Tax Returns-Yay

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there is a limit on sec 179 for vehicles

1. do you own your own company?
2. cost of truck?
3. when was it purchased?
4 you have an additional vehicle for personal use?
5. what type of return do you file?
6. if schedule C, did you keep track of mileage?
 
Hoping for around $6-10k. My bonuses are taxed as though I'm in the top tax bracket, so I should be seeing the difference returned at the end of the year.
 
Well updated all the info I was missing and it looks like I'll be getting $9500 fed, and $250 state, not to shabby
 
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will the return be much higher w/ the mortgage stuff, rather than with just the work stuff


with the standard deduction, i owed about $900 federal.. after i did my itemization, i only owe $40. i'm pretty positive that if i had a better idea of what i was doing (2nd year doing my own taxes) i could get more back.
 
Getting back about $1100. And we're putting in an offer on a house tomorrow morning to try and take advantage of the 6500 "move up" homebuyer credit. This is the first time in the past 5 years we've gotten money back.

For anyone using the homebuyer tax credits, you can still file now and file an amended return after your closing, or you can wait and claim it on your 2010 returns.

And to the OP, my advice is make sure you use someone who knows wtf they're doing. I would personally forego the fiberglass surround and get it all tiled, but everyone has their own preferences. Tile is gonna add more value down the road as long as you pick something fairly neutral.
 
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we're gonna do an amended return for last year.. the girl my fiance went to only did the short form w/ our mortgage stuff so we didnt get shit back.. doing it right this time.. so hopefully we get last years and this years.. that'd be nice
 
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 went through a state audit last year. Trust me. Our T's our crossed and our i's are dotted. Fucking nightmare. 10 years of records is a bitch to go through. And we have an accountant and it cost a ton to get everything straightened.
 
So i had anotehr quote for my bathroom make over using my tax return money.

$2500 Which includes

Demo of tile around the tub walls and putting up Fiberglass Surround
Ripping up and tiling the floor with Marble tile
Install new Vanity and Toilet and Baseboards
Removal of demo'd/replaced stuff

$500 to Reglaze my Cast Iron Tub

$750 In Material which includes

Fiberglass wall surround
New Vanity with granite top/Sink/Bruches nickel facuet
Mathcing Medicine cabinet
Natrual marble tile
Tub hardware(shower head, spout etc....)
New Toilet
New Paint(self painting)
 
You know, bathrooms are very easy and you could probably do it very easily.

Tiling is for dumbies by the way. If you can rent a movie, you can rent a tile saw. If you can make cookies, you can mix mud and grout.
 
You know, bathrooms are very easy and you could probably do it very easily.

Tiling is for dumbies by the way. If you can rent a movie, you can rent a tile saw. If you can make cookies, you can mix mud and grout.

honestly if it was a house I would try it myself...but since i live in a muli level condo with someone below me and on the side of me(shared walls), im not gonna risk flooding them out and putting a hole through their ceilings or walls.
 
You know, bathrooms are very easy and you could probably do it very easily.

Tiling is for dumbies by the way. If you can rent a movie, you can rent a tile saw. If you can make cookies, you can mix mud and grout.

You beat me to it.

The price you got quoted actually seems pretty reasonable depending on how big the bathroom is and the fixtures you're buying.
 
honestly if it was a house I would try it myself...but since i live in a muli level condo with someone below me and on the side of me(shared walls), im not gonna risk flooding them out and putting a hole through their ceilings or walls.

They are right. The mere fact that you are cognoscente of the possibility of failure indicates to me that there is absolutely no way you could fuck it up...
 
You know, bathrooms are very easy and you could probably do it very easily.

Tiling is for dumbies by the way. If you can rent a movie, you can rent a tile saw. If you can make cookies, you can mix mud and grout.
Yup, redid my kitchen all on my own; spent $500 total. We found black granite tiles on sale at home depot for $1 a sq ft. for the counters. Everything else was found on craigslist.
 
Just make sure you are taking the time to do it the right way and with quality materials. I don't want to see you on an episode of Holmes on Homes....
 
Just make sure you are taking the time to do it the right way and with quality materials. I don't want to see you on an episode of Holmes on Homes....

I've watched that show a couple times. All I can say is wow. People do some really shady, substandard work. Just remember, don't EVER pay for more than materials up front. Any decent contractor will accept those terms.
 
If you need a construction contact, hit me up. my buddy brandon is licensed/insured and SLOW right now....
 
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