Tax Returns Reflections

I know that the title sounds weird, to put it mildly, but let me explain.

Financially, I had very different periods in my life, both very high and very low, both while living in Russia and in the USA. I frequently think about how much it has changed in my life, and what things money can or can’t buy. When I was sitting at the Lyric Opera watching Così fan Tutte, I remembered how I was watching this opera for the first time, many years ago, at the same Lyric Opera House, but from somewhere very high above. It was the same opera, with a similarly funny and cynical Despina, but I could barely see what was going on onstage, while this time I could see the singer’s facial expressions. And even this upper balcony ticket was not an ordinary thing back then.

So what about tax returns? After two turbulent tax seasons, when, due to some planning mistakes, I ended up owing taxes, I ended the 2025 tax year with a sizable surplus, largely due to my total donations amount. And it’s not only about me having more to give, but also about me knowing what can be tax-deductible.

During my first two or three years in the US, I was able to take the kids to the Field Museum or Aquarium only once or twice a year. And if I had bought a family membership back then, it would have paid off in two visits, but I never had enough money “right now” to make the purchase.

Moreover, what I didn’t know back then, and even later, was that all these memberships were tax-deductible, so there are even more savings which I never tried to utilize.

The same goes for different benefit events. Not only are you paying for a fancy dinner at the fundraiser, but you can also claim a tax deduction, and I take advantage of these opportunities very often. For the past two weeks, I was contemplating “to go – not to go” for the Night Ministry Gala. I usually go, but this year, since it’s the 50th anniversary, the event will be held in Gerardy (the same place as our corporate Christmas party), and it costs three times as much as usual. After looking at the price tag for the third time, I was about to say no when I realized this ticket would be tax-deductible, which switched me to the “why not”? Still thinking 🙂

Also, the advantage of “buying in bulk.” It’s not only about buying larger packages of food, which makes each unit cheaper, but it also applies to cultural events and entertainment. Subscription tickets are significantly cheaper than single tickets, but the one-time subscription price is out of reach for many, if not most, people. I remember what it took me when I bought a CSO subscription for the first time – the cheapest tickets in the house, the last row of the gallery!

I guess the moral of the story is that it’s great that many Chicago museums have free days, many have free access for SNAP recipients, and that anyone can borrow a free family museum pass for a week at the Chicago Public Library. But it’s definitely not enough.