Tax Season - Like Christmas, but you get robbed instead [2010 Edition]

Discussion in 'Business, Careers & Education' started by the shah, Feb 9, 2011.

  1. gdl203

    gdl203 Affiliate Vendor Dubiously Honored Affiliate Vendor

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    Jointly
     


  2. level32

    level32 Senior member

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    I'm looking forward to finally getting my damn W2 that never came.

    Can you say Obama's $8000 donation to my housing cause? nom nom nom
     


  3. Piobaire

    Piobaire Not left of center?

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    I'm looking forward to finally getting my damn W2 that never came.

    Can you say Obama's $8000 donation to my housing cause? nom nom nom


    If it were only Obama's pocketbook paying for that.
     


  4. level32

    level32 Senior member

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    To be honest, I can't say I disagree with you. Though can't blame me for following the rules.
     


  5. Piobaire

    Piobaire Not left of center?

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    To be honest, I can't say I disagree with you. Though can't blame me for following the rules.

    Agreed.
     


  6. hendrix

    hendrix Ill-proportioned

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    This is a little foreign to me. Most people down here have tax codes which take the tax directly out of their fortnightly wages/salary. except if you're self employed, in which case you have to do them yourselves.


    at the end of he financial year you can ask for a tax summary, if you think you have something to claim. if you're on the right tax code, you generally won't though.
     


  7. Biggskip

    Biggskip Senior member

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    purchased car in August - was 2 years used - any deductibles there?

    Not likely

    was the online service free ? i know taxact.com offers free [federal] filing and who cares about state i move so much anyway

    Taxact is usually only free if you are eligible to file the 1040EZ.

    To those SFers who are married with no dependents, do you filed jointly or separately?

    I got married last year and don't know what to do. I've always done my own taxes, but will probably go to an accountant for the first time in my life to run the numbers to see what's best for my wife and I.

    Both of us work and earn similar salaries. Both of us have a load of deductions: both of us owned homes in 2010 so we each have property taxes, mortgage interest, plus a load of charitable deductions. I also sold property in 2010 for the first time and have never filed capital gains taxes before. It's just a more complicated tax year for me so I feel more comfortable going with an accountant on this one.


    You sold property in 2010, but how long did you own it? Also, was it for your primary residence? If yes, and you owned it for more than two years then you don't have to pay any capital gains.

    As to the OP, my father-in-law runs a H&R-like shop so he does our taxes for free. He actually has tax software from four different providers. He will run the numbers through each system to determine which software will result in the highest return (or lowest payment).

    I have a bonus that is taxed through the a$$ every year compared to my normal wage so I get a big refund every year. Combined with the fact that this is right around the time when the current year bonuses come out, it's always good time around our house.
     


  8. gort

    gort Senior member

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    purchased home and paid interest for ~5 months
    purchased energy efficient appliances for home
    paid student loan interest all year

    purchased car in August - was 2 years used - any deductibles there?

    regardless, from first three alone I expect 1-2k in refund


    Pretty sure the appliances cannot be written off. States have programs to get discounts on buying them I believe, but that would have been applied to the total purchase price. Someone correct me if I'm wrong.
     


  9. Johdus Fanfoozal

    Johdus Fanfoozal Senior member

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    You sold property in 2010, but how long did you own it? Also, was it for your primary residence? If yes, and you owned it for more than two years then you don't have to pay any capital gains.


    I owned it for more than two years and it was my primary residence. Thanks for the info.
     


  10. JohnGalt

    JohnGalt Senior member

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    To those SFers who are married with no dependents, do you filed jointly or separately?

    I got married last year and don't know what to do. I've always done my own taxes, but will probably go to an accountant for the first time in my life to run the numbers to see what's best for my wife and I.

    Both of us work and earn similar salaries. Both of us have a load of deductions: both of us owned homes in 2010 so we each have property taxes, mortgage interest, plus a load of charitable deductions. I also sold property in 2010 for the first time and have never filed capital gains taxes before. It's just a more complicated tax year for me so I feel more comfortable going with an accountant on this one.


    ask your cpa which scenario is more favorable to your specific tax situation. should be simple for them to figure out.
     


  11. RedLantern

    RedLantern Senior member

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    Not likely



    Taxact is usually only free if you are eligible to file the 1040EZ.



    You sold property in 2010, but how long did you own it? Also, was it for your primary residence? If yes, and you owned it for more than two years then you don't have to pay any capital gains.As to the OP, my father-in-law runs a H&R-like shop so he does our taxes for free. He actually has tax software from four different providers. He will run the numbers through each system to determine which software will result in the highest return (or lowest payment).

    I have a bonus that is taxed through the a$$ every year compared to my normal wage so I get a big refund every year. Combined with the fact that this is right around the time when the current year bonuses come out, it's always good time around our house.


    I thought capital gains were ignored only up to a certain amount? Something like 250K? I dunno.
     


  12. rjakapeanut

    rjakapeanut Senior member

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    filed in person since i didn't want to fuck anything up. getting $1,200 back.

    made 10k last year, full time student. thanks obama
     


  13. Piobaire

    Piobaire Not left of center?

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    Got a call from my accountant last night; there were a few tax write off it seemed I hadn't included. When I was dropping them off today he said my refund would be even fatter than last year [​IMG]

    All of it right in the bank except for his/her top end iPad 2.0 [​IMG]
     


  14. gqreader239

    gqreader239 Senior member

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    $4500 refund, im happy to get it back this month. fucken mad that it was denied to me 11 months of the year.
     


  15. kwilkinson

    kwilkinson Having a Ball

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    $4500 refund, im happy to get it back this month. fucken mad that it was denied to me 11 months of the year.

    It was only denied to you because you chose for it to be denied.
     


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