Tax Time...again

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B said:
i wonder if i can get away with head of household, seeing as E lives in my basement. lol
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you should have enough to itemise, so it won't matter.
 
true... my itemization will far exceed 8k. i'm hoping for 30k of itemized deductions :)

21k for mortgage interest
6k for server and licensing fees
and i'll find 3k in various places like city car taxes, etc.
 
i haven't put them anywhere.. i won't be doing my taxes for at least another month.

it still gets written off as a business expense though
 
technically i'm not a business though... i'm "self-employed". i do not have an llc, or anything like that.
 
schedule C is for self employed you don't need an llc or an ein or anything
if you're not using a sch c you should definately get some "people"

 
so people that work for a company or other people on a regular basis and get paid with no taxes being taken out are the ones who are generally 1099 right? what if they dont ever get given a 1099 statement by their employer(s)?
 
Then hopefully they saved up.

You get a W2 and you file a 1099 and have to pay the taxes that you didn't pay when you got regularly paid.
 
totalburnout said:
Are you a 1099?
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Its from distributions from an inherited IRA (used for DP on a house) and I didn't do any witholdings. I left money in the IRA to pay for the taxes this year. Of course the market has taken a HUGE SHIT since then and there is barely enough to cover the taxes now.

I will get to deduct mortgage interest for 6 months, property taxes and claim (some) of the losses from stock. I forget what the annual maximum is for that?
 
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if you get paid and they don't give you a 1099, you are still required (lawfully) to claim the income.
 
B16 said:
Its from distributions from an inherited IRA (used for DP on a house) and I didn't do any witholdings. I left money in the IRA to pay for the taxes this year. Of course the market has taken a HUGE SHIT since then and there is barely enough to cover the taxes now.

I will get to deduct mortgage interest for 6 months, property taxes and claim (some) of the losses from stock. I forget what the annual maximum is for that?
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You can take those losses year over year, even if you max them out this year.
 
totalburnout said:
You can take those losses year over year, even if you max them out this year.
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Good, thats what i've been told. Its roughly $20,000 in losses. :( How much can I claim per year though?
 
since about 25% of my income is bonus money im hoping I get a good 3k or so back. Id like to save some and then pay some of my credit card debt which isnt much. trying to save some money for a new s2000 wheel that comes out in may. cant wait!
 
B16 said:
Good, thats what i've been told. Its roughly $20,000 in losses. :( How much can I claim per year though?
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I would have to check an updated figure, I have a feeling the maximum may have been increased in the last year or two based on the turn the market has taken. :eek:ph34r:
 
Ronny Cage said:
since about 25% of my income is bonus money im hoping I get a good 3k or so back. Id like to save some and then pay some of my credit card debt which isnt much. trying to save some money for a new s2000 wheel that comes out in may. cant wait!
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I'm afraid what will be happening to my bonus money since it was taxed as "unearned income".
 
stock loses are limited to 3k (last years figure, have to check this year limit)
you can take your stock loses to offset any realized gains you had last year, plus the 3k loss
 
Dunno who Im filling with yet, but I do have my W2.

Usually get about $250 back.

Question: I was always told its good to get a little back and not owe anything, which is what Ive always done. True?
 
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