Taxes

[101lifts2]

I've used HRblock online for 5 years now. 44 bucks does the Fed and state with electronic file and sig. Also, they import last years data so you don't have to enter any of your W-2 again. That and the software is so easy even a caveman could do it.

[Cutty72]

Military can use HR Block online for free.

[Mr Lefty]

I use Turbo Tax... have for the last 3 years... and they auto import my data from last year. 1600 back this year... think'n a two wheel purchase

[Quick281]

Damn Turbo Tax was easy as hell and with my part time GA residency I don't have I get a low income tax credit of 14 bucks from the state.

Getting 1009.00 back. Maybe a 2 piece suit?

Gotta get my AGI and pin when the IRS opens up so its on hold for now.

Damnit.

[Mr Lefty]

Originally Posted by Quick281

Damn Turbo Tax was easy as hell and with my part time GA residency I don't have I get a low income tax credit of 14 bucks from the state.

Getting 1009.00 back. Maybe a 2 piece suit?

Gotta get my AGI and pin when the IRS opens up so its on hold for now.

Damnit.

you mean 2 piece snow suit... for alaska?

[bmblebee]

Originally Posted by Quick281

Ok, like most things in life if I don't get it I expect TWF to help me figure it out.

I have two W2s and I would like to learn how to do my own taxes this year.

It seems so freaking simple and yet confusing at the same time.

I also read in the newspaper that I should be able to get my 600 rebate this year since I didn't get one last year and I qualify this year as a recent college graduate.

Talk to me peoples. I need you.

As a recent college grad, you have 2 possible education credits, of which you can take one. Lifetime learning credit and tuition and fees credit. they can reduce your tax liability by up to 2000 dollars for qualified expenses. Depending upon your age, there is also some Earned Income Credit you might qualify for. these are just 2 of the options I hope you found with your online return.

If you have a simple return and can use the 1040 EZ form, online prep services are a good way to go.

However, if you must use 1040 or 1040A to file, most online or free services will miss deductions or credits you are entitled to unless you know where to find and complete the appropriate worksheets, forms and schedules...you should consult a tax pro to maximize your refund.

If you live in a state without a state income tax (like florida) you can deduct the sales taxes you paid for purchases throughout the year plus sales taxes you paid on big ticket items like cars, motorcycle, boats etc...on your Federal return.

This year, I am doing many amended returns for people who filed their 2007 returns online and missed deductions and credits worth hundreds of dollars more in refunds.

[tommymac]

Whats this refund you speak of, my side jobs are 1099 so I usualy wind up owing and based on last years #'s this may be a 5 figure check I am writing the govt

I am going with a new accountant who deals with medical folks so hopefully he can ease the blow.

Tom

[bmblebee]

Originally Posted by tommymac

Whats this refund you speak of, my side jobs are 1099 so I usualy wind up owing and based on last years #'s this may be a 5 figure check I am writing the govt

I am going with a new accountant who deals with medical folks so hopefully he can ease the blow.

Tom

Your side jobs (1099's) can be withholding income and FICA for you. Also, you can deduct 1/2 of the Self Employment taxes you are paying. You also have many of the Schedule C deductions available to you if you are considered an Independent Contractor on these jobs. If you have substantial income reported on 1099's, you should be paying Estimated Tax quarterly. Remember, you are subject to penalties if you have not paid in 90% of the tax due before 12/31 of the year you are reporting. They look at the prior year to determine the 90% amount.

[tommymac]

Originally Posted by bmblebee

Your side jobs (1099's) can be withholding income and FICA for you. Also, you can deduct 1/2 of the Self Employment taxes you are paying. You also have many of the Schedule C deductions available to you if you are considered an Independent Contractor on these jobs. If you have substantial income reported on 1099's, you should be paying Estimated Tax quarterly. Remember, you are subject to penalties if you have not paid in 90% of the tax due before 12/31 of the year you are reporting. They look at the prior year to determine the 90% amount.

I will prolly start paying estimated taxes. This year I may make a ridiculous amount amount of money with the 1099. In the past it wasnt bad but I had picked up another job thats a 1099 too and now got all these hours.

Tom

[Smittie61984]

Originally Posted by ebbs15

you mean 2 piece snow suit... for alaska?

Make sure it's The North Face. It'll get you laid.