03 Tax Season: Are you getting or giving?
Another years tax filing is coming at us. How are the early birds out there doing? Are you saying "Cha-Ching!" or are you loosening your belt so you can drop your pants and bend over?
Being married with no little deductions and renting, I fall into the latter category. Thanks for the tax cut GWB!
I love how my single friend (no kids/renting) makes about $8K less of taxable income than we do combined and he is getting about $1,250 (S&F) back while we are paying a shade over $900 (S&F).
Here's to hoping you fare better than we do!
Being married with no little deductions and renting, I fall into the latter category. Thanks for the tax cut GWB!
I love how my single friend (no kids/renting) makes about $8K less of taxable income than we do combined and he is getting about $1,250 (S&F) back while we are paying a shade over $900 (S&F).
Here's to hoping you fare better than we do!
Comments
Nick
Anyone use tax software? Which one? Like it?
I'd rather get more money each paycheck (by claiming more deductions) and be able to save/invest that money to make it work for me instead of giving a free loan to the government.
four more years!!
four more years!!
Originally posted by Scott
Last years MPT cost me $1500. Plus I had to write a check. I think I dropped my dependents down to 1 so more would be withheld this year.
Anyone use tax software? Which one? Like it?
I've used Turbo Tax Online for the last three years and I am thrilled with it. This year the Premier edition will cost me a whole $30 and it even handles all my rentals and that.
The interview process they have devised is totally insane and handles things you can't even imagine dealing with without human assistance or interaction.
I very much dig it.
Nick
My Dad has used turbo tax (formerly MacInTax) since the days of the Mac LC and has loved it more every year. When I started doing my taxes two years ago (when I got my first job) I used it, it's very easy, great software. I recommend it highly.
Originally posted by Cake
A lot of my friends are always excited to be getting tax money back, but the way I've always thought about it, that's essentially letting the government hold your money without earning you any interest on it.
I'd rather get more money each paycheck (by claiming more deductions) and be able to save/invest that money to make it work for me instead of giving a free loan to the government.
What about write offs? You can't claim deductions for those things until tax time. I have enough write offs that I get back a few thousand dollars every year. This is my favorite month! (yes I file early).
Originally posted by Willoughby
What about write offs? You can't claim deductions for those things until tax time. I have enough write offs that I get back a few thousand dollars every year. This is my favorite month! (yes I file early).
But you could still adjust your withholding so you get to keep more throughout the year.
I also used TurboTax last year at trumptman's suggestion. It's nice, but in the end, my taxes just aren't complicated enough to really need it. I did learn that for my state taxes if my wife and I filed separately we did substantially better.
sweet
g
Originally posted by BRussell
But you could still adjust your withholding so you get to keep more throughout the year.
I also used TurboTax last year at trumptman's suggestion. It's nice, but in the end, my taxes just aren't complicated enough to really need it. I did learn that for my state taxes if my wife and I filed separately we did substantially better.
Wow, you must have a very simply tax filing. I wish mine were.
To give some more of my own background on this. I use to have a professional file my taxes as each year they got progressively more complicated. (And continue to do so)
The costs back in say, 96 weren't too bad. About $100 for a good two hours time. We used this gentleman for about 3 years and as we got better about collecting and preparing our receipts, stubs, forms, etc. We managed to keep the time we needed him to about two hours even though the taxes were getting much more complicated. The price had crept up to about $180 for that two hours of time.
We had moved by this time and had to use someone closer to our new location. We came in totally prepared this time. I would bet we weren't in the office for more than a full hour. Our charges for filing that year, $250.
That made me so mad because we had gathered and put together all the information. We essentually did 90% of the work for him to be charged more than ever before.
The year after that, and every year since, I have been using Turbo Tax Online. The best part is with the history I have in there now, I save time even entering addresses and things of that nature. It will remember all my rentals, their depreciation tables, everything. For $30, it is just an insane value that, from my perspective saves me a few hundred a year in money and more and more time every year.
I know you aren't slamming it at all. Your tax form sounds like something between the 1040EZ and a real 1040 and for this, you can do it yourself for free. But for anyone who would spend a few hours with a CPA and who has to track loads of deductions it is a steal.
Assuming you are getting money back, you still might want to check out the basic product. $20 for filing electronically and getting your return direct deposited into your account isn't a half bad price. You might also be amazed how much time is saved since it remembers so much of your info from last year. You basically will be allowed to go through and just make quick changes. It will remember things like employer address, etc. I don't know what you consider your time worth when billed by the hour, but it might save you the cost in your own time.
Nick
Originally posted by Scott
Last years MPT cost me $1500. Plus I had to write a check. I think I dropped my dependents down to 1 so more would be withheld this year.
Anyone use tax software? Which one? Like it?
Turbo Tax. i like it
Originally posted by trumptman
Wow, you must have a very simply tax filing. I wish mine were.
I can't do the EZ, and actually since I bought a house in 2002 I've done better itemizing than just taking the standard deduction. I suppose it's simple, but it doesn't seem like it when I'm doing it.
Basically I've just got regular income and interest/cap gains income, and basic deductions like mortgage interest. No business or rental income or deductions like you rich people.
One thing I do like about the software/online tax programs is that you can run different scenarios and see how you do: itemize vs. don't itemize, filing jointly vs. separately, etc. Last year was the first time I tried it, and although I was going to just play with it and then do it by hand, I just decided to click "submit" and pay the $25 or whatever. Eh, maybe I'll do the same this time just for the convenience.
There are even some free online preparation programs, but last year I found they were limited in various ways: to a certain income level, or you can do it if you don't itemize, etc. Don't know if there's more available this year.
Originally posted by BRussell
I can't do the EZ, and actually since I bought a house in 2002 I've done better itemizing than just taking the standard deduction. I suppose it's simple, but it doesn't seem like it when I'm doing it.
Basically I've just got regular income and interest/cap gains income, and basic deductions like mortgage interest. No business or rental income or deductions like you rich people.
One thing I do like about the software/online tax programs is that you can run different scenarios and see how you do: itemize vs. don't itemize, filing jointly vs. separately, etc. Last year was the first time I tried it, and although I was going to just play with it and then do it by hand, I just decided to click "submit" and pay the $25 or whatever. Eh, maybe I'll do the same this time just for the convenience.
There are even some free online preparation programs, but last year I found they were limited in various ways: to a certain income level, or you can do it if you don't itemize, etc. Don't know if there's more available this year.
Scenarios? We know of course being the good lefty that you are running them to insure your MAXIMUM contribution to the federal government.
Likewise what is your definition of rich? I don't consider myself rich yet. Just well planned, especially with regard to retirement. You'll know I feel rich when I get rid of the infamous blue Jeep.
But when you are rich someday remember you got there on no good work of your own. It was only luck and through the ruthless exploitation of others.
Nick
Originally posted by trumptman
Scenarios? We know of course being the good lefty that you are running them to insure your MAXIMUM contribution to the federal government.
You really don't understand the left do you. It's not about paying maximum taxes, it's about making OTHER people pay maximum taxes so you can get a free ride. Sheesh.
I'm not sure how long it takes to do my taxes. Well, it usually takes several weeks or even months. But that's picking it up about once a week between mid-January and early April, looking at it for a couple minutes, and then putting it back down again.
Originally posted by BRussell
You really don't understand the left do you. It's not about paying maximum taxes, it's about making OTHER people pay maximum taxes so you can get a free ride. Sheesh.
I'm not sure how long it takes to do my taxes. Well, it usually takes several weeks or even months. But that's picking it up about once a week between mid-January and early April, looking at it for a couple minutes, and then putting it back down again.
You know, you really should include some smilies with that to set us all at ease.
Nick
Ouch
I would have been better off NOT working.
Such is typical for an upside down welfare state.
One THIRD of what you earn in your life will go to the Govt in taxes.
Enjoy, y'all... and keep on voting for those Tax and Spend Liberals.
Originally posted by Jubelum
...Tax and Spend Liberals.
Now isn´t that a bit boring and false stereotype? It looks much more like:
Borrow and spend republicans.
Balance and constrain democrats.
Originally posted by Anders
Now isn´t that a bit boring and false stereotype? It looks much more like:
Borrow and spend republicans.
Balance and constrain democrats.
I did not say republican/democrat. I said liberal. I am plenty pissed at many republicans who are spending like big-government liberal democrats. I just wish we could elect a libertarian in this country.
I would hardly call anything done by either party in the past 4 years to be "balanced and constrained"
I have to live by a budget, why can't the government? (Regardless of who is in power?)