WOW TAXES!

[JESSE A]

O and that is with social security too.

 

[Russ Pottenger]

Russ how much should i be paying in taxes?:dunno:

Your on the right track. Self employment requires allot of long hours and hard work
as I'm sure you know, but one the many benefits should be lowering your taxable events.

Your welcome to drop me a PM.

 

[mikedashg]

many ppl say that come tax time, you should owe $0 and get $0 back if you are smart and can work it out so that its balanced. I tend to have more taxes taken out of my paycheck so that I have a nice surprise and reason to splurge but its been a rough time.

That's the idea. You don't even have to be that smart. There's a worksheet on the withholdings form. The last time I filled one out, 1 was too much, 0 was not enough. So you do the math on the back and it come out to 0, plus an additional amount.

But that was a simpler time. I think I need to talk to a tax pro. Gonna claim a home purchase here pretty soon. Which I hear is great for taxes. Not even counting the 8K were getting this year back just as an incentive for being a first time buyer.

 

[JohnX]

Look at it from a different perspective....at least you are fortunate enough to have made enough money to owe that amount.

And this year remember to do your own withholding :twak:

 

[jeeperjohn]

I got a decent refund this year but that just means the damn government was holding on to my money most of the year. If you owe them you pay interest on the money you owe, if they owe you only the principal is payed and trhen they tax the refund like income. I am very close to saying F it and moving to Kentucky where I can buy a nice house for $125,000 and can live very comfortably on $4K a month.

 

[Gerr]

We are getting a little back this year most years we break even but being part time 5 months killed a big chunk of my income yet my deductions stayed the same. My ex-step mom showed us how to do our taxes along with our first job and I can't remember ever paying more than a couple bucks to the state.

 

[bigalpha]

I own three homes, ok i'm making payments..I get a good sum back each year..

Rentals?

 

[IslanderOffRoad]

I owe 80 bucks this year, closest I've come to 0.

Changed my withholding for 09 so that I'll get about $100 back.

 

[zjmikey]

Im getting back $15,000!!! woo HOO..


I guess I will finally get off my butt and swap out my dead tranny in my ZJ so I can start wheeling again.


Right now, Im freezing my ass off in Northern Ontario, CA


brrrrrr

 

[scottmcneal]

Rentals?

Nope.. Just got great deals on them...I'm going to buy one more for the kid, then when the market turns around i'll sell..I pitting the kids here on my 5 acres, that way when i go out to play she can watch the houses..
Now is a great time to buy a home..Killer deals if you can swing it..

 

[xjjeeper19]

Im getting back $15,000!!! woo HOO..


I guess I will finally get off my butt and swap out my dead tranny in my ZJ so I can start wheeling again.


Right now, Im freezing my ass off in Northern Ontario, CA


brrrrrr

I can fix that dead tranny....

 

[WebDog]

Well i got it down to $0, it wanted $900 but i then entered vehicle usage and two purchases for my business and that was more then enough to push it over...

 

[IslanderOffRoad]

My employer reimburses me mileage at a rate that is less than what the IRS lets you write it off as. Can I write off the difference? If so, how? I tend to take the standard deduction, and use the free online software from H&R Block

 

[Russ Pottenger]

Nope.. Just got great deals on them...I'm going to buy one more for the kid, then when the market turns around i'll sell..I pitting the kids here on my 5 acres, that way when i go out to play she can watch the houses..
Now is a great time to buy a home..Killer deals if you can swing it..

Good long term strategy.

As bottom feeders try to time the housing market, they're forgetting low home
prices and low interest rates rarely happen at the same time.

 

[Russ Pottenger]

My employer reimburses me mileage at a rate that is less than what the IRS lets you write it off as. Can I write off the difference? If so, how? I tend to take the standard deduction, and use the free online software from H&R Block

While doing the short form acquired online may potentially save you a few bucks, but consider for about $75.00 a competent accountant can and usually will find a missed deduction, or more importantly save you a visit from a IRS agent.

 

[mikedashg]

As bottom feeders try to time the housing market, they're forgetting low home
prices and low interest rates rarely happen at the same time.

Well, it's happening now. My escrow closes first weekend in April. woot!

 

[5-90]

I just wish they'd simplify the forms. I'm getting tired of the damned things taking a week to fill out - and I never can front the money for an accountant to go through them...

 

[Aquit45]

"Obama will save you"
Thats a joke, right?

 

[jeeperjohn]

My employer reimburses me mileage at a rate that is less than what the IRS lets you write it off as. Can I write off the difference? If so, how? I tend to take the standard deduction, and use the free online software from H&R Block

You can deduct the difference in mileage as an unreimbursed expense but it may be subject to a minimum. My sister is an H&R block agent but I don't know a whole lot about taxes any more.

 

[Mr. Pickle]

Well, it's happening now. My escrow closes first weekend in April. woot!

Congrats dude!! Is it the one with the super sweet bathroom?