tax time

[Spider]

well I only owe the government 2,800 and some loose change :(

[heydensmom]

Ouch even with the new additions???

[Spider]

Ouch even with the new additions???

yeah and 300 days of logs @ 35.00 per day

[Spider]

lat year it was 4,600 and some loose change .......

[heydensmom]

Well that's an improvement ;D

[Spider]

Well that's an improvement ;D

;) yeah .......

[ludo21]

havent done anything yet tax wise. I owed over a 100 bux last year, i hope i get some money back this go around.

[Crushaholic]

I generally get my W-2 by the end of January and get my taxes done around the middle of February, so I'm about a month away from doing anything about my taxes...

[heydensmom]

I generally get my W-2 by the end of January and get my taxes done around the middle of February, so I'm about a month away from doing anything about my taxes...

That would be us too.

[Spider]

I dont get W-2's i get a 2290

[Tredici]

I'm generally hitting the Turbo Tax button at 11:59 PM on April 15th...

[Crushaholic]

I'm generally hitting the Turbo Tax button at 11:59 PM on April 15th...

I feel the need to get my taxes finished well in advance of the deadline. That way, I can save up money if I owe and get my refund faster if I'm due a refund. It's win-win...

[Spider]

I already did mine ........... done for the year now next year I can get off the 2290 and on to a W-2 I hope ........

[OrangeShadow]

i got the W-2 from work last week so ill be filing soon. hope to buy some new coilovers for my car so i hope i get some money back

[Rascal]

Thankfully the sister in law is a CPA, and a lawyer, so that comes in handy. Usually get about 1000+ in returns.

[Spider]

Thankfully the sister in law is a CPA, and a lawyer, so that comes in handy. Usually get about 1000+ in returns.

Have I ever told you about the , lets help Spider pay his taxes website ;D

[Billy Clyde Puckett]

Thanks for reminding me Spider. Lets see, yep I am paying more in taxes again this year than I do for all of those unecessary items like, food, shelter, clothing, education, transportation combined.

Between doing taxes and this weather, I am seriously thinking of cashing everything in and moving to someplace in the Caribbean - maybe Granada and my kids can go to that college we invaded the island to rescue.

[Spider]

Thanks for reminding me Spider. Lets see, yep I am paying more in taxes again this year than I do for all of those unecessary items like, food, shelter, clothing, education, transportation combined.

Between doing taxes and this weather, I am seriously thinking of cashing everything in and moving to someplace in the Caribbean - maybe Granada and my kids can go to that college we invaded the island to rescue.
wow , I dont pay that much in taxes , you must be a millionaire ......... or damn close

[Broncojef]

Let me state one scary tax statement....AMT...for those of you who aren't blessed yet to have to deal with Alternative Minimum Tax I pray you never have to do so, its the best tax loophole ever for keeping middle class guys from becoming an upper class guys. I won't bother telling you what I'll pay in this year...ouch.

[ColoradoDarin]

I generally get my W-2 by the end of January and get my taxes done around the middle of February, so I'm about a month away from doing anything about my taxes...

Same here, last year we ended up forking over about 22% of our income over to the governments (state, fed, social security, medicare, etc).

What a bunch of sheep we are though. Freaking withholding takes the pain away. We'd have a revolt in this country if we had to pay every month for that - imagine writing a check to the government every month for about the same as you write your mortgage! We'd have ourselves another Boston Tea Party or three.

[Spider]

I dont mind paying taxes , our Roads are some of the best , Canada has some real rough roads , but more then that , the infrastructure we enjoy ,jails we need , all these things are a need and have ot be paid for .........

[ColoradoDarin]

I dont mind paying taxes , our Roads are some of the best , Canada has some real rough roads , but more then that , the infrastructure we enjoy ,jails we need , all these things are a need and have ot be paid for .........

All that stuff is fine, it's the $400 hammers, $600 toilet seats, a billion here and a billion there, bridges to nowhere, etc that bother me.

[Spider]

All that stuff is fine, it's the $400 hammers, $600 toilet seats, a billion here and a billion there, bridges to nowhere, etc that bother me.

yeah , I cant defend that ...........

[Moon§hiner]

I'm generally hitting the Turbo Tax button at 11:59 PM on April 15th...
Compare your reture to this Tred...I used to do Turbo Tax until I found this...I've used it the last 2 years now and I like it. http://www.taxact-online.com/emails/061226a2.htm

[ak1971]

Let me state one scary tax statement....AMT...for those of you who aren't blessed yet to have to deal with Alternative Minimum Tax I pray you never have to do so, its the best tax loophole ever for keeping middle class guys from becoming an upper class guys. I won't bother telling you what I'll pay in this year...ouch.

no ****...the scariest 3 letters in the english language.

[cbs1177]

Well I haven't gotten my W-2 form as of yet but I played with some numbers and looks like I owe the Federal government some more money. And the great state of Arkansas another couple of hundred dollars on top of the estimasted tax I been sending through out the year. I gonna see if long form will help and come up with some legit deducations.

[Sodak]

Hire an accountant. They generally save me more money then I pay them. Besides, let THEM stress out over all the BS...

[Sassy]

Hire an accountant. They generally save me more money then I pay them. Besides, let THEM stress out over all the BS...

Yep...best $125 I've spent. Just make copies of all my stuff and send it off...

[smalltowngrll]

Hiring an accountant is good for those that can itemize. There's a lot that can be deducte especially if you have a business, too! Gotta love having a business on the side!

Spider, sounds like some of that tax you pay is self employment tax....not just withholding, right?

[Sassy]

Hiring an accountant is good for those that can itemize. There's a lot that can be deducte especially if you have a business, too! Gotta love having a business on the side!

Spider, sounds like some of that tax you pay is self employment tax....not just withholding, right?

Yeah...my dad has me and my sister's name on some of his stuff...and we get dividends out of the company. We itemize, so we're better off having someone do ours. (I Think, if I remember right, we do a 1040 ES)

[smalltowngrll]

I probably could do my own, but I'm just too lazy to think about it! I've got too many other things to deal with! But, my stuff is in for taxes next week.

[Spider]

Spider, sounds like some of that tax you pay is self employment tax....not just withholding, right?

yeah it is , for 3 months I was still an owner operator , alot of my income falls under that , but this year I can file as a Driver with a w-2 .....

[cbs1177]

I usually use a computer program (tax cut or whatever the free tax file is on irs.gov site) Have to make below a certian amount though. And efile. Man I was talking to a friend about taxes and now I am paranoid about how much more I need to pay. I hope to get the W-2 form tomorrow with the paycheck. I got all the stuff in the file cabinet on what I can deduct just need that dang form.

[smalltowngrll]

I usually use a computer program (tax cut or whatever the free tax file is on irs.gov site) Have to make below a certian amount though. And efile. Man I was talking to a friend about taxes and now I am paranoid about how much more I need to pay. I hope to get the W-2 form tomorrow with the paycheck. I got all the stuff in the file cabinet on what I can deduct just need that dang form.

If you have your last paystub for 2006 you can use that to put together preliminary numbers. That should have all the same info that your W-2 has.

[Sassy]

Is there a list somewhere of what you can deduct? Just want to make sure my accountant is on his toes! ;D

[cbs1177]

Is there a list somewhere of what you can deduct? Just want to make sure my accountant is on his toes! ;D

I was wondering the same thing I heard there was a savers credit this year but can't find the Time or Newsweek magazine that had the article in it. Also is it legit to claim two years of state income taxes as a deduction on the federal form. I haven't claimed it but paid both of the years this year (didn't know about the state estimation tax voucher)

[Billy Clyde Puckett]

wow , I dont pay that much in taxes , you must be a millionaire ......... or damn close

Yep - This is my new house at my nutmeg farm. Baking any pumpkin pies these days?

[smalltowngrll]

Unfortunately it's not as easy as a list. It really depends on what the income is from and if it's a personal business. If you are a 1099 contractor, you can deduct business expenses that would be necessary to run the business. For instance, cell phone bills, generall office supplies, etc. If you use your vehicle for business, depending on how much you use it, you can deduct miles or fuel...not both. Or, if you have a business entity, such as a corporation or LLC, you can have the business own the vehicle and you can deduct the vehicle on a depreciation basis. Often times you can use an excelerated depreciation the first year. ;D Life insurance payments, auto insurance, and medical insurance payments are also options in some scenarios.

Medical bills such as copays and prescriptions are deductible if you itemize. Mileage for medical treatments can be deducted at a special rate. These days, though, it can actually be more sensible to run medical bills through a company sponsored Cafeteria plan if your employer has one. That's because over the counter meds can now be used for reimbursements.

Just a few tidbits. :)

[Spider]

Yep - This is my new house at my nutmeg farm. Baking any pumpkin pies these days?

pumpkin pie has nutmeg in it ?

[smalltowngrll]

Also, you can claim a one time deduction...it's minor but useful, for the old telephone excise tax.

http://www.irs.gov/newsroom/article/0,,id=164032,00.html

To check the status of your refund...you can go here:

http://www.irs.gov/individuals/article/0,,id=96596,00.html

[Sassy]

http://www.wwwebtax.com/deductions_miscellaneous/miscellaneous_itemized_deductions.htm
http://www.bankrate.com/brm/itax/news/20010326b.asp
http://taxes.about.com/od/preparingyourtaxes/a/1040step6_2.htm

[Bronco_Beerslug]

Is there a list somewhere of what you can deduct? Just want to make sure my accountant is on his toes! ;DPublication 17, it's free.

well I only owe the government 2,800 and some loose change :(
The IRS sent me a letter last week saying I owe them another $8,000 for 2005. I know I don't but the hassle factor is in play now.

[That One Guy]

I guess this is the one time of the year it's good to be poor... Bring on my return!!!

[smalltowngrll]

It's also kind of ironic how everyone gets so excited about big tax refunds! I don't know about you...but, giving the government an interest free loan isn't my idea of something to get all excited about.

[Sassy]

It's also kind of ironic how everyone gets so excited about big tax refunds! I don't know about you...but, giving the government an interest free loan isn't my idea of something to get all excited about.

No kidding...It's better to break even.

[Spider]

It's also kind of ironic how everyone gets so excited about big tax refunds! I don't know about you...but, giving the government an interest free loan isn't my idea of something to get all excited about.

Hell if I got money back , there would be no controlling me , iwould be calling people peasants ........... I know me all to well ;D

[Hotrod]

No kidding...It's better to break even.

Yep thats 100% true. The other side of that coin is when I was younger and broker (is that a word?) I used to make sure I did not owe at the end of the year.

The best you can do is to owe 0.00 at the EOY. Of course its impossible to make happen.

[Billy Clyde Puckett]

I want to get a $1.00 refund at the end of the year. Make the SOBs write me a check

[Hotrod]

I want to get a $1.00 refund at the end of the year. Make the SOBs write me a check

You have obviously not thought this thing thru. See were dealing with the government here. That 1.00 cost you 20 bucks on the backend.

14.50 pay for 14 monkeys behind desks verifying your refund.
3.50 for a special printed check with security features.
2.00 government envelope

[Bronco_Beerslug]

It's also kind of ironic how everyone gets so excited about big tax refunds! I don't know about you...but, giving the government an interest free loan isn't my idea of something to get all excited about.They don't hold my money for me and haven't for a long time. When I was making weekly wages, even back in 70s I claimed married and 19 whether I was or not.

[smalltowngrll]

Actually, the best scenario, especially with large tax bills, is to pay in on tax day. Stick the money each month that you would pay in taxes in a money market account or some interest earning account and make money on it. Then, 3 1/2 months after that year you pull it out after you've already begun saving for the current year. There's always money in that account.

But, that's a perfect scenario if you are great at saving money. Most of us aren't. ;D

[cbs1177]

Kudos to the online program from H&R block. I got to deduct several things I didn't think I could and went from $77 doing 1040EZ form by hand to $611. Was panicking about the tax issue now only owe $352 to the great state of Arkansas.

[Bronco_Beerslug]

Kudos to the online program from H&R block. I got to deduct several things I didn't think I could and went from $77 doing 1040EZ form by hand to $611. Was panicking about the tax issue now only owe $352 to the great state of Arkansas.Yep, most people can do their federal taxes online for free (http://www.irs.gov/efile/article/0,,id=118986,00.html). That means electronic filing for free included.

Colorado residents can Netfile (http://www.revenue.state.co.us/tps_dir/wrap.asp?incl=electronicfiling) their state taxes for free too.

Free File allows taxpayers with an Adjusted Gross Income (AGI) of $52,000 or less in 2006 to e-file their federal tax returns for free. That means 70 percent of all taxpayers – 95 million taxpayers – can take advantage of the Free File program.

[Bronco_Beerslug]

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[cbs1177]

here is our memphis tax pros:
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