Tax Season!

Forum for posts that are not hockey-related.

Moderators: Three Stars, dagny, pfim, netwolf

Tax Season!

Postby mac5155 on Tue Jan 17, 2012 12:32 pm

woo the time is upon us. I dont know why i get so excited for this.

I am going to attempt to file my own this year. So I'm gonna need a forum to ask for help.

What say you? File your own or use someone else?
mac5155
NHL Third Liner
NHL Third Liner
 
Posts: 46,166
Joined: Wed Dec 20, 2006 9:06 pm
Location: governor of Fayettenam

Re: Tax Season!

Postby PensFanInDC on Tue Jan 17, 2012 12:36 pm

We decided to go to an accountant 2 years ago when I used Turbo Tax and it told me I owed Federal and was getting a sizable return from State. That is the exact opposite of what it always is. The accountant confirmed what Turbo Tax did but we ended up owing less fed and getting back more state.

This year with a new home and a baby we expect a rather nice return.
PensFanInDC
NHL Fourth Liner
NHL Fourth Liner
 
Posts: 20,359
Joined: Thu Aug 23, 2007 3:28 pm
Location: It most certainly IS a dog

Re: Tax Season!

Postby mac5155 on Tue Jan 17, 2012 12:39 pm

I actually need to file an amended return for 2010 because I didn't give my uncle (CPA who did them for me) my 1098s from student loan interest. It was a sizeable chunk. How do I file an amended return? He said just refile. Not sure if it will be worth it or not
mac5155
NHL Third Liner
NHL Third Liner
 
Posts: 46,166
Joined: Wed Dec 20, 2006 9:06 pm
Location: governor of Fayettenam

Re: Tax Season!

Postby columbia on Tue Jan 17, 2012 12:39 pm

I've used H&R Block online for years.
Federal is free and maybe $15 for the state return. I usually get both deposited in my account in less than 3 weeks.
columbia
NHL Third Liner
NHL Third Liner
 
Posts: 42,507
Joined: Wed Feb 20, 2008 12:13 am

Re: Tax Season!

Postby pittsoccer33 on Tue Jan 17, 2012 12:49 pm

federal is free, and in PA you can easily file your state return for free under most circumstances right from their website.

this year i'll owe a little bit :scared: :scared: :scared:
pittsoccer33
AHL All-Star
AHL All-Star
 
Posts: 5,826
Joined: Fri Dec 21, 2007 2:06 pm

Re: Tax Season!

Postby viva la ben on Tue Jan 17, 2012 12:50 pm

I do the same as columbia.....I could do mine today if my wife's ace of business would give them their hand written w2's.....my company made mine available for download last friday.

H@R block is free, but you have to put in you info every year. I think if you upgrade you get to import some of your personal info instead of starting from scratch.
viva la ben
AHL Hall of Famer
AHL Hall of Famer
 
Posts: 8,555
Joined: Wed Feb 01, 2006 11:45 am
Location: Location: Location

Re: Tax Season!

Postby Pitts on Tue Jan 17, 2012 12:51 pm

Is the answer "SUCKS?"

EDIT: To answer you question...I did TurboTax for nearly 10 years (I work and own my own business) Last year, I got tired of it and hired an accountant. Will do that again this year. She is better at deductions, especially on my business side.
Last edited by Pitts on Tue Jan 17, 2012 12:54 pm, edited 1 time in total.
Pitts
NHL Fourth Liner
NHL Fourth Liner
 
Posts: 18,027
Joined: Sat Jan 28, 2006 11:22 am
Location: Working ....

Re: Tax Season!

Postby viva la ben on Tue Jan 17, 2012 12:53 pm

I have another child to claim this year too, booya!
viva la ben
AHL Hall of Famer
AHL Hall of Famer
 
Posts: 8,555
Joined: Wed Feb 01, 2006 11:45 am
Location: Location: Location

Re: Tax Season!

Postby Kraftster on Tue Jan 17, 2012 1:12 pm

Turbo Tax for me. The fed is only free on the 1040EZ, isn't it?
Kraftster
NHL Fourth Liner
NHL Fourth Liner
 
Posts: 15,298
Joined: Mon Apr 09, 2007 9:25 am
Location: Frolik

Re: Tax Season!

Postby columbia on Tue Jan 17, 2012 1:15 pm

I don't have to worry about expensing lunches at the PAA, so the EZ works for me.
columbia
NHL Third Liner
NHL Third Liner
 
Posts: 42,507
Joined: Wed Feb 20, 2008 12:13 am

Re: Tax Season!

Postby Pen48guins on Tue Jan 17, 2012 1:31 pm

I'm getting screwed out of my tax break this year because I transferred to another volunteer fire house. Good news is the student loans we paid should hopefully cover that write off.
Pen48guins
ECHL'er
ECHL'er
 
Posts: 942
Joined: Thu May 06, 2010 9:38 pm
Location: Columbia, Maryland

Re: Tax Season!

Postby Kraftster on Tue Jan 17, 2012 1:46 pm

May I just state again what a worthless joke the student loan deduction is? I'll assume that I have permission. It's worthless.
Kraftster
NHL Fourth Liner
NHL Fourth Liner
 
Posts: 15,298
Joined: Mon Apr 09, 2007 9:25 am
Location: Frolik

Re: Tax Season!

Postby Pitt87 on Tue Jan 17, 2012 1:56 pm

viva la ben wrote:I have another child to claim this year too, booya!


Have a question about that... and if you are uncomfortable answering or would like to PM me, please do, but how many allowances do you take? I have a new baby at home and my wife is likely staying home, and my calculation is coming up with 5. Seems like a lot. Thoughts? Experience?
Pitt87
AHL'er
AHL'er
 
Posts: 4,943
Joined: Tue Apr 28, 2009 11:33 am
Location: Admin wrote:Rooting for the Flyers is not allowed here. Seriously.

Re: Tax Season!

Postby mac5155 on Tue Jan 17, 2012 2:06 pm

I have a huge chunk of student loan interest im salivating over deducting. kind of sad when you think about it though.

I just amended 2010. forgot to deduct student loan interest which lowered my AGI by about 1100 and got me $180 more. not too shabby.

Do I have to send in 1098s with the 1040x amended return?
mac5155
NHL Third Liner
NHL Third Liner
 
Posts: 46,166
Joined: Wed Dec 20, 2006 9:06 pm
Location: governor of Fayettenam

Re: Tax Season!

Postby tifosi77 on Tue Jan 17, 2012 2:15 pm

We used one guy for like six years, but he smelled funny and always looked at my wife in a way that made me want to punch him. But he always got us a four-figure refund, so I chilled. Then we got the house and moved further south which made that guy geographically undesirable. New preparator for the last two years and we've ended up with a substantial bill each of the years.
tifosi77
AHL Hall of Famer
AHL Hall of Famer
 
Posts: 9,431
Joined: Sat Jan 28, 2006 3:33 pm
Location: White-Juday Warp Field Interferometer

Re: Tax Season!

Postby KennyTheKangaroo on Tue Jan 17, 2012 2:18 pm

mac5155 wrote:I have a huge chunk of student loan interest im salivating over deducting. kind of sad when you think about it though.

I just amended 2010. forgot to deduct student loan interest which lowered my AGI by about 1100 and got me $180 more. not too shabby.

Do I have to send in 1098s with the 1040x amended return?


remember that the "huge chunk" is limited to $2,500.
KennyTheKangaroo
NHL Healthy Scratch
NHL Healthy Scratch
 
Posts: 11,269
Joined: Sun Nov 19, 2006 12:15 am
Location: Under the Skycoaster

Re: Tax Season!

Postby mac5155 on Tue Jan 17, 2012 2:20 pm

KennyTheKangaroo wrote:
mac5155 wrote:I have a huge chunk of student loan interest im salivating over deducting. kind of sad when you think about it though.

I just amended 2010. forgot to deduct student loan interest which lowered my AGI by about 1100 and got me $180 more. not too shabby.

Do I have to send in 1098s with the 1040x amended return?


remember that the "huge chunk" is limited to $2,500.


srs? ugh.
mac5155
NHL Third Liner
NHL Third Liner
 
Posts: 46,166
Joined: Wed Dec 20, 2006 9:06 pm
Location: governor of Fayettenam

Re: Tax Season!

Postby shmenguin on Tue Jan 17, 2012 2:21 pm

Kraftster wrote:May I just state again what a worthless joke the student loan deduction is? I'll assume that I have permission. It's worthless.


because of the income cap?
shmenguin
NHL Fourth Liner
NHL Fourth Liner
 
Posts: 21,100
Joined: Mon Nov 06, 2006 11:34 pm

Re: Tax Season!

Postby Kraftster on Tue Jan 17, 2012 2:23 pm

shmenguin wrote:
Kraftster wrote:May I just state again what a worthless joke the student loan deduction is? I'll assume that I have permission. It's worthless.


because of the income cap?


More so because of:


KennyTheKangaroo wrote:
remember that the "huge chunk" is limited to $2,500.
Kraftster
NHL Fourth Liner
NHL Fourth Liner
 
Posts: 15,298
Joined: Mon Apr 09, 2007 9:25 am
Location: Frolik

Re: Tax Season!

Postby mac5155 on Tue Jan 17, 2012 2:23 pm

well thanks KTK for crushing my dreams
mac5155
NHL Third Liner
NHL Third Liner
 
Posts: 46,166
Joined: Wed Dec 20, 2006 9:06 pm
Location: governor of Fayettenam

Re: Tax Season!

Postby Froggy on Tue Jan 17, 2012 2:24 pm

I don't make a lot of money... Don't own a house... Don't have any kids... Not married...

So my returns are always seriously underwhelming.
Froggy
NHL Fourth Liner
NHL Fourth Liner
 
Posts: 17,084
Joined: Sat Aug 12, 2006 2:40 pm
Location: http://DrunkInAGraveyard.com

Re: Tax Season!

Postby KennyTheKangaroo on Tue Jan 17, 2012 2:27 pm

mac5155 wrote:well thanks KTK for crushing my dreams


better kenny the kangaroo than the irs. it would be quite the LOL moment to see mac5155s reaction when he reads the IRS letter telling him to go pound sand after mac5155 went through the effort of amending a return.
KennyTheKangaroo
NHL Healthy Scratch
NHL Healthy Scratch
 
Posts: 11,269
Joined: Sun Nov 19, 2006 12:15 am
Location: Under the Skycoaster

Re: Tax Season!

Postby mac5155 on Tue Jan 17, 2012 2:27 pm

Are there any other notable deductions someone of my stature should look into?

I don't think I can deduct tuition if it was paid for by a Stafford loan and/or reimbursed through my employer, can I?
mac5155
NHL Third Liner
NHL Third Liner
 
Posts: 46,166
Joined: Wed Dec 20, 2006 9:06 pm
Location: governor of Fayettenam

Re: Tax Season!

Postby newarenanow on Tue Jan 17, 2012 2:29 pm

I do my own. While I'm a CPA, I haven't done individual income taxes outside of my own in like 7 or 8 years. So I'm just current on what affects me.

Typically I'm around break even. I try to get the w/h throughout the year to be about what I'm going to owe. I'd rather have my money during the year than have the government hold and refund it to me. Although it is always nice to get a chunk of change that you kind of forget about when you file.
newarenanow
NHL Third Liner
NHL Third Liner
 
Posts: 40,586
Joined: Fri Feb 24, 2006 1:56 pm

Re: Tax Season!

Postby Point Breeze Penguins on Tue Jan 17, 2012 2:34 pm

For tax purposes I am considered a "independent contractor" and receive a 1099 instead of a W-2. I could pay my taxes quarterly but choose to pay at the end because between the Child Tax Credit and Earned Income Credit I end up with a refund.
Point Breeze Penguins
NHL Healthy Scratch
NHL Healthy Scratch
 
Posts: 10,159
Joined: Fri Oct 06, 2006 3:21 pm
Location: Arlington House, Arlington, Virginia

Next

Return to NHR

Who is online

Users browsing this forum: dman66, Idoit40fans, largegarlic and 13 guests

e-mail