Pundits, campaign operatives, journalists and curiosity seekers by now have begun been poring over the Clinton tax returns to look for meaning and political fodder since they were released to an expectant America on Friday. I couldn't resist my own curiosity so I pressed the link for 2006 and opened them up myself. 60 - WHAT pages? My eyes glazed over after seeing just how many entries said 'See Note such and so' and I realized that despite my own experience and education in financial accounting and taxation, this stuff was beyond me. But something took hold during the late hours of Friday night after contemplating just how difficult it is to keep notes on every foreign-sourced speech Bill made...
More below the fold.
I suddenly felt embarrassed that I was avoiding working on my own taxes! I mean, how bad could it be? The most complicated year, when I had foreign taxes, itemized deductions, self employment, business income and depreciation and amortization, my entire package of forms was only a modest 14 or 15 pages or so. My worst year was having to track a foreign tax credit for Canada at the same time I filed for my busines in the US... poor me. But look what the Clintons had to do! Cost basis on multiple sources of dividends, capital losses here and capital gains there, listing all the foreign countries Bill had received income from...NO THANK YOU!
Sure, they are raking in money at about a million five a month, but can you imagine what it must be like to write a check for 3 MILLION DOLLARS to the Internal Revenue? Back a couple of years ago I had to write a check for $24,000 and I think it took about two days for my breathing to go back to normal.
So this morning I dug my laser printer out of its box, set it up, and printed out all of my forms, downloaded the new Adobe reader, and started in with pencil in hand on a draft of my Schedule C.
Ten hours later, I have the final numbers, and the onerous task is almost behind me. And I have Bill and Hillary to thank for it!
I would love to hear your horror stories about taxes and tax season while I'm catching my breath.