It's Tee-AX Time!

[Halon]

Originally Posted by 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.

I'm sure he is much more of an expert than I will ever be. You should maybe ask him about that though. If you claim a home office in your house, and use it as a write off, you should ask him how that affects the value of your house, and what sort of consequences there are when the time comes to sell your home. I think you may run into some additional capital gains taxes if you sell the home (which now includes a depreciated home office) for a profit. This is why I have never dived into the home office write-offs. I "could" write some stuff off, but the way I understand it is if it's all done legally, it's not just as simple as getting to write off some additional stuff. And I personally don't know enough about it all to consider it worth-it for me to even try.

Anyhow, not trying to second guess you. But just hopefully you understand all of this, and you may get a slightly nicer return now, but in the future there may be consequences when you ever decide to sell your home as the value of that office has now depreciated, and additional taxes may come into play on any gains you've now made when you sell it.

[tpunx99GSX]

Originally Posted by Halon

I'm sure he is much more of an expert than I will ever be. You should maybe ask him about that though. If you claim a home office in your house, and use it as a write off, you should ask him how that affects the value of your house, and what sort of consequences there are when the time comes to sell your home. I think you may run into some additional capital gains taxes if you sell the home (which now includes a depreciated home office) for a profit. This is why I have never dived into the home office write-offs. I "could" write some stuff off, but the way I understand it is if it's all done legally, it's not just as simple as getting to write off some additional stuff. And I personally don't know enough about it all to consider it worth-it for me to even try.

Anyhow, not trying to second guess you. But just hopefully you understand all of this, and you may get a slightly nicer return now, but in the future there may be consequences when you ever decide to sell your home as the value of that office has now depreciated, and additional taxes may come into play on any gains you've now made when you sell it.

I can ask, but honestly, i really could care less as to what it does to my house... because i rent it.

[asshanson]

Just e-filed both Federal and State, I'm getting $1500 back combined (600 fed, 900 state), and I took 4 withholdings on my w4 this past year.
Next year will probably be a lot different since I moved to Iowa, trying to get rid of my condo up there, and a bunch of other stuff. I'm claiming 0 on my w4 for 2011, just to be safe.

[A//// Guy]

Bump! Good article:
http://custom.yahoo.com/taxes/articl...his-tax-season

[tpunx99GSX]

Originally Posted by A//// Guy

Bump! Good article:
http://custom.yahoo.com/taxes/articl...his-tax-season

I feel number 2 is more of a preference thing. I would rather give a interest free loan and get it back at the end of the year (like this year) so that i can use it on a large purchase. forced savings works for me. This year with our refund we are using it on a down payment on a house. However if i was throwing the extra 10-100 bucks back in my check, i would end up spending it. And 401k is great, but i aint gonna see that money till way later. AND Dog Forbid i claim wrong and end up paying, yeah we all love that.