This years taxes!

[bill]

I have my mom do my taxes every year because she works at a tax place. Nothing beats getting it filed for free. And I am getting back about 5500 this year. It is going to buy quite a few goodies. But I don't know how much I will actually use for the Talon.

[Halon]

That's a nice chunk of change!

[Kracka]

I just did my taxes online with TurboTax and TaxAct; both showed the same refund amount for me, but filing with TaxAct was $36 cheaper so I went that route. TurboTax is more user-friendly with less crap, ads, etc. on the site, but for a $36 savings I'll click "no thanks" a few times.

[Halon]

I just did my taxes online with TurboTax and TaxAct; both showed the same refund amount for me, but filing with TaxAct was $36 cheaper so I went that route. TurboTax is more user-friendly with less crap, ads, etc. on the site, but for a $36 savings I'll click "no thanks" a few times.

Awesome, I'm not alone :)

[Kracka]

Awesome, I'm not alone :)
For sure, it was your recommendation that made me decide to look beyond TurboTax (which I've used the past few years).

[john]

This is my first year with two jobs at the same time, I have heard it may "hurt" the return I would get. Anyone have any real knowledge about this?

Working more than one job will not directly hurt your return. Withholding choises are what matter.

Say one person works 2 jobs. Each employer will probably withhold a lower amount (say 15% tax bracket each job). Then, lets say by the end of the year, the individual's total income exceeds the 15% tax bracket and they are in the 25%. They owe 25% tax on certain wages which they only withheld 15% and a greater tax liability (or less of a refund) can happen.

If one is on salary for an income in the 25% tax bracket, they will typically withhold more money (to cover the $25% tax) and it will seem like a normal year.

Having two jobs isn't the problem though. This can be planned for and avoided with some tax planning.

[john]

I am not sure what to expect. I worked all tax season, took all summer off, then worked again. I am not going to file for my partnership as I plan on being in a higher tax bracket next year and would rather have the expenses written against a higher rate. No late file penalty for LLCs under 10 members. Worse case they make me file and claim a larger refund. Have two houses with loans, one without any loan, and a bunch of property taxes paid. Should get back a nice refund aswell.

I will be using the software at work as I can e-file for free.

[SLOW_V]

^^I had never known uncle sam forgiving in regards to late filings (filed past filing date) when money is owe to them regardless of which type of entity you file under. Usually, there is a penalty of fees they accessed and it is not worth doing. It is easier to spend 5min filing for extention then avoiding not to file. However, I would assume you are talking about in cases where IRS owes you money. Then no, you are right. You may have a few years to file.

The state on the other hand will attempt to calculate your tax returns base on w2/1099 reported to them and determine what you owe them (only if you dont file at all). Once they determine you owe them money. They will contact you directly. However, if deemed they owe you, they won't bother.

[john]

^^ I am a business tax accountant, and yea, the LLC only has expenses this year. I would rather offset the large capital gain I am planning for 2009. I will probably file anyhow to run depreciation on my viper (yes, company car) but still not sure.

[SLOW_V]

^^It's pretty cool you are a tax accountant....My job is to logically bullshit and paper push all day. I will look you up if I need any tax advice.