Tax Time...again

[totalburnout]

I'm scared.

Haven't examined the tax ramifications of my quarterly bonuses. Right now I'm unsure of where I'll stand on whether I owe or if I'll see a refund. I do know that Uncle Sam will be hitting me in the top bracket which is a heart breaker. Not enough to be right, not enough to be poor.

 

[totalburnout]

Going to pay a firm to do mine, getting a 2nd opinion. why?

I owe the state $12,500 (i'm in CA, should I send THEM an IOU?)
I owe the fed $25,000

Sucks.

Are you a 1099?

 

[gomezkun]

Blah ~ I won't get any W2s until this friday.
I have a friend back home that used to work for the Revenue department that does my taxes all the time. Everyone is telling me that I can expect a good return seeing as how I was deployed for a while.

If all comes through, I want to;
~Pay off my BB CC
~Tint my windows
~Go to Mexico

 

[austin20110]

Just got my main work w2 so far... still waiting on all my stocks/iras/financial's, 1099-int's, and about 10 1099-misc forms.

i'm probably going to owe again.
Luckily i can write off about 21,000 in mortgage interest

bank > me

i thought i was cool because i had a savings account... damn B sounds like you got it going on... iras 1099's or whatever wanna teach me this stuff lol





but anyway hoping to get some money back to put into the civic or the baby on the way... if thats even true

 

[Briansol]

wanna learn money? head over to SavingsTalk.com


oh, and i use H&R's tax cut software. Why? Because if you file with them (for a modest fee) they will represent you free of charge should you ever get audited. With my situation, i very well am bound to get audited at some point in my life, so the $30 is well worth it to me.

 

[awptickes]

oh, and i use H&R's tax cut software. Why? Because if you file with them (for a modest fee) they will represent you free of charge should you ever get audited. With my situation, i very well am bound to get audited at some point in my life, so the $30 is well worth it to me.

Turbotax does that too.

 

[dacheat]

heard a radio promo today saying using turbotax online to do simple fed filing = free. sweet. unsure if i get to file simple yet or not though....waiting for paperwork to arrive.

 

[nootrac22]

heard a radio promo today saying using turbotax online to do simple fed filing = free. sweet. unsure if i get to file simple yet or not though....waiting for paperwork to arrive.

but the electronic filing/refund costs.

 

[jamesA]

im waiting on my w2

gonna use mine to get my Mazda fixed if i dont have it fixed by the time i get my return back

That will freaking be grand right there. I won't have to listen to the "can't get my truck outta the driveway!" whining.

 

[dacheat]

but the electronic filing/refund costs.

ohhhhhhhh there's always a catch

 

[FLounder]

i am 1099 and i will owe many thousands... yay

 

[Briansol]

you guys who are 1099 should really file 1/4'ly, at least an estimated tax.

 

[hondasaurus]

i heard the new treasury sec used turbotax...
i did last yr, prob will again. last year i owed a few hundred fed and state. this year i started paying back student loans so i can deduct that and will prob owe state couple hundred and get several hundred from fed. prob just save for house w/ it.

 

[eg6sir]

how do you know if you're a 1099?

 

[BigJ]

I didn't work a single job on paper, and did all my jobs as cash. I hope I don't get audited like I did 2 years ago, but I should be fine because I kept most the money out of my bank account.

 

[nootrac22]

first off, deductions are used only if you itemise. You itemise only if you itemised deductions are greater then the standard deductions which are as follows:

On the basis of filing status, the standard deduction for 2008 is
Standard Deduction for 2008
Single
$5,450
Head of household
$8,000
Married filing a joint return
$10,900
Qualifying widow(er) with dependent child
$10,900
Married filing a separate return
$5,450

 

[nootrac22]

IRS says about 1099s
A Guide to Information Returns

Who must file Information Returns?
Any person, including a corporation, partnership, individual, estate, and trust, who make reportable transactions during the calendar year must file information returns to report those transactions to the IRS. Persons required to file Information Returns to the IRS must also furnish statements to the recipients of the income. Filers who have 250 or more must file these returns electronically.

 

[Briansol]

1099 is generall how you get paid if you're a consultant, not an employee.

 

[Briansol]

i wonder if i can get away with head of household, seeing as E lives in my basement. lol

 

[awptickes]

i wonder if i can get away with head of household, seeing as E lives in my basement. lol

Only if you claim him as your dependant. Which will increase his taxes.