Income Tax Preperations

[mulester7]

.....Guys, I just did my federal and state forms in a combined 37 minutes, envelopes sealed and ready to mail, and I'm dumber than dirt....of course, I didn't have itemized deductions to beat the standard deduction, and and trying to beat the standard deduction is what makes income tax preperation more difficult and involved....your individual exemptions on the first page are simple....and, I suspect many of you fall into the category of not being able to beat the standard deduction on the back page, and you're giving away money to a paid preparer who files you on a 1040EZ, front page only....I used a 1040 front-and-back form, since that was what I was sent, and had to have that form/book up until this filing, to claim a stock loss and my daughter being in college....but, I could claim neither today for 2006....to go ahead and use the 1040 form this year was fine, although I coulda' run to the post office and got a 1040-EZ form, front page only, but I'm lazy....did all that come out ok?.....

.....this year's standard deduction for "single" is $5100....if you had a lot in interest on your home paid in 2006, or had a bunch of sickness out-of-pocket expenses in 2006, you just might beat the standard deduction....I appreciate the new Democratic Congress for moving to make the standard deduction for "married" to MORE than double the "single" standard deduct, at $10,300....(when everyone has to itemize, look out, it won't be the same USA, I promise)....I'm sure I noticed it to be $10,300, even though I was thinking single....(the older I get, the less happy bachelor I become, and I notice that kinda' stuff, 'ya know?)....(oh well)......anyhow, if your itemized deductions of interest and/or out-of-pocket sickness beat or come close to the standard deduction of $5100 single or $10,300 married, then you can add a cut for cell phone, a cut for work clothes and such, but you've GOT to beat that standard deduction with your itemized deductons, and you simply use an attachment form to list your itemized deductions....but, (new ruling from dubya), you cannot claim $10,000 birdhouses, only $50,000 and up.....

.....as I said earlier, the individual exemption deductions on the front page are cut-and-dried, and I got $3300 a pop on the back page for them....I know it's too late this year, but look over your paid prepared form for this year and just look at what he did.....

.....I once knew a girl who receptioned at a tax business, and she told me the people who brought their stuff in were told they would be called as soon as it was ready....when they left the place in 80% of the cases, the preparer would fire it out in about 10 minutes and place it on a shelf....a week later the person would be called and told it was finally ready, come on in....truth.....

[onepixel]

I'm dumber than a doorknob when it comes to taxes. And I don't mess with the IRS. Last time I tried I spent 8 hours going through piles of stuff and ended up taking it to the account. I just picked them up at my account's firm.

Somebody must be doing well, I saw a brand new Aston Martin sitting in the driveway.

[meggy]

TAXES?????!!!! :jawdrop:

[mulester7]

TAXES?????!!!! :jawdrop:.....And, Yes.....:ntwrthy: :ntwrthy: :ntwrthy: :ntwrthy: :ntwrthy: :ntwrthy: :ntwrthy: :ntwrthy: :ntwrthy: :ntwrthy: :ntwrthy: :ntwrthy: :ntwrthy: :ntwrthy: ......

[70salesguy]

I did my own taxes for years until I incorporated my business.

Double declining depreciation did me in. :nono:

Now it goes to the accountant.

When I look at what it costs me for him to do it and figure up what I can make in the same amount of time - I'm saving money!!!

I wrote a pretty good size check to go along with the extension request - very painful! :tears:

I often hear people ask others "Did you have to pay this year?"

Some of them reply "No, I got money back!" Some of them actually think that they are REALLY getting money back. They don't realize that it's THEIR money.

If everyone had to settle up on April 15 rather than having witholding, they'd realize how much they are REALLY paying! :sigh:

[mulester7]

I did my own taxes for years until I incorporated my business.

Double declining depreciation did me in. :nono:

Now it goes to the accountant.

When I look at what it costs me for him to do it and figure up what I can make in the same amount of time - I'm saving money!!!

I wrote a pretty good size check to go along with the extension request - very painful! :tears:

I often hear people ask others "Did you have to pay this year?"

Some of them reply "No, I got money back!" Some of them actually think that they are REALLY getting money back. They don't realize that it's THEIR money.

If everyone had to settle up on April 15 rather than having witholding, they'd realize how much they are REALLY paying! :sigh:.....and Congratulations, 70SalesGuy, on being able to incorporate your business, having no choice but to use a pro accountant, now you're on the road, and you're the Chief money-raker-inner....but, how many of us here work for someone else?....the first thing I look at is how much interest and out-of-pocket sickness I could come up with, then I look what the standard deduction is....enough....I admire you, 70SalesGuy, you displayed determined but tactful resolve in an issue not long ago is some thread....did you ground your Corporation on your being able to sell product?.....

[70salesguy]

.....and Congratulations, 70SalesGuy, on being able to incorporate your business, having no choice but to use a pro accountant, now you're on the road, and you're the Chief money-raker-inner....but, how many of us here work for someone else?....the first thing I look at is how much interest and out-of-pocket sickness I could come up with, then I look what the standard deduction is....enough....I admire you, 70SalesGuy, you displayed determined but tactful resolve in an issue not long ago is some thread....did you ground your Corporation on your being able to sell product?.....

I did sell audio gear in the 70's while I was an engineering student. After graduation, I went to work for a Public Utility - Nuclear Power Generation.

After about 12 years, I changed over to Municipal Water/Wastewater. Worked for a Systems Integrator for about 5 years, then the company was bought out by a competitor. They didn't know what to do with our division so after trying to "sell" us with no success, they decided to "shut us down".

The guys that had good industry "buzz" about them started getting calls from other companies. I went to work for another ouftit doing the same exact job.

After about 5 more years, we were sold to a division of G.E. I didn't want to travel ALL the time, which is what would have happened, so I left and started my own company.

At first it was a sole proprietorship and got off to a slow start! I used to play golf with some of my church buddies every Friday afternoon. My golf game didn't get any better but my business did! After about 6 months I was staying busy. :yes:

After getting tired of being "taken to the cleaners" at tax time, I decided to incorporate. There are some good advantages tax-wise to being incorporated.

The best thing about running your own business is that it is all up to you to make it a success.

If you run your own business you will put in a lot of time. No 8 to 5 here.
Sometimes you might see a post from me at midnight or later. That means that I am still in my office. Fortunately, my office is in a building behind my house.

I know that not everyone can adapt their job skills or talents to self-employment, but if one is a self-starter and can adapt, I recommend it!

When I worked for others, I often worked long hours for just a salary. Now at least if I put the time in, I can reap the rewards. :thmbsp:

[Dusty Chalk]

I usually take the standard deduction -- I have zero deductions...

...OR SO I THOUGHT!!!1!

This year, I used Turbo Tax, and even though I didn't plug anything in, it still managed to beat the standard deduction by several thousand dollars. You wanna know where? Taxes. That's right, taxes alone were worth it.

Huzzah. Daddy needs a new set of clothes.

[Bill R]

I e-filed this year. Just entered the information along with my debit card info so the IRS could collect the $1.00 (no kidding) that I owed them. No forms, No mail, No hassle, and best of all it was free.

Bill R

[SpeakerLabFan]

I e-filed this year. Just entered the information along with my debit card info so the IRS could collect the $1.00 (no kidding) that I owed them. No forms, No mail, No hassle, and best of all it was free.

Bill R

Wait a minute - is this offered directly by the IRS now? Ah, I see that there are restrictions to eligibility for the IRS freefile program - I hadn't heard of this option.

I've used TurboTax Online Basic for something like 10 years now. Just under $20 with a discount through the Fidelity brokerage and works like a charm - much better than the bad old days of scrambling to get the forms filled out right and post-marked on time. :thmbsp:

[Bill R]

Free filing is handled through a network of approved providers. I used the H&R Block site. It is based on the online version of turbotax, or tax cut, I do not remember which. It is easiest to find if you link there from the IRS website. There are some income restrictions on the free program. I looked for it once by going directly to the H&R Block website, and found it to be burried several pages deep. Naturally they want to sell you their service so they do not advertise the free service.
As you enter the information it is automatically checked, so it was quite easy even though I had some capital losses to report. It even works for itemized deductions, and business/ farm income and depreciation all those fun things everyone hates to do so much.

Bill R