Tax Time!

[Jim Oaks]

It's that time of year to start doing your taxes and see if you gave Uncle Sam enough money!
















I have to do a schedule C for the TRS Fab site and will hopefully have enough deductions and expenses to show as little profit as possible.

Anyone know if there is anything new this year with the IRS?

 

[LearjetMinako]

Great. . I don't like taxes. Just to figure out if you owe the government money. If I get any money back, I spending it on ammo.

 

[Mark_88]

Don't know about you guys, but if I don't come up with a $10,000 RRSP contribution before March I'm going to owe the Big Beaver money...

 

[souldoubt88]

Great. . I don't like taxes. Just to figure out if you owe the government money. If I get any money back, I spending it on ammo.

 

[Hardwareman]

I hate everybody that gets refunds because my refunds get intercepted every year for child support. BLAH!





Allen

 

[Southern3.0]

I don't get a refund, as far as uncle same knows, I don't have a job.

I think I worked 3 or 4 hrs at Sonny's BBQ in '08 before I quit and got my new Job, so I think I might acutaly get a few cents back lol

 

[wahlstrom1]

This is my last tax season as an apprentice, so it's the last year I can claim tools. I should make 2-3k back though as I pay a lot to RRSP's and I've spent 4-5k on tools this year.

-andrew

 

[dru]

I hate everybody that gets refunds because my refunds get intercepted every year for child support. BLAH!





Allen

maybe you should take care of your priorities instead of modding your truck.

 

[Hardwareman]

Dude, please don't go there.

I've paid over $1,200.00 a month for over several years until the kids turned 18. They are both over 18 now. It's called "retroactive", where they actually went back and decided that I owed them from a specific time period. It's all arrearages now.......and at 10% interest, it's kind of hard to pay it all off. Especially with my wife and current children.

BTW......been employed at the same place over 11 years now, so not like I'm running from anything. So shut the **** up if you don't know what you're talking about. This is why people that owe cild support get a bad rap. Dumbass's like you who assume the parent is'nt/does'nt pay.





Allen

 

[Jspafford]

I should be getting a good chunk back. Bought the new house and get the "New home credit" of $7500, plus the house interest, plus my 2 jobs, plus the wife's 2 jobs, and her college interest.

Hopefully over 10K this year.

 

[mjonesjr]

"New home credit" of $7500

That isn't a credit, you HAVE to pay it back in installments of $500 each year out of your tax return for 15 years. If you sell the house, you MUST pay back what isn't payed back before the deed will be transferred.

I would recommend doing a little research on that before you decide to do it. It isn't as good as it seems.


If I can get 1/2 what I paid into Federal income tax back, I will be ecstatic. I get to take off the interested I paid on student loans, so I should.

 

[feellnfroggy]

I got five Ive been feedin, still got my homestead exemtion. I dont claim anyone at all during the year. it makes for smaller paychecks, but with tithes for the church and other donations. fultime school etc. I think I might see almost 7k again this year. Ive never been smart with money, But I always make sure hte govnt owes me. (Ihavent begun my own business yet, so i wont toot my own horn too much LOL )

 

[svtranger04]

urrr looks like i wont be seeing the old lady for a while......she works for an accountant/ tax preparer.


I better get a decent refund, I've paid them bastards enough money this year.
I hope i have enough to pay off my credit card and enough for my CCW class, IF any thing is left over im saving half and using the other to buy lots of ammo!

 

[Jspafford]

That isn't a credit, you HAVE to pay it back in installments of $500 each year out of your tax return for 15 years. If you sell the house, you MUST pay back what isn't payed back before the deed will be transferred.

I would recommend doing a little research on that before you decide to do it. It isn't as good as it seems.


If I can get 1/2 what I paid into Federal income tax back, I will be ecstatic. I get to take off the interested I paid on student loans, so I should.

Gotcha.. I know all the details, and I plan on paying an extra amount from each check to offset the $500 a year. I would rather pay off debt than let the money go away.

 

[Jim Oaks]

maybe you should take care of your priorities instead of modding your truck.

Don't be making cracks at people who are getting dinged for child support. Especially when you don't know the situation. Several people on this site have to pay child support and some have been really screwed by the child support system.

Just because the IRS takes money out of their refunds doesn't meen they aren't actively paying their support.

This topic has been discussed elsewhere on this site.

Do a search.

I don't want this thread hijacked by child support issues.