Comments | purrbaby: Taxes

purrbaby

Taxes

Apr 09, 2008 14:30

I normally go to H&R Block because usually I had something extra to consider -- currently in school, freelance work, a deduction from my 401K, etc. But this year, it's just my salary from my full-time job. I plugged the numbers into a 1040-EZ form and it looks like I will owe about $80 or so. Having H&R Block do my taxes will cost me $150ish -- do ( Read more... )

Comments 11

mickasso April 9 2008, 21:38:39 UTC

Do you take a lot of deductions? I used TurboTax for mine and I usually get back money.

purrbaby April 9 2008, 21:45:10 UTC

I don't even know what deductions I could possibly take..

mickasso April 9 2008, 21:52:24 UTC

Oh, I meant on your W-4, how much do you withhold, etc.? I hate all this tax terminology. It's confusing. I've never understood why they automatically take it out and we have to work to get our money back.

purrbaby April 9 2008, 22:17:12 UTC

I always forget what it is that I list on my W2. 0? 1? I dunno, whatever the designation is for single and one job.

lberghol April 9 2008, 21:54:11 UTC

Did you get a W2 from your full time work, or are you a freelance/contractor (I believe you get a 1099 for this)? After talking with our tax guy last night, I discovered that since I receive a W-2 for my "freelance" work,the government considers me an employee, and thus I can't take out any deductions related to that job. Matthew's ebay business however is considered "self employment" and thus he can take deductions for that.

I however there are other things you can write off I believe regardless; if you have medical expenses (COBRA, Doc visits, meds), gave to charity etc etc etc...but I think that the total has to amount to a certain percent of your income (maaaybe 7.5%) before it eclipses the standard deduction...

I'm no expert obviously...maybe theres some websites that might clear up the details.. taxes make my head hurt;)

purrbaby April 9 2008, 22:15:26 UTC

I got a w2; I've been full-time at NBC since I started here in 2006. I don't think there is much I could possibly (or truthfully -- I know some people kind of stretch the limits of believability with what they constitute as a deduction) deduct. Ii thiiink the only thing I could deduct is the interest I have paid on my student loans but I don't know if it will make much of a dent since I make over $50k.

HRM.

lberghol April 9 2008, 22:21:28 UTC

I dunno about how much, but you definitely could take a deduction for that, the cut off is $60K.. I think you can only deduct up to $2,500 though (which sucks cuz Matthew has about twice that)..but I'm not sure why that is or what the variables are... I am so uninformative! XD

deductions/H&R steelfox April 10 2008, 02:41:52 UTC

You may deduct only the amount by which your total medical care expenses for the year exceed 7.5% of your adjusted gross income. I've gotten this deduction two years running now (braces and orthognathic surgery), and it rocks. I think standard deduction for a single person is around $5,000 (?) and a couple is closer to $10,000. Basically, unless you either own a home, have a crapload of kids, or spent a HUGE amount on charity/home business/medical expenses, you're not going to beat the standard deduction. If you don't beat the standard deduction, then there is no real reason to pay for your taxes to be done ( ... )

rustdangel April 9 2008, 22:13:29 UTC

we use turbo tax, and there's a federal free edition available online. it helps you find deductions easily...

http://turbotax.intuit.com/

Tho we don't use the free one, husbands mom used to be the asst mgr at chase Manhattan (before they moved from NY to IL), she buys it and does all of our taxes.

purrbaby April 9 2008, 22:21:01 UTC

I will have to try this when I get home! Thanks!

taeha April 10 2008, 00:51:40 UTC

Don't go to H&R Block, all they do is have some barely trained person use the same tax software in the same way you could if you could do it. I don't know what the most common software is in the US, from the previous comments it sounds like Turbo Tax. I've used QuickTax since about 2003, and it has always gotten me a refund and been easy to use. I got fed up after going to H&R Block, and then one of those in-the-mall tax booths. I could see the screen and they were just using regular tax software anyone could buy! Then I wondered why I was spending $150 to get these people to do what I could do myself with $40 software.

Again, don't know how it works in the US, but up here if you have any self-employment income (such as sketchcard sales or commissions) and you take a loss, that can defer your taxes for your regular day job. I was able to claim my trip to comic-con last year, the cost of convention tables and art supplies, and it netted me a nice tax refund -- almost $900, woo!