This years taxes!

[tpunx99GSX]

Originally Posted by 1QUICK4

If you think Obama has anything to do with your 2008 taxes you need to get a clue Tom.

Look at the quote. my comment was quoting the small business part, where he will be allowing the write off of $250,000 in equipment for small businesses instead of the $125k. (great for small businesses looking to purchase more to help the economy)
And giving $3000 tax break for each new employee hired in the next 2 years. (excellent to make businesses hire and bring down the unemployment rate)

[1QUICK4]

You will get a decent chunk back from your interest. I was getting 4K a year the past 3 years from the feds. In the many years before my house it was only 1300-1500.

[1QUICK4]

Originally Posted by tpunx99GSX

Look at the quote. my comment was quoting the small business part, where he will be allowing the write off of $250,000 in equipment for small businesses instead of the $125k.
And giving $3000 tax break for each new employee hired in the next 2 years.

A small buisness owner talking about his 2008 tax filings.


Obama hasn't put his plans in place yet he's only talked about them. Some of his ideas are good, but how much will it cost to hire the new employees to get a 3K write-off.

[polishmafia]

Originally Posted by 1QUICK4

You will get a decent chunk back from your interest. I was getting 4K a year the past 3 years from the feds. In the many years before my house it was only 1300-1500.

Wow nice. Thats about what I've been getting the last few years. Now with the house, this one should be even better.

[hippiekiller]

Originally Posted by v8klla

Wow, looking pretty positive for small business

Sounds like you guys need to do another tax return sale...


Tax returns this year for me are all about fun. Should be wrapping up most of the GSX. Then I think my dad and I are going to Galapagos or something after I finish up school in May.

[dumb_ricer]

I can't complain with my tax return! $22xx will go a long ways towards getting me out of debt!

[Halon]

Originally Posted by 1QUICK4

You will get a decent chunk back from your interest. I was getting 4K a year the past 3 years from the feds. In the many years before my house it was only 1300-1500.

Pretty much the same for me. I usually got around 1000 back (combined Fed and State). Now with the house, my return is usually around 5000 (combined).

[tpunx99GSX]

Originally Posted by 1QUICK4

A small buisness owner talking about his 2008 tax filings.


Obama hasn't put his plans in place yet he's only talked about them. Some of his ideas are good, but how much will it cost to hire the new employees to get a 3K write-off.

Not sure what you mean by the first statement. but as for the second. Obama has not taken the presidency so therefore he cannot put his plan in place, duh. He has been working with Congress on this plan so that basically his first week he can sign it in, as well as closing Gitmo and other things.

We will be using our tax returns for our move to MN. Im kinda wondering how this IOU system will work for california. You really know your state government is broke when they send you an i.o.u.

[asshanson]

Pete, don't forget about PMI as well, that likely will be rolled up into your mortgage/escrow payment. On the tax form they give you it will list out taxes paid, PMI paid, and interest paid. I think my writeoff the past two years was around 12-14k.

My prior returns were around 750-1000 combined, last year it was a bit over 4k, but I had 0 withholdings claimed on my w4. This year I upped it to 3 and I'm looking at getting around 3k back.

[polishmafia]

Originally Posted by asshanson

Pete, don't forget about PMI as well, that likely will be rolled up into your mortgage/escrow payment. On the tax form they give you it will list out taxes paid, PMI paid, and interest paid. I think my writeoff the past two years was around 12-14k.

My prior returns were around 750-1000 combined, last year it was a bit over 4k, but I had 0 withholdings claimed on my w4. This year I upped it to 3 and I'm looking at getting around 3k back.

Ahh good call on the PMI. Thankfully I'm going back to the same guy thats been doing my taxes for the last 4 years. He knows all this stuff, and he doesn't charge me alot.

[Halon]

I suppose I'm lucky that I don't have to deal with PMI. Awesome that you can write it off though!

Anyone know any locals that do taxes for a fair price?

[asshanson]

Brandon you're lucky, unless you own 20% of your place already, but seeing as you're in the 3rd year I doubt it unless you put a lot down, especially since home values haven't increased much since that time either.

I have to shell out almost $800/year for the PMI.

[Halon]

I had no down payment. I just went with a company that didn't require PMI.

And no, I highly doubt I own 20%. But at the same time, I also don't just pay the minnimum monthly payments. I save some money for the sole purpose of putting it towards my house. Usually once or twice a year, I put down a lump sum payment towards my principle. I'm trying to pay this bitch off early!!

[Swifty1638]

I got tools, uniforms, union dues, donations, etc to write off. And, this is the FIRST year in my life of working, that i only have 1 w2 to file! Last year, having 2 jobs actually hurt me..dunno how or why. But, hopefully this year it will be different.

-A. Swift

[EclipseGST]

I just bought my 1st home Dec 31st... Worked with the bank to take out 2 mortgages so I could get around PMI and I actually pay the house off faster and save money together. 1st mortgage for 80% and the 2nd for 15%. Only had to put down 5% and the seller paid closing!

Since I bought my house between June 2008 and June 2009 I qualify for the First Time Home Buyer tax credit. Basically its a $7500 government interest FREE loan. Dont have to start making payments for 2 years (2010 taxes) You pay $500 a year for 15yrs and it comes out of your tax return. You already pay in so really you dont see it.

I'm getting around 10k back just because of the credit, so that will go to all new appliances and a remodel for the 1st floor. Feels good to finally own a home! Although say goodbye to any time for the DSM...

[s1ngletracker]

hoping to get back nothing.

[crazy_skier]

weekend money and a lift kit for the jeep.

[niterydr]

Originally Posted by EclipseGST

I just bought my 1st home Dec 31st... Worked with the bank to take out 2 mortgages so I could get around PMI and I actually pay the house off faster and save money together. 1st mortgage for 80% and the 2nd for 15%. Only had to put down 5% and the seller paid closing!

Since I bought my house between June 2008 and June 2009 I qualify for the First Time Home Buyer tax credit. Basically its a $7500 government interest FREE loan. Dont have to start making payments for 2 years (2010 taxes) You pay $500 a year for 15yrs and it comes out of your tax return. You already pay in so really you dont see it.

I'm getting around 10k back just because of the credit, so that will go to all new appliances and a remodel for the 1st floor. Feels good to finally own a home! Although say goodbye to any time for the DSM...

Congrats! Hopefully I can find a creative lender or two next year when I am ready to purchase a home.

[brando]

im still waitiong for my other w2's. i still need 3

[tpunx99GSX]

What do you guy use to file? Do you use one of these online ones, turbotax? What are some of the better ones out there. I was thinking of trying Turbo Tax.