Tax season uhg-ain . . .

[FLYTPAY]

Do you even itemize your deductions? Otherwise it's a moot point. At any rate, the standard for what you should deduct should be what would stand up to an audit, not FLYTPAY's sea-lawyering suggestion - that's just tons of fucked up (if you ask me).

Sea-lawyering huh? Funny my tax course as an Accounting major hit upon taxes, and deductions! I have never had a deduction been disallowed on an audit.

Let's assume you spend $200 on haircuts in a year. That adds up to a whopping $28 savings to you, or you could stop being a weasel and do the right thing.

Yep, the right thing is to deduct it if you can. To not deduct something that is deductible, well "that's just tons of fucked up (if you ask me)."

 

[jus2mch]

umm....you pay all your taxes for florida. trust me. that little 8.25% (is this how much it is?) tacked onto everything you buy? that's your taxes.

Not when you're from CA. That's chump change.

 

[jus2mch]

umm....you pay all your taxes for florida. trust me. that little 8.25% (is this how much it is?) tacked onto everything you buy? that's your taxes.

Not when you're originally from CA. That's chump change.

 

[MasterBates]

Or if you shop at the NEX, you don't pay either!

(yeah, I know you can't get everything at the NEX, but it does help on some things)

 

[fc2spyguy]

Same deal, new year, figured I'd bump this up.

 

[OnTopTime]

I just read through the entire thread, and thought that it might be helpful for those wondering about deducting the cost of haircuts (which likely aren't deductible at all), cell phones (if required by your command), internet access (for investment use), etc. to know that:
a) You have to itemize deductions to do this, and unless you pay mortgage interest and/or have large state income tax or property tax payments for the year or some other large Schedule A expense, you're likely better off just taking the standard deduction, and
b) These "Job Expenses and Certain Miscellaneous Deductions" are subject to a threshhold based on 2% of Adjusted Gross Income, meaning that your expenses have to exceed that amount before you can claim the balance as a deduction.

 

[desertoasis]

I found out this year whilst wading through the state tax rules for Oregon that I can deduct all of my (military) pay from my state taxes since I didn't earn it in Oregon...which means I'll get a huge refund. Not a bad start to an otherwise awful annual chore!

 

[nzachman]

There are some new laws out there that may apply to some...fyi. For instance, if you bought a new car this year you can add on the taxes to your standard deduction. Stashed VITA rep out.

 

[Brett327]

I just read through the entire thread, and thought that it might be helpful for those wondering about deducting the cost of haircuts (which likely aren't deductible at all), cell phones (if required by your command), internet access (for investment use), etc. to know that:
a) You have to itemize deductions to do this, and unless you pay mortgage interest and/or have large state income tax or property tax payments for the year or some other large Schedule A expense, you're likely better off just taking the standard deduction, and
b) These "Job Expenses and Certain Miscellaneous Deductions" are subject to a threshhold based on 2% of Adjusted Gross Income, meaning that your expenses have to exceed that amount before you can claim the balance as a deduction.

And this one is the kicker, folks. When I was in school (those who know my unique circumstances will understand), I decided to go for max deductions and saved every single receipt which was even tangentially connected to work or school. Every sheet of paper, every pen, every printer cartridge, every fee that wasn't covered by the Navy. At the end of the year, I was nowhere close to meeting the 2% AGI, so all that effort was wasted. Bottom line, you're not going to nickle and dime your way out of paying for things like haircuts, or uniforms, or other quasi-legitimate "work" expenses, so don't waste your time.

Brett

 

[Steve Wilkins]

Not when you're originally from CA. That's chump change.

Yeah, definitely. People here bitch and moan about how much tuition and sales tax is. Hell, I pay a boat load in property tax, BUT I don't have to pay state income tax. CA is an evil, evil place.

 

[Steve Wilkins]

I just read through the entire thread, and thought that it might be helpful for those wondering about deducting the cost of haircuts (which likely aren't deductible at all), cell phones (if required by your command), internet access (for investment use), etc. to know that:
a) You have to itemize deductions to do this, and unless you pay mortgage interest and/or have large state income tax or property tax payments for the year or some other large Schedule A expense, you're likely better off just taking the standard deduction, and
b) These "Job Expenses and Certain Miscellaneous Deductions" are subject to a threshhold based on 2% of Adjusted Gross Income, meaning that your expenses have to exceed that amount before you can claim the balance as a deduction.

I wish more people understood this concept.

 

[fc2spyguy]

I wish more people understood this concept.

I'm single w/o a house and have been using the 1040ez for years. I usually finish my stuff up in less than twenty minutes. Return should be in the bank this week.

 

[Steve Wilkins]

I'm single w/o a house and have been using the 1040ez for years. I usually finish my stuff up in less than twenty minutes. Return should be in the bank this week.

Ahhh to good ol days. Man how I wish my taxes were still that easy.

 

[PropAddict]

Ahhh to good ol days. Man how I wish my taxes were still that easy.

Word.

My wife started a home business in 2009. And we got "serious" about investing. Even TurboTax is groaning while it's doing my return.

 

[Steve Wilkins]

My wife started a home business in 2009.

She's not a Virtual Assistant for internet marketers is she?