Tax Returns-Yay
- Thread starter corvetteguy78
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I got $2,010 back from Federal and $370 from State. Its already been deposited in my saving account to go towards spending money in Tokyo and Hong Kong.
heads up for first time home buyers
your federal return will need to be paper filed
Form 5405 requires a copy of your closing/settlement statement to be attached to the return
those documents are not on the approved list of documents that can be "attached" to an efiled return
you can expect your return to take up to 6 weeks to process
so if you thought you'd be getting that money back in the normal 2 weeks for an efiled return, think again
i also suggest you get it in asap, in case the gov't changes its mind or starts throwing out IOU's like cali did last year
your federal return will need to be paper filed
Form 5405 requires a copy of your closing/settlement statement to be attached to the return
those documents are not on the approved list of documents that can be "attached" to an efiled return
you can expect your return to take up to 6 weeks to process
so if you thought you'd be getting that money back in the normal 2 weeks for an efiled return, think again
i also suggest you get it in asap, in case the gov't changes its mind or starts throwing out IOU's like cali did last year
it will be quit a bit more than before and you qualify for more things becuause your income is lower. in 2009 i bought my house but only paid on it for 8 months and just under 9k in intrest and no property tax and it made mine over 1k more than it was last year and i only made 55k last year. i got about 3200 total
UNDR8D
...has a job!
If I could rep you +1000 I would. This is so true and is a great example of the little things we can do to FIST our out of control government every year. It IS an interest free loan and is a travesty. We should pay in our share...no more and preferably much less.
What exactly do you do?
My father and I operate a small residential construction company.
Edit: This sounds like I make money. I don't. I'm a shareholder I guess in it, mostly for tax purposes. We had employees before and the costs of having them is far higher than the benefits, so for the longest time we subcontracted out all our employments to other licensed and bonded contractors until recently where we've slowed down to one house at a time. At that, I get paid a set amount and owe personal taxes on that, and also the company gets taxed in sales, wholesale, and other realms.
Edit: This sounds like I make money. I don't. I'm a shareholder I guess in it, mostly for tax purposes. We had employees before and the costs of having them is far higher than the benefits, so for the longest time we subcontracted out all our employments to other licensed and bonded contractors until recently where we've slowed down to one house at a time. At that, I get paid a set amount and owe personal taxes on that, and also the company gets taxed in sales, wholesale, and other realms.
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assholes, I hate companies that pull that shit, by law they cannot be sent out later then the 31...
For the record, we only send out tax stuff on the 31st if an employee quit/left on bad terms. For the most part we hand them out the first week of jan or whenever they come in.
i assume this is either a partnership or an s corp
make sure you and your father both take a "reasonable" salary from the business
then any other profits made from the business can transfer over to you via the K1 and you avoid SE tax on those earnings
its also required by law that all passive partners do receive a salary, the IRS is cracking down on this because people are skirting the SE tax by just claiming all earnings on the K1. fastest way to get your self an audit this year
and remember, its not unusual for businesses to post a loss every few years, especially in a recession
if you're just a subcontractor for the business and you receive a 1099 make sure you're claiming all your expenses
we owe like 400 to the feds because one of the wifes job didn't take out for it but we are getting back like 1200.00 from the state. Money will/has been spent on 18 inches of blown in insulation for the attic and a 15 X 30 foot deck on the back of the house. We are trying to knock off the list of home improvements as quick as possible.
Here is the list:
Re pave driveway - Done
Deck
Insulation - Done
Upgrade fireplace
Finish Basement
New roof
Siding
Landscaping with fence
Here is the list:
Re pave driveway - Done
Deck
Insulation - Done
Upgrade fireplace
Finish Basement
New roof
Siding
Landscaping with fence
alaskancodkiller
Senior Member
Still working on mine. Trying to figure out how the truck works with my company... I use it 100% for the business, but don't know how much I can write off. any help?
