Mitt's interesting loopholes

October 2, 2012 

In response to Mitt Romney's 2011 tax return information that was published in The Bee (Sept. 22): Do you think that the tax advisers of the blind family trust are not aware that the $1.77 million of unused charitable donations can be claimed on an amended tax return for up to three years after the filing date of the original returns?

In addition, the IRS is currently paying 3 percent interest on overpaid taxes when amended returns are filed.

These advisers would be violating their duty if some $265,000 of overpaid federal tax was not retrieved along with whatever state tax might have been overpaid if the deductions were consistent with the federal schedules.

It just sounds like good conservative tax planning to me to overpay and get a guaranteed risk free rate of 3 percent when the amended returns are filed.

JAMES McKAY

Oakdale

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