Tax Time...again

[jamesA]

closed 2/29/08 - grey enough?

lol on the leap year. nice, does that mean you can only tell people how long you've owned your house every four years?

I signed my life away for my house on 2/28/07.

 

[chestercheeto48]

Right it is kinda of a random day to close on a house.... It would only be nice to pay property tax once every four years as well.......

 

[YouKnowWhoIBee]

single with no real deductions... still bringing in close to 900 federal, and 190 state

Just filed within 10 minutes using taxact.com.

 

[JDMPlaya]

My wife started to babysit last year out of our home, Anyone have any guides as to what she can write off?

 

[nootrac22]

My wife started to babysit last year out of our home, Anyone have any guides as to what she can write off?

guess it would depend on how you have the business set up.

Tax Topics - Topic 509 Business Use of Home

 

[reckedracing]

Daycare Facilities




If you use space in your home on a regular basis in the trade or business of providing daycare, you may be able to deduct the business expenses even though you use the same space for nonbusiness purposes. To qualify for this exception, you must have applied for (and not have been rejected), been granted (and still have in effect), or be exempt from having a license, certification, registration, or approval as a daycare center or as a family or group daycare home under state law.

Instructions for Form 8829 (2007)

its general practice to only claim a % of your home
based on total sq footage vs the sq footage you use SOLELY for your business (aka and office or workshop)
daycare gets an exception to this rule because you use your home for both business and yourself

 

[JDMPlaya]

Thanks!

 

[chestercheeto48]

1800 back for State and Fed. Not bad considering I had some consultant work that put me into the self employed catagory.

 

[reckedracing]

Did you file a schedule C and claim expenses against your consulting self-employed income?

 

[chestercheeto48]

Yes but it wasn't that much. I think my total earnings was like 2500.00 for the year. So the expenses weren't that great.

 

[George777]

I entered in my info to a few different sites, and each one came back with a different number. I went with the one that gave me the most. $1885 from the feds, but I owe $160 to the state.

 

[reckedracing]

I entered in my info to a few different sites, and each one came back with a different number. I went with the one that gave me the most. $1885 from the feds, but I owe $160 to the state.

uhm...
what was causing the differences?
thats kinda like playing russian roulette, lol
i probably would have looked into that a little more if i were you

Yes but it wasn't that much. I think my total earnings was like 2500.00 for the year. So the expenses weren't that great.

schedule C's can(should) have losses for the first 2 years in operation

 

[George777]

uhm...
what was causing the differences?
thats kinda like playing russian roulette, lol
i probably would have looked into that a little more if i were you

I have no idea. I entered it into Taxslayer.com and they came back with $899 fed, -$250 state. I went to TurboTax.com and they came back with $1885 feds, -$160 state, and taxact.com said $748 feds, -$225 state.

All the information was entered in the exact same way on all three sites.

One of my buddies said he tried Taxslayer.com and also did TurboTax, and his TurboTax estimate was about $700 more than taxslayer was. I don't know how that is, but I made sure I verified that everything was 100% accurate across all the sites.

I'll just cross my fingers and hope it doesn't bite me in the butt...

 

[Bob Vila]

Getting back 5100 from Fed, 287 from State. Thought we were going to end up paying this year after moving yet again into higher tax brackets. Next year will be interesting though as our househould will be touching 175k

 

[Briansol]

you'll have the kid tax to offset it though....

 

[Bob Vila]

I'm still nervous about it. I use the tax money to kick start spring projects. lol Hello new driveway and landscaping this year. Its basically all rainy day money/goes into the house fundage.