The triathlon training blog of Phil Barnes

Tacx Session Preempted by Tax Session


TAX vs TACX

60 minutes of 160+ Watts was preempted last night with a marathon session of T4s, Schedule 7s and various other Worksheets.

I have a love-hate relationship with taxes. I actually enjoy filling out the forms, and doing the calculations - as 'techie' as I am, I still like to do it all manually - but I always fall into those pitfalls of false hope on certain tax credits - "Take this amount, multiply it by 20%, add this to it, multiply by 3, (oooh, getting good); now take the amount from line 220 and subtract it from that, if negative, enter 0 (argh)".

Anyhow, long story short - getting a juicy refund. Happy with that - but the economist in me is screaming mad at the "opportunity cost".

Side Note: Reason 43 why I dislike Real Estate Agents
Part of the "juicy" refund is due to the fact that we moved last year, so I could take a new job. We sold our house, and incurred legit moving expenses that effectively lowered taxable income.

We sold our house privately, and avoided over $18,000 in (highly unnecessary) real estate commissions.

There's an expression, "Sh-t attracts flies", how about "Blood attracts Sharks", there's also "Ambulances attract Lawyers" - from our experience "For Sale By Owner sign attracts Real Estate Agents". We were bombarded by no less than 200 Real Estate Sharks begging us to list with them, or "co-operate" etc. ad nausium. A real estate agent can do this for you... la.la.la. Top 10 reasons to list with an agent... bla.bla.bla... 0.2% of my commissions go to charity... yip.yip.yip.

Do your homework agents: Not one of the 200 sharks pointed out to us, that in fact, because we were moving out of town to be closer to a job, that their commission would effectively be tax deductible. Depending on your tax bracket - one could re-coup 30-35% of Real Estate commissions.

It wouldn't have swayed us. But, if we were sitting on the fence, it could have. Oh don't get me started with Real Estate agents... I could write a whole blog on that. (Sorry Jo).