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- Nov 25, 2003
Its time for a Vacation.. 2010 was much too stressful to say the least.
TAX SEASON APPRECIATION!!! What are you doing with your withheld money?
- Thread in 'General' Thread starter Started by humpasaurus rex,
- Start date
- 4,925
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- Nov 25, 2003
Its time for a Vacation.. 2010 was much too stressful to say the least.
- 5,469
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- Nov 18, 2002
I know I'm going to owe some money. I've been claiming 99 since last year. Owed them around $1,000. The only good part is that they only take out around $50 for tax every week.
- 5,469
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- Nov 18, 2002
I know I'm going to owe some money. I've been claiming 99 since last year. Owed them around $1,000. The only good part is that they only take out around $50 for tax every week.
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- May 3, 2003
actually, if you have two jobs you are likely to get less back.
here's an example:
employer 1 pays you $100, but takes out $5 for tax because that's how much you're supposed to take out for somebody who makes $100.
employer 2 pays you $100, but takes out $5 for tax because that's how much you're supposed to take out for somebody who makes $100.
but when it's time to fill out your paperwork, you've actually made $200. (employer 1 +employer 2) and people that earn $200 owe $12. combined, your employers only took out $10 ($5 each, because they only thought you were making $100)
that means that both of your employers should have been taking money out more money (but they usually don't because employer 1 ususally has no idea how much you're eanring from employer 2 (unless you tell them/fill out the paperwork).
bottom line: the more money you earn, the more you owe in taxes.
here's an example:
employer 1 pays you $100, but takes out $5 for tax because that's how much you're supposed to take out for somebody who makes $100.
employer 2 pays you $100, but takes out $5 for tax because that's how much you're supposed to take out for somebody who makes $100.
but when it's time to fill out your paperwork, you've actually made $200. (employer 1 +employer 2) and people that earn $200 owe $12. combined, your employers only took out $10 ($5 each, because they only thought you were making $100)
that means that both of your employers should have been taking money out more money (but they usually don't because employer 1 ususally has no idea how much you're eanring from employer 2 (unless you tell them/fill out the paperwork).
bottom line: the more money you earn, the more you owe in taxes.
- 610
- 130
- Joined
- May 3, 2003
actually, if you have two jobs you are likely to get less back.
here's an example:
employer 1 pays you $100, but takes out $5 for tax because that's how much you're supposed to take out for somebody who makes $100.
employer 2 pays you $100, but takes out $5 for tax because that's how much you're supposed to take out for somebody who makes $100.
but when it's time to fill out your paperwork, you've actually made $200. (employer 1 +employer 2) and people that earn $200 owe $12. combined, your employers only took out $10 ($5 each, because they only thought you were making $100)
that means that both of your employers should have been taking money out more money (but they usually don't because employer 1 ususally has no idea how much you're eanring from employer 2 (unless you tell them/fill out the paperwork).
bottom line: the more money you earn, the more you owe in taxes.
here's an example:
employer 1 pays you $100, but takes out $5 for tax because that's how much you're supposed to take out for somebody who makes $100.
employer 2 pays you $100, but takes out $5 for tax because that's how much you're supposed to take out for somebody who makes $100.
but when it's time to fill out your paperwork, you've actually made $200. (employer 1 +employer 2) and people that earn $200 owe $12. combined, your employers only took out $10 ($5 each, because they only thought you were making $100)
that means that both of your employers should have been taking money out more money (but they usually don't because employer 1 ususally has no idea how much you're eanring from employer 2 (unless you tell them/fill out the paperwork).
bottom line: the more money you earn, the more you owe in taxes.
- 23,342
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- Jan 19, 2002
ive did my own for the past 2 years. nothing really to "write off." just simply plug in the numbers and thats it
but some guy at work says his tax guy always gets him a hell of a return. but im worried to get audited and get %+!%+* over paying money back.
with that said, are there many things that can be added/written off without having to show documentation/receipts?
- 23,342
- 5,393
- Joined
- Jan 19, 2002
ive did my own for the past 2 years. nothing really to "write off." just simply plug in the numbers and thats it
but some guy at work says his tax guy always gets him a hell of a return. but im worried to get audited and get %+!%+* over paying money back.
with that said, are there many things that can be added/written off without having to show documentation/receipts?
- 610
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- May 3, 2003
Seek,
usually, tax deductions can include any number of things; SSI, medicare, fed withholding, state withholding, and any special local taxes.
you want to look at federal tax withheld to get a better idea.
but here's where some math and estimates can come in handy.
let's look at an individual that is a part time student, who works part time, does not live with parents or relatives, single with no children, earning around $5,000.00 during one year.
because $5,000.00 is such a low amount of money for providing for oneself during the year, the government realizes this and doesn't want to take so much from you that you would not be able to feed/shelter/take care of yourself. in this situation, you are likely to get most/MORE than the amount of federal income tax withheld as a refund.
Change the amount to $50,000.00 and it is likely that the government is already taking out very close to the correct amount of tax and so your refund would be small to none.
let's hear it for the Making Work Pay credit! Back for another year, this credit gives an extra $400 to people who had earned income! you should see the credit when you finish completing your federal tax return. (however, depending on your situation, you may not receive it back as a refund)
usually, tax deductions can include any number of things; SSI, medicare, fed withholding, state withholding, and any special local taxes.
you want to look at federal tax withheld to get a better idea.
but here's where some math and estimates can come in handy.
let's look at an individual that is a part time student, who works part time, does not live with parents or relatives, single with no children, earning around $5,000.00 during one year.
because $5,000.00 is such a low amount of money for providing for oneself during the year, the government realizes this and doesn't want to take so much from you that you would not be able to feed/shelter/take care of yourself. in this situation, you are likely to get most/MORE than the amount of federal income tax withheld as a refund.
Change the amount to $50,000.00 and it is likely that the government is already taking out very close to the correct amount of tax and so your refund would be small to none.
let's hear it for the Making Work Pay credit! Back for another year, this credit gives an extra $400 to people who had earned income! you should see the credit when you finish completing your federal tax return. (however, depending on your situation, you may not receive it back as a refund)
- 610
- 130
- Joined
- May 3, 2003
Seek,
usually, tax deductions can include any number of things; SSI, medicare, fed withholding, state withholding, and any special local taxes.
you want to look at federal tax withheld to get a better idea.
but here's where some math and estimates can come in handy.
let's look at an individual that is a part time student, who works part time, does not live with parents or relatives, single with no children, earning around $5,000.00 during one year.
because $5,000.00 is such a low amount of money for providing for oneself during the year, the government realizes this and doesn't want to take so much from you that you would not be able to feed/shelter/take care of yourself. in this situation, you are likely to get most/MORE than the amount of federal income tax withheld as a refund.
Change the amount to $50,000.00 and it is likely that the government is already taking out very close to the correct amount of tax and so your refund would be small to none.
let's hear it for the Making Work Pay credit! Back for another year, this credit gives an extra $400 to people who had earned income! you should see the credit when you finish completing your federal tax return. (however, depending on your situation, you may not receive it back as a refund)
usually, tax deductions can include any number of things; SSI, medicare, fed withholding, state withholding, and any special local taxes.
you want to look at federal tax withheld to get a better idea.
but here's where some math and estimates can come in handy.
let's look at an individual that is a part time student, who works part time, does not live with parents or relatives, single with no children, earning around $5,000.00 during one year.
because $5,000.00 is such a low amount of money for providing for oneself during the year, the government realizes this and doesn't want to take so much from you that you would not be able to feed/shelter/take care of yourself. in this situation, you are likely to get most/MORE than the amount of federal income tax withheld as a refund.
Change the amount to $50,000.00 and it is likely that the government is already taking out very close to the correct amount of tax and so your refund would be small to none.
let's hear it for the Making Work Pay credit! Back for another year, this credit gives an extra $400 to people who had earned income! you should see the credit when you finish completing your federal tax return. (however, depending on your situation, you may not receive it back as a refund)
- 8,805
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- Dec 19, 2008
Pay my car insurance for the year. For now.
- 8,805
- 2,938
- Joined
- Dec 19, 2008
Pay my car insurance for the year. For now.
- 21,365
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- Nov 20, 2003
Probably just throwing mine into ETRADE.
- 21,365
- 812
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- Nov 20, 2003
Probably just throwing mine into ETRADE.
- 7,840
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- Jun 8, 2008
Bills
KZ3
Save some of the remaining $$
KZ3
Save some of the remaining $$
- 7,840
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- Jun 8, 2008
Bills
KZ3
Save some of the remaining $$
KZ3
Save some of the remaining $$
- 916
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- Feb 5, 2003
Paying for my wedding/honeymoon this summer.
- 916
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- Feb 5, 2003
Paying for my wedding/honeymoon this summer.
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- Aug 18, 2000
My Tahoe.
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- Aug 18, 2000
My Tahoe.
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- May 3, 2003
MrJordan,
Itemizing Deductions can be a really tricky subject.
Per your question, you don't technically NEED receipts or documentation in order to claim the expenses; you would just list them in the appropriate column on the appropriate form. HOWEVER, the irs has appx 4 years to audit you, and if they made you 'prove' all of those expenses, that's when you would need the documentation like receipts, confirmations, mileage logs, etc.
You would be OMG surprised at what can legally be written off. (i have read several legal briefs of court proceedings where people have been audited for their 'business expenses' and been called in front of a hearing panel to justify how they qualify as 'business expenses')
Really good tax preparers are aware of ALL of the tiny sneaky little tax codes, and familiar with how they can 'interpret' them to match your situation. Essentially, you're paying for their ideas and experience. I hesitate to reccommend any specific Itemized Deductions to people without knowing plenty of details about their situation.
One Itemized Deduction that people often overlook is gambling losses. You can add up the entire amount of money that you lost while gambling and deduct that. (but first you have to subtract out any amount that you won - don't worry, most gambling houses don't know how much you won unless they issued you a 1099 form to report your winnings; they only do that when winnings at 1 point are over $1,000.00 and they would take your info when it happened and you would know you were getting it. unless you blacked out in vegas for a weekend and have no idea what went on.)
As far as proving your 'gambling losses' if you don't have a 'receipt', you could use your bank statements showing a withdrawal from an ATM in a casino.
Was that what you were asking about?
Itemizing Deductions can be a really tricky subject.
Per your question, you don't technically NEED receipts or documentation in order to claim the expenses; you would just list them in the appropriate column on the appropriate form. HOWEVER, the irs has appx 4 years to audit you, and if they made you 'prove' all of those expenses, that's when you would need the documentation like receipts, confirmations, mileage logs, etc.
You would be OMG surprised at what can legally be written off. (i have read several legal briefs of court proceedings where people have been audited for their 'business expenses' and been called in front of a hearing panel to justify how they qualify as 'business expenses')
Really good tax preparers are aware of ALL of the tiny sneaky little tax codes, and familiar with how they can 'interpret' them to match your situation. Essentially, you're paying for their ideas and experience. I hesitate to reccommend any specific Itemized Deductions to people without knowing plenty of details about their situation.
One Itemized Deduction that people often overlook is gambling losses. You can add up the entire amount of money that you lost while gambling and deduct that. (but first you have to subtract out any amount that you won - don't worry, most gambling houses don't know how much you won unless they issued you a 1099 form to report your winnings; they only do that when winnings at 1 point are over $1,000.00 and they would take your info when it happened and you would know you were getting it. unless you blacked out in vegas for a weekend and have no idea what went on.)
As far as proving your 'gambling losses' if you don't have a 'receipt', you could use your bank statements showing a withdrawal from an ATM in a casino.
Was that what you were asking about?
- 610
- 130
- Joined
- May 3, 2003
MrJordan,
Itemizing Deductions can be a really tricky subject.
Per your question, you don't technically NEED receipts or documentation in order to claim the expenses; you would just list them in the appropriate column on the appropriate form. HOWEVER, the irs has appx 4 years to audit you, and if they made you 'prove' all of those expenses, that's when you would need the documentation like receipts, confirmations, mileage logs, etc.
You would be OMG surprised at what can legally be written off. (i have read several legal briefs of court proceedings where people have been audited for their 'business expenses' and been called in front of a hearing panel to justify how they qualify as 'business expenses')
Really good tax preparers are aware of ALL of the tiny sneaky little tax codes, and familiar with how they can 'interpret' them to match your situation. Essentially, you're paying for their ideas and experience. I hesitate to reccommend any specific Itemized Deductions to people without knowing plenty of details about their situation.
One Itemized Deduction that people often overlook is gambling losses. You can add up the entire amount of money that you lost while gambling and deduct that. (but first you have to subtract out any amount that you won - don't worry, most gambling houses don't know how much you won unless they issued you a 1099 form to report your winnings; they only do that when winnings at 1 point are over $1,000.00 and they would take your info when it happened and you would know you were getting it. unless you blacked out in vegas for a weekend and have no idea what went on.)
As far as proving your 'gambling losses' if you don't have a 'receipt', you could use your bank statements showing a withdrawal from an ATM in a casino.
Was that what you were asking about?
Itemizing Deductions can be a really tricky subject.
Per your question, you don't technically NEED receipts or documentation in order to claim the expenses; you would just list them in the appropriate column on the appropriate form. HOWEVER, the irs has appx 4 years to audit you, and if they made you 'prove' all of those expenses, that's when you would need the documentation like receipts, confirmations, mileage logs, etc.
You would be OMG surprised at what can legally be written off. (i have read several legal briefs of court proceedings where people have been audited for their 'business expenses' and been called in front of a hearing panel to justify how they qualify as 'business expenses')
Really good tax preparers are aware of ALL of the tiny sneaky little tax codes, and familiar with how they can 'interpret' them to match your situation. Essentially, you're paying for their ideas and experience. I hesitate to reccommend any specific Itemized Deductions to people without knowing plenty of details about their situation.
One Itemized Deduction that people often overlook is gambling losses. You can add up the entire amount of money that you lost while gambling and deduct that. (but first you have to subtract out any amount that you won - don't worry, most gambling houses don't know how much you won unless they issued you a 1099 form to report your winnings; they only do that when winnings at 1 point are over $1,000.00 and they would take your info when it happened and you would know you were getting it. unless you blacked out in vegas for a weekend and have no idea what went on.)
As far as proving your 'gambling losses' if you don't have a 'receipt', you could use your bank statements showing a withdrawal from an ATM in a casino.
Was that what you were asking about?
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Macbook Pro or the Blackberry Playbook and savings.
