Taxes Rant :-/ - TriStateTuners.com :: Home of Tristate Auto Enthusiast

smoger · 01-19-2006, 04:40 PM

no,.. im not complaining that i have to pay taxes.. im ranting because i grossly misunderestimated them. this is the first year i worked full time the whole year AND did not have school expenses to get a credit for.

i thought for sure id be getting a decent refund, but i was waaaay off and it looks like i actually owe a little bit. i havent figured in my student loan interest yet so i ASSUME that will at least cover what i owe... but man this sucks.

guess my car wont be paid off quite as quick as i thought :-P

oh well.. i just started my 401k so those deductions should help me for 2006.

i guess thats all.. other than that,.. any pros out there with general tax tips?

9 Ball · 01-19-2006, 04:46 PM

Uncle Sam has a way of giving us all a reality check. lol

FFG · 01-19-2006, 07:45 PM

Legally the gov alots you $7300.00 a year for deductions that are work related. I always put in for tolls and gas, food etc... I never reach the 7300 but you are alowed to eather use that deduction or the actual amount, whichever works in your favor.
For me I use the $7,300.00 because it works in my favor as far as deductions go. Also you might want to look into EIC( earned income credit) if you make less that 25-30k a year you qualify. Basically it gives you all your federal back. It really helps out but not a lot of people know about it. When I used to qualify I was all over it and would always get a lot of money back.

Good luck

ScoobyNubieToo! · 01-20-2006, 12:31 AM

My taxes are gonna be a nightmare for 2005! I have a total of 6 W2s (2 for me and 4 for the WAPCE), I rented a house for half the year and owned one for the other half, and I used 4 different daycares during the year. I dread doing my taxes this year.

poolmike · 01-20-2006, 12:41 AM

Get a very aggressive accountant

DropTopChevy · 01-20-2006, 12:47 AM

I did mine for last year for the first time and I used turbotax but i still wanted to pull my hair out.

2point4DSM · 01-20-2006, 12:52 AM

I have a couple friends who use to go to a certain accountant. Not too long ago they found out he moved to Canada, lol. Seems this was around the same time they got audited.

Anyway, here goes a nice write-up on tax tips.

http://www.bankrate.com/brm/itax/news/20010214b.asp

poolmike · 01-20-2006, 12:55 AM

I will never do my own taxes again. One of my long time customers is a tax accountant for the IRS. He will do my taxes FOREVER! TurboTax doesn't dig deep enough into daily expenses for write offs that everyone is entitled to.
It's just my opinion but a good tax accountant is worth alot more than what they charge.

2point4DSM · 01-20-2006, 01:09 AM

Quote:

Originally Posted by DropTopChevy

I did mine for last year for the first time and I used turbotax but i still wanted to pull my hair out.

I used H&R taxcut software last year after the local accountant fubar'd another year's state income tax form. The software is definitely better than working it out on paper but it was still annoying. One year I tried H&R block and not only did it cost 6x more than their software but we ended up writing a check out to Uncle Sam at the end of the visit. So I think I'm going to work with the computer questions again this year rather than talking to a real person. Not to mention, it is so much more relaxing being able to yank on your hair in the comfort of your own chair, lol.

One of these days I'm going to have to find a real and good accountant. Anyone have any leads....

smoger · 01-20-2006, 01:24 AM

thanks all. i guess im just gonna enter the loan stuff and take whatever i get. its not worth it for me to get an accountant..

i have no investments, dont own any property, just have a normal desk job(no work expenses), etc, etc so i doubt that i will be better off doing itemized deductions.

i guess all in all this is just the shock of more than doubling my salary since last year. next year should be pretty similiar or only slightly higher income so i guess ill be more ready for it, plus like i said with my 401k ill have a good chunk less of that taxable

igo4bmx · 01-20-2006, 01:38 AM

what do u do for a living?

smoger · 01-20-2006, 08:45 AM

nothing exciting.. it manager for a line of small magazines

01-19-2006, 04:40 PM	#1
smoger Tri-State Post Whore Join Date: Jan 2005 Location: philly Member #64 iTrader: (1)	Taxes Rant :-/ no,.. im not complaining that i have to pay taxes.. im ranting because i grossly misunderestimated them. this is the first year i worked full time the whole year AND did not have school expenses to get a credit for. i thought for sure id be getting a decent refund, but i was waaaay off and it looks like i actually owe a little bit. i havent figured in my student loan interest yet so i ASSUME that will at least cover what i owe... but man this sucks. guess my car wont be paid off quite as quick as i thought :-P oh well.. i just started my 401k so those deductions should help me for 2006. i guess thats all.. other than that,.. any pros out there with general tax tips? __________________ To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. , To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. \| 2000 Black Acura 3.2TL To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. .. all car enthusiasts are welcome

01-19-2006, 04:46 PM	#2
9 Ball Tri-State Post Whore Join Date: Jan 2005 Location: Philadelphia PA Member #70 My Ride: 2003 Mitsubishi Evolution VIII iTrader: (0)	Uncle Sam has a way of giving us all a reality check. lol __________________ 150,000 miles and counting.

01-20-2006, 12:31 AM	#4
ScoobyNubieToo! Tri-State Post Whore Join Date: Sep 2005 Location: Williamstown Member #862 My Ride: WRB 2004 WRX Wagon with 07 STI Trans and Longblock inside! iTrader: (7)	My taxes are gonna be a nightmare for 2005! I have a total of 6 W2s (2 for me and 4 for the WAPCE), I rented a house for half the year and owned one for the other half, and I used 4 different daycares during the year. I dread doing my taxes this year. __________________ 2004 WRX WRB Wagon with 07 STI Trans and Longblock inside! See my member's journal here: To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures.

01-20-2006, 12:47 AM	#6
DropTopChevy Tri-State Post Whore Join Date: Mar 2005 Location: In a big house Member #242 My Ride: 2002 2.8 30V V6 iTrader: (6)	I did mine for last year for the first time and I used turbotax but i still wanted to pull my hair out. __________________ The great thing about being an architect is that you can walk into your dreams. - Harold E. Wagoner, 1986

01-20-2006, 12:52 AM	#7
2point4DSM Tri-State Post Whore Join Date: Jun 2005 Member #505 My Ride: 08 Sienna Limited AWD, 07 John Deere riding mower, 03 Honda Pilot, 92 GSX iTrader: (0)	I have a couple friends who use to go to a certain accountant. Not too long ago they found out he moved to Canada, lol. Seems this was around the same time they got audited. Anyway, here goes a nice write-up on tax tips. http://www.bankrate.com/brm/itax/news/20010214b.asp __________________ - Wil 08 Sienna, limited AWD w/ laser guided cruise control, FTMFW!

01-19-2006, 07:45 PM	#3
FFG Tri-State Aficionado Join Date: Oct 2005 Location: PA Member #936 iTrader: (0)	Legally the gov alots you $7300.00 a year for deductions that are work related. I always put in for tolls and gas, food etc... I never reach the 7300 but you are alowed to eather use that deduction or the actual amount, whichever works in your favor. For me I use the $7,300.00 because it works in my favor as far as deductions go. Also you might want to look into EIC( earned income credit) if you make less that 25-30k a year you qualify. Basically it gives you all your federal back. It really helps out but not a lot of people know about it. When I used to qualify I was all over it and would always get a lot of money back. Good luck

01-20-2006, 12:41 AM	#5
poolmike Tri-State Post Whore Join Date: Jun 2005 Location: Richboro Member #543 My Ride: '68 Kaiser M715/ '37 Ford truck/'47 Dodge truck iTrader: (0)	Get a very aggressive accountant

01-20-2006, 12:55 AM	#8
poolmike Tri-State Post Whore Join Date: Jun 2005 Location: Richboro Member #543 My Ride: '68 Kaiser M715/ '37 Ford truck/'47 Dodge truck iTrader: (0)	I will never do my own taxes again. One of my long time customers is a tax accountant for the IRS. He will do my taxes FOREVER! TurboTax doesn't dig deep enough into daily expenses for write offs that everyone is entitled to. It's just my opinion but a good tax accountant is worth alot more than what they charge.

01-20-2006, 01:24 AM	#10
smoger Tri-State Post Whore Join Date: Jan 2005 Location: philly Member #64 iTrader: (1)	thanks all. i guess im just gonna enter the loan stuff and take whatever i get. its not worth it for me to get an accountant.. i have no investments, dont own any property, just have a normal desk job(no work expenses), etc, etc so i doubt that i will be better off doing itemized deductions. i guess all in all this is just the shock of more than doubling my salary since last year. next year should be pretty similiar or only slightly higher income so i guess ill be more ready for it, plus like i said with my 401k ill have a good chunk less of that taxable __________________ To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. , To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. \| 2000 Black Acura 3.2TL To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. .. all car enthusiasts are welcome

01-20-2006, 01:38 AM	#11
igo4bmx Tri-State Post Whore Join Date: Jun 2005 Location: Under the bar... Member #592 My Ride: 2009 Audi A3 Quattro, 2008 BMW X5, 2003 WW Evo8, 2000 Turbo SOHC Civic iTrader: (1)	what do u do for a living? __________________ BOOST doesn't get you laid. Roofies and some creativity does however Tuned by some white dude @ a shopwithbigtrucks.com "You get what you pay for" - thanks captain obvious, unless you bought rotas and received volks.

01-20-2006, 08:45 AM	#12
smoger Tri-State Post Whore Join Date: Jan 2005 Location: philly Member #64 iTrader: (1)	nothing exciting.. it manager for a line of small magazines __________________ To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. , To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. \| 2000 Black Acura 3.2TL To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. .. all car enthusiasts are welcome

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