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2016 Tax Time

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Poll: How do you do your taxes?

How do you do your taxes?

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#1 Squarehard   Nyaa~ CAGiversary!   20824 Posts   Joined 11.1 Years Ago  

Posted 24 December 2015 - 07:28 PM

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.



#2 Chadt74   CAGoholic CAGiversary!   302 Posts   Joined 12.2 Years Ago  

Posted 26 December 2015 - 01:12 AM

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.



#3 Pookymeister   I like almonds Super Moderators   15596 Posts   Joined 13.8 Years Ago  

Pookymeister

Posted 31 December 2015 - 05:28 AM

Planning on hitting up Goodwill later today with a bunch of stuff.



#4 Navex   The Media Jerk CAGiversary!   1185 Posts   Joined 6.3 Years Ago  

Posted 06 January 2016 - 04:42 PM

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.



#5 kayne2000   All Glory to Tachikoma Paradise CAGiversary!   2308 Posts   Joined 8.7 Years Ago  

Posted 08 January 2016 - 09:51 AM

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.

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.



#6 thelonepig   Greasy Pork Pirates! CAGiversary!   6592 Posts   Joined 13.0 Years Ago  

Posted 08 January 2016 - 01:45 PM

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.

#7 Pookymeister   I like almonds Super Moderators   15596 Posts   Joined 13.8 Years Ago  

Pookymeister

Posted 14 January 2016 - 10:41 PM

Yea, mortgage interest alone puts me over, so any donations = deduction.



#8 The Punisher   CAGiversary! CAGiversary!   3947 Posts   Joined 8.1 Years Ago  

The Punisher

Posted 28 January 2016 - 12:46 AM

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.

How do u find out how much to donate based on income?



#9 Chadt74   CAGoholic CAGiversary!   302 Posts   Joined 12.2 Years Ago  

Posted 28 January 2016 - 11:57 AM

How do u find out how much to donate based on income?

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/...s/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



#10 Condor80   Let's Go Mets!!! CAGiversary!   4424 Posts   Joined 14.7 Years Ago  

Posted 03 February 2016 - 08:40 PM

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?



#11 Chadt74   CAGoholic CAGiversary!   302 Posts   Joined 12.2 Years Ago  

Posted 14 February 2016 - 12:35 AM

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

 

You can make contributions for 2015 by the due date (not including extensions) for filing your 2015 tax return. This means that most people can make contributions for 2015 by April 18, 2016.  Hope that helps and good luck.

 

https://www.irs.gov/...p590a/ch02.html



#12 Pookymeister   I like almonds Super Moderators   15596 Posts   Joined 13.8 Years Ago  

Pookymeister

Posted 15 February 2016 - 02:56 AM

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?

I think there's a promo still running for $15 for plus w/state - i got premium for $20 a week ago.



#13 objectionblaster   CAG Veteran CAGiversary!   445 Posts   Joined 9.1 Years Ago  

objectionblaster

Posted 21 February 2016 - 08:37 PM

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.



#14 kdiddy1989   I make average CAGs look rich. CAGiversary!   2068 Posts   Joined 6.5 Years Ago  

Posted 07 March 2016 - 11:57 PM

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.

#15 thelonepig   Greasy Pork Pirates! CAGiversary!   6592 Posts   Joined 13.0 Years Ago  

Posted 08 March 2016 - 12:23 PM

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.

#16 Chadt74   CAGoholic CAGiversary!   302 Posts   Joined 12.2 Years Ago  

Posted 11 March 2016 - 09:17 PM

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.



#17 AvengedBacklog   CAGiversary! CAGiversary!   13141 Posts   Joined 7.5 Years Ago  

AvengedBacklog

Posted 14 March 2016 - 02:34 AM

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!



#18 Condor80   Let's Go Mets!!! CAGiversary!   4424 Posts   Joined 14.7 Years Ago  

Posted 03 May 2016 - 02:00 PM

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?

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.



#19 Pookymeister   I like almonds Super Moderators   15596 Posts   Joined 13.8 Years Ago  

Pookymeister

Posted 05 May 2016 - 12:37 AM

I'd be happy with owning money at the end of the year, as long as there weren't any penalties attached to it.



#20 DrRockenstein   Games, games never change CAGiversary!   2405 Posts   Joined 10.7 Years Ago  

DrRockenstein

Posted 24 May 2016 - 02:42 AM

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.

#21 Burning Karma   Ready for the mosh pit, shaka brah CAGiversary!   872 Posts   Joined 8.8 Years Ago  

Burning Karma

Posted 24 May 2016 - 06:03 PM

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.

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.



#22 DrRockenstein   Games, games never change CAGiversary!   2405 Posts   Joined 10.7 Years Ago  

DrRockenstein

Posted 26 May 2016 - 04:22 PM

Well that sucks

#23 Burning Karma   Ready for the mosh pit, shaka brah CAGiversary!   872 Posts   Joined 8.8 Years Ago  

Burning Karma

Posted 26 May 2016 - 05:53 PM

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.