Tax time sucks

[goodtimes]

Originally posted by qwiksilver
What do you need Turbo Tax for? 1040EZ and five minutes.

There is a $50K limit on the EZ.

[NAILER341]

Originally posted by goodtimes
There is a $50K limit on the EZ.

damn RICH folks!

[qwiksilver]

Originally posted by NAILER341
you miss out on a lot of good deductions with the 10-40 ez form. if you are buying a house, or can write off your miles... it really pays off to pay the extra money for a pro to do the taxes. they know all the loop holes, and minor deductions... all that stuff adds up

I still grind my teeth every time I think of being stuck up against the window on the way to Hawaii to visit my brother and listening to two yuppies do their taxes. It took them a 5 hour flight to figure out that all they had going for them was a standard deduction. I've been an aisle seat person ever since.

[jmbrowning]

Last year, the entire cost of purchase of any motor vehicle with a GVWR 6000# or greater could be written off in the first year for any self-employed individual.

I think it was originally intended as a bill to increase durable item purchases for small farms, but most deductions will probably be taken by non-farm business owners.

Wranglers don't meet the GVWR, but WJ's might. Lexus, BMW, Porsche, H2 Ute's all meet wt criteria.

It is definitely worth itemizing your tax returns. Student loan interest, mortgage interest, medical expenses, mileage, cell phone, blah, blah. It's the taxpayers money, but it's the taxpayers responsibility to figure out a way to get it back...without any interest while it was out of pocket.

[goodtimes]

Originally posted by qwiksilver
....It took them a 5 hour flight to figure out that all they had going for them was a standard deduction. I've been an aisle seat person ever since.

LMAO!!!! That's friggin funny! It only took me about an hour and a half to figure out that is all I could take (that plus some tuition and moving expenses--which you don't have to itemize to take). The longest part was all the times I had to come back here and download another form, just to find out that it wasn't the form I really wanted.:mad:

I think a home based business (part time) would be cool. If for no other reason than to write off part of the mortgage (more than just interest and taxes).

[qwiksilver]

Originally posted by goodtimes
LMAO!!!! That's friggin funny! It only took me about an hour and a half to figure out that is all I could take (that plus some tuition and moving expenses--which you don't have to itemize to take). The longest part was all the times I had to come back here and download another form, just to find out that it wasn't the form I really wanted.:mad:

I think a home based business (part time) would be cool. If for no other reason than to write off part of the mortgage (more than just interest and taxes).

Get a farm...great write off. I have one.

Update: #*%&)#^#_($*&!!!!!!! :mad: The government just taxed my farm program payments and price supports as income. If they're going to take it away I wish they wouldn't give it to me...it's just more paperwork. AND I had spent hours learning a whole new vocabulary. *&)^&@)&^$()*!@@%@$!!!! Going over here to beat up a Honda now.:mad:

[king4wd2]

Originally posted by goodtimes
I think a home based business (part time) would be cool. If for no other reason than to write off part of the mortgage (more than just interest and taxes).

That's why I have a home daycare. I can write off a % of my utilities, grocery bill, and mortgage. Unfortunately, I won't be able to do this until the 2004 taxes are due. I started the business late in 2003. Oh well.