V.2014 ITS BALLING SEASON AGAIN.....TAXES!!! Where you doing yours?

I always claimed 0 and usually get back between 800-1000. No complaints from me.

Need to look into the whole student loan interest thing
 
Advance? Basically... their saying I will give you $1,000 today for your $1,500 refund that will be direct deposited into our bank account in a few weeks. Easy money for that company.
 
An advance? Gonna forfeit roughly a 1/3rd of your refund to get money back a couple weeks early :lol:
 
SunDOOBIE said:
Advance? Basically... their saying I will give you $1,000 today for your $1,500 refund that will be direct deposited into our bank account in a few weeks. Easy money for that company.
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i dont think it will be that much probably like $150 total for them doing my taxes and the refund. The loan fee is usually like $30 per $1000. The highest they can go in my state atleast

I get 5k back so I aint  but they probably wont let me do it because i owe the state $500 that will come out my taxes
 
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ROYALTY D said:
am i doing something wrong? i filled out the IRS withholding calculator to the best of my knowledge and it says to file as single with 22 exemptions....
da fuq?
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What did you put for the job start and end date?
 
ROYALTY D said:
Jan 1 to dec 31
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Yea it is confusing I see. I dont know I tried it as well. I think im going to remove it from this thread

basically it is suppose to tell you how much tax you would owe/overpay with your current situation as of now

the maxium allowance is 10 so yea that got me
 
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I would try this one. This one gives you a true number. For yours it said 5, which is correct because I claim the same with 1 dependant 1 job

http://www.paycheckcity.com/calculator/w4assistant.html?execution=e2s1

My friends check he claims 5 allowance now compared to 0 , they use to take out about $140 per biweekly check which equals somewhere around $3900 per year

Now they take out $40 per biweekly check which equal say $1040

-So since his tax liababilty is $0 since he get child tax credit and EIC he will get a refund of $1040 instead of the $3900 but he is getting a extra $200 monthly by claiming 5 allowance.

-If he didnt get EIC or child tax credit then he would even owe and get nothing back and owe nothing

So the calculator above is correct if you want to even out them claim your right allowance, if you have children and get other tax credits regardless you will get a refund for what you paid in vs even out. Usually single people no kids no nothing just a job even out because they dont get any tax credits etc

hope that makes sense
 
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Good looks on the advice. I'll change my w4 when I get to work tomorrow. So basically I change my "0"'s to "1" so that the total equals 2? If so, I'll get on it ASAP
 
nawghtyhare said:
i swear i only see u around tax season :lol:
repped though for all the advice ur always willing to share with us
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Hare, PM me if you want to discuss your personal situation, i would gladly provide you any assistance you are interested in asking for.


EVERYBODY ELSE; let's not kid ourselves, there is no such thing as free money.

you will see in this thread discussions about what to "claim" on your W-4 form. Advice is only as good as the information it's based on, but the general idea is...

the more exemptions you claim on your w-4 form, the less your employer takes out of your paycheck to give to the government, the bigger your weekly/pay period check will be, the smaller your "refund" will be in the future.

the less exemption you claim on your w-4 form, the more your employer takes out of your paycheck to give to the government, the lower your weekly/pay period check will be, the bigger your "refund" will be in the future.

Claim too much on the the W4, and you will owe money come tax time (but will have bigger checks all year)
Claim too little on the W4 and you will get a bigger refund come tax time ( but will have lower pay checks all year.)



i am a firm believer that each specific individual only has ONE (ONE ONE ONE) correct tax situation... so if you're getting conflicting or inaccurate advice, please continue looking or do your own research until you are satisfied. SOME things are based on preference, but when it comes down to what you put on your government forms, there's a right, and a wrong, a correct, and an incorrect. be honest with yourself, and you will arrive at the correct outcome.

PS>>> got my w2's and other docs online, did my taxes last night, looking to get small amount of refund in the next few weeks... will use it on some new music toys and a treat for my GF.
 
btw, the new threat is identity theft. i encourage everybody to file their own tax returns asap, electronically, and by requesting a direct deposit refund when possible.

id thieves have ramped up their production in the past few seasons. you want to attempt to file your returns asap; if your e-filed return is online, it "blocks" the id thief from filing using your information after you.

id theft is serious business. please use your own info asap in order to maximize the potential that you get what you want.
 
Tax question. I received a 1099K for paypal transactions, how do I prove that my intention wasn't made to make a profit but instead to keep my "hobby" going?
 
Every penny (around $7k) will be going into an account for my wife & baby daughter, just like last year. :pimp:
 
Getting about a stack back.. No complaints this way except I need a better job
 
JamesBRustled said:
Tax question. I received a 1099K for paypal transactions, how do I prove that my intention wasn't made to make a profit but instead to keep my "hobby" going?
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Money made on hobby are considered income as well. But u can deduct expenses related to hobby to offset it.
 
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JamesBRustled said:
Tax question. I received a 1099K for paypal transactions, how do I prove that my intention wasn't made to make a profit but instead to keep my "hobby" going?
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Here's the IRS page regarding your questions. (No easy answer!)
http://www.irs.gov/uac/Business-or-Hobby?-Answer-Has-Implications-for-Deductions
Depending on the amounts, you may fly "under the radar" if you don't report the 1099K..., but then you would run the risk of being audited and asked to "prove" the dollar amounts involved in reselling, i.e. how much you paid for item, vs how much you sold item for, and possibly any costs associated with completing the transaction as NRG1604 eludes to above.

I did a quick transactional history search on my paypal and ebay accounts and found out that i was able to locate my "purchase price" for kicks i bought 8 years ago. i'm starting to sell some of them off now, so i thought it would be important to look into that.

in the future, you may wish to "structure" your business or transactions to avoid these requirements:
http://www.irs.gov/Businesses/New-1099-K-Reporting-Requirements-for-Payment-Settlement-Entities
 
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I was just talkin to my chick about plans wit our return. She was tryna shut down every thing I said tho LOL. between me and her and our kids we get about 12k back total....
 
The 7th Mile said:
First off, **** both of y'all. I take care of my seed. I got a BM that dnt wanna see me prosper if we not together so she do whatever to make my life hard. She wanted me to pay her 500 a month, I agreed to 4, and she said no.I told her to suck my **** and she put me on child support, where I was ordered to pay 190 a month. I been on for a few months and paid it about twice until she start talking **** so I stopped, you not using it on my kid anyway I buy all her nice clothes, on my insurance, live with me 3 days out the week. **** that, she need to be paying me.
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I KNOW THAT FEEL BRO

BM wanted 3 bills monthly, I told her 2 bills monthly. BUT everytime I payed her she wanted to be a hard *****. I got fed up and said screw it. Now I get hit with that child support. NO LIE this is waaaaaaayyyyy better than dealing with her BS still. I get mad embarrassed when they send the letters to my job tho. I get all sorts of looks. Don't matter tho as long as little one knows im there and im doing my part
 
i plan on heading to the bay. for realsie.

entire trip is like $300 for 4 days right now. fly jetblue LAX to SFO or OAK is $98 + hotwire hotel for $68 a night :pimp:
 
laugh.gif
All you big-time resellers getting that surprise from paypal. Have fun documenting it all.
 
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