TAX SEASON APPRECIATION!!! What are you doing with your withheld money?

probably going to buy an iMac
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Originally Posted by villansfinest

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?
Click to expand...

thanks for the info.

but ive heard of itemizations that can be done to a certain amount/threshold that would not require any documentation if/when audited.

as far as vegas losses, i got a loss statement from one casino saying i lost a couple hundred bucks, when im positive i didnt. 
what i like about turbotax tho is that the numbers that you plug in will change your return right away on the page, so you can see how much a certain item makes a difference.

now when people have a business and "write something off," how much exactly does that turn into a return in $$. i believe it's a credit, but is there a % that it equates to of what you spent? for example, if i spend 1000 on something and im writing it off for my business, how much of that would i see as a "return?"



  
 
Originally Posted by villansfinest

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?
Click to expand...

thanks for the info.

but ive heard of itemizations that can be done to a certain amount/threshold that would not require any documentation if/when audited.

as far as vegas losses, i got a loss statement from one casino saying i lost a couple hundred bucks, when im positive i didnt. 
what i like about turbotax tho is that the numbers that you plug in will change your return right away on the page, so you can see how much a certain item makes a difference.

now when people have a business and "write something off," how much exactly does that turn into a return in $$. i believe it's a credit, but is there a % that it equates to of what you spent? for example, if i spend 1000 on something and im writing it off for my business, how much of that would i see as a "return?"



  
 
Originally Posted by villansfinest

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?
Click to expand...

pimp.gif
 
Originally Posted by villansfinest

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?
Click to expand...

pimp.gif
 
Originally Posted by LazyJ10

Only read one page...

Way to let Uncle Sam be your rainy day fund.

I try to have little returned to me and have more money per check
Click to expand...
Too bad most people don't know this
 
Originally Posted by LazyJ10

Only read one page...

Way to let Uncle Sam be your rainy day fund.

I try to have little returned to me and have more money per check
Click to expand...
Too bad most people don't know this
 
Putting in an exhaust system on my new Camaro...Then tucking it away into savings.

And maybe a new TV, it all depends.
 
Putting in an exhaust system on my new Camaro...Then tucking it away into savings.

And maybe a new TV, it all depends.
 
Originally Posted by villansfinest

I'd like to encourage you all to at least attempt to do your taxes yourself this year. How much is your preparer charging you? Did you even sit down and try to do it?

If your situation is similar to your previous year filing taxes, look at your copies of old returns to see what they looked like and where the numbers go and what to do with them.

I would like to offer my assistance to anybody who has general tax questions. I really would like to share what i know with you, and hopefully you'll get to keep the money you would have spent on a preparer.
Click to expand...
Check out Tax Return and you may even qualify to get your taxes done free of charge. 

I will be using my refund to pay off my bedroom set and some other bills.  Paying off the bedroom set will be a huge weight off my shoulders and now I can start preparing for my wedding day
pimp.gif
 
Originally Posted by villansfinest

I'd like to encourage you all to at least attempt to do your taxes yourself this year. How much is your preparer charging you? Did you even sit down and try to do it?

If your situation is similar to your previous year filing taxes, look at your copies of old returns to see what they looked like and where the numbers go and what to do with them.

I would like to offer my assistance to anybody who has general tax questions. I really would like to share what i know with you, and hopefully you'll get to keep the money you would have spent on a preparer.
Click to expand...
Check out Tax Return and you may even qualify to get your taxes done free of charge. 

I will be using my refund to pay off my bedroom set and some other bills.  Paying off the bedroom set will be a huge weight off my shoulders and now I can start preparing for my wedding day
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