V.2015 ITS BALLING SEASON AGAIN.....TAXES!!! Where you doing yours?

Certtified Tax Preparer In NYC checking in. Side hustle, serves for some nice pocket change during the rest of the yr. Haven't Touched my return in over 3 going on 4 yrs. 
 
Dathbgboy said:
Whatever i get usually from the child tax credit, other than that, mine is never more than $800. My wife and I always made over $50k (that's combined) so we never qualified for any additional tax breaks. Only get about $1 in state and just apply that to next year. Always owe borough.

I need to find a way to limit taxes aside from children, school, retirement, etc. Going to try and itemize my bus pass for the year. Paid about $1100 in bus fare to get to work last year.
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You need to see if the company you work for offers a QTF (Qualified Transportation Fringe), you could defer that $1100 from your salary which would be better off than trying to itemize it. Here is the IRS publication that I am talking about if you would like to read up on it:
http://www.irs.gov/pub/irs-pdf/p5137.pdf
 
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Dathbgboy said:
Whatever i get usually from the child tax credit, other than that, mine is never more than $800. My wife and I always made over $50k (that's combined) so we never qualified for any additional tax breaks. Only get about $1 in state and just apply that to next year. Always owe borough.

I need to find a way to limit taxes aside from children, school, retirement, etc. Going to try and itemize my bus pass for the year. Paid about $1100 in bus fare to get to work last year.
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You can't deduct any work expenses in terms of travel or clothing. There are exceptions of course but in your case you won't qualify for them.

For travel, exception is if the work is going to a 2nd job, then the distance from the 1st job to the 2nd job is deducatable. But not the travel to the 1st job and then back home.

For work clothing, the clothing has to be not usable outside of work conditions. So like a suit, dress shirts, jeans, 99% of shoes can't be deducted.


And in case someone wants to question my post, I'm going into tax starting this September and I've interned in large public accounting firms over the past 12 months while wrapping up grad school and completed tax returns for partnerships, S-Corps, and plenty of wealthy individuals along with their children.

At the end of the day you don't want to get screwed over if the IRS audits you. However, the likelihood that it does audit you is low with their budget being cut by $1 billion annually since 2010.
 
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For those that work from home for a company(not for yourself). Are you able to claim anything in regards to that?
 
I clicked on this thread to hear about balling but I got were post about financial instability. :frown:
 
@Andretti Make sure you go to a professional place like H and R block to file your taxes. They'll make sure you get everything done right with your taxes.... btw don't expect to get a lot of money because you just started working.
 
bossplaya said:
@Andretti Make sure you go to a professional place like H and R block to file your taxes. They'll make sure you get everything done right with your taxes.... btw don't expect to get a lot of money because you just started working.
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H&R block charges a lot from what i've seen, you could get a CPA like me to them for less.... :D
 
bossplaya said:
@Andretti Make sure you go to a professional place like H and R block to file your taxes. They'll make sure you get everything done right with your taxes.... btw don't expect to get a lot of money because you just started working.
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Those places are not professionals :lol:

They are just seasonal workers (think laid off retail workers from Christmas season) who are only asking you or answering the questions that the tax software is asking them. It's basically the same thing you could do if you did turbo tax yourself. If you want a professional then find a CPA.
 
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Biggie62 said:
bossplaya said:
@Andretti Make sure you go to a professional place like H and R block to file your taxes. They'll make sure you get everything done right with your taxes.... btw don't expect to get a lot of money because you just started working.
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Those places are not professionals :lol:

They are just seasonal workers (think laid off retail workers from Christmas season) who are only asking you or answering the questions that the tax software is asking them. It's basically the same thing you could do if you did turbo tax yourself. If you want a professional then find a CPA.
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Agreed I was trying to be nice because i'm pretty sure some people on here work there but hey since you said it you ain't lying lol... :lol:
 
Biggie62 said:
Those places are not professionals :lol:

They are just seasonal workers (think laid off retail workers from Christmas season) who are only asking you or answering the questions that the tax software is asking them. It's basically the same thing you could do if you did turbo tax yourself. If you want a professional then find a CPA.
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I'm just trying to make sure that Andretti doesn't do his taxes himself or go to someone who doesn't know what their doing. I don't want him to start off on the wrong foot.
 
NyDunkhead said:
Agreed I was trying to be nice because i'm pretty sure some people on here work there but hey since you said it you ain't lying lol... :lol:
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Hey I'm not going to beat around the bush. If people work there that's cool and you have to make ends meet, there's nothing wrong with that. However, I have a big problem with calling them professionals where outside of what the software asks or tells them their knowledge is very limited. Like the new commercial stating that the ACA is making taxes confusing. CPA firms are pretty well prepared for it and if they aren't then they'll be smart and just file extensions for their clients if anything.
 
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i've used turbo tax online the past few years, and it's pretty intuitive... they really do walk you through everything.

and i think it's free if you fall below a certain income.
 
Andretti.. Use Turbotax.. super easy ,and you probably even qualify for a free return. Fed and State.  Check it out.. you can do a few runs through it before submitting as well. so dont get nervous about messing up. For basic returns, its literally plug & play in terms of the your financial W-2 information.
 
I agree I love Turbo Tax, they are the same people that make QuickBooks and ProSeries which is my favorite tax software. As long as you don't have a complicated return and just have W-2's it really is the best way to go.
 
NyDunkhead said:
I agree I love Turbo Tax, they are the same people that make QuickBooks and ProSeries which is my favorite tax software. As long as you don't have a complicated return and just have W-2's it really is the best way to go.
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Agreed. At one of the places I interned they didn't allow the employees to file in their gosystems (no idea why since the other place did). But everyone was using turbo tax from like manager down that I spoke to.
 
Thinking about letting my buddy do my taxes because he's starting up his tax business and I want to give him a customer.

He's not a CPA, but him and his wife have had several businesses and he does taxes on all of them.

What y'all think?
 
Does H&R still do the whole loan thing?.... Like they give you your return once they're done with it... And then they get the money from the government...
 
CelticsPride34 said:
Does H&R still do the whole loan thing?.... Like they give you your return once they're done with it... And then they get the money from the government...
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Why would you do that? Do you even understand how much they are taking away from you? They were charging you something like 150% APR. Getting those "loans" was one of the biggest ripoffs since it hit the people who needed the extra money the most. That is not any better than these "payday lenders."

And I'm pretty sure that it was barred by the Federal Government 2 years ago or maybe a year ago. Or at the made very limited.
 
CelticsPride34 said:
Does H&R still do the whole loan thing?.... Like they give you your return once they're done with it... And then they get the money from the government...
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I don't undestand why people would do this, if a return is done early a refund takes a week to process. H&R block will take some money from you so you could get your money a whole 7 days earlier it should be illegal imo...
 
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CelticsPride34 said:
Does H&R still do the whole loan thing?.... Like they give you your return once they're done with it... And then they get the money from the government...
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Nah refund anticipation loans stopped a few years ago.

Jackson Hewitt does something similar but I don't know much about it. It didn't sound to appealing to me when I read on it last year.
 
Verbal Kint said:
Andretti.. Use Turbotax.. super easy ,and you probably even qualify for a free return. Fed and State.  Check it out.. you can do a few runs through it before submitting as well. so dont get nervous about messing up. For basic returns, its literally plug & play in terms of the your financial W-2 information.
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yup... When I do my taxes I always use turbo tax and haven't ever paid to get my taxes done.
...@fontaine go for it dude. Taxes are so easy to do unless you have a business.



didn't work much last year so not going to do taxes this year .
I have kids so I'm going to let my moms use them and she'll give me the $. Should get like 3gs back... Not much but for not paying anything ill take it happily...
 
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lakersman3000 said:
Verbal Kint said:
Andretti.. Use Turbotax.. super easy ,and you probably even qualify for a free return. Fed and State.  Check it out.. you can do a few runs through it before submitting as well. so dont get nervous about messing up. For basic returns, its literally plug & play in terms of the your financial W-2 information.
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yup... When I do my taxes I always use turbo tax and haven't ever paid to get my taxes done.
...@fontaine go for it dude. Taxes are so easy to do unless you have a business.



didn't work much last year so not going to do my taxes this year .
I have kids so I'm going to let my moms use them and she'll give me the $. Should get like 3gs back... Not much but for not paying anything ill take it happily...
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That might be a mistake you might be entitled to a lot of money from the Earned Income Credit (EIC) i'd run both returns with you having the kid and your mom and see which comes out better, as long as you worked on the books at some point you might be better filing with your kids as dependents.
 
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2 withholdings has me owe about $300 until I add my student loan interest

get a whooping $124 this year but more money in your paycheck>big tax refund
 
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