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Tax Time

Discussion in 'Open Discussion (Work-safe)' started by NorthShoreBuck, Feb 4, 2005.

  1. NorthShoreBuck

    NorthShoreBuck True Madness Requires Significant Intelligence

    I will admit I am a little, OK a lot, different than most folks on this but I have sent my Federal tax return in this week. As usual I get a small refund. I prefer to owe money but the additional child tax credit did me a favor.

    I do owe the state some but I have until May to pay so I will sit on it until April.

    Anyone else done?
    Getting a refund, shame on you.

    I use free software TaxAct and it keeps my records from year to year and does a comparison. It also shows what the averages are for the categories that I use.

    We donate a lot of stuff, time and money to charity but I usually just take the $500 limit.

    I also have very short commute but drive my vehicle a fair amount for business and I write that off.

    I take everything I am entitled to but do not push the limits.
    It is not worth the time and grief for an audit.

    About once every three years I get a question on some part of my return from the IRS.
     
  2. osugrad21

    osugrad21 Capo Regime Staff Member

    Did mine last night...getting a nice Federal return, although smaller than last year, and a nice state return. I used the H&R Block E-File program...very simple as it had imported all of my personal info from last year.
     
  3. LightningRod

    LightningRod Senior

    Done. E-filed the federal and state returns. A few $$ back from the fed, and quite a few $$ back from the state due mainly to a tax credit for purchasing long term care insurance. I head to Ohio next weekend to take care of the family's tax returns.
     
  4. Thump

    Thump Hating the environment since 1994

    I usually do my own taxes on Turbo tax but this year I got married and bought a house and thought it may be out of my league a bit and have decided to have someone else do my taxes this year.

    Question, can I write off home improvements? I bought a fixer-upper and put about $20,000 into it. New drywall and plastering, rewired and replumbed the whole house. Had a well drilled, put in a water filtration system. Added a half bath and laundry room, repainted the whole place ceilings and all. Put in new carpet and wood flooring. Had $2600 of new slate put on my roof.

    Any ideas?

    I'm sure AKAK, gbear, or NYBuck can answer these questions.
     
  5. NorthShoreBuck

    NorthShoreBuck True Madness Requires Significant Intelligence

    21

    Didn't your mom used to do your taxes?
    Or was that your homework?:)
    Taking illegal deductions now?
    She will be so disappointed.

    Thump
    You cannot write this off unless you took out a loan which is qualified.
    It does go toward reducing you profit by raising the cost basis in the future when you sell but I think you can protect up to $250K of profit now.
     
  6. Thump

    Thump Hating the environment since 1994

    You should always try to work to where you get no money back or at least owe a little.
     
  7. osugrad21

    osugrad21 Capo Regime Staff Member

    She did before this year...but she is caught up in the Ormet Strike and does not have the time.

    I figured sitting on my ass all week provided a great opportunity. Only deduction I took was the educator's out-of-pocket deduction and the Interest on my student Loans.

    I work best with lumps of money instead of the gradual savings...thank God that is how our coaching supplements are done as well.
     
  8. Thump

    Thump Hating the environment since 1994

    I always max out the educator dedection as well. Also if you've bought a new computer or anything write that bitch off as well.
     
  9. BuckStocksHere

    BuckStocksHere Semper Fi!

    Nearly done.

    I owe about 1 G. Not bad, but I'll make adjustments (again) to try to get myself closer to 0.

    No free loans to the gov't from me....
     
  10. osugrad21

    osugrad21 Capo Regime Staff Member

    See I don't do the long form...I'm still a quick form-filer.

    I don't own enough to actually make it worth filing a long return...

    Single, no kids, renter....no point really
     
  11. Thump

    Thump Hating the environment since 1994

    I used the EZ until this year as well. It's cake to fill out.
     
  12. jcfiesta

    jcfiesta Rookie

    Getting a big check back. Has to do with paying estimated quarterly taxes based on the previous (2003) years income. Involved in an S corp and purchased a piece of new machinery which allowed us to take an accelerated depreciation schedule and some other tax incentives - you accountants probably know better than I. This decreased our incomes/corp profit alot in 2004 which is a good thing.
     
  13. BrutuStrength

    BrutuStrength It's time to bring it! Staff Member

    I would like to be done, but I was still waiting on some tax papers that finally arrived this week. I hope to complete my taxes this weekend. I have used TurboTax for the past 5 years or so, and that works well for me.
     
  14. matz2

    matz2 Sheeeeeeeeeeeit!

    I filed my federal return last week. I should receive my refund in the next few days... :biggrin:
     
  15. Buckeye737

    Buckeye737 Sophmore

    Just so there's no confusion on that, if you had taken out a home equity loan for the improvements, the interest paid on the loan would be an itemized deduction.
     

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