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

[solemate96]

I can't believe it's another year of taxes.

On that note, I just want a nice big bag of some 

 to smoke on. 

 

[ooiron manoo]

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

That's fine by me, Uncle Sam was nice enough to pay for my education.

Going in the "Home" savings towards my first house purchase.


Same.

Hoping to make the jump Sept-Dec. 

 

[ooiron manoo]

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

That's fine by me, Uncle Sam was nice enough to pay for my education.

Going in the "Home" savings towards my first house purchase.


Same.

Hoping to make the jump Sept-Dec. 

 

[jae718]

does anyone use H&R Block?
im thinking about using them this year

last year i used a guy that a family member knew and i broke even i don know if it was him or the amount im being taxed

 

[jae718]

does anyone use H&R Block?
im thinking about using them this year

last year i used a guy that a family member knew and i broke even i don know if it was him or the amount im being taxed

 

[elpurepecha]

Wish i got money back, i always have to pay more cuz im single, dont go to school, and the biz makes to much money for me.

 

[elpurepecha]

Wish i got money back, i always have to pay more cuz im single, dont go to school, and the biz makes to much money for me.

 

[navyboy24]

Go towards my daughters needs. The rest i would really like to invest towards something.

 

[navyboy24]

Go towards my daughters needs. The rest i would really like to invest towards something.

 

[villansfinest]

Originally Posted by Jae718

does anyone use H&R Block?
im thinking about using them this year

last year i used a guy that a family member knew and i broke even i don know if it was him or the amount im being taxed

I have dealt with people that use H&R block, and occasionally i have dealt directly with H&R block reps to resolve tax matters. My OPINION of them is not very high, but i have not yet narrowed down exactly why that is. I believe that they don't do much other than put your info into a computer system, similar to how you could do for yourself. Most of the problems that arise when i deal with them are a result of miscommunication between the H&R block rep and the client they are doing the taxes for. 

If you truly feel that your tax return forms would have been filled out differently for a different result, like a higher refund, or a lower balance due, i would reccommend trying a few different preparers and seeing how different the results are with each one. If your income is under $50,000 there's usually not a whole lot of 'tricks' for you to take advantage of.


  

 

[villansfinest]

Originally Posted by Jae718

does anyone use H&R Block?
im thinking about using them this year

last year i used a guy that a family member knew and i broke even i don know if it was him or the amount im being taxed

I have dealt with people that use H&R block, and occasionally i have dealt directly with H&R block reps to resolve tax matters. My OPINION of them is not very high, but i have not yet narrowed down exactly why that is. I believe that they don't do much other than put your info into a computer system, similar to how you could do for yourself. Most of the problems that arise when i deal with them are a result of miscommunication between the H&R block rep and the client they are doing the taxes for. 

If you truly feel that your tax return forms would have been filled out differently for a different result, like a higher refund, or a lower balance due, i would reccommend trying a few different preparers and seeing how different the results are with each one. If your income is under $50,000 there's usually not a whole lot of 'tricks' for you to take advantage of.


  

 

[villansfinest]

KingJames23 wrote:
Less than 1% of individual tax returns are audited (pretty sure that is correct). Tax returns are run through statistical programs that determine whether or not your return will be audited. It takes into account a lot of things, filing status, dependents, profession, zip code, etc. It spits numbers that the an IRS agent is gonna look at. They will further examine it and make a recommendation to their boss about an audit and the boss has the ultimate decision. Certain lines throw up instant red flags (home office deduction is one that comes to mind), anything that your SS is tied to that doesn't match what you put is gonna get you a letter.

For the most part it really isn't worth their time. They are more woried about C-Corps (at a particular level that I'm blanking on) the audit rate is 100%. They have IRS agent who have offices of those corps.
Another 'red flag' is the child and dependent care credit. So much fraud occurs with that.

The big bucks are on the business side. You have corps that file returns with astronomical amounts of income. That makes auditing them the highest probability for discovering additional tax.

Those statistical programs are really interesting if you've ever seen some of the results they put out.

On a side note, has anybody else checked out the 2009 winter SOI report from IRS?

Average US household income appx $58,000


  

 

[villansfinest]

KingJames23 wrote:
Less than 1% of individual tax returns are audited (pretty sure that is correct). Tax returns are run through statistical programs that determine whether or not your return will be audited. It takes into account a lot of things, filing status, dependents, profession, zip code, etc. It spits numbers that the an IRS agent is gonna look at. They will further examine it and make a recommendation to their boss about an audit and the boss has the ultimate decision. Certain lines throw up instant red flags (home office deduction is one that comes to mind), anything that your SS is tied to that doesn't match what you put is gonna get you a letter.

For the most part it really isn't worth their time. They are more woried about C-Corps (at a particular level that I'm blanking on) the audit rate is 100%. They have IRS agent who have offices of those corps.
Another 'red flag' is the child and dependent care credit. So much fraud occurs with that.

The big bucks are on the business side. You have corps that file returns with astronomical amounts of income. That makes auditing them the highest probability for discovering additional tax.

Those statistical programs are really interesting if you've ever seen some of the results they put out.

On a side note, has anybody else checked out the 2009 winter SOI report from IRS?

Average US household income appx $58,000


  

 

[cicero avenue dopeman]

dont do taxes but it be jammin durin tax season, ima get my jumpoff a new wardrobe

have ma look right this year

 

[cicero avenue dopeman]

dont do taxes but it be jammin durin tax season, ima get my jumpoff a new wardrobe

have ma look right this year

 

[kingjames23]

Originally Posted by villansfinest

Jae718 wrote:

---

does anyone use H&R Block?
im thinking about using them this year

last year i used a guy that a family member knew and i broke even i don know if it was him or the amount im being taxed

I have dealt with people that use H&R block, and occasionally i have dealt directly with H&R block reps to resolve tax matters. My OPINION of them is not very high, but i have not yet narrowed down exactly why that is. I believe that they don't do much other than put your info into a computer system, similar to how you could do for yourself. Most of the problems that arise when i deal with them are a result of miscommunication between the H&R block rep and the client they are doing the taxes for. 

If you truly feel that your tax return forms would have been filled out differently for a different result, like a higher refund, or a lower balance due, i would reccommend trying a few different preparers and seeing how different the results are with each one. If your income is under $50,000 there's usually not a whole lot of 'tricks' for you to take advantage of.


  



I agree H&R is @#%% they take like an 8 hour class and are "certified" to prepare your taxes. Personally you'd probably be better of just going with turbo tax or the like. Unless you do have a unique situation, then I'd go to a CPA.

 

[kingjames23]

Originally Posted by villansfinest

Jae718 wrote:

---

does anyone use H&R Block?
im thinking about using them this year

last year i used a guy that a family member knew and i broke even i don know if it was him or the amount im being taxed

I have dealt with people that use H&R block, and occasionally i have dealt directly with H&R block reps to resolve tax matters. My OPINION of them is not very high, but i have not yet narrowed down exactly why that is. I believe that they don't do much other than put your info into a computer system, similar to how you could do for yourself. Most of the problems that arise when i deal with them are a result of miscommunication between the H&R block rep and the client they are doing the taxes for. 

If you truly feel that your tax return forms would have been filled out differently for a different result, like a higher refund, or a lower balance due, i would reccommend trying a few different preparers and seeing how different the results are with each one. If your income is under $50,000 there's usually not a whole lot of 'tricks' for you to take advantage of.


  



I agree H&R is @#%% they take like an 8 hour class and are "certified" to prepare your taxes. Personally you'd probably be better of just going with turbo tax or the like. Unless you do have a unique situation, then I'd go to a CPA.

 

[airmaxes]

Taking down the school loans

 

[airmaxes]

Taking down the school loans

 

[dam itz lou]

What's the most you could make before you start paying ? I claim 1 all yr around.  I dont have any dependants.

 

[dam itz lou]

What's the most you could make before you start paying ? I claim 1 all yr around.  I dont have any dependants.

 

[you go boy]

going to into my savings like every year

 

[you go boy]

going to into my savings like every year

 

[biggie62]

Student Loans 

 

[biggie62]

Student Loans