mead107 Posted February 25, 2007 Share Posted February 25, 2007 I plan on working on yhem this week . sales tax due march 20 . hope to have them over to my tax guy soon . have you gotten your check back yet ? do you have to pay ? Link to comment Share on other sites More sharing options...
justnzane Posted February 25, 2007 Share Posted February 25, 2007 I plan on working on yhem this week . sales tax due march 20 . hope to have them over to my tax guy soon . have you gotten your check back yet ? do you have to pay ? yeah i already did mine, and got over 1200 back. but that is because i pull $15 from my check each week so i get a nice refund each year, or to prevent me from paying (10 fed 5 state). Link to comment Share on other sites More sharing options...
Stussy109 Posted February 25, 2007 Share Posted February 25, 2007 yeah i already did mine, and got over 1200 back. but that is because i pull $15 from my check each week so i get a nice refund each year, or to prevent me from paying (10 fed 5 state). You do realize that by doing that, you let the government make interest on your money rather than you putting 15$/week into www.emigrantdirect.com making 5.15% interest. In addition they tax you again on your already taxed tax returns! Ideally you want to pay a little or get nothing back at the end of the year. You should make interest or pay off bills with your money, not let uncle sam collect! Just FYI Link to comment Share on other sites More sharing options...
justnzane Posted February 25, 2007 Share Posted February 25, 2007 You do realize that by doing that, you let the government make interest on your money rather than you putting 15$/week into www.emigrantdirect.com making 5.15% interest. In addition they tax you again on your already taxed tax returns! Ideally you want to pay a little or get nothing back at the end of the year. You should make interest or pay off bills with your money, not let uncle sam collect! Just FYI yeah i am aware of that... but considering other ways i have pi$$ed money away during my college years, this usually set me up for the first months rent plus deposit on my summer apt. After this December, I am graduating and moving out of state probably middle of next year, so i might stop doing that after this year. Besides, if i had that 15 bucks I'd spend on stuff that i probably do not need. Link to comment Share on other sites More sharing options...
Chilly Posted February 25, 2007 Share Posted February 25, 2007 I owe $80. According to turbo tax, thats around exactly the amount I want each year. Link to comment Share on other sites More sharing options...
plenzmd1 Posted February 25, 2007 Share Posted February 25, 2007 FUG THE AMT!!! that is all i've got to say. Link to comment Share on other sites More sharing options...
DC Tom Posted February 25, 2007 Share Posted February 25, 2007 I plan on working on yhem this week . sales tax due march 20 . hope to have them over to my tax guy soon . have you gotten your check back yet ? do you have to pay ? I have to pay. How much...well, that's open to question. I say $5k, the IRS is saying $40k. Anyone know a good tax lawyer? Link to comment Share on other sites More sharing options...
/dev/null Posted February 25, 2007 Share Posted February 25, 2007 taxes RJ > taxes Link to comment Share on other sites More sharing options...
taterhill Posted February 25, 2007 Share Posted February 25, 2007 ill file an extension Link to comment Share on other sites More sharing options...
justnzane Posted February 25, 2007 Share Posted February 25, 2007 I have to pay. How much...well, that's open to question. I say $5k, the IRS is saying $40k. Anyone know a good tax lawyer? wow 40k. eesh that is what my student loan is getting to be. When all else fails, you could do the tyler durden thing and blow up the IRS Link to comment Share on other sites More sharing options...
buckeyemike Posted February 26, 2007 Share Posted February 26, 2007 Need to call my accountant to set an appointment. I pay every year, so Unkie Sam doesn't get his cash until April 15. Link to comment Share on other sites More sharing options...
Albany,n.y. Posted February 26, 2007 Share Posted February 26, 2007 I just did the forms today, I'll mail them next week after payday since I owe the feds $371. If you have a long distance land line, make sure you take the appropriate credit (see line 71 form 1040) for the federal telephone excise tax paid. The standard credit is $30 for 1 exemption, $40 for 2 exemptions, $50 for 3 & $60 4 or more. If you have all your phone bills from 2/28/03 to 8/1/06 & you paid more than the standard amount, you can fill out form 8913 and claim the amount you paid. Link to comment Share on other sites More sharing options...
HBSS151 Posted February 26, 2007 Share Posted February 26, 2007 I owe $80. According to turbo tax, thats around exactly the amount I want each year. Can't Trust Turbotax - we have used an tax accountant for the last 5 years My wife tried the turbotax program last year - it said we owed. I said, let the tax guy do it anyway ($150), we owed far less after he was done = well worth the $150. ($175 this year) We have some tax complication issues - if you have simple stuff, maybe Turbotax is AOK I'll trust the human factor - one of my uncles was a corporate CPA and he regarded the IRS tax code as "merely" a challenge. Link to comment Share on other sites More sharing options...
Albany,n.y. Posted February 26, 2007 Share Posted February 26, 2007 Can't Trust Turbotax - we have used an tax accountant for the last 5 years My wife tried the turbotax program last year - it said we owed. I said, let the tax guy do it anyway ($150), we owed far less after he was done = well worth the $150. ($175 this year) We have some tax complication issues - if you have simple stuff, maybe Turbotax is AOK I'll trust the human factor - one of my uncles was a corporate CPA and he regarded the IRS tax code as "merely" a challenge. If you have simple stuff (like me) then you should just do your taxes with a pen paper & calculator & you don't need to waste your money on a program at all. My tax return is quite simple. The only things I can deduct are taxes & mortgage interest. I picked up a $50 credit for my new furnace (it's only 93% so I got screwed out of the $150 efficiency credit & had to settle for only the $50 advanced fan credit) and $30 phone excise tax credit. Other than the 2 credits & knowing about them, I don't see how a program like turbo tax or even an accountant could get me an extra penny back. For me spending anything extra to calculate my taxes would be throwing money away. The only way I could get more back would be to make stuff up & risk getting in trouble for what would amount to only a little more than pennies anyway. Link to comment Share on other sites More sharing options...
Chilly Posted February 26, 2007 Share Posted February 26, 2007 If you have simple stuff (like me) then you should just do your taxes with a pen paper & calculator & you don't need to waste your money on a program at all. My tax return is quite simple. The only things I can deduct are taxes & mortgage interest. I picked up a $50 credit for my new furnace (it's only 93% so I got screwed out of the $150 efficiency credit & had to settle for only the $50 advanced fan credit) and $30 phone excise tax credit. Other than the 2 credits & knowing about them, I don't see how a program like turbo tax or even an accountant could get me an extra penny back. For me spending anything extra to calculate my taxes would be throwing money away. The only way I could get more back would be to make stuff up & risk getting in trouble for what would amount to only a little more than pennies anyway. Mine are extremely simple too. The reason why I use the online version of turbo tax is because I make <52,000 AGI a year, since I only work part time. Its free to use and e-file for me through the IRS Free File program. Link to comment Share on other sites More sharing options...
plenzmd1 Posted February 26, 2007 Share Posted February 26, 2007 Can't Trust Turbotax - we have used an tax accountant for the last 5 years My wife tried the turbotax program last year - it said we owed. I said, let the tax guy do it anyway ($150), we owed far less after he was done = well worth the $150. ($175 this year) We have some tax complication issues - if you have simple stuff, maybe Turbotax is AOK I'll trust the human factor - one of my uncles was a corporate CPA and he regarded the IRS tax code as "merely" a challenge. Yep, hiumans can be more creative than software when it comes to cheating Really, in my experience, accountants add absolutely nothing over TurboTax for actually preparing a return. Where thay can help is with tax strategies throughout the year so that tax bill may be lower next April. But I would be awful nervous about my return if TurboTax said owed $7,000, but tax guy said only owe $1,000 AND, and here is the big whopper, , i am only going to charge you $150 . Dude I am not saying anythings up, but I would be real sure this guy is legit and been in business a while etc, has some financial resources etc. Does he idemnify for you for any penalties and interest that could be levied if your return is incorrect? Link to comment Share on other sites More sharing options...
BillsFanInTexas Posted February 26, 2007 Share Posted February 26, 2007 My tax return is quite simple. The only things I can deduct are taxes & mortgage interest. You should be able to deduct sales taxes. There is a standard deduction (depending on where you live) or you can itemize ALL of the sales taxes you paid last year. In the past, I've done it by hand and saved $50-100 on taxes. This year, I took the standard (not enough large purchases). Waiting for my check. Link to comment Share on other sites More sharing options...
tennesseeboy Posted February 26, 2007 Share Posted February 26, 2007 Complicated year this year. I'm involved in some pretty complex things in New York with real estate and other investments and I'll be going to New York this week to get it done. I figure I should do pretty well this year, but we'll see. Link to comment Share on other sites More sharing options...
HopsGuy Posted February 26, 2007 Share Posted February 26, 2007 I doubled last year's wages by exercising some company stock options (at the top, thank you very much ). I've got a big bill coming. Link to comment Share on other sites More sharing options...
Chef Jim Posted February 26, 2007 Share Posted February 26, 2007 Really, in my experience, accountants add absolutely nothing over TurboTax for actually preparing a return. Where thay can help is with tax strategies throughout the year so that tax bill may be lower next April. Bingo! There is a difference between tax planning and tax preparation. In regard to my taxes, I'm looking for a bank to rob first before I send in my check. Link to comment Share on other sites More sharing options...
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