22.440 the age of eighteen, and that child still is able 293 00:17:22.480 --> 00:17:26.359 to maintain independence and live at home, we should be 294 00:17:26.400 --> 00:17:29.960 giving that family encouragement, you know, financially and otherwise to 295 00:17:30.599 --> 00:17:33.240 be able to continue care for the child. I think Heather, 296 00:17:33.759 --> 00:17:36.119 you understand what I'm what I mean, and I'm sure 297 00:17:36.119 --> 00:17:39.359 I want as well. I just wish Congress would understand it, 298 00:17:39.400 --> 00:17:41.680 is what I'm trying to say, because it seems to 299 00:17:41.720 --> 00:17:44.559 me to be frankly unfair in my opinion. 300 00:17:44.759 --> 00:17:47.759 Well, you could explore the possibility of claiming it a 301 00:17:47.920 --> 00:17:54.640 child dependent care credit. I don't delve into that as 302 00:17:54.720 --> 00:17:59.720 much as I may have or may need to be 303 00:17:59.759 --> 00:18:02.559 able to fully advise you, but you could take a 304 00:18:02.599 --> 00:18:03.039 look at that. 305 00:18:04.640 --> 00:18:07.240 Okay, do you have a quick question for me? Do 306 00:18:07.319 --> 00:18:10.599 you have your taxes prepared? Do you do them? I 307 00:18:10.640 --> 00:18:12.559 hope you don't do them yourselves because they're so. 308 00:18:12.559 --> 00:18:16.079 Damned Oh, absolutely not. We were going to ask our 309 00:18:16.240 --> 00:18:21.039 tax professional. But I my husband and I were talking 310 00:18:21.079 --> 00:18:22.839 about the other night. We're like, what happens if you 311 00:18:22.880 --> 00:18:25.440 ever a kid who was okay and then becomes disabled, 312 00:18:25.480 --> 00:18:28.559 and then now you're responsible again? Can you claim them? 313 00:18:28.640 --> 00:18:28.839 You know? 314 00:18:29.519 --> 00:18:35.319 Yeah? But I just think that again, the Congress produces 315 00:18:35.400 --> 00:18:40.440 these these new regulations or they changes, they change the code, 316 00:18:40.799 --> 00:18:44.480 and on one like this, the average American if you said, 317 00:18:44.559 --> 00:18:46.599 should someone who's taking care of a child over the 318 00:18:46.599 --> 00:18:50.799 age of eighteen, should they receive some additional tax benefit? 319 00:18:51.039 --> 00:18:54.759 I mean as opposed to saying, well, we're gonna put 320 00:18:54.799 --> 00:18:57.480 them in some sort of a medical facility or some 321 00:18:57.519 --> 00:18:59.599 sort of a facility that's going to care for him. 322 00:19:00.200 --> 00:19:05.319 It's much more economic for that the other taxpayers and 323 00:19:05.400 --> 00:19:08.160 for the government for you to be caring for your child, 324 00:19:08.400 --> 00:19:11.000 and and your child probably is much more comfortable in 325 00:19:11.039 --> 00:19:13.880 a home, in an at home setting. Why would Congress 326 00:19:14.839 --> 00:19:17.799 not recognize that? That's That's one of the frustrations I 327 00:19:17.920 --> 00:19:21.599 have as somebody who deals with Congress a lot a 328 00:19:21.759 --> 00:19:25.079 lot of times, and you just know that there has 329 00:19:25.119 --> 00:19:28.359 to be someone out there who's working some some committee 330 00:19:28.440 --> 00:19:32.039 or some members or influential member of Congress, uh and 331 00:19:32.039 --> 00:19:34.559 and and not looking at it from the perspective of 332 00:19:34.640 --> 00:19:39.960 Heather from Arlington, who's dealing with the situation of of 333 00:19:39.960 --> 00:19:44.160 of you know, difficulty, but also you know, love for 334 00:19:44.200 --> 00:19:46.880 her child. So Heather, thank you for doing what you do. 335 00:19:48.039 --> 00:19:51.559 And I hope that that your son or daughter is 336 00:19:51.680 --> 00:19:56.119 going to be uh taken care of and and hopefully 337 00:19:56.160 --> 00:19:59.680 will regain their independence totally in some in some form 338 00:19:59.720 --> 00:20:04.160 of goal. You bet you, Heather, Thanks for listening tonight. 339 00:20:04.279 --> 00:20:06.079 Thank you so much, very well. 340 00:20:06.119 --> 00:20:06.759 Ye bye. 341 00:20:06.799 --> 00:20:09.880 Thanks Mark. Do you agree with me on that that 342 00:20:10.000 --> 00:20:14.720 sometimes you wonder what the rationale is for Congress to 343 00:20:14.839 --> 00:20:16.319 do this or not do this? 344 00:20:18.279 --> 00:20:24.559 Well as to the student age limit, the seeming logic 345 00:20:24.599 --> 00:20:31.240 behind it is four years of undergraduate degree. Two years 346 00:20:31.279 --> 00:20:36.960 of graduate degree should give somebody enough education to support themselves, right, 347 00:20:37.920 --> 00:20:41.559 and if you're still supporting them. Then it's more, it's 348 00:20:41.559 --> 00:20:45.640 not your obligation under the law, and it's not to 349 00:20:45.720 --> 00:20:48.519 get them to the point where they've gained the skills 350 00:20:48.559 --> 00:20:53.440 to go to work. It's just gifting to them to 351 00:20:53.599 --> 00:20:58.440 continue on to whatever life goal they may have before 352 00:20:58.480 --> 00:21:02.799 they become productive members of society. So that's the twenty 353 00:21:02.799 --> 00:21:07.119 four age cut off, But disability continuing to support and 354 00:21:07.160 --> 00:21:10.039 not be treated as a gift that causes further tax 355 00:21:10.240 --> 00:21:14.519 implications to you and keeps them out of the dole 356 00:21:14.880 --> 00:21:19.480 of the government supporting them is seemingly the logic behind it, 357 00:21:19.519 --> 00:21:21.759 as much as I can divine whatever logic there may 358 00:21:21.799 --> 00:21:23.839 be to this area of the law. 359 00:21:24.160 --> 00:21:26.839 Right, but it sounds to me as if heather situation 360 00:21:27.319 --> 00:21:30.000 is that she will not be able to claim him 361 00:21:30.039 --> 00:21:32.680 as him or her as it dependent up when they 362 00:21:33.200 --> 00:21:35.680 get beyond the age of eighteen, even though. 363 00:21:35.720 --> 00:21:39.759 Oh no, no, no no, if they're disabled, the age limit 364 00:21:39.920 --> 00:21:43.000 has no impact on it. It is the fact that 365 00:21:43.039 --> 00:21:47.039 the child is disabled or even the adult is disabled, 366 00:21:47.720 --> 00:21:49.240 and they are still caring for them. 367 00:21:49.599 --> 00:21:53.960 Okay, good, then, I'm i'm I'm all revised and revoked 368 00:21:53.960 --> 00:21:57.079 by remarks. I was under the impression that she that 369 00:21:57.160 --> 00:22:01.640 she was not receiving the benefit of being able to 370 00:22:01.680 --> 00:22:06.279 claim that child, that disabled young person as a dependent. 371 00:22:06.440 --> 00:22:09.200 We'll take a quick break. Thanks very much for the clarification. Mark, 372 00:22:09.240 --> 00:22:13.880 I'm sorry I misunderstood the conversation. That's my fault. We'll 373 00:22:13.920 --> 00:22:16.400 be back on Nightside. The only line open right now 374 00:22:16.559 --> 00:22:20.519 is six one, seven, nine, three, one, ten thirty. All 375 00:22:20.559 --> 00:22:22.640 the other lines are filled up. We will get to 376 00:22:22.720 --> 00:22:25.680 as many people as we can and Mark Misselbeck uh 377 00:22:26.000 --> 00:22:29.519 is with us until ten o'clock at least, if your 378 00:22:29.559 --> 00:22:34.720 interest continues. Mark has always been very generous with his time. 379 00:22:34.799 --> 00:22:37.039 We will be back on Nightside right after this with 380 00:22:37.200 --> 00:22:41.279 Mark Misslbeck CPA of fifty three years, so he knows 381 00:22:41.279 --> 00:22:43.160 what he's talking about. Coming back on Nightside. 382 00:22:43.559 --> 00:22:47.839 You're on night Side with Dan Ray on WBZ, Boston's 383 00:22:47.880 --> 00:22:48.519 news radio. 384 00:22:49.240 --> 00:22:53.160 All right, back, we go to the phones, and I 385 00:22:53.279 --> 00:22:54.960 want you to know Mark, we have full lines, so 386 00:22:55.079 --> 00:22:58.160 let's keep rolling. Here're gonna go to Suzanne in Newton. Suzanne, 387 00:22:58.160 --> 00:23:01.400 do you have a tax question from I? 388 00:23:01.480 --> 00:23:05.440 Actually do. I am an eighty six year old lady 389 00:23:05.920 --> 00:23:10.640 in assistant living. I have my taxests in New York, 390 00:23:11.119 --> 00:23:16.160 but can I deduct anything at this stage? Of my life. 391 00:23:16.359 --> 00:23:22.000 I can't dedust by rent. I do deduct my charitable contributions. 392 00:23:22.920 --> 00:23:26.759 This is not a vacation house. Is there anything at 393 00:23:26.799 --> 00:23:32.079 eighty six yearly in an assistant living with some services 394 00:23:32.200 --> 00:23:37.000 can deduct legitimately. I don't have any. 395 00:23:39.079 --> 00:23:42.759 I don't have Okay, you gotta listen up, now, says 396 00:23:42.799 --> 00:23:44.400 any started trying to answer you a question. 397 00:23:44.440 --> 00:23:48.680 Go ahead, mark ye. In order to itemize, you have 398 00:23:48.799 --> 00:23:52.480 to have more than the standard deduction that is provided 399 00:23:52.519 --> 00:23:57.359 in the law, depending upon your filing status. Assuming you 400 00:23:57.640 --> 00:24:03.240 are a single person for twenty twenty four, the standard 401 00:24:03.319 --> 00:24:07.519