It's Tee-AX Time!

[Murlo26]

8100, do you not have any deductions, lol, thats a lot!

I just found out i am getting 3600ish. Plenty for me Heres to paying off bills...mostly, oh and a little car love

edit: I meant with holdings, not deductions.

[asshanson]

Originally Posted by tpunx99GSX

$8100 back, going straight to savings, buying a house this year so it will def help.

That's for the last two years combined? If so, that is awesome.

Originally Posted by Murlo26

8100, do you not have any deductions, lol, thats a lot!

Sounds like he had a lot of deductions.

[ylimert01]

only did the federal so far and got 1500 back. just waiting on a renters credit to file the state.

[tpunx99GSX]

Actually thats just for 2010. Still have the tax guy doing 2009 and have to send him my mileage records.
I had a lot of deductions being in IT we can claim home office, internet, power, cell phone etc.
The thing is, is that jessica didnt make shit last year staying home with adrien most of the year put us in a lower tax bracket, and only working half the year but taxed at a much higher tax bracket most the year.
My large W2 from my current job, they are taking around 20%, but i ended up in a 15% tax bracket or something like that. (which is the way i like it, government controlled savings account )

Also you gotta look at a couple other points.
We have a 2 year old - thats $1000 minimum deduction
Obamas Stimulus - $800
Etc.

[DoughtCom]

I'm only paying in $780 this year but I just got my $5400 freelance check

[95tsi]

I'm paying in $520 yippee.

[MustGoFaster]

I expect to be +/- $50, same as last year.

[polishmafia]

Originally Posted by tpunx99GSX

I had a lot of deductions being in IT we can claim home office, internet, power, cell phone etc.

Tom, I know we've had our differences... but I pray you don't get audited. The actual rules state that if you have a desk, if you have a place in an office where you can sit your ass in every day, even if on call - None of that is deductible. Trust me, I've checked it every year for the last ten.

Take the actual written law and read it. Technically you can not deduct those things you mentioned.

[OMFGeofffff]

I don't get why taxact is telling me ill get $400-$500 back and then turbotax is telling me I OWE $1400.

[turbotalon1g]

Haven't done it yet.
Since we have been on unemployment for quite some time, we probably will be paying in.

[niterydr]

Originally Posted by MustGoFaster

I expect to be +/- $50, same as last year.

In my opinion that is the way to do it!
I just can't predict my deductions as the rules seem to change every year regarding homes and education.

[goodhart]

The wife and I are getting $8710 back total including renter's credit. HUGE increase from last year having our Son the whole year (He was born Nov 22nd 2009)and being married really helped.

[tpunx99GSX]

Originally Posted by polishmafia

Tom, I know we've had our differences... but I pray you don't get audited. The actual rules state that if you have a desk, if you have a place in an office where you can sit your ass in every day, even if on call - None of that is deductible. Trust me, I've checked it every year for the last ten.

Take the actual written law and read it. Technically you can not deduct those things you mentioned.

The main thing that allowed me to do that is that we are claiming it under the 1090 that i was during the first part of the year. Basically that i was my own business (sub contractor), so therefore a portion of my primary residence could be written off as a deductable, along with a portion of my electricity, internet, phone, etc. All items i was paying as a part of business expense.

[TheBlizzard]

I paid in 19,524 dollars, and got 1,023 back total, being single with no deductions = getting raped.

[Halon]

Originally Posted by tpunx99GSX

The main thing that allowed me to do that is that we are claiming it under the 1090 that i was during the first part of the year. Basically that i was my own business (sub contractor), so therefore a portion of my primary residence could be written off as a deductable, along with a portion of my electricity, internet, phone, etc. All items i was paying as a part of business expense.

So you claimed a portion of your internet, phone, etc correct? If you use the internet at your house 80% for personal, 20% for business, you can't (legally) write off 100% of your internet cost as business, at least that is how I understand it.

[tpunx99GSX]

Originally Posted by Halon

So you claimed a portion of your internet, phone, etc correct? If you use the internet at your house 80% for personal, 20% for business, you can't (legally) write off 100% of your internet cost as business, at least that is how I understand it.

Only for the months i worked did i claim the internet usage. And i didnt claim the entire thing.
Regardless, how would they really be able to PROVE what percentage you were actually utilising the internet for business or personal. They gonna look at logs of port usage as to what was using RDP or the like?
i am 100% sure i will not be audited, every thing we claimed was completly justified. The tax guy even was going to charge my milage of driving to and from work against my current W2 (also a contract position), but turned out the standard deduction did more for us than itemizing would on that.
Its alot easier to prove the write off of the home office when you actually have a dedicated room like we do that its only purpose is for computer and office work. Also what they do is take the sq footage of the room you have dedicated, and divide that by the sq footage of the home, then all other deductions are based on that percentage. So basically, when it comes to electricity, gas, and other home expenses it would be only 17% of the bill (i think thats what it was for us). Internet usage at the time was more like 70% business, 30% personal.

[Halon]

Home office/business write-offs are one of the most audited items from what I understand because of the fact that those who do it don't fully understand the entire process. I sure don't, but this is an area my friend is very close to. And the way I understand it, is if you are now writing off areas of your home as an "office", then there is depreciation in value of that area due to it being an office now, and legally you are supposed to be keeping track of that now, and when it comes time to sell your house, you need to take that into account. The way I understand it, a home office isn't just a big win win meaning you get to write a bunch of stuff off. That's the good part, but there is much more involved supposedly, and I'm curious if you are doing all of that, or just taking the "good" which is the write-off.

And true, they probably would have a tough time proving it. But my buddy does exactly that. He keeps phone records showing how much was actually used for work to prove that in case of audit. But if you are going to just write it off saying "how will they ever know", then good for you for being all about you and getting yours and damn the man.

[TheBlizzard]

Brandon your are right, my friend does taxes for a living and used to be one of the hated "auditors". Basically if you are not 100% legit and studied on what are you writing off you are eventually going to get whacked for it. The good thing is that I think they can only go back 3 years, but I could be wrong on that.

You may think there is gray area with taxes but there really isn't, and just when you think nobody is paying attention to the 'little fish' bam you get audited and they take your shit away piece by piece.

Toms not a dumb guy so I would hope he did his homework before a ton of write offs, if not it will only take once to learn a hard lesson. Most likely he won't get audited but who knows with the IRS.

[C3L1CA]

Statutory of limitations is 3 and a 1/2 years usually and they can go back 6 years I believe if they have been a nonfiler. At least that is how I believe it is at the state.

[tpunx99GSX]

I have studied up on a lot of that. But my tax guy is REALLY good at what he does, and at 90 bucks an hour he damn well better be. If i get audited its really ok, as i have records of everything.