mead107 Posted February 21, 2011 Posted February 21, 2011 (edited) Just started putting everything in order. Have to call my tax guy and get an appointment for 2nd week of march. Edited February 21, 2011 by mead107
Chef Jim Posted February 21, 2011 Posted February 21, 2011 Just started putting everything in order. Have to call my tax guy and get an appointment for 2nd week of march. Mine were done two weeks ago.
Guffalo Posted February 22, 2011 Posted February 22, 2011 I absolutely hate this time of the year, I have a guy that does my taxes, but I am always nervous that I am leaving something out. Certain 1099 forms don't add up or match to what the W2 states and I am in a panic this time. I hate this feeling
Chef Jim Posted February 22, 2011 Posted February 22, 2011 I absolutely hate this time of the year, I have a guy that does my taxes, but I am always nervous that I am leaving something out. Certain 1099 forms don't add up or match to what the W2 states and I am in a panic this time. I hate this feeling 1099 forms don't match your W-2? Those are two completely different forms. What doesn't add up on your 1099's?
dib Posted February 22, 2011 Posted February 22, 2011 These tax commercials drive me crazy. I'd like to meet the people that get these 2-3000$ tax refunds. I've been paying for years.
Chef Jim Posted February 22, 2011 Posted February 22, 2011 These tax commercials drive me crazy. I'd like to meet the people that get these 2-3000$ tax refunds. I've been paying for years. I see several tax returns each week. Whenever I see someone getting a big refund my fist thought it "too much house." 99% of the time I'm absolutely right.
Albany,n.y. Posted February 22, 2011 Posted February 22, 2011 These tax commercials drive me crazy. I'd like to meet the people that get these 2-3000$ tax refunds. I've been paying for years. You're paying for 1 reason: You are getting less taken out of your check than you owe. That is actually a positive situation because it means you're not giving the government an interest free loan. The ideal situation is to always owe a little (but not enough to trigger a penalty). The people who get those huge refunds are either getting too much taken out of their checks or are getting tax credits because they're eligible to receive them because they are basically poor enough to receive credits and/or have a lot of dependents. Some who make virtually nothing get back more than they pay, so their refund is actually (non taxable) income. I'd rather make enough money to live comfortably all year than to have to count on a check from the IRS to eat.
mead107 Posted February 22, 2011 Author Posted February 22, 2011 Seems we get a little back from the feds and pay $200 - $400 to the state.
Guffalo Posted February 22, 2011 Posted February 22, 2011 1099 forms don't match your W-2? Those are two completely different forms. What doesn't add up on your 1099's? There was a stock transaction that had money withheld when the grant went through, then when I sold the stock, the 1099 did not show any tax had been taken out. It appears as though the final transaction (sale of stock) is income since it is reported on a 1099, however the holding (the initial stock grant) occurred in 2009 and taxes were paid in that instance, now the 1099 for 2010 looks like it is a whole new asset that was liquidated.
BB27 Posted February 22, 2011 Posted February 22, 2011 Seems we get a little back from the feds and pay $200 - $400 to the state. Ditto for me this year. Which, is better than the last few years since I owed.
Just Jack Posted April 8, 2011 Posted April 8, 2011 Had mine done today, I owe. So I want to redo my W4 and whatever NY calls their form. I found a witholding calculator for the W4, but can't find one for NY. Also, any other advice on how I should fill it out? Single, no house, no dependants, no major lifestyle changes planned. I was claiming single, 3 witholding, with extra, before. I'd rather find that magic number where next year I don't owe, nor get a refund, or at least keep it as small as possible.
WWVaBeach Posted April 8, 2011 Posted April 8, 2011 Seems we get a little back from the feds and pay $200 - $400 to the state. We're just the opposite we got $200 plus back from state but owe $123 federal.
Chef Jim Posted April 8, 2011 Posted April 8, 2011 There was a stock transaction that had money withheld when the grant went through, then when I sold the stock, the 1099 did not show any tax had been taken out. It appears as though the final transaction (sale of stock) is income since it is reported on a 1099, however the holding (the initial stock grant) occurred in 2009 and taxes were paid in that instance, now the 1099 for 2010 looks like it is a whole new asset that was liquidated. Sorry I missed this. Wasn't your CPA able to reconcile this?
ExiledInIllinois Posted April 8, 2011 Posted April 8, 2011 State of Illnois actually gives me under a grand back each year! 500 for sending my children to private school and then there is the property tax credit. Without, it would be about 80 bucks back... This year the total was 800 even as a refund. :wallbash: Man... I filed electro 2 weeks ago and money from both fed and state were in my bank accounf in 7 days. I filed late on a Thursday night and money was in it the next Friday.
Chef Jim Posted April 8, 2011 Posted April 8, 2011 State of Illnois actually gives me under a grand back each year! 500 for sending my children to private school and then there is the property tax credit. Without, it would be about 80 bucks back... This year the total was 800 even as a refund. :wallbash: Man... I filed electro 2 weeks ago and money from both fed and state were in my bank accounf in 7 days. I filed late on a Thursday night and money was in it the next Friday. They don't get my checks until midnight on the 15th.
ExiledInIllinois Posted April 8, 2011 Posted April 8, 2011 They don't get my checks until midnight on the 15th. This year I think you have to the 17th or 18th! Really... Look it up. If you don't want to give to the taxman... Can't you estimate it (tax payment) and then give more to charity during the year? Better charity than the state?
Chef Jim Posted April 8, 2011 Posted April 8, 2011 This year I think you have to the 17th or 18th! Really... Look it up. If you don't want to give to the taxman... Can't you estimate it (tax payment) and then give more to charity during the year? Better charity than the state? It's hard to estimate my taxes throughout the year seeing my income varies from quarter to quarter. 50% or more of my annual income could come from one quarter. Also your estimated taxes are based on the previous year so if you make more the next year your estimated payments won't be enough.
ExiledInIllinois Posted April 8, 2011 Posted April 8, 2011 (edited) It's hard to estimate my taxes throughout the year seeing my income varies from quarter to quarter. 50% or more of my annual income could come from one quarter. Also your estimated taxes are based on the previous year so if you make more the next year your estimated payments won't be enough. I was thinking that Chef... That has to be a problem! MIne is so cut &n dry... Been using TurboTax for years... I am done in just a few hours... Everything seamlessly transfers over. I just gather all my receipts and docs... And plug the new #s in. The price is going up for the convienence though... 50 bucks for the program and then another 50 before it is all said and done.. I should just go back to paper and have the check (Illinois) in 16 WEEKS! Edited April 8, 2011 by ExiledInIllinois
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