Tax filing

We use a tax service and she gave me a list of deductions.
Mileage
work clothes
phone bill
shop light bill,ect
 
ncsutj said:
We usually get about $1500 back. This year we had a baby and thought we would get a nice refund. But the wife made more this year and it put us in a higher tax bracket. Also thought we would be able to use the medical expenses but looks like our agi is to high and it also puts us out of the child tax credit of $1000. Looks like we will be paying this year.
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Having a child is not nearly as beneficial to taxes as most people think it will be. As far as the medical expenses, it has a floor or 10% of your AGI, and you only get the benefit of everything over that 10%. Make sure that you included ALL medical expenses for the year in the calculation (dentist, presecriptions, eye appointments, etc.), for you, your wife, and new child.
 
BigClay said:
Having a child is not nearly as beneficial to taxes as most people think it will be. As far as the medical expenses, it has a floor or 10% of your AGI, and you only get the benefit of everything over that 10%. Make sure that you included ALL medical expenses for the year in the calculation (dentist, presecriptions, eye appointments, etc.), for you, your wife, and new child.
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LOL it's only beneficial if you gettin that monthly gubment check....
 
Stuntman Autoworks said:
Also where do you go to find out what deductions you can take and can't take?
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H&R Block software. $30 on Amazon. It'll ask you about everything and "find" the deductions for you. Easy as pie.
 
I go turbotax only because I dont have to reenter ALL my information.. just login and all my past years info is transferred, change what changed and file... kind of steep at $60 to file federal plus $35 to file state but coupons help. Yeah, they claim free to file.. file 1040EZ, switch to 1040A with schedule C and you are now required to use "Deluxe" version.. but it is smooth going and saves my information and thats worth paying a little extra to not have to retype all that info..
 
Stuntman Autoworks said:
How do you all file? Do you do it yourself online or take it to somebody?
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Here is how we do it. Put all forms and paperwork in a folder, drop off at accountant's office, leave and go have fun. She calls when they are complete, go pick up paperwork, write her a check, put a check in each of the two enevlope's she provides, put them in my mailbox, then go have fun.
 
Did my taxes this weekend, owe the Feds $150 and owe the state $100, I consider that a win! Note that I said I did my taxes, not filing them (i.e. writing a check) until April 14.
 
Filed mine Friday afternoon. Going to buy a PSC pump and resi, and some solid knuckles for my 60, the rest will go into savings.
 
Already got ours. Planning on stashing away a little, and paying off some stuff.
I have the good fortune of marrying a woman with some school loans and a little CC debt from a divorce. We are doing the Dave Ramsey total money make over and should be dent free with the exception of our house next year. If we are lucky the house will sell soon and then be debt free in 6 months.
 
I'm going to give more to the government because apparently I didn't give my fair share yet. Oh well, at least I'm sure it will be spent wisely....
 
I usually hit it pretty even. Pay a hundred or so to either fed or state and get back about the same from the other. This year, my wife only worked half the year, so my calculations are screwed. Should get back a pretty good bit.

I usually sribble out a balance sheet from the rental property on a piece of notebook paper and staple the expense receipts to that. All other W2, 1099, personal medical and deduction crap gets shoved in a folder and dropped off at the accountant. I always write off the accountant bill on next year's taxes because if it wasnt for the rental property, I could file for free thru the Guard - seems like a business expense to me.
 
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