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Tax return time..


r6allstar

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Finishing the basement! Tried for a Man Cave but the wife says we need a family cave instead. Doing the majority myself but will probably contract out the drywall finishing. Never could figure out the touch to get that crap smooth. Anyone on here know anyone that can do drywall?

Moose?

Edited by jporter12
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Just got an inexpensive quadcore pc, something like this one:

http://www.tigerdirect.com/applications/SearchTools/item-details.asp?EdpNo=5006279&CatId=5140

I've had great luck with refurbished electronics. I figure they've had twice as many checks as the normal stuff.

Haven't had time to load the virtual machines yet. Encoding H264 with Handbrake is very nice. :popcorn:

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I'm getting a new frame for my bicycle, a ticket for my daughter and I to see the family in England, a Violator 2000 with Rabbit Ear or Dolphin attachment, and depending upon how that goes... maybe an engagement ring. :ky:

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What constitutes a 'complex filing'?

Any of the out-of-the-box software solutions should be able to walk anyone through their taxes, no? I mean, all the forms are sent to you, the software asks what forms you have, you input information, answer some questions, and viola... taxes complete.

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I agree with JRMiii, TurboTax should be able to walk you through anything pretty easily. I've done my own taxes for as long as I can remember, the software will walk you through all your income, deductions, credits, etc.... I've got a copy of the 2009 TurboTax deluxe (w/ free state download) if you want to try it. I'm not sure where I can upload it to, its a 85mb file.

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What constitutes a 'complex filing'?

Any of the out-of-the-box software solutions should be able to walk anyone through their taxes, no? I mean, all the forms are sent to you, the software asks what forms you have, you input information, answer some questions, and viola... taxes complete.

3 W-2s, work from home, municipality taxing was screwed up part of the year, mortgage (including the work from home and depreciation), ended vehicle lease, about 5 1099-ints... and the wife and I have nearly identical income, so we have to look at filing separately or filing together..... which means paying for TurboTax twice... and such....

Plus there's a lot of deductions TurboTax and HRBlock show that we are right on the borderline of being able to take them (but because of our income they may only be applied if we separate our filings)

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Here's what I do each year... you might think it's smart, dumb, or indifferent, I don't really care - I've always done it this way ever since I wasn't able to do the 1040-EZ (so, basically since I was over 18).

I fill out the information on Turbotax, TaxAct, HRBlock, etc... whatever software there is out there. It's all free to download on the net right from the company websites.

After filling out all the information and answering the questions, I figure out which program gives me the highest return - and that's the one I pay to file with (which I deduct from the return). I think last year I used a program that was $60 to file, but netted me an extra $100 in a return over the $40 program, so it was worth the $20 extra to put $100 ($80 net) in my pocket.

Each program tells you what your return is prior to filing and you only PAY the company once you file, so it's really easy to compare what program you're better using.

What I don't get is people that go to professional tax preparers, when (at least from my experience) all they do is ask you the same questions and click the same buttons you would've if you would've been in your underwear at home - and they charge you for it.

Considering that being a tax consultant is a low-wage seasonal position at many companies - should tell you something about the level of expertise needed to file your taxes. That's not to confuse these people with tax attorneys or CPAs, but these are the types of people you Mr. John Q Public is going to see at your local "professional tax preparer".

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So first, that's what I did the last 2 years, but there are a lot of things you need to be aware of when filing married, with a mortgage where it's possible you may need to file separately. But there are a lot of what-ifs and things to be aware of.

For example, you say you always deduct your tax prep software, you can only deduct tax prep if it equals 2% of your AGI... assuming you pay $60 for the software that would mean your income is $3,000... which might explain why you wolf down those $1 steaks so fast :D

In terms of filing separately, how do I spread our mortgage across our filings? Do I take the majority, does my wife, or do we spread it? Since out combined AGI puts us in a different bracket than we would filing individually, does it make more sense to apply our deductions on her return to drop her down a bracket, or use them on mine to try and get me down to another bracket.

Secondly, I use a CPA, I'm not talking about going to HRBlock or some Liberty Tax Services bullshit.

Edited by Likwid
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What I don't get is people that go to professional tax preparers, when (at least from my experience) all they do is ask you the same questions and click the same buttons you would've if you would've been in your underwear at home - and they charge you for it.

Considering that being a tax consultant is a low-wage seasonal position at many companies - should tell you something about the level of expertise needed to file your taxes. That's not to confuse these people with tax attorneys or CPAs, but these are the types of people you Mr. John Q Public is going to see at your local "professional tax preparer".

I get all of what you're saying, and cannot disagree. I don't have the time or patience to download, install, and enter the info into all 3 programs. Actually, we use a lady that's been doing taxes for my wife's family for years. She charges about what it would gost for the software, we make a visit to her and visit while she enters it all into her program, enter our bank account info, and in a week or 2 see the money show up in the bank.

I thought about getting into the tax prep racket, but there are just way too many tax laws to worry about, and record keeping, etc...

A former co-worker always does them for friends and family, uses turbo tax, but just prints them out to be mailed. I think he does it free, or people just give him a "gift" or something for doing it. He did mine for a couple years and wouldn't take anything for doing it.

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Everyone better just be happy they're either paid up or getting a refund. Shit's getting serious with the IRS.

Acquiring Shotguns

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Submit quotes including 11% Firearms and Ammunition Excise Tax (FAET) and shipping to Washington DC.

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