2017 Tax Season and Return Thread Vol. Tax Podcast Mixed In?

[nydunkhead]

Are there any tax credit for your first home?

Granted I've only made 4 payments on the mortgage, I was suprised my return barely changed. I entered all the tax info from my mortgage company and bank.

Unfortunately if you didn't buy a house before 2010 the only credit that was available at that time expired. Obama instituted a very lucrative home buyers credit for around $10k if I can recall due to the housing market tanking in 2008. Now like the other guy stated it is your interest and real estate taxes which if you only had it for a couple of months might not be even higher than the standard deduction if you are married or HOH. But next year you should see a substantial difference in your taxes.

 

[sneaker fame]

Attn my tax preparer friends: if you receive an email from IRS e-services asking you to complete your ptin info, DO NOT process it. It's a fraudulent server.

 

[Ritchie X Rich]

I got a expected refund to be deposited by the 31st. My tax return was accepted on the 23rd, it's crazy cause it seems like the process is going through the motions quicker and I'm getting my refund way faster compared to prior years. Then again....maybe it isn't ..but it sure feels that way lol. 

 

[nydunkhead]

Attn my tax preparer friends: if you receive an email from IRS e-services asking you to complete your ptin info, DO NOT process it. It's a fraudulent server.

The IRS never e-mails anybody so if you ever get an e-mail from somebody saying they are from the IRS delete it because it is a Phishing scam. They will only contact by mail, believe me I get tons of letters from them.

 

[polonike]

Looks like I should be getting that deposit on the 31st as well!

 

[adobecs4]

Heads up, instead of checking the where's my refund? site, download the irs2go app for both Android and ios

 

[wallyhopp]

Not sure if people still know this. But TurboTax does still have a CD (install cd for mac/pc). Sams club/Costco has various sets. They knocked $15 off the deluxe version when I bought that. That also tends to include 5 e-files (say you, your cousin, your grandparents, your parents, and a sister) and one free state (you can do the others on the states website for free).

Spread that $50-$100 that TT wants, because for me, it has never broken the bank and always been super easy. Spread across 5 families, each family is paying less than $20 to do their own taxes. I swear HR BLOCK just uses TT and makes bank. I know cousins of cousins aunties who do taxes for the whole neighborhood. They are probably using 6-7 sets of install CDs and charging a flat $100.. Easy money.


I bring the first point up because the turbotax app wanted $60 to file my taxes because I had investments. That's all fine and dandy. But they made no mention of 5 total e files and a state filing if I bought that edition... So Im just throwing it out there. There are CD sets that can get you from paying $65 for one person, to $65 for an entire family

 

[superblytrife]

Man, good looks to whoever mentioned freetaxusa.  Can't beat $12.95 with 10% off and 25% ebates. 

Looks like we're getting back a touch under 7k. 

Now I need to figure out how to adjust my withholdings so I can get more money week to week.  I'd gladly take more money upfront than at the end of the year.  

 

[capital sb]

 
Man, good looks to whoever mentioned freetaxusa.  Can't beat $12.95 with 10% off and 25% ebates. 

Looks like we're getting back a touch under 7k. 

Now I need to figure out how to adjust my withholdings so I can get more money week to week.  I'd gladly take more money upfront than at the end of the year.  

 

 

@WallyHopp  provided a IRS withholding document about a page back.

I'm looking for a new withholding calculator to use to adjust my withholding for 2017.

 

[JCMojica24]

Gonna have to try freetaxusa bc the lady my gf always goes to charges like 120 and I swear to god she just using turbotax :x

 

[Ritchie X Rich]

Gonna have to try freetaxusa bc the lady my gf always goes to charges like 120 and I swear to god she just using turbotax

Yeah its a ripoff, ever since I found out I can file my taxes free by myself and realize how simple it was because they guide you step by step and all you do is plug in stuff like its a 2nd grade assignment, I will never pay anyone or a place to do mine again! Especially if you have a simple W2 only it should be no excuse, the only exception I would understand is if someone had a more complex situation that needed a professional. 

 

[throwedspitta]

no way in hell I'm doing my own taxes. i can't even fill out my w2 right without owing money at the end of the year 

 

[hood17]

So question I've ben using H&R Block and the fees seems just way too much honestly. But I know nothing about filling out my taxes but I want a bigger return and want to cut out the middle man. So I have in the past year had 3 jobs which one I've had since Aug of 2015 but now at two but will probably have 3 W2s from 3 different jobs. I'm a single on my own guy renting college students should I stay with my guy at H&R or is there something you fellas can recommenced me?

 

[zunigrp]

I dunno if these questions have been answered so ill fit them in 1 post

1) does it hurt or help filing that you pay rent

2) what is the most you can claim as a donation without a receipt?

3) how many miles do you have to drive a day/month/ year before you can claim it as a deduction?

4) how much can you claim as work expenses to recieve a deduction.

I think I might owe..... Smh

 

[biggie62]

I dunno if these questions have been answered so ill fit them in 1 post

1) does it hurt or help filing that you pay rent

Does nothing unless your county/state/city has that specific rule. I think Indy is one that allows the tenant to get some sort of deduction.

2) what is the most you can claim as a donation without a receipt?

If you don't itemize this won't matter anyway. But you do need a receipt.

3) how many miles do you have to drive a day/month/ year before you can claim it as a deduction?

You can only get credit for this if you are traveling to a second job. Meaning, lets say job 1 is from 8 am to 4 and then you drive from job 1 to job 2 from 5 to 10. Now you drive back home. If your distance to yoru house and back is 15 miles, so 30 miles total, then your drive from job 1 to job 2 is deductible for the miles. BUT the drive back home if it's still within that 15 mile range it's not. This is complicated and you can quickly get audited for it because of how hard it is to prove.

4) how much can you claim as work expenses to recieve a deduction.

You can't unless the expenses are not reimbursed and the items can't be used for anything else. Hence why a suit can't be deducted but as asbestos worker who purchases his masks and other clothing can. But if you have union dues, or other mandatory training that you pay out of pocket that is deductible. But it's subject to a 2% floor so unless you itemize and it's more than 2% of your AGI then yes it can be deducted, but you'll only get about 0.75 to the dollar.

I think I might owe..... Smh

 

[zunigrp]

Repped and appreciated

 

[datkidfiasco]

Can i expense the suits i buy for work?

 

[llerraj]

I don't understand why you have to pay taxes on unemployment. This is your money that you put into the system and when you need it, get a stipend. You get a fraction of what you made previously and they still want to tax it. Lost over $1,000 on my return because I had to pay the state back for what was rightfully mine. Unreal.

 

[biggie62]

Can i expense the suits i buy for work?

No because they can be used for other things. I explained it above.

I don't understand why you have to pay taxes on unemployment. This is your money that you put into the system and when you need it, get a stipend. You get a fraction of what you made previously and they still want to tax it. Lost over $1,000 on my return because I had to pay the state back for what was rightfully mine. Unreal.

Because it's income and it's part of your income for your whole year. I see what you're saying but it's still income.

 

[llerraj]

It's a terrible system. They're essentially double dipping on your taxes. You barely get by as is on UI. I'm livid.

 

[adobecs4]

Is there a way to (for next year) gets deduction for traveling 40 minutes to an internship for school? It's a graduation requirement

 

[nrg1604]

It's a terrible system. They're essentially double dipping on your taxes. You barely get by as is on UI. I'm livid.

You don't contribute to unemployment, your employer do. You only get withholding, social security and Medicare taken from your gross pay. Your employer get taxed on SS, Medicare and unemployment based on their payroll. So you are not taxed twice on unemployment.

 

[biggie62]

Is there a way to (for next year) gets deduction for traveling 40 minutes to an internship for school? It's a graduation requirement

No because it's a job and traveling to and from a primary job is nondeductible. It's why there is a federal program where you employer can allow you to deduct money for parking and train/bus travel from your paycheck pre-taxes. Yes it sucks but it's quite logical why that's the case.

 

[usabasketball08]

Accepted yesterday. Hopefully receiving in a couple weeks.

 

[adobecs4]

Is there a way to (for next year) gets deduction for traveling 40 minutes to an internship for school? It's a graduation requirement

No because it's a job and traveling to and from a primary job is nondeductible. It's why there is a federal program where you employer can allow you to deduct money for parking and train/bus travel from your paycheck pre-taxes. Yes it sucks but it's quite logical why that's the case.

It's not a primary job. I have a full time job.