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2015 Tax Time

taxes IRS april 2015

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How do you do your taxes?

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#31 detectiveconan16   Delicious! CAGiversary!   7144 Posts   Joined 12.7 Years Ago  

detectiveconan16

Posted 19 March 2015 - 10:41 PM

IRS recommends myfreetaxes.com. My state does have a VITA program every year for as long as I can remember. If you're pretty rich or have some really complicated stuff going on, get a CPA.

 

Besides taxes are much easier to handle than a welfare application. Oh the hoops they make you jump through for a measly $200 a month. Thank goodness I'm just plain miserable without that.



#32 Lieutenant Dan   Ice Cream! CAGiversary!   1374 Posts   Joined 13.9 Years Ago  

Lieutenant Dan

Posted 21 March 2015 - 03:43 AM

Every year I pay for TurboTax and every year I feel like there must be a better way. The thing that gets to me is the $20 they charge me right at the end when the ask if I want to e-file my state taxes. 

 

Being just married within the past year and a half, and now having a house for a full year, no kids yet, should I still have my deductions at Single with 0 dependants?  Or should my wife and I change this up?

Here's a link to the IRS withholding calculator. You should run these numbers early in the year and change your withholdings accordingly. Can potentially save you from a big surprise at tax time next year.

 

http://www.irs.gov/I...ding-Calculator



#33 Devil May Cry   Witty remark CAGiversary!   2776 Posts   Joined 11.6 Years Ago  

Devil May Cry

Posted 23 March 2015 - 05:45 AM

I have family that does them for me, but I really want to learn how to do it myself. For 2016 taxes I should (hopefully) just have a 9-5 job and a 1098-E from the school loans I'm paying off. Any tips on something simple like that?

 

Oh, and does anybody know anything about charitable donations and how they can have some tax benefits? Seems like there are so many things about taxes I don't really know about.



#34 Lieutenant Dan   Ice Cream! CAGiversary!   1374 Posts   Joined 13.9 Years Ago  

Lieutenant Dan

Posted 23 March 2015 - 02:17 PM

I have family that does them for me, but I really want to learn how to do it myself. For 2016 taxes I should (hopefully) just have a 9-5 job and a 1098-E from the school loans I'm paying off. Any tips on something simple like that?

 

Oh, and does anybody know anything about charitable donations and how they can have some tax benefits? Seems like there are so many things about taxes I don't really know about.

I've never messed with charitable donations and taxes, but it looks to me like they are tax deductible. In other words, they serve to reduce the income on which you are taxed and might, as a result, reduce your tax bill.

 

http://www.irs.gov/u...e-Contributions



#35 slowdive21   CAG Elder CAGiversary!   12577 Posts   Joined 13.1 Years Ago  

slowdive21

Posted 23 March 2015 - 03:18 PM

Do I have to file for income tax if I only made $3,727.21 from Amazon Mechanical Turk last year? I live in Illinois.

Never heard of this site...but if they give you a w-2 here is some info on taxes in IL:

 

Most likely you will owe IL state tax, but not federal depending on how the income is reported and if they withheld taxes.

 

You will have to go through the federal form to get your adjusted gross income first (but you probably won't owe anything on the federal level). I think we get $2,125 deduction for single/no other dependents in IL (If someone else can claim you, you do not get a deduction (IIRC).  Once you have your adjusted gross income from the federal return, you plug it into the state form. If the number -2125 is positive, you owe 3% of that number (IIRC).



#36 bkjohns1   Persona! CAGiversary!   898 Posts   Joined 14.2 Years Ago  

Posted 23 March 2015 - 03:20 PM


Oh, and does anybody know anything about charitable donations and how they can have some tax benefits? Seems like there are so many things about taxes I don't really know about.

Save your receipts.  You will file an itemized deduction and that will need to be greater than the standard deduction.



#37 tonyv4   CAGiversary! CAGiversary!   2315 Posts   Joined 13.4 Years Ago  

Posted 23 March 2015 - 04:31 PM

I have family that does them for me, but I really want to learn how to do it myself. For 2016 taxes I should (hopefully) just have a 9-5 job and a 1098-E from the school loans I'm paying off. Any tips on something simple like that?

Oh, and does anybody know anything about charitable donations and how they can have some tax benefits? Seems like there are so many things about taxes I don't really know about.


Any tax software would do to be honest. I was in a similar position where all I had was the w-2 from my job, a couple of 1098-int and a 1098-e for my student loans. I just used TurboTax to file them as it was free for state and federal. I also used the standard deduction since I knew there was no way my itemized would be near $6000.i did use taxact and H&R Block to confirm all of my numbers were similar.

#38 Devil May Cry   Witty remark CAGiversary!   2776 Posts   Joined 11.6 Years Ago  

Devil May Cry

Posted 23 March 2015 - 06:30 PM

I've never messed with charitable donations and taxes, but it looks to me like they are tax deductible. In other words, they serve to reduce the income on which you are taxed and might, as a result, reduce your tax bill.

 

http://www.irs.gov/u...e-Contributions

Phew, this is a lot to take in. I'll read this over when I have some spare time, but thanks for the links! Mainly looking for how much needs to be donated and how they get to that number. Donations vs income?

 

Save your receipts.  You will file an itemized deduction and that will need to be greater than the standard deduction.

I'll start doing that, thanks for the tip. Need to look into this further to determine what the standard deduction translates to.

 

Any tax software would do to be honest. I was in a similar position where all I had was the w-2 from my job, a couple of 1098-int and a 1098-e for my student loans. I just used TurboTax to file them as it was free for state and federal. I also used the standard deduction since I knew there was no way my itemized would be near $6000.i did use taxact and H&R Block to confirm all of my numbers were similar.

I'm not opposed to using those services, but I'd rather learn how to be able to do this on my own. Maybe use them just to make sure I'm doing it right. Seems like everyone's go-to is TurboTax, so I'll keep that in mind.



#39 Navex   The Media Jerk CAGiversary!   1185 Posts   Joined 7.2 Years Ago  

Posted 09 April 2015 - 06:49 PM

Myfreetaxes is legit and great. As someone else said, unless you're rich or have a lot of things going on (stock, child support, marriage shit, etc) easiest way to do it through a program. CPAs can be wizards for getting you stuff back but again it's mainly only if you make a lot of money and have the money to burn on them. I've never messed with donations as I've been told you aren't getting back anything from them unless you're making some serious contributions and I don't think my Goodwill contributions or animal shelter donations are even at 200 dollars calculated so no point.



#40 Dead of Knight  

Dead of Knight

Posted 12 April 2015 - 01:37 AM

I've never messed with donations as I've been told you aren't getting back anything from them unless you're making some serious contributions and I don't think my Goodwill contributions or animal shelter donations are even at 200 dollars calculated so no point.

If you're already itemizing your deductions, you may as well add them in.  Every dollar helps.  If you aren't eligible for itemizing, then yeah, they aren't doing anything for you.



#41 CookieParty   Artist formerly known as Burritoman CAGiversary!   3260 Posts   Joined 11.5 Years Ago  

CookieParty

Posted 12 April 2015 - 03:19 AM

Woohoo! I got fucked on my taxes this year.

 

Not really fucked, but my wife's office changed accountants or something and they instructed her on how to fill out her W4 (I think that's the form, the one that decides how much to take out) and I owe about 2k.

 

Luckily we were able to save all year, but that just sucks.

 

Rat bastards is what they are.



#42 Chadt74   CAGoholic CAGiversary!   304 Posts   Joined 13.1 Years Ago  

Posted 12 April 2015 - 04:33 PM

DMC:

 

I'm not opposed to using those services, but I'd rather learn how to be able to do this on my own. Maybe use them just to make sure I'm doing it right. Seems like everyone's go-to is TurboTax, so I'll keep that in mind.

 

I would suggest going to the IRS website and looking up a form 1040 and printing that out along with the instructions and that would be the best was to start

 

http://www.irs.gov/p...s-pdf/f1040.pdf

http://www.irs.gov/p...pdf/i1040gi.pdf - note this is 104 pages long so printing might not be an option so keep it open and search for relevant terms

 

Most people file either a 1040 or 1040EZ.

 

Also the standard deduction is $6,200 and that is noted on the form 1040.  I started doing my own taxes at 19 along with my brothers and this is a skill you should know as it will help you 1)save money by not paying someone to fill out a simple form and 2)make better money decision due to your understanding of taxes.  Good luck and post any questions.



#43 Pookymeister   I like almonds Super Moderators   15649 Posts   Joined 14.6 Years Ago  

Pookymeister

Posted 15 April 2015 - 04:01 AM

Taxact is where it's at. $12 and easy interview process. Had something new this year (HSA contributions) and was simple.
Found out I can't get student loan interest deducted anymore though. Bastards.

#44 Navex   The Media Jerk CAGiversary!   1185 Posts   Joined 7.2 Years Ago  

Posted 27 April 2015 - 10:18 PM

If you're already itemizing your deductions, you may as well add them in.  Every dollar helps.  If you aren't eligible for itemizing, then yeah, they aren't doing anything for you.

Just now saw this. To you or anyone - when you say not eligible do you mean there's not something I'm doing right to be able to itemize or do you mean the stuff I donated isn't eligible to be itemized? The things I donate yearly are just clothes and maybe some unused electronics/or other misc. stuff that's very good condition but we're talking at best 30 bucks value total so I doubt it would make a difference on my return even if I did this process. I would guess you'd have to be donating hundreds before you'd see anything back.



#45 tonyv4   CAGiversary! CAGiversary!   2315 Posts   Joined 13.4 Years Ago  

Posted 27 April 2015 - 10:32 PM

Just now saw this. To you or anyone - when you say not eligible do you mean there's not something I'm doing right to be able to itemize or do you mean the stuff I donated isn't eligible to be itemized? The things I donate yearly are just clothes and maybe some unused electronics/or other misc. stuff that's very good condition but we're talking at best 30 bucks value total so I doubt it would make a difference on my return even if I did this process. I would guess you'd have to be donating hundreds before you'd see anything back.


I think he meant if you're already taking the itemized deduction as opposed to the standard deduction. But i could be wrong :D

#46 Pookymeister   I like almonds Super Moderators   15649 Posts   Joined 14.6 Years Ago  

Pookymeister

Posted 28 April 2015 - 01:44 PM

I think he meant if you're already taking the itemized deduction as opposed to the standard deduction. But i could be wrong :D

Yup, you are wrong. It's a she =]

 

But yea, unless you are already itemizing more than your standard deduction ($6200+), charity won't make a difference on taxes.



#47 AvengedBacklog   CAGiversary! CAGiversary!   13144 Posts   Joined 8.3 Years Ago  

AvengedBacklog

Posted 28 August 2015 - 09:45 PM

Bumping an old thread but question for you guys. My wife and I got married this past May and she's looking into getting a part-time job (she works full-time as well) for nights/weekends. I make about $10K more than her right now but the second job would obviously bring it closer. When tax time comes around will we be screwed if we file jointly and end up in a higher tax bracket?

#48 Pookymeister   I like almonds Super Moderators   15649 Posts   Joined 14.6 Years Ago  

Pookymeister

Posted 29 August 2015 - 06:55 PM

I know TaxAct lets you click a button at the end to see if you would save anything by filing separate.

Tax brackets are tiered, in case you didn't know......meaning, if you are like $5 over into the 28% tax bracket, you only get taxed at 28% on that $5, not the rest.



#49 Fyrinz  

Posted 20 December 2015 - 10:42 AM

I just file taxes myself.



#50 Invicta 61   Gabagool, Provalone and vinegar peppers CAGiversary!   2144 Posts   Joined 9.4 Years Ago  

Posted 23 December 2015 - 08:15 AM

Bought a house this year but still own the previous house, not renting yet.  Would prefer to sell but that may be difficult.  Along with a decent amount of doctor bills and a gift from a relative I'm considering having a tax professional take care of things for the first time.  Any places I should look for or avoid?



#51 Chadt74   CAGoholic CAGiversary!   304 Posts   Joined 13.1 Years Ago  

Posted 26 December 2015 - 01:09 AM

Avenged Backlog, not sure if you still look at this, but unless you and your wife have huge differences in income generally you should file together.

 

https://ttlc.intuit....y-or-separately

 

 

Invicta61, avoid the big tax places, they can train people off the street and they will do your taxes after 2-3 1/2 day training sessions.  Ask around but even with your 'stuff' this year you should be relatively simple.  Two houses, non-renting = two interest deductions that is easy, and the medical bills, you just need to input into basic software.  The key is having receipts and keeping a spreadsheet but there is a floor you have to break.

 

Finally on the gift tax, see the IRS website, that is usually payable by the donor.  You said you received a gift so that should not be taxable to you.  Also the max is $14K that a single person can give to another single person.  Also if your friend or you are married that goes up by $14K each person so if you are married you can received $28K from a single person; again see the FAQ linked. 

 

Hope this helps and looking forward to 2016 tax topic!

 

https://www.irs.gov/...s-on-Gift-Taxes

 

Who pays the gift tax?
The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.



#52 Imogenewap  

Imogenewap

Posted 21 October 2019 - 07:01 AM

A friend of a friend suggested that doing Spanish tax return online is very easy and straight forward. My Spanish is quite good and I want to give it a try. Has anyone got any experience doing that, and if yes, can you please instruct me how to go ahead with it in a stepwise manner? Thanks in advance