Filing Your Taxes

saveohlot · #1 01-22-2011, 11:12 AM

Everyone knows that this time of year everyone is scrambling to get the most deductions they can to save paying taxes . this seems to drive everyone crazy and i am no exception even the self employed are looking for breaks on saving every penny But as u know we can not claim everything we would like to think we can but alas there is a trow back in the works

Quote:

If you opt to itemize your deductions on your federal income tax return, you'll see a lot of emphasis on saving taxes by not overlooking common deductions. This makes sense because, as a taxpayer, you absolutely have the right to reduce your taxable income by using your available deductions. However, be smart. Make sure you claim those deductions for which you're entitled and steer clear of bogus deductions. To help you out, following is a list of nine deductions that you shouldn't even think about claiming on your tax return:

there are a few that u might not even want to think of using as deductions here is a link below to have a look at to see if any of these apply to you and gook luck

read here

dimetime · #2 01-24-2011, 09:18 PM

Everyone should know what they can and can not deduct on their taxes. I have heard and seen some people trying to deduct the cost of some really off the wall things. Then again I also know thatg some of those off the wall deductions were true and were allowed.

I know most of the things that I can deduct on my taxes because I am self employed. Often it is hard to find what can and can't be deducted for those who are self employed. We don't seem to get many breaks at all which is why you have to keep up to date on what you can and can't use.

Every penny counts these days so read up on what you can use and what you can't, and if that isn't something that you can do then seek out a professional to make sure that your getting all that you deserve.

saveohlot · #3 01-25-2011, 06:06 PM

Yes i agree everyone should know what they can and can not use as a deduction but for the first time tax payers they don't know as for the above link and the tax deductions change year after year and some deduction's have changed so the best way is to save every thing thru the year and have invoices and alll debit receites this is hard i know but if you get a file folder with pockets in it this is so much easyer to save all the inportant papers there is also a medical duductions if u qulifiy so check in to that as well some people who have social sucryity and can make a small living with a job also have to file taxes i know this crazy but the goverment has to have their pennys all in a row other wise they would feel cheated lol

carol b · #4 02-03-2011, 12:42 AM

This year is a hard one for me. We have to wait until the middle of Febuary to file our taxes. This was brought to my attention by my tax preparer.

The IRS is making adjustments to their system and won't be able to process the long forms until then. It is inconvient to have to wait but it is going to be ok as long as their system works properly and the checks are sent out quickly.

Be sure to check with you tax preparer ahead of time if you itemize on your tax forms. It will save you a unnecessary trip and time. Hopefully we won't have a repeat of this sort of thing next year.

pennypinch · #5 02-03-2011, 03:05 AM

I have my appointment to get my taxes done on Tuesday. I have everything ready to go so I don't expect there to be any problems. (Fingers crossed)

I am in kind of a hurry to get them done because whatever return i get will go straight to pay for my daughter's trip to Europe. It has to be paid in full by the beginning of March. I will be cutting it close!

pennypinch · #6 02-08-2011, 10:08 PM

Aaaah, taxes are done.

Thank goodness. It can be such a hassle.

I checked last night to make sure that I had everything that I needed for my tax preparer. I was good to go.

I usually do my taxes myself but since I need to get them as fast as I can to pay for my daughter's trip I decided we had better go and have them done electronically.

Did you know that there is no quick return this year? President Obama did away with it this year because banks were charging enormous fees for doing so. Honestly, I think that is a good thing. I don't see the sense in paying a ton of money to get your return faster. I'd rather wait. And almost everyone has gotten their return in two weeks so thats not too bad.

I need that money for lots of things so the more I can save the better. I'm just hoping that it doesn't take longer than that because I have a deadline to get her trip paid off.

Everything went smoothly so I think it will be okay!

moneysense · #7 02-09-2011, 06:13 PM

Yes, tax time is very stressful, but like you, everything is ready to go to the CPA so that our taxes will be on time.

As to deductions for the self employed, its great to have the deductions but where we end up paying every year is for the self employment tax. Theres no getting around that one.