Tax Season 2016
- Thread starter reckedracing
- Start date
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I am a bit curious how you manage to claim Married/6 and still get back 10k on your taxes, that's impressive.
I guess it is mortgage interest and property taxes (around $17,000 a year)? I also donate about $3,000 annually to charity, but that doesn't seem to move it much. I also get a large bonus each year which I believe is taxed differently.
i finally filed today. not too difficult, i just get nervous that i'll forget a form or something. I should be ok though.
I'm curious what buying a house this year will do for my taxes. this year will be my highest income i've had with the most discounts ever as well. hopefully i'll get a good return next year.
I'm curious what buying a house this year will do for my taxes. this year will be my highest income i've had with the most discounts ever as well. hopefully i'll get a good return next year.
if you use turbotax you may be able to play with last years return to get an idea.
plug in your expected annualized w2 figures, and then see how the mortgage interest and RE taxes change the bottom line.
those 2 variables will be hard to predict but it might give you a nice baseline to compare to.
the downside to those deductions is that you have to actually spend the money on mortgage interest and RE taxes to receive the deduction, and its not a dollar for dollar tax write off, so it ends up costing you more to save a little on the tax. its a perk, but not necessarily worth the expense.
plug in your expected annualized w2 figures, and then see how the mortgage interest and RE taxes change the bottom line.
those 2 variables will be hard to predict but it might give you a nice baseline to compare to.
the downside to those deductions is that you have to actually spend the money on mortgage interest and RE taxes to receive the deduction, and its not a dollar for dollar tax write off, so it ends up costing you more to save a little on the tax. its a perk, but not necessarily worth the expense.
I'm halfway through collecting my numbers. I hate companies that don't mail 1099s for under 500 rev. makes it much harder to find everything, and i still need to report the income :/
Owning a house is mint. I mean, you end up paying the interest to the bank (money you likely would have paid in rent anyway), but you get to write it off. So, you still lose money. lol but not as much. It's the easiest way to break the standard deduction (6300 if i recall). Most new home owners would pay over $1000 a month in interest, and property taxes, etc all come off too. I also stuff a ton of money into my traditional 401k to keep my reported earnings lower than they should be.
Owning a house is mint. I mean, you end up paying the interest to the bank (money you likely would have paid in rent anyway), but you get to write it off. So, you still lose money. lol but not as much. It's the easiest way to break the standard deduction (6300 if i recall). Most new home owners would pay over $1000 a month in interest, and property taxes, etc all come off too. I also stuff a ton of money into my traditional 401k to keep my reported earnings lower than they should be.