How do you do it? Old school by hand, H&R Block or Jackson Hewitt or the ilk, or TurboTax or TaxCut?
We got the wife's W2, the last form we were waiting on, and I did all our taxes on TurboTax in about 2 hours. Many people's taxes are probably even significantly more simple than ours, in which case I would definitely recommend not wasting money on a tax preparation service like H&R Block.
I planned it pretty well, and we're getting a very small refund - so we don't owe anything, but we didn't give the IRS a significant interest-free loan. Oh, and the most surprising thing of all is how high NC Income taxes are, considering the "quality" of the school systems here.
so TurboTax is pretty easy then?
Not yet. Still waiting on my W-2. My old lady files and gets to keep whatever return we get as her payment for the hassle.
Quote from: SunMo on January 30, 2007, 08:56:08 AM
so TurboTax is pretty easy then?
Yes, it is. I could help you with a couple of specific questions you had if need be.
Quote from: Diomedes on January 30, 2007, 08:57:06 AM
Not yet. Still waiting on my W-2. My old lady files and gets to keep whatever return we get as her payment for the hassle.
That seems fair, as long as you usually keep your refund under 4 figures or so.
We have a family friend who does our taxes. Oddly we just recieved checks from the State of Delaware, i guess they decided nearly a year after paying them money that we had overpaid?
I haven't done mine yet. I've never owned a home, but I got married about three years ago. I usually use TurboTax or something of the sort, but we just bought our first home, and already paid for some of the property tax. I know a lot of it is deductible, but I'll have to figure out how to do it. A friend told me TurboTax makes it pretty straight foward.
Quote from: FFatPatt on January 30, 2007, 09:01:36 AM
Yes, it is. I could help you with a couple of specific questions you had if need be.
I may have some to fire at you. Are you an accountant or something?
No, I'm not. I'm a nerd and good with numbers, and I've used TurboTax 5 years running now.
As for your home, your mortgage lender should send you a tax document listing all the interest, points, and insurance (assuming your property tax is paid by escrow), if they haven't already.
If your property tax is not paid by escrow, you'll simply need to know how much you paid in 2006. Documentation of it will more than likely not be necessary, assuming you file your taxes electronically.
I use an accountant to do it. Only costs $150 bucks, and it saves me a huge hassle. I don't even open the tax envelopes, and I consistently get more back than when I did it myself. Pays for itself when I look at it that way.
Quote from: Zanshin on January 30, 2007, 09:20:21 AM
I use an accountant to do it. Only costs $150 bucks, and it saves me a huge hassle. I don't even open the tax envelopes, and I consistently get more back than when I did it myself. Pays for itself when I look at it that way.
Same here. I've used turbo tax before, but last year I wanted to see what was better. So i ran everything through turbo tax, and i also used an accountant.
The accountant got back $500 more than turbo tax, and my accountant also offered to refile our taxes for the 2 years before. To which my wife and I for back an additional $1500.
Going with the accountant again this year.
I'm still waiting for my W2's and other BS paperwork to find their way north of the border...
Anyway, I recommend TaxAct (http://www.taxact.com). It is very easy to use, and is free, if you don't mind a bit of nagging to upgrade. I usually paid the $12 and got the free e-file.
This year was year I went to Jackson Hewitt, they charged me a little over $100 with a "military discount". The only reason I went to them was I was having trouble with my loan repayment program. Turns out it is taxable income and it hadn't yet been taxed. So instead of getting the $1800 I thought I was getting back, I only will be getting $438.
Does anybody know the status of military personel as it relates to taxes in PA? My uncle said he was never charged state taxes his entire time in and he just got out, they have however been charging me the entire time.
I don't even open the tax envelopes, and I consistently get more back than when I did it myself.
yep
its very advantageous to get to know a tax guy...whether it already be a friend or someone you will go to year after year...cause one a raltionship is forged they will find all the shady loopholes and such to get you back more than you could ever get for yourself
a guy i went to high school with is a cpa and does mine for me...
im getting just under 3000 back from the feds and about 300 from the state
The accountant thing sounds like an excellent plan. Anyone know any tips on how to find a good one? Trial and error?
Getting more back through an accountant usually means you don't understand all the places you might be eligible for a deduction. TurboTax seriously goes through that stuff much better than 3-4 years ago. If you miss anything, it's your fault. It will even value your item donations to charity if you tell it what you donated.
One of these years, if a friend recommended someone specific or whatever, I might be willing to let an accountant do my taxes and then run the numbers on TurboTax myself to see if I get more/less.
$150 is a good deal if you're going to a trusted accountant. $200+ is a bad deal if you're going to a "licensed tax preparer" like a Jackson Hewitt or H&R.
Quote from: ice grillin you on January 30, 2007, 09:37:04 AM
im getting just under 3000 back from the feds and about 300 from the state
I think we mentioned this last year, but it's very generous for you to give the government an interest-free loan of that size.
Quote from: PhillyPhaninDC on January 30, 2007, 09:58:01 AM
The accountant thing sounds like an excellent plan. Anyone know any tips on how to find a good one? Trial and error?
Best bet is someone you know. Or at least is working with you more personally.
I use the same acountant that my Dad uses for his business. He charges me about $125
More than worth it, especially since I don't actually have to lift a finger, other than keeping documents organized throughout the year.
Did mine on TurboTax. I received my W2 the second week of January and filed last week. Can't wait to get some $$$ back. I'll kick it towards something nice. Like a day at the spa.
I think we mentioned this last year, but it's very generous for you to give the government an interest-free loan of that size.
ill say this again as you probably cant fathom the idea but i dont mind in the slightest paying the amount of taxes i do...i have a top notch existence...do i wish the money i paid was was better spent...ie on those less privledged than myself...absofarginlutely
I've used Tax Cut the past few years, and it's pretty easy. What's nice is that it saves a lot of nuisance entering all the personal info (names, SS numbers, etc) because it imports the data from the previous year. I basically just need to update the numbers, and it's good to go.
I did refinance this year, so it'll be a little trickier...but not too much.
I also withhold way more than I should. I'll be interested to see how different it is with 6 months or so of lower mortgage interest. Regardless, I'll see what I can adjust after I get to the bottom line.
Once I'm done with that, then I have to work on TWO of the FAFSA forms for my kids. And those suck worse than the 1040 ever did.
FAFSA is a bitch. They take forever.
Gov't job, so I got my W2 quick. Haven't filed yet, what with it being in a different country than I am at the moment.
No. I still havn't paid off last years taxes. I'm self-employeed so my taxes are alittle more in-depth than most. I got to an accountant. First year I went to H&R Block and paid 199.95. Next year I was referred to this accountant who did more for me and let me know about some other options and charged less than $50. This will be my 3rd year going to them. I hate tax season.
Do you file quarterly?
Quote from: ice grillin you on January 30, 2007, 10:35:28 AM
I think we mentioned this last year, but it's very generous for you to give the government an interest-free loan of that size.
ill say this again as you probably cant fathom the idea but i dont mind in the slightest paying the amount of taxes i do...i have a top notch existence...do i wish the money i paid was was better spent...ie on those less privledged than myself...absofarginlutely
You absolutely 100% missed my point. Why not pay the same amount of taxes, but not overpay over the course of the year? Assuming you get paid twice a month or every two weeks, you would take home $200+ more every paycheck.
My comment had absolutely nothing to do with how many taxes you're paying - only when you're paying them.
id much rather have a lump sum once a year than to have extra in each check
Quote from: ice grillin you on January 30, 2007, 11:53:24 AM
id much rather have a lump sum once a year than to have extra in each check
Then, you should withhold as a "SINGLE 0" and also put on your W-4 that you want maybe $800 or so extra taken out of each paycheck. Your lump sum at tax time would be way bigger. Super awesome fantastic!
no i just need enough to pay for my eagle season tickets and a little play money on top of that....usually vacation money that i normally would never say on my own...this does it for me and it feels like free money when you get that fed check....now thats super awesome fantastic....holla
Quote from: ice grillin you on January 30, 2007, 12:11:34 PM
it feels like free money when you get that fed check....now thats super awesome fantastic....holla
That's the feeling you get when you get a lump sum of cash and the government doesn't take a large chunk of it as usual. You're a libertarian and you don't even know it.
pretty sure libertarians dont like paying taxes period much less have no problem paying taxes at their current level much less be willing to pay mroe taxes...
so im pretty much the exact opposite of a libertarian
why are you so interested in vigy's tax situation?
farging stoopid.
he wants me to hate paying taxes as much as he does....why i dont know
I think FF's point is that you could be taking your extra pay check money and investing that money instead of giving it to the Government (who invests your money for themselves to earn cash). If you would invest that money yourself instead of giving it to the gov you would have more than $3000 by the time you were expecting that tax check.
This is the same person who will pay twice as much to travel in 12 times the length of time to go from DC to New Orleans. And people wonder about his tax habits?
I think FF's point is that you could be taking your extra pay check money and investing that money instead of giving it to the Government (who invests your money for themselves to earn cash). If you would invest that money yourself instead of giving it to the gov you would have more than $3000 by the time you were expecting that tax check.
i know exactly what hes saying...im saying thats not gonna happen...the extra money will go to the local pub tab...but instead of twice a week it will then be three or four times a week...then when it comes time to pay for eagles season tickets or a vacation i am diggin into my savings to ante up
This is the same person who will pay twice as much to travel in 12 times the length of time to go from DC to New Orleans
ummm negative g
the train was substantially cheaper than the plane
no comment on the travel time
Quote from: ice grillin you on January 30, 2007, 12:40:44 PM
I think FF's point is that you could be taking your extra pay check money and investing that money instead of giving it to the Government (who invests your money for themselves to earn cash). If you would invest that money yourself instead of giving it to the gov you would have more than $3000 by the time you were expecting that tax check.
i know exactly what hes saying...im saying thats not gonna happen...the extra money will go to the local pub tab...but instead of twice a week it will then be three or four times a week...then when it comes time to pay for eagles season tickets or a vacation i am diggin into my savings to ante up
This is the same person who will pay twice as much to travel in 12 times the length of time to go from DC to New Orleans
ummm negative g
the train was substantially cheaper than the plane
no comment on the travel time
roundtrip from DC or Philly to New Orleans runs about $150 round trip on Southwest Airlines
Quote from: ice grillin you on January 30, 2007, 12:40:44 PM
i know exactly what hes saying...im saying thats not gonna happen...the extra money will go to the local pub tab...but instead of twice a week it will then be three or four times a week...then when it comes time to pay for eagles season tickets or a vacation i am diggin into my savings to ante up
so what your saying is that you have such little will power that you have decided to pay the IRS more in tax money so you dont go and spend that money at the pub instead?
What's wrong with that? It's his money. Obsess much?
It's kind of sad, that's all.
Quote from: Diomedes on January 30, 2007, 12:46:00 PM
What's wrong with that? It's his money. Obsess much?
Simply trying to understand why people do the things they do. It was put out there for discussion, so whats the big deal if we discuss it?
roundtrip from DC or Philly to New Orleans runs about $150 round trip on Southwest Airlines
that may be true but i dont know a single person who went that paid under 220
so what your saying is that you have such little will power that you have decided to pay the IRS more in tax money so you dont go and spend that money at the pub instead?
thats EXACTLY what im saying (and/or im an alcoholic)
but the thing is i already put mad money in my govt tsp (401k equivalent) and into my own ira and roth ira...plus x amount of dollars into my bank savings account each month...in other words my savings/investments are well taken care of...everything after that is spending money to me...and the less spending money i have coming home each week the less money ill spend
plus i like the feeling of getting a huge chunk of change the same time every eyar to pay for my eagle tix and my big vacation i take every year
to answer your next question as to why dont i just up the amount im putting into my investments each yeah and pay less in taxes?
because i dont want to
It's kind of sad, that's all.
would that be more or less sad than your entire existence revolving around money
Quote from: MURP on January 30, 2007, 12:48:19 PMIt was put out there for discussion, so whats the big deal if we discuss it?
Fair point, but this is hardly "discussion:"
Quote from: FFatPatt on January 30, 2007, 12:47:12 PMIt's kind of sad, that's all.
Sad your mother!
Quote from: ice grillin you on January 30, 2007, 12:56:09 PM
It's kind of sad, that's all.
would that be more or less sad than your entire existence revolving around money
rhetorical question day is back!
rhetorical question your face!
Nope. My shtein is easy though. I do the eFile on the IRS site and don't pay a lick. Although with student loans and shtein like that now next year's tax time will be the year I go to an accountant and let him hook it up.
Nope. My shtein is easy though. I do the eFile on the IRS site and don't pay a lick
my girl is a programmer for the irs and writes a lot of the programs that efile uses
I like the way they have it set up. Although I liked the TeleFile better though. They stopped that last year though. >:(
im on it....
Pennsylvania lets you file via the web (and has for the past couple of years). It's pretty easy, and quite a welcome change to the dumb paperwork. The PA tax code is much simpler than the federal one, though.
Quote from: ice grillin you on January 30, 2007, 12:53:00 PM
roundtrip from DC or Philly to New Orleans runs about $150 round trip on Southwest Airlines
that may be true but i dont know a single person who went that paid under 220
so what your saying is that you have such little will power that you have decided to pay the IRS more in tax money so you dont go and spend that money at the pub instead?
thats EXACTLY what im saying (and/or im an alcoholic)
but the thing is i already put mad money in my govt tsp (401k equivalent) and into my own ira and roth ira...plus x amount of dollars into my bank savings account each month...in other words my savings/investments are well taken care of...everything after that is spending money to me...and the less spending money i have coming home each week the less money ill spend
plus i like the feeling of getting a huge chunk of change the same time every eyar to pay for my eagle tix and my big vacation i take every year
to answer your next question as to why dont i just up the amount im putting into my investments each yeah and pay less in taxes?
because i dont want to
Hey to each his own. You are just the first person I've heard say that they dont want to make more money and would rather have the government take your profits. Just a last thought from me... you say you have x amount of your money going to bank savings each month. You could set up an automatic withdraw program with a bank or a no load mutual fund that would automatically take that money you were going to give to the IRS and instead deposit it in your bank or fund. That way you would collect the interest on the money and at the same time it wouldnt be sitting there for you to spend at the bar. anyway, enough on the subject for me. I just wanted to throw that out there in case you were not aware of your options.
Quote from: ice grillin you on January 30, 2007, 01:00:37 PM
Nope. My shtein is easy though. I do the eFile on the IRS site and don't pay a lick
my girl is a programmer for the irs and writes a lot of the programs that efile uses
Your girl cost me a job, and I'm gonna beat her up.
:-D
Quote from: Susquehanna Birder on January 30, 2007, 11:30:12 AM
Do you file quarterly?
No, I did not the past two years, so thats why I am still paying. My own dumb fault. I'm setting up separate accounts this year to help keep this under control. In theory it will be under control. Its tough when you don't get a weekly or even bi-weekly paycheck.
One of dads of a kid I coached in soccer is a CPA & has been doing our taxes for the past 5 years & only charges me $70. As our returns have been getting more & more complex each year, it's more than worth it to pay someone to do all the work.
Quote from: Susquehanna Birder on January 30, 2007, 11:30:12 AM
Do you file quarterly?
I send nothing to those corksuckers. They get the whole wad on April 15th. I've had to pay interest and fines before but the money I made by not sending them their dough more than made up for the fines I've paid.
farg the U.S. Treasury. The way the U.S. Govt. mismanages my money, they can choke on every last penny I send them.
Still waiting on my W2... my sorry ass company always waits 'til the last week of January to get them out. Should be here any day now. When it does get here... TurboTax it is. It's the shtein.
Quote from: Drunkmasterflex on January 30, 2007, 09:35:00 AM
This year was year I went to Jackson Hewitt, they charged me a little over $100 with a "military discount". The only reason I went to them was I was having trouble with my loan repayment program. Turns out it is taxable income and it hadn't yet been taxed. So instead of getting the $1800 I thought I was getting back, I only will be getting $438.
Does anybody know the status of military personel as it relates to taxes in PA? My uncle said he was never charged state taxes his entire time in and he just got out, they have however been charging me the entire time.
Turbo tax is free for the military. When I get the link at Guard, I will IM you. Also, for the military it is possible to establish your residence by opening a PO Box in a no income tax state (such as Florida or New Hampshire). Establish that as your residence and you won't pay PA taxes.
Also, when it comes time to prepare and file your 2006 tax return, make sure you don't overlook the federal excise tax refund credit. You claim the credit on line 71 of your form 1040. A similar line will be available if you file the short form 1040A.
What is this all about? Well the federal excise tax has been charged to you on your phone bill for years. It is an old tax that was assessed on your toll calls based on how far the call was being made and how much time you talked on that call.
The IRS has now conceded this is obsolete. Phone companies have been given notice to stop assessing the federal excise tax as of Aug 30, 2006. You will most likely see the tax on your September cutoff statement, but it should NOT be on your October bill.
But the challengers of the old law also demanded restitution. So the IRS has announced that a one time credit will be available when you and I file our 2006 tax return as I explained above. However, the IRS also established limits on how BIG a credit you can get. Here's how it works.
If you file your return as a single person with just you as a dependent, you get to claim a $30 credit on line 71 of your 1040.
If you file with a child or a parent as your dependent, you claim $40.
If you file your return as a married couple with no children, you claim $40.
If you file as married with children, you claim $50 if one child, $60 if two children.
If IGY, you pay it and thank God you live in a country with some many benefits for its citizens and don't claim it.
In all cases, the most you get to claim is $60.
One final point - this credit is a refundable credit. That means you get this money, no matter how your tax return works out. If you would end up owing the IRS a balance, the refund will reduce that balance you owe. If you end up getting a refund, the credit will be added and you get a bigger refund by that $30 to $60, depending on how many dependents are on your return.
If you're like me and try to file your tax return as soon as possible you might want to wait a little while this year. I was listening to some financial shows on NPR and local radio and both sources commented that last year our outgoing congress passed several new tax amendment/changes before they departed, but this was done after the majority of the tax software used buy tax prepares and yourself was released. To catch up with the new changes tax software companies are having to rewrite or upgrade their programs to reflect theses changes and the new/amended programs should not be available until mid February or later.
The long and short of it is, if you e-file like me you might not be getting all the refund you are due if you file too early this year. And if you use a tax preparer you might want to ask them about this.
I am a nerd of FFPat proportions.
Quote from: Philly_Crew on January 30, 2007, 04:40:03 PM
If you're like me and try to file your tax return as soon as possible you might want to wait a little while this year. I was listening to some financial shows on NPR and local radio and both sources commented that last year our outgoing congress passed several new tax amendment/changes before they departed, but this was done after the majority of the tax software used buy tax prepares and yourself was released. To catch up with the new changes tax software companies are having to rewrite or upgrade their programs to reflect theses changes and the new/amended programs should not be available until mid February or later.
The long and short of it is, if you e-file like me you might not be getting all the refund you are due if you file too early this year. And if you use a tax preparer you might want to ask them about this.
I am a nerd of FFPat proportions.
That happens almost every year, which is #1 reason why I wait now, and use a person, instead of the software package.
Wasnt a big deal before I was married, with a house. Just me being a single schlub in a 1 BR apartment, it was only a difference in a few $'s. Now having someone look at everything can mean the difference between a week in the Carribean or a week in Europe.
Quote from: Philly_Crew on January 30, 2007, 04:40:03 PM
The long and short of it is, if you e-file like me you might not be getting all the refund you are due if you file too early this year.
I am a nerd of FFPat proportions.
Yeah, because a Congress suddenly controlled by the left will definitely throw some quick laws in there to give you more money back on your taxes. Definitely.
You can only hope to be as big a nerd as me, but you obviously are more organized about your tax knowledge.
BTW, TurboTax has the excise tax as a question in their normal program. The only way you can avoid claiming it if you use TurboTax is if you choose not to or claim you aren't eligible.
Drunkmaster,
Texas is a state-tax free state. At least it was when I was down there. Establsh residence there and you're good.
Quote from: FFatPatt on January 30, 2007, 05:30:03 PMYeah, because a Congress suddenly controlled by the left will definitely throw some quick laws in there to give you more money back on your taxes. Definitely.
:-D
My company handed out W-2s today.
Law requires them to be delivered by the end of January, or just to be sent by the end of Jan?
Quote from: Diomedes on February 01, 2007, 12:49:56 PM
My company handed out W-2s today.
Law requires them to be delivered by the end of January, or just to be sent by the end of Jan?
It seems that they failed either way.
QuoteYou should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers have until January 31, 2007 to furnish a record of 2006 earnings statement either electronically or in paper form. Allow two weeks for 2006 earning statements mailed from employers via United States Postal Service (USPS).
REPORT THEM!
Well, I don't know if I should report them, but I will send them a note that says I don't appreciate the delay. I don't have leeway to file my taxes a day late, afterall.
Quote from: Philly_Crew on January 30, 2007, 04:40:03 PM
If you're like me and try to file your tax return as soon as possible you might want to wait a little while this year. I was listening to some financial shows on NPR and local radio and both sources commented that last year our outgoing congress passed several new tax amendment/changes before they departed, but this was done after the majority of the tax software used buy tax prepares and yourself was released. To catch up with the new changes tax software companies are having to rewrite or upgrade their programs to reflect theses changes and the new/amended programs should not be available until mid February or later.
The long and short of it is, if you e-file like me you might not be getting all the refund you are due if you file too early this year. And if you use a tax preparer you might want to ask them about this.
I am a nerd of FFPat proportions.
according to TaxWatch, tax programs such as Turbotax, TaxCut, etc will likely not receive gov't updates until Feb 3rd (or later). Affected changes include decuctions for: state/local tax, education/tuition fees, teacher out-of-pocket expenses, etc.
If you have any of these, and use a tax program, you may want to hold off a week or so.
All of those deductions were questions on TurboTax already.
QuoteQuote from: MURP on January 30, 2007, 01:27:59 PM
Quote from: ice grillin you on January 30, 2007, 12:53:00 PM
roundtrip from DC or Philly to New Orleans runs about $150 round trip on Southwest Airlines
that may be true but i dont know a single person who went that paid under 220
so what your saying is that you have such little will power that you have decided to pay the IRS more in tax money so you dont go and spend that money at the pub instead?
thats EXACTLY what im saying (and/or im an alcoholic)
but the thing is i already put mad money in my govt tsp (401k equivalent) and into my own ira and roth ira...plus x amount of dollars into my bank savings account each month...in other words my savings/investments are well taken care of...everything after that is spending money to me...and the less spending money i have coming home each week the less money ill spend
plus i like the feeling of getting a huge chunk of change the same time every eyar to pay for my eagle tix and my big vacation i take every year
to answer your next question as to why dont i just up the amount im putting into my investments each yeah and pay less in taxes?
because i dont want to
Hey to each his own. You are just the first person I've heard say that they dont want to make more money and would rather have the government take your profits. Just a last thought from me... you say you have x amount of your money going to bank savings each month. You could set up an automatic withdraw program with a bank or a no load mutual fund that would automatically take that money you were going to give to the IRS and instead deposit it in your bank or fund. That way you would collect the interest on the money and at the same time it wouldnt be sitting there for you to spend at the bar. anyway, enough on the subject for me. I just wanted to throw that out there in case you were not aware of your options.
you also want to investigate a special payroll deduction to a high yield savings account (not all companies offer this). It'll come right outta your paycheck, and will still be liquid (before you make it liquid at the bar).
Quote from: FFatPatt on February 01, 2007, 04:16:33 PM
All of those deductions were questions on TurboTax already.
none of my clients have submitted anything to me yet (as usual). I'm personally waiting til Feb 10th or so, so most of the gov't updates will be in TTax updates.
Quote from: dis12 on February 01, 2007, 04:19:57 PM
you also want to investigate a special payroll deduction to a high yield savings account (not all companies offer this). It'll come right outta your paycheck, and will still be liquid (before you make it liquid at the bar).
It's a lost cause, dis.
Quote from: FFatPatt on February 01, 2007, 04:27:07 PM
Quote from: dis12 on February 01, 2007, 04:19:57 PM
you also want to investigate a special payroll deduction to a high yield savings account (not all companies offer this). It'll come right outta your paycheck, and will still be liquid (before you make it liquid at the bar).
It's a lost cause, dis.
maybe he would listen if we told these investment payouts would save him enuff for 2 away games plus few kegs.
He wouldn't.
Quote from: dis12 on February 01, 2007, 04:14:57 PM
Quote from: Philly_Crew on January 30, 2007, 04:40:03 PM
If you're like me and try to file your tax return as soon as possible you might want to wait a little while this year. I was listening to some financial shows on NPR and local radio and both sources commented that last year our outgoing congress passed several new tax amendment/changes before they departed, but this was done after the majority of the tax software used buy tax prepares and yourself was released. To catch up with the new changes tax software companies are having to rewrite or upgrade their programs to reflect theses changes and the new/amended programs should not be available until mid February or later.
The long and short of it is, if you e-file like me you might not be getting all the refund you are due if you file too early this year. And if you use a tax preparer you might want to ask them about this.
I am a nerd of FFPat proportions.
according to TaxWatch, tax programs such as Turbotax, TaxCut, etc will likely not receive gov't updates until Feb 3rd (or later). Affected changes include decuctions for: state/local tax, education/tuition fees, teacher out-of-pocket expenses, etc.
If you have any of these, and use a tax program, you may want to hold off a week or so.
I just did mine on TaxCut tonight, and it seemed to handle all the new stuff just fine. I even got a notice that the IRS won't be reviewing returns with some of those items until "the beginning of February." Well, here we are.
All the money talk reminded me: taxes are done. I owe the feds $27 and NY owes me $250.
whoop there it is
Quote from: Diomedes on February 08, 2007, 01:23:34 PM
All the money talk reminded me: taxes are done. I owe the feds $27 and NY owes me $250.
whoop there it is
That's just about perfect planning. I'm guilty of having the feds take too much money so I get a refund each year. Stupid? Yes. But it's like a big ol' birthday present to me.
Also, adopting a child creates a windfall on your tax returns. :deion
You can write off all that money spent on vodka in the Ukraine?
Adoption Tax Credit. It feels like free money, but realistically it's getting abck about a third from the feds of what I already spent. I aslo get about a third back from Missouri, but they are the most generous of the states on what they credit back.
Quote from: Diomedes on February 08, 2007, 01:23:34 PM
All the money talk reminded me: taxes are done. I owe the feds $27 and NY owes me $250.
whoop there it is
Wow, nice work with the Federal taxes. I don't think I've ever heard of anyone getting that close to $0 on either side at year's end. And don't kid yourself - NY owes you a lot more than that, even if not legally.
BTW, I did my taxes about 2 days too early and I got two more forms for nominal items that barely change my liability one way or the other. That'll teach me not to procrastinate... speaking of which, I plan to wait to file the amended returns until April 1 or so.
I'm getting $622 back.
I'm getting $450 back. Same as every year.
so is it ok to do my taxes yet? i do them online and have heard that some of he software was getting updated and i should hold off a bit.
Quote from: phattymatty on February 26, 2007, 10:37:01 AM
so is it ok to do my taxes yet? i do them online and have heard that some of he software was getting updated and i should hold off a bit.
Wait until after March 1 at this point.
I did mine at H&R Block. Someone else doing my taxes for me and being responsible in case of any bullshtein makes me feel tingly.
Got around $2000 back.
I just finished a return for a client and he it getting back $6400. Another year he says this is his "savings". Another moron.
Quote from: rjs246 on February 26, 2007, 11:01:49 AM
I did mine at H&R Block. Someone else doing my taxes for me and being responsible in case of any bullshtein makes me feel tingly.
Got around $2000 back.
and you think Block is responsible? they are NOT. as your "preparer" they are only responsible to prepare your return, nothing else.
Quote from: dis12 on February 26, 2007, 11:17:52 AM
I just finished a return for a client and he it getting back $6400. Another year he says this is his "savings". Another moron.
As a beneficiary of your client's generosity, please express my gratitude for his interest free loan.
:D
Quote from: Jerome99RIP on February 26, 2007, 11:39:40 AM
Quote from: dis12 on February 26, 2007, 11:17:52 AM
I just finished a return for a client and he it getting back $6400. Another year he says this is his "savings". Another moron.
As a beneficiary of your client's generosity, please express my gratitude for his interest free loan.
:D
it's a shame ethics prohibits me from taking a "cut" of the refund.
imagine that, me ethical.
Quote from: dis12 on February 26, 2007, 11:28:45 AM
Quote from: rjs246 on February 26, 2007, 11:01:49 AM
I did mine at H&R Block. Someone else doing my taxes for me and being responsible in case of any bullshtein makes me feel tingly.
Got around $2000 back.
and you think Block is responsible? they are NOT. as your "preparer" they are only responsible to prepare your return, nothing else.
Someone else is doing the work and that's all I give a shtein about. I used to do my own and it drove me nuts for that hour or two. I want other people to do annoying shtein so that I don't have to. And I'm willing to pay.
Quote from: rjs246 on February 26, 2007, 11:49:08 AM
Quote from: dis12 on February 26, 2007, 11:28:45 AM
Quote from: rjs246 on February 26, 2007, 11:01:49 AM
I did mine at H&R Block. Someone else doing my taxes for me and being responsible in case of any bullshtein makes me feel tingly.
Got around $2000 back.
and you think Block is responsible? they are NOT. as your "preparer" they are only responsible to prepare your return, nothing else.
Someone else is doing the work and that's all I give a shtein about. I used to do my own and it drove me nuts for that hour or two. I want other people to do annoying shtein so that I don't have to. And I'm willing to pay.
Actually H&R Block offers a "peace of mind" guarantee, I think for $27. They will pay all penalties and interest if any are found and will represent you without your showing up or having to answer anything to the IRS. They also claim in most cases they will even pay any additional pre- penalty/interest amounts originally owed. I don't know what happens when this is put to the test, but for $27 it seems a no brainer to me.
So my accountant came over saturday, while he spent 2 hours doing our taxes. I was having a couple beers in the basement playing darts with the neighbor.
I really enjoyed doing my taxes this year.
Oh, and I did a few pro-bono jobs for a couple of different charity things, it costed me no money out of pocket...yet resulted in an additional $600 back.
Cha-ching (http://news.yahoo.com/s/nm/20070425/us_nm/usa_treasury_taxes_dc_1)
there's more to life than money. raw hatred, for example.
Quote"This reflects the fact that Americans in high-income brackets had a very good year in 2006," said Lou Crandall, chief economist at Wrightson ICAP in Jersey City, New Jersey.
The rich are getting richer? Say it ain't so.
Varying possibilities for efforts to change the Federal tax code (http://www.politico.com/news/stories/1007/6250.html)
Frankly, it's just more patchwork for a tax code that needs a complete overhaul... but at least Rangel's working on something. The AMT needs to be killed, and quick.
Raising the rate of Capital Gains is the only thing that doesn't make sense to me. It's basically a deterrent for Americans investing in American businesses through purchase of stock. Income-based tax hikes make much more sense... IMO.
Plan announced (http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20071024%5cACQDJON200710242253DOWJONESDJONLINE001107.htm&)
4% tax hike on individuals making over $150k and couples making over $200k. Holy marriage penalty, Batman!
Quote from: FastFreddie on October 25, 2007, 11:46:24 AM
Holy marriage penalty, Batman!
It's about time you suckas get what you deserve.
The good news is "suckas" have to make over 200,000 bones to even qualify for that. It will hurt married couples in major metro areas like Boston (lol at rjs) before it hurts me.
thats why getting married is gay.
The good news is that rich gay people won't care that they can't get married anymore, right?
In other news, I finally broke down and got a CPA. It will be worth every penny I pay him, IMO.
Quote from: phattymatty on October 25, 2007, 12:11:11 PM
thats why getting married is gay.
Yet the gays still want to marry.
I heart irony.
2nd richest man in America thinks his taxes are too low (http://business.guardian.co.uk/story/0,,2202020,00.html)
it's easy to say that when you know it will never change.
Quote from: phattymatty on October 31, 2007, 09:22:32 AM
it's easy to say that when you're so rich that you could be taxed 99% and still be wealthy
or this
QuoteThis two-bill approach could help Senate Democrats maintain fiscal discipline.
:-D :-D :-D :-D :-D
Fiscal discipline in the U.S. government is dead on both sides of the aisle.
Bill Clinton is the most fiscally-responsible President since Nixon.
in other words
Quote from: Susquehanna Birder on October 31, 2007, 12:29:02 PM
QuoteThis two-bill approach could help Senate Republicans maintain fiscal discipline.
:-D :-D :-D :-D :-D
Yes.