Tax Season!

[skullman80]

My return was accepted within an hour or 2.. Come on refund.

Mine was accepted that quickly too, when I did it on Friday... now its just a waiting game. Didnt see any change when I checked the "Where's my refund page" today.

[Letang Is The Truth]

is property tax deductible? i overheard someone talking about it yesterday

[ulf]

is property tax deductible? i overheard someone talking about it yesterday

In short, yes. Depends if you have enough deductions, including RE tax to get you over the standard deduction and itemize. If you're single, and owning a house, odds are with RE tax, mortgage interest and last year's state/local tax you'd probably be able to take advantage of it.

[shmenguin]

is property tax deductible? i overheard someone talking about it yesterday

i pay about 8 grand a year in property tax. i get a nice chunk of that back in my refund.

[mac5155]

I talked taxes with my friends who arent so bright and have blue collar jobs...trying to explain to them that "you can deduct all this crap" but if its less than the standard deduction it's not worth it is getting aggravating

[ulf]

is property tax deductible? i overheard someone talking about it yesterday

i pay about 8 grand a year in property tax. i get a nice chunk of that back in my refund.

#humblebrag

[Mr. Colby]

what is the standard deduction this year for an individual?

[shmenguin]

is property tax deductible? i overheard someone talking about it yesterday

i pay about 8 grand a year in property tax. i get a nice chunk of that back in my refund.

#humblebrag

pfft...it's new jersey. 8 grand is nothing.

[mac5155]

6100

[ulf]

what is the standard deduction this year for an individual?

6,100

[Mr. Colby]

thanks i could have googled it but... why spend time on that when i have a perfectly good set of resources right here

[Mr. Colby]

I feel like every calculator is giving me a different amount. If I have the 6100 standard deduction and 2500 student interest, what is my equation for taxable income?

[wages] - [federal income tax] - [state income tax] - 6100 - 2500?

I just input the exact same thing into 2 separate calculators and got back 400 on one and 850 on the other.

[KennyTheKangaroo]

box 1 wages-2500-6100-3900

The 3900 is your exemption. Everyone gets an exemption.

[Mr. Colby]

ok so state income tax paid has nothing to do with federal tax refund?

[ulf]

You can deduct the prior year state tax paid in the current year if you are itemizing. If you're taking the 6100 deduction, it don't maata

[Mr. Colby]

Is the 2500 student loan interest separate from the 6100?

[KennyTheKangaroo]

yes.

[skullman80]

Just checked.. and showing my deposit should be going into my bank on 2/10(and if it doesnt show up by 2/15 to call blah blah).. so not a bad turnaround time since I filed last Friday.

I did my moms taxes for her on Sunday and hers is showing the same date range so she will be happy.

[DelPen]

Come on IRS, I want my money. Hopefully they still send out the direct deposit today.

As far as property taxes, I was close to $10,000 in Bergen County, NJ for a small house. House is bigger in SC, taxes are around $800 a year.

[DelPen]

Got my refund this morning. Woo. Hoo.

[Kraftster]

I don't suppose there is any creative way for me to deduct the $3k that I just spent on tree removal? It was arguably related to personal/property safety since one fell on my house.

[DelPen]

I don't suppose there is any creative way for me to deduct the $3k that I just spent on tree removal? It was arguably related to personal/property safety since one fell on my house.

Do you have a home office you are deducting already? I would classify this as home repair which adds up with utilities, mortage costs, etc. to then use a percentage for whatever your home office space is compared to your total house size.

[Kraftster]

I do. That's an excellent idea!

[Froggy]

Ok, first tax season in Pittsburgh... what is this Jordan Tax Services crap?

[Why Not Us]

Ok, first tax season in Pittsburgh... what is this Jordan Tax Services crap?

They handle your city taxes.