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Post Info TOPIC: Taxes
StevieB


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Ok, who has filed their taxes already? 


I have not and probably won't file until sometime the first week of April.  We have to pay because of a prior business and so I wait until the last moment to give them anymore of my money. 



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Jeremy Riggs


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I'm the same way,


I always wait, and I ALWAYS under pay.


But this has been a really bad year, and I think I may actually show a net loss as opposed to any income, so I may be getting what I've already paid back.


 



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Sparky


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We are going to file today, we had a little rug rat in November so we should get a pretty good kick back this year. I think it's five rug rats though before you get the free box of cheese.

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JD The Jazz Doctor


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I figured mine out on scratch paper. I had taken 3 deductions the last couple of years, but this always kills me come tax time for the feds. State will be a pretty big return! woohoo! JDS trip to New Orleans money!  

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Mocrzy


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Haven't done em yet, but I'm waiting for the forms to show up in the mail. One of my w-2's this year just came mangled up, I almost have to cut & paste from each copy just to make one good copy.

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Trish


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I turned mine into the tax lady.  That is her official name.  Anyway, meticulously kept my records and receipts this year and calculated all my itemizations up before I took them over.  Don't have enough.  How much freakin' money do you have to give away before they let you itemize?  I finally found out how much today.  WAY more than I paid out.  I give to the church, charities, donate books to my son's school, the whole shmear, but it's not enough.  I am in shock.  I would have done all of that without knowing that it would benefit my taxes, but wow.  Wish it could have done something. 

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CP


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I am putting my taxes off for a while as well.  Be careful if and when you have to pay becasue you get a little booklet in the mail to pay your estimated quarterly taxes.  Taxes irriate me to some degree.  I went back to school, got my masters degree and accepted a new job.  It paid just a little better than both my wife and I were making together.  So, we thought great, she can now be a stay a home mom.  Boy did I learn a lesson.  Even though I had better income, my take home is less that our combined was before.  New Tax bracket they tell me.

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JD The Jazz Doctor


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I feel your pain CP. I feel your pain! After a few years of a salary, I accepted a position that is hourly. I just figured out last week that anything more than 5 hours overtime is a waste. It goes to taxes, I jump to the next bracket!! Still tho 45 hrs hourly beats 60 hour weeks on salary, let me tell you!!!

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"And like Web, I enjoy throwing JR under the bus.  Problem is, it's usually under the special bus that I ride every day". Ghostdancer 12-18-09
StevieB


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Has everyone filed their taxes yet?  I still haven't.  I was honestly going to do it this weekend but "better things came up" and so I didn't do it.  I still have a couple of weeks right? 

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MzHartz


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I usually get a pretty hefty return (I'm all for the forced savings program), but last year I was out of work and cashed in my 401K, so that took a nice junk out of this year's return.


Trish, I've found that itemizing deductions only works if you have a mortgage you can claim.  Otherwise, there's nothing big enough to offset the standard deduction.



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Skyebug


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My goal every year is for a zero-sum game....I give them exactly what I'm supposed to and not a penny more. Last year I was within $100 that I over-paid, this year I over-paid $1000 so I'll get that back as a refund. I really don't like when Uncle Sam get's to use my money for free all year long! I'll have to make a couple of adjustments to get it back to that $100 range. I just did mine this weekend but generally I don't get in a big hurry. I hate tax time!

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Zim


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I consider it a trade-off. Let the government borrow my money all year and then when I get it back in March I can pay for Christmas. I'm such a lousy saver, I give lots of credit to you people who can do the breaking even each year!

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Jeremy Riggs


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Well,


I FINALLY sat down to do my taxes and there's good news and bad news.


The bad news is the accountant I used for the last three years was a freaking moronic idiot.  I knew these guys were no good, because not ONCE did they notify me of a deduction I could take that I was eligible for.  You would HOPE your accountants would be keeping an eye out for you, but not my guys.


The good news is the boneheads missed a major one last year, the Homestead Credit.  Because of my recent business woes I qualified not only last year but this year as well.


I can get a suprise $1200 extra back this year, and with an ammended 2003 return I can get another $950!!!


$2150 FOUND DOLLARS!!!   

WOOOOOOOO HOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!



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star


The Goddess Of Gab

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In FL there are no state taxes.


Plus all the sun!!!


-STAR


(Oh yeah, that's where I live) but I still have IL taxes to do - yuck!



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Jeremy Riggs


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Aah yes, some day I'd like to live in a tax-free state.


But the beauty of the homestead credit is that you get it even if you paid ZERO taxes for the year!


It's a built-in benefit to help defray living expenses if you have a bad year.  It's nice to actually have the state PAY ME for a change   Takes a little of the sting out of the bad stretch I've been in.



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JD The Jazz Doctor


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hey thats good riggs!

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"And like Web, I enjoy throwing JR under the bus.  Problem is, it's usually under the special bus that I ride every day". Ghostdancer 12-18-09
Somechick


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Great work on finding the extra cash from the past return.  This year I got about 800 total back between state and fed.  That set my bank account a notch higher from "so po I can't pay attention" to "hey...you won't starve this week".


And...this year I avoided a tax service and tried Turbotax online.  It was an absolute breeze, and I'm a total moron when it comes to math.  Took me about 20 minutes and I was finished. 



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StevieB


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I still haven't done my taxes yet.  Nothing like waiting until the last minute. 



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StevieB


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I am getting closer to getting them done.  I have most of the documentation together.   I am almost there.



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JD The Jazz Doctor


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I am filing for an extention. the heck with this noise. they can wait 4 months to eat 1/2 of my weeks pay.

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"And like Web, I enjoy throwing JR under the bus.  Problem is, it's usually under the special bus that I ride every day". Ghostdancer 12-18-09
MzHartz


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Filing for an extension only gives you longer to file, but not longer to pay.  When you file for an extension, you're supposed to still make an estimated payment by April 15th...

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confuzzed


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JD - just be careful with your extension. an extension is just for the paperwork. if you owe the irs any money, best to attempt to make a payment now. if you owe them any money when you finally file your return in august, they will hit you with a penalty and interest. and that is not any fun, because that leaves you with less money for general merryment. otherwise, good luck with it.

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Jeremy Riggs


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Good point confuzzed,


J.D., we filed extensions for the business twice (including our personal taxes) and the penalty and interest added up.


If you expect money back, it probably doesn't affect it, but then that's money you COULD be earning interest on, just sitting in uncle sams pocket at 0% until you file.



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JD The Jazz Doctor


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Thanks all for the warning. I plan on sending in maybe $100 by the 15th. What I have planned for the money will be worth the penalty later. There are 5 pay periods in July, they can have one of those if need be. JD needs vacation money more than jd needs the feds dippin into my coffers right now!



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"And like Web, I enjoy throwing JR under the bus.  Problem is, it's usually under the special bus that I ride every day". Ghostdancer 12-18-09
StevieB


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WOWIE.  Got them done on Monday.  I won't be one of the ones in line at the PO on Friday.  Phew........

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Jeremy Riggs


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My new job takes me to the main post office delivering tubs of mail at about 7 PM.  I get to use the not-open-to-the-public dock, but I still expect Friday will be hell because of tax day.


Besides that, one of the two clients I'm delivering mail for is a financial advisor and they must do peoples taxes.  I've seen a steady increase all week in the amount of mail they are sending to the IRS.  Monday was 4 tubs, Tuesday was 6, yesterday was 7, today I expect 9 or 10, Friday who knows!  I may be making several trips!  GRRR!


Just one more reason not to like Uncle Sam, as if I needed another reason



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Jeremy Riggs


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WOO HOO!


Happy Saturday!  I got one of my State tax refunds back!!!!


Hmmmm, what to do with all this money, I could do something fun, or I could pay bills......


FUN FUN FUN!!!

WOOOOOOOO HOOOOOOOOOOOOO!



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