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The Official 2005 tax thread


Togo

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i just did a quick tally of my taxes, and without subtracting a few dollars for the less than half dozen pocketbikes i sold this year, i'm sitting at about $4900 refund! :eek if i keep up my tax strategy for the coming year (which i'm on target to) i should have my twin turbo money by the end of next january - i've already got the install money in the bank!

anyone else care to "brag" or bitch about their taxes - this is the thread to do it in :howdy

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I dont want to discuss taxes... but good for you.... hope to see you TT'd next year.

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I dont want to discuss taxes... but good for you.... hope to see you TT'd next year.

that bad huh? :bang

yeah, if i keep my "strategy" up for another 8 months, i'm good to go!

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My wife was delighted that we only have to pay Uncle Sam this year and it's only about $500. Past years we had to pay about 10 times that. I pointed out to her how much we'd already paid in taxes and now we have to come up with $500 more. I guess that's the price we pay for two good incomes and a pension. :angry

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anyone else care to "brag" or bitch about their taxes - this is the thread to do it in :howdy

:thumbs to my accountant this year, my vert's "makeover" would've been put on the back burner 'til X-mas for sure, but somehow we got a chunk back. I sure spent it FAST though! :devil

:burnout

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Guest XLR8TNC5

Our Accountant kicks serious ass. We had our taxes filed in February and had our $6G's (in's Fed and State) refund in the bank by the end of February. We always have the maximum of everything taken out all year long so that we don't get stuck owing anything at the end of the year. Not to mention, I keep receipts for EVERYTHING all year long. You would be surprised some of the things that are deductible that you may be missing out on.

We paid off a few bills and plan to pay for a couple of vacations with the cash. (Ie, one vacation in Prescott right now and one in July to Florida.)

Tanya

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Our Accountant kicks serious ass. We had our taxes filed in February and had our $6G's (in's Fed and State) refund in the bank by the end of February. We always have the maximum of everything taken out all year long so that we don't get stuck owing anything at the end of the year. Not to mention, I keep receipts for EVERYTHING all year long. You would be surprised some of the things that are deductible that you may be missing out on.

We paid off a few bills and plan to pay for a couple of vacations with the cash. (Ie, one vacation in Prescott right now and one in July to Florida.)

Tanya

care to share some of that deductible stuff with us, it may be a little late for some things, but i'm sure most of us could use more deductions to get our hard earned dollars back from uncle sam!

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I will be much happier next year. TN has no state income tax. That adds a few $$$$'s to my paycheck every 2 weeks and no one comes asking for it next tax season either.

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I will be much happier next year. TN has no state income tax. That adds a few $$$$'s to my paycheck every 2 weeks and no one comes asking for it next tax season either.

Yeah, you can spend the extra money on insurance deductibles :D

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Moving from Ohio to Phoenix our income almost doubled, we owe big time.

Ack.

Don, don't forget moving including house hunting expenses :thumbs

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anyone know if closing costs are deductible?

i still got a couple days, and have to pick up the papers from moms to even look at the amounts - but since i sold my house, i'm hoping for some more back!

:D

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- but since i sold my house, i'm hoping for some more back!

:D

I hope you owned it for at least 2 years or you'll owe capital gains tax. :burnout Robert

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- but since i sold my house, i'm hoping for some more back!

:D

I hope you owned it for at least 2 years or you'll owe capital gains tax. :burnout Robert

yes sir - 7 in fact!

paid a couple thousand in closing costs, and i wonder if it's deductible.

my tax program should tell me, but the wait to get all the info plugged in is killing me

so i thought i'd ask here

and a couple other forums!

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Had someone look at ours, we filed seperate (but married) and saved a ton.

She owed, and I got back a bunch. Turns out she owes 1k more than I'm getting back so we're still in the hole, but much less than previously thought.

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Guest XLR8TNC5

Chris,

Next year call me. I will give you the name and number of my Accountant.

Expenses deductible:

School, Certain Medical expenses over a $$ amount, new car tax, titles, license fees, Home mortgage interest, new office/school equipment, job clothing expenses ie: uniforms, etc..., Charity contributions, and a ton more crap I can't think of right now....lol.

Tanya

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Chris,

Next year call me. I will give you the name and number of my Accountant.

Expenses deductible:

School, Certain Medical expenses over a $$ amount, new car tax, titles, license fees, Home mortgage interest, new office/school equipment, job clothing expenses ie: uniforms, etc..., Charity contributions, and a ton more crap I can't think of right now....lol.

Tanya

:agree cell phone, internet, some closing cost...I just don't know which ones, haircuts if you are required to maintain a certain image, mileage to and from medical/dental appointments...and so on. Now go get em!!!

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looks like you can only deduct the settlement statement amount (closing costs etc.) if you have made a "capital gain" on the sale of your home.

so i'm out of luck this time - but thankfully, i don't have to pay any gain tax! :D

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I deducted the purchase of my cellphone since I list it on call out rosters, etc at work. I bought the treo 650 so I also store work related phone numbers in the PDA. My wife deducted a laptop since she uses it predominately for work at home.

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UGH, i knew i was overcinfident of a large refund.

my "ending inventory" for 2004 was just over $19,000 for all those damn pocket bikes i bought - i still owe $7000 on them - if i donate them to a charity, it give me a refund of $5136 federal and $1360 state

if i DON'T donate them, i'm stuck with them and have to pay tax on the inventory - if i "withdraw them" for personal use (which sounds stupid, but it would net me a larger refund than just keeping them) then i pay sales tax on them to the state - but would still probably make out - what is sales tax in AZ? 8.2% in phoenix?

GRRRRR i hate taxes!

anyone using Kiplingers TAXCUT - i want to know where to withdraw the items for personal use - state tax is only $1603.xx

so i then get back a larger refund, and EVEN LARGER NEXT YEAR

so - can i withdraw all my inventory and just go out of business?????

oh DAN.....where are you?

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Used Turbo Tax online and e-filed, got back about $5800. Had the money in the bank 2nd week in Feb.

I know I gave Uncle Sam an interest free loan for a year, but when I get a hunk of cash like that, I'm much more likely to stick it in the savings account or invest it.

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OK, new delimna - i think i'm screwed either way on the inventory question, so here's my new question - i am contemplating changing my method of valuation on my inventory - but if i "ebay" the items i have in inventory, i come up with one model priced at $69 BUY IT NOW (and i'm in to mine for $190 ea. - and i'm not factoring the high shipping costs, as that's how i think some of the vendors are getting away with murder on ebay and with the IRS) i see another model i have for $249 BUY IT NOW and i'm in to mine for $575 ea.

so the way i see it, i can't sell these things for even HALF what i paid for them, so i feel as though i should be allowed to change the value of my inventory based on current market prices.

again....OH DAN........care to interject?

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