2016 Tax Time

Squarehard

Squarehard

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While there's still technically a week before people will start to "officially" file taxes, why not get the thread going now since people are already starting to plan for it.

 
Bumping this.  If anyone is curious, look at the 2015 tax advice thread, good info in there and good luck.  Prepare now and make your 2015 donations if you itemize and if you usually owe state taxes make a payment now, just some advice.

 
I didn't think (based off reading the 2015 thread) donations really mattered if you weren't donating a serious amount of stuff. Like I donated around 75 bucks worth to Goodwill and people here said I'd have to donate several hundred worth before it would even make a slight difference in my taxes.

 
Navex said:
I didn't think (based off reading the 2015 thread) donations really mattered if you weren't donating a serious amount of stuff. Like I donated around 75 bucks worth to Goodwill and people here said I'd have to donate several hundred worth before it would even make a slight difference in my taxes.
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yeah I recall H and R block back when I used to use them(man i remember when they first got really popular in the early 2000s....50 bucks or so to do your taxes it was great) and donating tithing for church even the hundreds or a 1000 bucks didnt seem to make much difference.

I think it depends on what your overall income is too.

that said....to hell with H and R block and its 300 dollars.....turbo tax for 40 is the way to go for the past 2 years.

 
Donations only matter if your total itemized deductions (income tax paid in prior year, mortgage loan interest, charitable donations, etc) are greater than your standard deductions.
 
kayne2000 said:
yeah I recall H and R block back when I used to use them(man i remember when they first got really popular in the early 2000s....50 bucks or so to do your taxes it was great) and donating tithing for church even the hundreds or a 1000 bucks didnt seem to make much difference.

I think it depends on what your overall income is too.

that said....to hell with H and R block and its 300 dollars.....turbo tax for 40 is the way to go for the past 2 years.
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How do u find out how much to donate based on income?

 
The Punisher said:
How do u find out how much to donate based on income?
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I have no idea what this means.

1 = you have to itemize your deductions to take advantage as piggy said two post above

2 = if you itemize, your donations (along with certain other itemized deductions) are limited, see link below

https://www.irs.gov/publications/p17/ch29.html

Not sure if that answers your question but basically if you make donations and you itemize on your taxes report your donations for the largest refund.

Good luck

 
I've been using TaxAct for a few years now and it's been great.  I missed out on their promo late last year though so I guess I'll be paying the full amount.  

I hope I won't have to pay close to $4K to Uncle Sam again this year.

ROTH IRA contributions can be done till April this year, right?

 
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encendido5 said:
I've been using TaxAct for a few years now and it's been great. I missed out on their promo late last year though so I guess I'll be paying the full amount.

I hope I won't have to pay close to $4K to Uncle Sam again this year.

ROTH IRA contributions can be done till April this year, right?
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I think there's a promo still running for $15 for plus w/state - i got premium for $20 a week ago.

 
Ugh I think I'm going to owe ~$500 this year. it's my first year owing and while it could be much more this comes at a time where I'm especially stretched.

Related, next year I ought to do well since I bought a house and a lot of stuff will be deductible.

 
Is there supposed to be an increase in your tax return for the year in which you buy a home? We bought a home in 2015 but our tax return is only showing a $75 increase. This could be because I messed something up on TurboTax but I just want to be sure before I file.
 
You can deduct home mortgage interest and property taxes, so if you're not itemizing deductions, consider doing so.

Not sure if the First Time Home Buyer's Credit is still around. You can always consult Google.
 
kdiddy, the answer is it depends.  As thelonepig stated you can deduct home mortgage interest and property taxes which also opens up itemization meaning other things can now be deducted that you probably did not prior to your home purchase.  Make should have received a 1098 from the company who holds your mortgage and the "Mortgage Interest" to your taxes.  

The issue/question is when did you buy your house and for how much is your mortgage.  If you have a small mortgage and purchased the house in December you could be better off utilizing the standard deduction which would make your taxes pretty much the same as last year. After a full year you should see a difference in your taxes assuming you have a decent sized mortgage and did not already itemize prior to your purchase.

Post any questions and good luck.

 
Well, finally finished up mine tonight.  I was a little worried we would owe this year since this is my first time filing married and my wife had an issue with her W-4 for a good chunk of last year but we are still getting a nice refund.  Glad that's done with!

 
encendido5 said:
I've been using TaxAct for a few years now and it's been great. I missed out on their promo late last year though so I guess I'll be paying the full amount.

I hope I won't have to pay close to $4K to Uncle Sam again this year.

ROTH IRA contributions can be done till April this year, right?
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So my estimate was half of what it actually was. I forgot I sold some stock last year so they got me good on my earnings for that. Should I change my W4 so that I get more taxes taken out or would having my wife maximize her 401K help? I'm already maximizing my 401K and we both contribute the max to our ROTH IRA.

 
Got my taxes done at h&r block past two years and will continue to do so. Done mine in the past but h&r block has got me more money back from shit I never knew I could get. Not to mention I won an extra grand from their contest this year. But that's not why I will continue to go back they just do a great job.
 
DrRockenstein said:
Got my taxes done at h&r block past two years and will continue to do so. Done mine in the past but h&r block has got me more money back from shit I never knew I could get. Not to mention I won an extra grand from their contest this year. But that's not why I will continue to go back they just do a great job.
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Unless they decide to stop fighting a tax dispute with the city you live in, tell you to pay the city and they'll reimburse you, and then flat out tell you that they didn't screw up, you're not getting the money reimbursed, and basically tell you to fuck off.

 
Oh yeah. My anger toward them has relented since last fall/winter, but I'm still mad. It wasn't a huge amount of money at all, but the principle that I paid them to do my taxes and to have my back and when the time came for them to do that -- they punted.

 
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Tax return, ha I havent seen one of those in years.

I refuse to give Uncle Sam an interest-free loan for a year, so I cut a check every April. I have my allowances pretty well set though so its usually 100 or less.
 
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