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Got your taxes done yet?

post #1 of 24
Thread Starter 
I know it's off the ski thread a bit (actually, it's not if you look at it from the standpoint of using your return $ on late season ski sales), but I'm bored, my knee hurts, and I felt like starting a thread to see other folks file your taxes.

We prepare ours in early March (we always owe - I like keeping $ in my pocket instead of Uncle Sam's), write the checks, stuff the envelopes, stamp em, and then let them sit until April 15. It at least makes me feel like I'm hanging onto my own cash just a touch longer... (so would I be considered a late filer or early filer?! )

How about y'all?
post #2 of 24
Yes. $5,100 coming back from 'The Man'.
post #3 of 24
Being from a state without an income tax the new rules allowing us to deduct sales tax really helped. I picked the right year to buy a car!
post #4 of 24
Thread Starter 
5100! that sounds like a vacation in the works!
post #5 of 24
For all you instructor/patrol types, do you guys deduct the cost of your skis?
post #6 of 24
Quote:
Originally Posted by peterslovo
5100! that sounds like a vacation in the works!
Heading to Europe in 3 weeks. My dad grew up in a small town 10 km from the present Atomic factory. My aunt still lives in the original house and I'll stay there for a couple days. Of course I'll visit Atomic and meet with all my friends who still work in Race and R&D.
post #7 of 24
Quote:
Originally Posted by Betaracer
Yes. $5,100 coming back from 'The Man'.
Sorry Beta but I think that is a stupid way to think. If I give somebody a $100/week loan all year they better pony up more than that $5,100 back at the end.:

If you had instead incresed your W-4 by one or two exemptions and then put that extra $100/wk pay in a vacation club you would not "owe" the man nor would "he" owe you, and you would have far more to spend on your vaca.
post #8 of 24
Quote:
Originally Posted by Stache
Sorry Beta but I think that is a stupid way to think.
Gosh, Stache, you must be really smart! You live in New York but are able to lecture someone from British Columbia about how they should do their taxes!! I, being a US citizen, have no clue about how Canadians handle their taxes. And to think, they have W4 forms!!! I figured that they would have some other system than ours. Just goes to show how dumb I am!
post #9 of 24
Ok, I don't file till April 15, and then I owe....five figures. Have I ever received a thank you for all the people my income is redistributed to? NO: So big deal I can choose to deduct either my state income tax or sales tax. They are both taxes, and I am paying taxes on taxes. What a crappy topic. "Have you done your taxes yet?" My wife asks me that every day. :

I owe, but in return, I am entitled to a good powder day or two between now and April 15!

Looks like the return is in the mail!

Tonight: Snow heavy at times. Snow accumulation 4 to 8 inches...with 10 to 16 inches above 7000 feet. Lows 28 to 38. Southwest winds 10 to 20 mph with gusts up to 100 mph over ridges.

Tuesday: Windy with snow. Snow accumulation 4 to 8 inches...with 10 to 16 inches above 7000 feet.

Hey, what's with the wind. That aint part of the deal!
post #10 of 24
Quote:
Originally Posted by pheft
Being from a state without an income tax the new rules allowing us to deduct sales tax really helped. I picked the right year to buy a car!
Writing off sales tax would be sweet here in NYC we pay 8.25%!

I've still yet to file. Waiting til' Midnite 4/14!
post #11 of 24
I did not realize it was April 14th yet! Whats the rush it's still snowing.
post #12 of 24
Quote:
Originally Posted by pheft
Gosh, Stache, you must be really smart! You live in New York but are able to lecture someone from British Columbia about how they should do their taxes!! I, being a US citizen, have no clue about how Canadians handle their taxes. And to think, they have W4 forms!!! I figured that they would have some other system than ours. Just goes to show how dumb I am!
Good catch pheft! I missed the location. One more possibility in US would be something like the earned income credit or allowance for single head of household credit. For personal reasons my wife files separately and she wants me to move out so she can claim head of household. She would get $3,000 back rather than $300.

vinn, I deduct EVERYTHING! (probably why the wife files separate) I am self employed and sell advertising including signs. Every trip to the mountain I stop in to this little deli I sold a sign to ten years ago and ask them if they want to buy a new one. That way even my mileage is a write off on a different schedule C.
post #13 of 24
Quote:
Originally Posted by Stache
Good catch pheft! I missed the location. One more possibility in US would be something like the earned income credit or allowance for single head of household credit. For personal reasons my wife files separately and she wants me to move out so she can claim head of household. She would get $3,000 back rather than $300.
Hmm, when and where will your seminar on "Modern techniques for tax preparation" be held??

I feel I've let my clients down by not being aware of the existence of this particular gem.

Tell me, do you think I can charge extra to take this credit for my clients??

Quote:
Originally Posted by Stache
vinn, I deduct EVERYTHING! (probably why the wife files separate) I am self employed and sell advertising including signs. Every trip to the mountain I stop in to this little deli I sold a sign to ten years ago and ask them if they want to buy a new one. That way even my mileage is a write off on a different schedule C.
Wonderful advice. We'll visit you once a month---where is the federal pen in New York anyway??
post #14 of 24
Since I teach music I could go to the bar after skiing and listen to the band. Then I could write off my transportation because I was undertaking "professional development!" What a sweet deal. Could I write off the drinks?
post #15 of 24
Quote:
Originally Posted by Stache
Sorry Beta but I think that is a stupid way to think.
How is that a stupid way to think? I'm getting $5100 back as a tax refund. Period. If I thought I was getting $5100 and really was getting $51, that would be stupid. Or was has the term for the government now become politically correct and 'The Man' must now be called 'The Person of unspecified gender' and I'm stupid for not knowing that?
post #16 of 24
Quote:
Originally Posted by Cirquerider
Ok, I don't file till April 15, and then I owe....five figures. Have I ever received a thank you for all the people my income is redistributed to? NO:
I don't know the exact math, but it sounds like you pull down a decent income. I guess if I was in your shoes I'd be thankful to be on the high end of the income scale as opposed to the "redistributed" end. Not trying to bait you or anything, just saying think about the other guy.
post #17 of 24
All you had to do is ask! Thank you!

Feel better now?:
post #18 of 24
I'm getting back a huge tax refund.

I don't increase my deductions because I am not a salary employee. My taxes are more complicate than that. At the beginning of the year I have an idea, but no hard evidence, on what I am going to make.

Anyway it's all going into savings.

Have fun on your trip to Europe betaracer.
post #19 of 24

speln

Quote:
Originally Posted by skier_j
I feel I've let my clients down by not being aware of the existence of this particular gem.
TWO of her fellow employees file "Head of Household" rather than "single" (even though they are living at home with mom and dad). They both get back a couple grand and when she runs her numbers with only that filing status change, she sees a "bigger picture" of the wealth re-distribution.

If you consider keeping your clients that "might" play this clean (and thereby keeping all your other clients clean of guilt by association) then I would make the "leap" that you are not letting anyone down.

For myself, I have been told on more than one audit that "the IRS wants you to take every deduction you are legally allowed." by keeping proper logs, reciepts, and documentation I have actually been granted additional allowances as a result of my two audits. They still are not fun, and I wish I could send a bill to "the man" for my own time, but at least they let me deduct my attorney's fees next year. Especially this week in light of what is happening in Dunnedin, FL the difference between what is LEGAL and what is MORAL is more black and white than ever. Remember the key wording is "...the intent to make a profit."
post #20 of 24
Quote:
Originally Posted by Betaracer
How is that a stupid way to think? I'm getting $5100 back as a tax refund. Period. If I thought I was getting $5100 and really was getting $51, that would be stupid. Or was has the term for the government now become politically correct and 'The Man' must now be called 'The Person of unspecified gender' and I'm stupid for not knowing that?
Sorry Betaracer,
I missed the Whistler, BC in your location. I don't know how it works up north.
It totally frustrates me when US folks say they are getting "money back" as if it wasn't theirs to begin with. Why don't they see that what they have done is overpay every week into the gov'ts savings bank and at the end of the year "the man" gets to keep the interest and all they get back is their own money that they should have had in their own hands every week."
post #21 of 24
No probs. I have two jobs. One as a carpenter which is payroll. All deductions come off my paycheque. My Atomic stuff and other side projects (cash work and home inspections) is declared, but no adjusted until the end of year. For all my work, I require my truck (2004 F350 Diesel 4x4) and I can write that off (depreciating) as well as all expenses relating to it (insurance, fuel, accessories directly relating to work, etc) to the full amount. I have business expenses (office supplies, computer and related, cel phone, legal and accounting fees, tools etc). When the write-offs are calculated, and deducted from my total income, I have an over-payment of income tax. Bank interest rates are low, so I wouldn't be making much interest if the money was in the bank, and I know I'd spend it if I had it. It is just nice to have the bank account increase by a fair chunk, regardless if it was your to start out with.
post #22 of 24
KO Beta,
I am in a similar position except I underpay my quarterly estimates and claim 0 on my Ski Instructor and other w-2 salary jobs (opposite of what I advocate above). I still owe at the end of the year but not so much as to incur a penalty. Even if I only made $5.25 interst on what I was "holding back" that is a beer or six for me not for "the man".

I encourage everyone to hire a very expensive (and very worth it) accountant and/or tax attorney. In the end it will save/make you money. "Pay for it, it's cheaper!"
post #23 of 24
Quote:
posted by Stache: TWO of her fellow employees file "Head of Household" rather than "single" (even though they are living at home with mom and dad). They both get back a couple grand and when she runs her numbers with only that filing status change, she sees a "bigger picture" of the wealth re-distribution.

I'm not a tax professional (I'll leave that job to Jeff), but this sounds like it's gonna jump up and bite them on the ass someday. How many kids does she have, and what is the filing status of the rest of the people in that house? ( I believe you need children to file head of household.)

Penalties and interest really add up if you get snared. Hey......take a chance! You may not get caught!

I'm going to call Snort, Mr. Biscuit, and Riblet my "kids", and take the extra deductions. Yeah.
post #24 of 24
Quote:
Originally Posted by Betaracer
Heading to Europe in 3 weeks. My dad grew up in a small town 10 km from the present Atomic factory. My aunt still lives in the original house and I'll stay there for a couple days. Of course I'll visit Atomic and meet with all my friends who still work in Race and R&D.
You could still find some excellent skiing in the Salzburg/Amade region in mid-April.
Would be nice to meet you there but I´ll be in Austria as late as the beginning of May when the season in the Czech mountains is over.
The stay at your aunt´s house must be ein Märchen und du wirst es bestimmt geniessen, so wie den Altenmarkt Atomic-Besuch.
Sometimes good ol´ Europe is not that bad .

Btw, the taxes are a topis here too. Our deadline is March 31 which means I have lots to do over the Easter days...
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