posted
No, actually I hate the paperwork associated with taxes.
I do mine as early as possible each year because I usually get a refund, but I simply hate going through all this. This is taking my entire weekend!
My sister's a CPA, so that helps a great deal, and we sit down and go through it all on her TaxCut software -- and I always find out there was a bunch of stuff I was supposed to keep track of during the year that I didn't, etc. <SIGH> I really, really, hate paperwork. It is probably my biggest weakness.
So I finally get it done on TaxCut, and then go on-line to file electronically, just to have their dear program come up with a DIFFERENT answer than TaxCut.
And I have to get it done right, so I can turn around and renew my son's FAFSA form on-line this weekend as well.
posted
Don't hate taxes or the tax forms. Hate the politicians who make the TaxCode laws so ridiculously complicated -- and so force bureaucrats to design ridiculous rules & regulations, and ridiculous tax forms comply with those rules & regulations -- to ensure that you will have to pay much more than your fair share while those who are far wealthier can shelter their income from taxation due to legal loopholes that you aren't allowed to use.
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Farmgirl, TaxCut has an error in their earned income credit tables. I believe the tables are off by 1,000. So, if TaxCut said you were getting a bigger refund than the other program did and you take the earned income credit, that is probably it.
Posts: 171 | Registered: Jun 2001
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jack, Well, we downloaded the latest patch/update from TaxCut before begining the process. I do get the earned income credit, however, so I will doublecheck that part. The difference seems to be in what line item they are putting the Advance Child Credit that was received during the year last year.
sndrake -- definately only the non-West Nile mosquitoes. Those disease carrying ones almost claimed the life of a friend of mine this past year -- I definately hate them MORE than taxes!
Mosquitoes are a constant in my life during the summer. Our apartment sits in the lowest point of our part of the apartment complex (we're on the first floor). To top it off, the patio outside the apartment is shaded the entire day. Very damp and dark - mosquito heaven.
At this point, I'm assuming I've most probably been exposed to the virus and been one of the lucky ones that shrug it off. The only time I wear repellent is when I'm out fishing or similar situation in which I'll be sharing space with mosquitoes for a prolonged period.
Posts: 4344 | Registered: Mar 2003
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I think my little tiny itty bitty 140 buck refund might be ganked by the government if I am not careful
Posts: 9942 | Registered: Mar 2003
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Farmgirl, I downloaded the patches before beginning, too. It was still off by a $1,000. (Like, if you had income of $20,000, it gave you the earned income as if you had made $19,000.) I did a friends taxes the old-fashioned way (paper and pencil) and then decided I was going to get TaxCut for myself anyway, so I ran his numbers through to see if I'd missed anything. I had. I missed $92. However, it tried to give an extra $160 in EIC, for a grand total of $252. I'm glad I double checked before telling him I was done.
Posts: 171 | Registered: Jun 2001
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I'm actually in agony right now, because it appears somehow that Christy's employer didn't withhold enough cash; as it stands, even with all the deductions I can come up with, it looks like we owe over $1300 + penalty. I have absolutely no idea why, since we both started a new job last year and took the standard exemption.
So just in case I'm doing something wrong -- or, rather, TaxAct Online is doing something wrong -- I'm going to drop by H$R Block this week and see if they can figure out what happened. I hate paying somebody to do something that SHOULD be so basic, but it's worth $100 to me if they can save me $1000.
Posts: 37449 | Registered: May 1999
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Tom, given the administration's stand on abortion, I think if Christy was pregnant for even one instant in 2003, you can claim the child as a deduction.
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To give you an idea, BelladonaOrchid, most folk aren't allowed to deduct the interest cost of a rowboat or a motorized fishing boat cuz its recreational.
But the truly wealthy can deduct the interest/mortgage cost of a yacht as a "second home" because the door is tall enough to walk through without stooping. Oh and that dingy/rowboat or motorized boat stashed onboard their yacht? Yep, deductible as a "necessary part" of the ship. Or they can have their company purchase the yacht, and additionally write off much (maybe all, haven't checked recently) of the non-interest costs of owning&running a yacht as a business entertainment expense. Amazing how an average individual's entertainment is always recreational and taxable, but a businessman's entertainment is non-taxable for the receiver and a legitimate deduction for the giver.
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Tom, don't do it! Don't go to that company! $100? Yeah right!
I can help you with your taxes, no travel required. Just scan the 1040s you've been working on and call me at home. Or, you can spend the $169-$300 you would have spent there to drive here and I'll help you for free.
posted
That's interesting cuz I actually lived in a 32foot wooden sailing sloop as my primary home. And tax deductions were disallowed because entry to the cooking&living area was through a horizontal deck hatch rather than a doorway.
For instance, when you finish a basement, if you put in a drop ceiling, then it only counts as 1/3 of heated square footage when calculating the square footage of your home for appraisal. If you have 1200 square feet of heated basement with a drop ceiling, it only adds the value of 400 square feet.
But, if you sheetrock the ceiling in, it counts in full. Stupid, though, because if you sheetrock in the ceiling, you cut off all your access to your plumbing and wiring, if there's ever a problem, now you'd have to cut holes in your sheetrock.
Posts: 14428 | Registered: Aug 2001
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posted
Heh. Farmgirl, dude, the title of this thread had me ready to jump in and start berating you about federal subsidation of farming.
Actually, now that I'm in here, I'd be interested to hear the opinion of someone who may benefit directly from those subsidies. How do you feel about them?
Posts: 3293 | Registered: Jul 2002
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quote:I'm actually in agony right now, because it appears somehow that Christy's employer didn't withhold enough cash; as it stands, even with all the deductions I can come up with, it looks like we owe over $1300 + penalty. I have absolutely no idea why, since we both started a new job last year and took the standard exemption.
If the withholdings for this year were greater than your tax liability for last year, there'll be no penalty. Also, if the withholding was incorrect because of the employer's actions, they have to pay the penalty. To determine this, just figure out if the withholding was correct based on your wife's W-4. Of course, your wife may not want to get her employer in trouble with the IRS, although if they have a payroll company they would probably be in trouble.
posted
oh, by the way -- in follow up to the original post of this thread.
The error, of course, turned out to be totally human error (mine). When using tax cut, we somehow got the figure for what I contributed to my 401 (k) in there twice, doubling it -- which threw everything else off. Once we found the error, both programs matched up perfectly.
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