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Tax Season Again, NEED ADVICE?

Discussion in 'Members' Lounge' started by reckedracing, Feb 16, 2008.

  1. reckedracing

    reckedracing TTIWWOP VIP

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    so its tax season again and i'm working weekends now

    anyone have any tax questions?
    throw em at me

    if you need services we can talk
     
  2. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Whats the best way for a married couple to not have their paychecks raped by taxes, yet still get a decent amount of money back instead of oweing?

    How is both people in a marriage claiming 0, but claiming married, bad?

    Someone told me the person in the marriage who makes more should claim single, with 1 exemption, with the other claiming married and 0 exemptions.
     
  3. reckedracing

    reckedracing TTIWWOP VIP

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    when did you and bodydropped get married?

    married 0 should be sufficient to cover taxes but prob not much of a refund
    hard to say without exact numbers

    there's no way to not have your paycheck raped and still get a good refund
    refund just = what you overpaid during the year
    you pay less you get less of a refund, you pay more you get more of a refund
    of course its best to get as small of a refund so you're not letting the gov't use your money interest free.

    if both people have an extra 10 bucks kept from each weekly paycheck then they'll get an extra $1000 in their corner at the end of the year
    tell them to have a kid, then they'll see a refund
    not really worth it in my opinion
     
  4. BodyDroppedNikes

    BodyDroppedNikes ...PENDEJO.... VIP

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    caught in a mosh...
    question about HSA (Health Savings Accounts):

    is an HSA account considered income? and what are the penalties, if any, if you use it for personal use instead of using for medical reason? just curious.
     
  5. reckedracing

    reckedracing TTIWWOP VIP

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    usually HSA contributions are taken out before taxes, so they are not considered income

    Do my contributions provide any tax benefits?
    Your personal contributions offer you an “above-the-line” deduction. An "above-the-line" deduction allows you to reduce your taxable income by the amount you contribute to your HSA. You do not have to itemize your deductions to benefit. Contributions can also be made to your HSA by others (e.g., relatives). However, you receive the benefit of the tax deduction.
    If my employer contributes to my HSA, does that also provide me any tax benefit?
    If your employer makes a contribution to your HSA, the contribution is not taxable to you the employee (excluded from income).
    Can I make contributions through my employer on a “pre-tax” basis?
    If your employer offers a “salary reduction” plan (also known as a “Section 125 plan” or “cafeteria plan”), you (the employee) can make contributions to your HSA on a pre-tax basis (i.e., before income taxes and FICA taxes). If you can do so, you cannot also take the “above-the-line” deduction on your personal income taxes.

    What happens if I don’t use the money in the HSA for medical expenses?
    If the money is used for other than qualified medical expenses, the expenditure will be taxed and, for individuals who are not disabled or over age 65, subject to a 10% tax penalty.

    more info here
    U.S. Treasury -HSA Frequently Asked Questions
     
  6. jamesA

    jamesA Well known pissed off telephone guy VIP

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    My buddy and his wife both claimed married and 0 on their W2s and have owed two years in a row, my sister in law talked to her boss (CPA) about it and one of them should be able to claim an exemption (his wife) and single, while she claims married and 0 exemptions. That'll work right?
     
  7. reckedracing

    reckedracing TTIWWOP VIP

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    ooh, you're covering it up with a "my buddy" hypothetical eh?

    are either of them self employed?
    have various small jobs?
    any additional sources of income, stocks interest dividends?

    if you're talking 2 people who work 40 hour a week salary jobs i'm very surprised they owe
    there has to be something else, or they're both claiming they have a dependant for withholding purposes?

    he would be better off claiming no exemptions and single, and just to be on the safe side she should do the same
    are they filing married filing joint?
    or married filing separate?

    almost sounds like one or the other files a schedule c and is getting hit with self-employment tax
     
  8. jamesA

    jamesA Well known pissed off telephone guy VIP

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    One is a confinement officer and one is a school teacher. I'm not covering anything, just trying to have a serious conversation for a change of pace.

    From what he told me, both him and his wife claimed 0 and married on their returns, yet couldn't come close to the standard deductions non-itemized. Somehow they both owed, and are still owing from their 2007 taxes.

    I don't know how he didn't get any credits off the doors and insulation he put in, but they just had a baby and I told him to change around his W2s to single with 1 exemption (due to the newborn).
     
  9. reckedracing

    reckedracing TTIWWOP VIP

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    sounds like their payroll/employer fucked up on their witholding
    or someone fucked up their tax return
    who's doing the return

    the credit for doors and insulation is small but they should have gotten something

    who's doing their taxes?

    as long as they don't make too much they should get the earned income credit for the child next year so they should be sitting pretty
     
  10. jamesA

    jamesA Well known pissed off telephone guy VIP

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    I don't know who does their taxes.

    Whats the best route for their W2s?
     
  11. reckedracing

    reckedracing TTIWWOP VIP

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    its hard to say without specific numbers
    if their income isn't too high they'll be eligible for the EIC and will get a nice refund

    to be on the safest side to guarantee a refund they should claim single 0 for both of them
    difference in paycheck shouldn't bee too bad and they will def be safe from owing
     
  12. Celerity

    Celerity Well-Known Member

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    What is the best way to fake my fucking death ?
     
  13. reckedracing

    reckedracing TTIWWOP VIP

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    you should contact the IRS and talk to them about an offer in compromise

    best way to fake your death?
    i'd say almost impossible given your situations
    perhaps a large chipper/shredder
    a corpse
    and your id left near the scene with your lunch bag or something?
     
  14. honda_boy911

    honda_boy911 New Member

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    if you work a seasonal job, and get laid off in the winter. when its time to do taxes and say you put your regular job T4 in a quicktax program, and then you have to add your unemployment T4 slip should it raise your refund or lower it?? thanks
     
  15. reckedracing

    reckedracing TTIWWOP VIP

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    i work with the IRS/US taxes, not familiar with canada tax laws

    in the US you report normal wages form a w2 and your unemployment compensation from a 1099g

    unemployment compensation is fully taxable by the IRS and the state taxabiity depends on your individual state

    that being said, unless you had taxes withheld from your unemployment then it will reduce your refund.

    this is what i found on canada's unemployment
     
  16. honda_boy911

    honda_boy911 New Member

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  17. Briansol

    Briansol Admins Admin VIP

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    i have a pile of tax forms, varous 1099's, w2's, etc.

    Can i burn them?

    [​IMG]
     
  18. reckedracing

    reckedracing TTIWWOP VIP

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    we would recommend you save them for AT LEAST 7 years before you burn them

    that sure is quite the pile, how long were you adjusting that for just the right effect on the camera
     
  19. Briansol

    Briansol Admins Admin VIP

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    point and click baby! :D
     
  20. reckedracing

    reckedracing TTIWWOP VIP

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