ZOMG, Taxes.

[Strazos]

Previously, I justed used H&R Block Online to file. I would get a decent refund, and have to pay about $45 for using their site.

But this past year, I made almost nothing. I was working about 12 hours per week, and only worked for about half the year.

I'm just wondering if there is a minimum amount a person has to make in order to be obligated to file taxes. If I was going to use HR Block again (which I am not, Zonelabs has given me a free solution), the bill would eat my entire return.

[Bunk]

Up here you still have to file, but if you make that little it only takes five minutes to do the whole form, since you are mostly just adding up zeros.

[Viin]

1040EZ is really easy.

And, if you've filed before, I think you always have to file. If you make under 15k or somewhere around there (hopefully you made more than that) then you can be exempt from taxes, but you still have to file.

[Jacob0883]

www.taxslayer.com is only $9.95 and it files both federal and state as long as your gross is under $50,000.  If Zonelabs does them both for free then just do that.  Also, depending on your age and a couple other considerations you might qualify for the earned income tax credit.  That means the gov gives you some extra living expenses money.  In that case, the smaller e-file sites probably won't work.

[Polysorbate80]

Once you're no longer a dependent or you're forced to file for making too much money despite dependent status, you're pretty much stuck filing even if it's to say you didn't earn anything (which can get you very funny looks from your local auditor...tax officials seem to go with the "guilty until repeatedly proven innocent, and probably still guilty even then" outlook)

$8200 is the '06 cut-off for single filers.  If you made less than that, you're entitled to a full refund of witholdings anyway.

[Murgos]

If you are owed money you do not have to file.

Edit:  I should restate that.  There is no penalty for not filing if you are owed money.  That's not the same as not having to file.

[Strazos]

Great, so I'll get about $200 back, if that.


I think I grossed something like $2300 this past year. But at least now I am getting bunches more, and working 40 hrs a week until I decide on Grad school or USAF.

[schild]

I'm pretty sure I speak for everyone when I say the USAF would do you some good but you seem to be more coast guard material.

[Strazos]

You're certainly one to talk.

[schild]

You're certainly one to talk.

You're certainly one to miss the point. As for myself, I couldn't pass the fucking entrance exam for the police academy. And I'd never claim otherwise.

[Strazos]

So why rag on anyone else then....?

[Mr_PeaCH]

So why rag on anyone else then....?

...  How long have you been here?

[schild]

So why rag on anyone else then....?

... How long have you been here?

Hey now, my original post wasn't ragging. It was simply my observation from the content of Strazos' posts, particularly in the politics forum.

[Strazos]

Oh, in that case, a "ba-ZING" is in order.

[Lantyssa]

There is this neat thing called e-file.  If you go to the IRS site, they link to several services that will let you file online for free if you meet their income requirements.

(I used TaxAct.com, Standard not Delux, which let me itemize and it was still free. Don't use Mozilla if you go there though, it switched me to Delux without me selecting it, so I had to do the whole thing over again. )

[Mortriden]

We got a bit of a suprise this year.  First year the wife made decent money... first year Uncle Sam gets to bend us over.  Woot!  Go, go, gadget married status.

[Paelos]

I have an accounting degree and I use TurboTax.com's online functions. If you're filing 1040EZ with one source of income it's 9.95 and a breeze. That's not including applicable state returns though.

Better yet I use the Deluxe version because I have investment income that it can pull directly from my online Fidelity account so I never have to enter in anything. I had two W2's, investment income, and a state return, and I was done with my taxes in 45 minutes. They efile for you for free, and they deposit your refunds in your bank account if you want with no annoying wait time on checks.

I seriously can't pimp that place enough for what it does. My entire family uses it now.

[Yegolev]

If you are using the 1040EZ, just fill it out yourself.  It's designed for retards so you will be hard-pressed to screw it up.  I'd even fill out the 1040 myself if I wasn't itemizing.  Or lazy.

I used taxact.com this year, cheap and easy.  The IRS didn't accept my AGI from last year for some reason for the electronic signature, so I still had to mail in paper.

[Telemediocrity]

Correct me if I'm wrong - but you should file your taxes every year, especially in years where you've made little.  Calculating your return in later years while involve an average of taxes from several previous years, and so it's worth your while to let them know when you didn't make much.

I'm 20 now, and I'm kicking myself that I didn't start doing my taxes at 18, even though I've got basically nothing to report.

[Yegolev]

Taxes are like cigarettes.  If you don't start, you don't have to quit.

[Lantyssa]

Correct me if I'm wrong - but you should file your taxes every year, especially in years where you've made little.  Calculating your return in later years while involve an average of taxes from several previous years, and so it's worth your while to let them know when you didn't make much.

A return is determined year-by-year with no influence from previous returns.  (There are a few exceptions, but the majority of people will not have these.)  However fluctuating returns are a potential flag for auditing, especially if there is a large decrease in income.  The IRS wants to know why you are cheating them/slacking off.

Still, it is not a bad idea for those of college age to do returns.  It gives them a chance to learn about the system when they are not worried about itemizing, the marrige penalty, or any other intricacies.  Once those do come up they at least have a little experience so they do not get completely flustered.

[Johny Cee]

For 2005:

- A single individual (who can take their own exemption) who is a CITIZEN or RESIDENT who makes more than $8,200 must file a tax return.

If you make under that amount,  you can choose to file or not to file.  If you have withholdings you want to get refunded,  you may want to file.

- A single individual who is claimed on someone else's tax return has different limitations.  They must file if:

  A. Has over $800 in unearned income.

  B. Has over $5,000 in earned income.

  C. A combination of the above.

(Reference:  US 2006 Master Tax Guide)

Honestly,  if you have a fair amount of itemized deductions or adjustments to income,  GO GET YOURSELF A PUBLIC ACCOUNTANT/CPA.

We stay abreast of new changes and benefits in the tax law,  and can many times help you out.  Example:  Child tax credits, dependent care credits, NYS retirement credits, STAR calculation and/or financial aid calc, tax planning through retirement accounts, tax planning for your personal business, and the 1,000 other last minute or temporary credits available to you.

For example?  Energy efficency credits.  In 2005,  you get tax credits for installling or using a variety of "energy efficent" items,  like new windows.  Right now, the credits expire in 2006.

****Get a quote ahead of time!  Feel free to shop around,  and if they give you "we charge by billable time" get an average out of them.****

I especially recommend it for people like angry.bob and Commander Slack,  who are running their own businesses and filing a Schedule C.

[Yegolev]

Let's not forget any Hurricane Katrina donations, including housing displaced people, gets some special attention this year.  Why didn't I use a human being this year?  Nothing fancy on the Sched A and TEH LAZIES.

[Sky]

I miss teletax.

[Shockeye]

I miss teletax.

I miss telenet.

[schild]

I miss teletax.

I miss telenet.

I miss telearena.

[Lantyssa]

I had a quip, but it felt too dirty to post.

[Sky]

I love NY. The fed form took me maybe 15 minutes, and that's with a few new kinds of income this year.

An hour and a half later, I decided to give up on NYS taxes for the night and bash shit in Oblivion.

You can't just attach your w-2. You have to copy that information onto another form and attach THAT to the NYS short form. Then they ask you to e-file next year so they can save paper. Huh?

Internet tax. After three pages, they make it clear I can pay $20 to absolve all transactions under $1000/ea over the internet. Not so bad. But making me read three pages before they say "or just go by this chart"? Blah.

My favorite was some esoteric deduction (on the short form, no less). Since I had some new income types, I was reading things pretty carefully. Then they blew my mind. There is a category for income due to returned stolen property from Nazis. I shit you not. On the SHORT FORM. That's when I said "Oh, FFS" and gave up for the night.

I wish they could seperate NYC and NYS, too.

Ok, I feel better. And: telegraph, telephone, telewoman.

[Lantyssa]

Thank you for reminding me why I am happy we have a sales tax but no income tax in Texas.

Maybe you can start a campaign for tax reform: "Doing my taxes makes me long for Oblivion!"

[Telemediocrity]

I miss... uh, my old board nick.

Then they blew my mind. There is a category for income due to returned stolen property from Nazis. I shit you not. On the SHORT FORM.

Write "What's the difference between Jews and pizza?" in the deduction box.

[Ironwood]

I'm at a loss for the difference ?

Is it anything to do with stuffed crust ?

[Murgos]

I'm guessing it's got something to do with the saying "Hot from the oven."  But I don't really want to know.

[Abagadro]

Just spent three days doing the taxes for a trust I am involved with. No program for it so I did it all by hand digging through the instructions and regs. Good god this system sucks. Took me quite a while to figure a lot of this stuff out and I'm a frigging trusts/estates attorney.  I think it is all a conspiracy to keep CPAs flush with argyle socks and sweater vests. Get to do my personal taxes later this week and have a sneaky suspicion I am going to get slaughtered.

[Big Gulp]

Just spent three days doing the taxes for a trust I am involved with. No program for it so I did it all by hand digging through the instructions and regs. Good god this system sucks. Took me quite a while to figure a lot of this stuff out and I'm a frigging trusts/estates attorney.  I think it is all a conspiracy to keep CPAs flush with argyle socks and sweater vests. Get to do my personal taxes later this week and have a sneaky suspicion I am going to get slaughtered.

We need to get this passed through as quickly as possible

[Abagadro]

Meh. I'm not big on regressive taxation that discourages consumption (the life blood of our economy since we don't actually make anything any more).  I've heard that Europeans revile their VAT so I don't know why we would want to go in that direction.  Additionally, the law of unintended consequences would probably mean approximately 463 loopholes or dodges would spring up.  You could simplify the tax code by 1) reducing exemptions/credits/deductions and 2) writing the damn instructions in English.