PDA

View Full Version : Income Taxes



Diesel
01-20-2004, 08:05 AM
It's late January. W-2's should be arriving soon if they haven't already. State and Fed tax forms should have already arrived in the mail.

In this thread, I will answer all of your tax questions (income, sales and use, personal property, real property, estate, etc.). In between questions, we can have a discussion about taxes.

By the way, my fiancee and I are getting back nearly $7K this year. Has anyone else taken a trial run through your 1040, 1040A, or 1040EZ? If so, what do you owe? What's your refund? What special credits or deductions are you taking? I get the mortgage interest deduction, property tax deduction, charitable donation deduction (donated my Cavalier in July), Local use tax deduction (bought my Cruiser in July), and the Lifetime Learning Credit. Anyone else?

Chip
01-20-2004, 10:09 AM
I'm still waiting for my W-2 to come. Once it does, any and some questions will be diverted to my mother and you. :p

Alex Westerman
01-20-2004, 04:45 PM
Me too. Still waiting.

coasetrphil
01-20-2004, 05:22 PM
My parents have given up on doing their taxes themselves. They take them over to H&R Block, because my dad has a lot of weird things with his job that he doesn't want to screw up.

Carowinds 73-03
01-20-2004, 06:50 PM
Like the rest of you still waiting.

MaGnUmKeLly
01-20-2004, 09:23 PM
Waiting on all but one. Cedar Point's likes to take forever. I will let you know.

Magnum Robert
01-20-2004, 09:43 PM
Okay Diesel, I need some tax advice. How can I avoid paying taxes and avoid the IRS (and jail) as well?

G-Farce
01-20-2004, 11:24 PM
7 grand and no kids? Wow!
I used to get back 3-4 thousand with EIC and child care credits.
The last few years, since the divorce, I haven't gotten squat. Its my own fault though. I set the amount taken out of my check as low as possible. I'd rather have that cash now. I should get back enough to buy this (http://www.musiciansfriend.com/srs7/sid=040119215948024129105109373453/g=home/search/detail/base_pid/213012/).
that's about it.

G-Farce
01-20-2004, 11:37 PM
Okay Diesel, I need some tax advice. How can I avoid paying taxes and avoid the IRS (and jail) as well?

Steve Martin on taxes:
How to be a millionaire and never pay taxes.
1. Get a million dollars.
2. When they ask why you haven't paid your taxes, simply say "I forgot".

Jason19
01-21-2004, 03:45 AM
In this thread, I will answer all of your tax questions (income, sales and use, personal property, real property, estate, etc.). In between questions, we can have a discussion about taxes.

So we're consulting with a CPA firm---when our company can get free advice on TN boards.

PM me Diesel. Might have some work for you. Seriously.

Thanks.

Diesel
01-21-2004, 06:27 AM
Most CPA firms will give you a free initial consultation. That's all I'm doing.

G-Farce
02-02-2004, 05:14 PM
Here's one.
Can a non-custodial parent claim child support?

Carowinds 73-03
02-02-2004, 05:57 PM
Still waiting on my w-2's Man i want my money.

Diesel
02-02-2004, 09:02 PM
Here's one.
Can a non-custodial parent claim child support?When you say "Claim child support", I assume you mean to claim it as a deduction. In which case the answer is that child support payments are not a tax deduction. Alimony is, however. The lesson - keep it in your pants.

If you are asking about whether or not you can claim the child as an exemption that the answer is that it depends.

To claim the child as an exemption you..

A) Must have provided more than half of the overall financial support of the child.
B) Have the custodial parent sign a form 8332 (Release of Claim to Exemption for Child of Divorced or Separated Parents) and attach it to your return.

Here's the link for the form 8332 (PDF)
http://www.irs.gov/pub/irs-pdf/f8332.pdf

I'll refer you to publications 501 and 504 for more information about exemptions.
http://www.irs.gov/publications/p501/index.html - Publication 501
http://www.irs.gov/publications/p504/index.html - Publication 504


Next...

By the way, I put my returns in the mail last night. The fiancee and I are getting $6595 back.

G-Farce
02-04-2004, 11:38 PM
When you say "Claim child support", I assume you mean to claim it as a deduction. In which case the answer is that child support payments are not a tax deduction. Alimony is, however. The lesson - keep it in your pants.

Or at the least, make sure you don't marry a cheatin ass wife that hasn't gone through her mid-twenties crisis yet.

Carowinds 73-03
02-05-2004, 02:33 AM
WooHoo. W2's came today. H&R here i come unless anyone knows a better/cheaper place to go.

Diesel
02-05-2004, 12:21 PM
Ummm...do it yourself.

coasetrphil
02-05-2004, 05:12 PM
Or at the least, make sure you don't marry a cheatin ass wife that hasn't gone through her mid-twenties crisis yet.
I'm feeling the bitterness in this post.

Carowinds 73-03
02-05-2004, 05:15 PM
If i did them myself it would be the first year i ever have so any tips would be helpful. Can i still get my return in a week if i do them myself?

Hector
02-05-2004, 05:32 PM
get a copy of Turbo Tax. It's SOOOO easy and you can even send it online to get your return faster.

Diesel
02-05-2004, 06:50 PM
If i did them myself it would be the first year i ever have so any tips would be helpful. Can i still get my return in a week if i do them myself?
Do you own a house?

Chip
02-19-2004, 08:32 PM
OK. I'm totally confused here. I need W2s from Arizona and Ohio (since I worked there). Can you direct me to any Web sites where I can download and print them off?

I'm also confused about my W-4 for Cedar Point. Can you help me out with that? I don't want to sign anything and put anything down and send it to them until I'm sure I'm doing this right.

Hector
02-19-2004, 08:57 PM
I cannot recomend Turbo-Tax enough. It's very easy and doesn't take very long. I filed my federal and state taxes in about an hour and it was the first time I did it on my own, second time filing (CP was my first job in 2002).

Carowinds 73-03
02-19-2004, 09:08 PM
I used some online thing called E-File. I did mine in about an hour and should be getting my returns next week or so.


Do you own a house?

No i do not. Still live with parents until this may.

Chip
02-19-2004, 09:45 PM
I cannot recomend Turbo-Tax enough. It's very easy and doesn't take very long. I filed my federal and state taxes in about an hour and it was the first time I did it on my own, second time filing (CP was my first job in 2002).I really don't want to spend $30 for this simple tax thing I'm doing. Maybe it'd make sense if I made more money, but this was just a summer job.

Diesel
02-19-2004, 10:54 PM
OK. I'm totally confused here. I need W2s from Arizona and Ohio (since I worked there). Can you direct me to any Web sites where I can download and print them off?.
Obviously by now you should have gotten them. There are a few employers that offer them via the web, but there's maybe only 25 or so companies that do and you need software to decode them. I'd call your employer first, they may just have a bad address for you and will resend it with a corrected address. However, if you decide to, once February 16th comes you can notify the IRS through their Tax Payer Help Line and they'll get on the case of the employer. 1 800 829 1040.


I'm also confused about my W-4 for Cedar Point. Can you help me out with that? I don't want to sign anything and put anything down and send it to them until I'm sure I'm doing this right.
Sure, what's the question? PM me if you'd like (even though you didn't respond to my question over email about TN in December).:sadface:

Diesel
12-17-2004, 09:25 PM
*BUMP*

Once again, I'm here for informative purposes and still free of charge. I just know more stuff now.

I just took a very dry run through a 1040, and I appear to be set to receive about $6200 in tax refunds from fed and state. That's a slight decrease from last year, but this year I'm married and didn't donate a vehicle.

It's a very dry run considering that 4 tax forms I needed won't be finalized until the end of January. I can only guess that items like education credits, schedule E, charitable donations, etc won't materially change for tax year 2004. I also had to project salaries and payroll taxes withheld for the rest of the year.

I got slight tax help from starting a landlording business this year. It lets me depreciate the rental house each year that I own it. I got nailed on lack of real estate taxes for the rental though. The taxes were collected in escrow, but haven't been paid yet, so I get no tax relief even though I coughed up the cash.

So post your questions.

Chip
12-18-2004, 12:50 AM
Oh boy! I appreciate the help. I'll be dropping by here with questions when they arise, and I know they will.

coasterlove
12-18-2004, 03:01 PM
I'm happy that the IRS has it that you can do your taxes over the phone with them. It's really simple and they do all the work. They can put my refund directly into my bank account. Since I don't have strange or unusual deductions to make, this works out good for me.

Diesel
12-18-2004, 11:30 PM
Strange and unusual deductions are where the fun is. It's usually where the big bucks are too.

Cuddy
12-19-2004, 12:13 AM
I'm going to try and get mine done BEFORE April. The last two years, I did my taxes on April 14th.

Carowinds 73-03
12-20-2004, 12:47 AM
Oh man is it that time again.

I usually get mine in early and usually get my returns by mid feb.

Looking foward to this years return, sadly it's all going towards my cruise next Dec.

Diesel
03-13-2005, 04:55 PM
Anyone else file? I managed a total of $5,498 between fed and state.

Some highlights include:

Charity Donations - I bought a valuation software that helped with this deduction. It's amazing how four trash bags of clothes and an old computer can make you $400 in tax refunds.

Business Deductions - It costs a ton of money to start a business, especially one in real estate. Luckilly, we don't pay taxes on money used for business expenses.

Lifetime Learning Credit - I only took one class this past fall. My tuition bills weren't as high as last years, but still significant (about $10K)

How's everyone else doing?

Brian F
03-13-2005, 06:22 PM
Haven't done ours yet, but we donated a mostly dead Explorer back in October, so I'm expecting a couple grand back.

Diesel
02-02-2007, 08:47 PM
Interesting that this was never brought back last year.

Back to me, I tried guessing my exemptions better this year to net a higher paycheck and waive the absurd refunds that I've been getting over the last 4 years.

I really bought into the theory in 2006 about making interest-free loans to the Treasury.

$3314 is the refund this year - $2,013 Fed; $1,301 State.

So, for your TN benefit, post your tax questions for free CPA advice.

Cuddy
02-02-2007, 09:41 PM
I'm e-filing this weekend. No waiting til the last week, or in past year's, the last hours.

89magnumxl200
02-07-2007, 09:32 PM
How much do you need to make in a year to be required to file taxes? Is it required at all for me since I'm still a minor?

jimhamblin
02-08-2007, 09:31 PM
How much do you need to make in a year to be required to file taxes? Is it required at all for me since I'm still a minor?

Unless you are considered a tax exempt status (if you have to ask - you're not) you always have to file for income taxes on your income. Being a minor you might not owe any and will most likely get a refund. But you still have to file!!!

If you don't the IRS will surely come a callin'. And you don't want that.

Diesel
02-10-2007, 10:05 AM
If you're owed a tax refund, you need not file.

You generally don't know that until you complete a return.

But being minor does not excuse.

Marc
02-10-2007, 10:56 PM
How does donating a car work in terms of tax benefit?

Cuddy
02-11-2007, 12:46 AM
^I've always wondered that too.

I love DW
02-11-2007, 12:51 AM
Thankfully for me I just work summers and I will end up getting pretty much everything back other than like Medicare or what ever it is that I had to pay into. But I know that I get one of the two taxes that I have to pay back completely, which is awesome.

Cuddy
02-02-2008, 03:09 PM
Bringing this back again.

If Diesel or anyone else knows this: What do you do if you get your W-2 and your SSN is incorrect?

Just like last year, I'm filing in early February. I need the moolah to fix my car. Then I get that neat little "too little too late" Bush refund around May. Shame he couldn't have done a better job.

Carowinds 73-03
02-02-2008, 03:29 PM
Same here. I wish they could have added it to your normal refunds to get it earlier.

Diesel
02-06-2008, 08:02 PM
You have three options:
1. Contact your employer that issued the W2, they may want another W9, but they should reissue it for you. You're saving them a $50 penalty by letting them know.
2. Ignore the wrong SSN and proceed as if it had the correct SSN.
3. If it makes your tax situation more favorable to do so, you could ignore the W2 and let whoever belongs to the SSN deal with it when they get audited.

I can't recommend the third, but if it were me I'd do the first. I'd still proceed and not let it hold me up, but I'd have them make the correction. If you want to document it when you send in your return, you could scratch out the SSN on the W2 and note that you've sent notification to have the employer correct it.

By the way I got my exemptions almost perfect this year (I've been trying to find the perfect fit since my retarded $7500 refund in 2003). For this year: MD refund = $1250, Owe Fed $650, Owe PA $4, Owe York-Adams Tax Bureau $150. All nets to a nice $450. I think I may still kick my fed up another exemption.

I learned a lesson though, never move to a different state unless you do so on January 1.

cowboy1192
02-07-2008, 03:09 PM
Its really sad how America's finacial system is so confusing and unforgiving. Some people work theyre ass off year, then only get paid under 50k and have the IRS breathing down thier back. It adds stress, and most of the time can be the cause of divorce. Im planning on graduating from IU or Purdue with a Business Admin. degree, and hopefully work my way up to the top of a company (CEO). My dad has really given me the facts of life, and it sounds like a long rode ahead...

Carowinds 73-03
02-07-2008, 04:23 PM
I just filed my tax return last night. I'll be getting a good amout back thanks to Mickey Mouse. I love no state taxes in Florida.

coasetrphil
02-07-2008, 04:52 PM
Diesel, I don't have to file federal taxes(part time doesn't pay much) so I don't have to file state taxes for GA right? I'm not a FL resident should I'm not supposed to be getting this income tax free, but I don't have to file federal so I don't see why I should have to file state and give GA that money.

Diesel
02-07-2008, 07:30 PM
I know zero about FL or GA tax code.

Cuddy
02-07-2008, 08:11 PM
Phil, are your parents still claiming you as a dependent? You should review the tax laws in both Florida and Georgia, or whichever one is withdrawn from your paycheck.

Steven
02-07-2008, 08:20 PM
I learned a lesson though, never move to a different state unless you do so on January 1.

Unless it's to a state without a state income tax :)

I love Tennessee :).

coasetrphil
02-07-2008, 08:52 PM
Phil, are your parents still claiming you as a dependent? You should review the tax laws in both Florida and Georgia, or whichever one is withdrawn from your paycheck.

They are. I'm not having any state taxes taken out of my paycheck since I'm in Florida where they have no state income tax. However, I'm not a resident so you are supposed to file taxes in the state you are a resident of regardless of the fact that you are working in a state without income tax. I've looked at the GA tax site and didn't see any answers about a minimum income for filing, but I can't imagine why I'd have to do a state file if I don't make enough to have to file federal taxes.

Diesel
02-09-2008, 08:35 AM
Are federal taxes withheld from your pay?
Chances are if you can't find anything about minimum income, you would be required to file. I'd guess that they have a short form which probably has about 5 questions and shouldn't take anymore than 10 minutes to fill out.

Cuddy
02-09-2008, 12:53 PM
^Sounds like the 1040EZ form. I prefer the 1040A myself.

I got confirmation that the IRS received my return and accepted it. So I'll have my refund in two weeks.

Diesel
02-10-2008, 08:32 PM
1040EZ = Fed. I wasn't clear about it, but I was talking about the state form. MD has one; PA doesn't. It depends on how much work the state wants to do for each return like Phil's versus how much money they want to spend on developing a new form.