Author Topic: Taxes  (Read 40951 times)

0 Members and 1 Guest are viewing this topic.

Offline steve dave

  • Global Moderator
  • Pak'r Élitaire
  • *****
  • Posts: 85313
  • Romantic Fist Attachment
    • View Profile
Re: Taxes
« Reply #50 on: March 11, 2014, 09:51:28 AM »
i have meant to get my taxes done every day for the last 45 days, and keep putting it off to the next day. it's horrible. last year i went right up to the deadline.

i am going to get them done today, however.

standard deduction

Offline Emo EMAW

  • PCKK7DC Survivor
  • Pak'r Élitaire
  • *******
  • Posts: 17891
  • Unrepentant traditional emobro
    • View Profile
Re: Taxes
« Reply #51 on: March 11, 2014, 09:55:22 AM »
Usually we are on top of this stuff.  Not this year.  Meh, I'm in no hurry.

Offline steve dave

  • Global Moderator
  • Pak'r Élitaire
  • *****
  • Posts: 85313
  • Romantic Fist Attachment
    • View Profile
Re: Taxes
« Reply #52 on: March 11, 2014, 09:56:03 AM »
Usually we are on top of this stuff.  Not this year.  Meh, I'm in no hurry.

standard deduction

Offline Emo EMAW

  • PCKK7DC Survivor
  • Pak'r Élitaire
  • *******
  • Posts: 17891
  • Unrepentant traditional emobro
    • View Profile
Re: Taxes
« Reply #53 on: March 11, 2014, 09:56:17 AM »
Usually we are on top of this stuff.  Not this year.  Meh, I'm in no hurry.

standard deduction

Haha, no.

Offline Mrs. Gooch

  • Pak'r Élitaire
  • ****
  • Posts: 9975
    • View Profile
Re: Taxes
« Reply #54 on: March 11, 2014, 09:56:36 AM »
We used to always get a lot back; so I changed my elections on the W-4 so we are pretty close to even now...so I'm in no hurry to get them done. I downloaded the software this weekend and gathered up the documents we have received; so I feel like I made progress.

standard deduction (this one is a tough call but I'm very good so I maybe still nailed it)

You are wrong, but good job on the tough call...we are getting close as the amount of interest on the mortgage goes down. We'll probably take the standard deduction in a couple of years.

Offline Tobias

  • Fattyfest Champion
  • Pak'r Élitaire
  • *****
  • Posts: 29145
  • hypoclique lieutenant
    • View Profile
Re: Taxes
« Reply #55 on: March 11, 2014, 09:57:18 AM »
standard deduction

sorry, sd.  i used to though!

Offline Institutional Control

  • Pak'r Élitaire
  • ****
  • Posts: 14954
    • View Profile
Re: Taxes
« Reply #56 on: March 11, 2014, 09:58:23 AM »
home office deductions.  automatic audit?  discuss.

Claim it every year. Never audited.  But I also never get a refund.

Offline Emo EMAW

  • PCKK7DC Survivor
  • Pak'r Élitaire
  • *******
  • Posts: 17891
  • Unrepentant traditional emobro
    • View Profile
Re: Taxes
« Reply #57 on: March 11, 2014, 09:58:49 AM »
I'd assume it's pretty normal that if you're paying a mortgage to itemize.  I'd guess greater than 50%.  But I've never seen any numbers. 

Offline ew2x4

  • Pak'r Élitaire
  • ****
  • Posts: 3918
    • View Profile
Re: Taxes
« Reply #58 on: March 11, 2014, 10:00:43 AM »
Had a baby last year. Looking forward to not owing money for once.

Offline raquetcat

  • PCKK7DC Survivor
  • Katpak'r
  • *******
  • Posts: 1957
  • ^ I let us down
    • View Profile
Re: Taxes
« Reply #59 on: March 11, 2014, 10:04:04 AM »
I owed $1200 to the feds (thanks Obama!)

I got a refund of $700 ish from the state (thanks Brownback!)
I'm purple down

Offline Institutional Control

  • Pak'r Élitaire
  • ****
  • Posts: 14954
    • View Profile
Re: Taxes
« Reply #60 on: March 11, 2014, 10:10:35 AM »
State taxes, lol.

Offline AST

  • nip nip weiner
  • Pak'r Élitaire
  • ****
  • Posts: 3383
    • View Profile
Re: Taxes
« Reply #61 on: March 11, 2014, 10:12:55 AM »

Offline kostakio

  • Combo-Fan
  • **
  • Posts: 475
    • View Profile
Re: Taxes
« Reply #62 on: March 11, 2014, 10:35:26 AM »
A little known or talked about tax fact is the April 15th deadline is really just a deadline to pay.  If you don't owe any additional taxes it's pretty much meaningless to you and you can file after it with no penalty.   You have to up three year's to claim your refund though I'm not sure why anyone would wait that long. 

Offline Dugout DickStone

  • Global Moderator
  • Pak'r Élitaire
  • *****
  • Posts: 51465
  • BSPAC
    • View Profile
Re: Taxes
« Reply #63 on: March 11, 2014, 10:38:37 AM »
A little known or talked about tax fact is the April 15th deadline is really just a deadline to pay.  If you don't owe any additional taxes it's pretty much meaningless to you and you can file after it with no penalty.   You have to up three year's to claim your refund though I'm not sure why anyone would wait that long.

You are a stud boss who doesn't count on the gov to force you to save $$?

Offline j rake

  • Katpak'r
  • ***
  • Posts: 2542
    • View Profile
    • @j_rake
Re: Taxes
« Reply #64 on: March 11, 2014, 11:09:46 AM »
OK, SD - I'll bite and give you a tricky one.

Here in Vegas, many sportsbooks have mobile betting apps. You bet through an individual account, and books are able to report your win/loss statements to the IRS, etc, upon request. As a result, accurate record keeping is a must.

Well, in some cases, you might bet with someone on your account ("I go half, you go half?"); or even for someone else entirely on your account ("Oh, sure, I can bet that for you!"). Let's assume by the end of the year, you won 10k at a particular sportsbook, with 7k belonging to you, and 3k belonging to another person.

Should you report the entire 10k and pay taxes on it? Or should you only claim your personal share? Remember, the sportsbook has your account info and shows that you won 10k, and that is what is reported to the IRS.

Offline michigancat

  • Contributor
  • Pak'r Élitaire
  • *****
  • Posts: 53771
  • change your stupid avatar.
    • View Profile
Re: Taxes
« Reply #65 on: March 11, 2014, 11:10:29 AM »
I'd assume it's pretty normal that if you're paying a mortgage to itemize.  I'd guess greater than 50%.  But I've never seen any numbers. 

according to this, 25% of households itemize (and the home ownership rate is 67%): http://www.sfgate.com/business/networth/article/Mortgage-interest-deduction-claims-facts-4129555.php

Offline steve dave

  • Global Moderator
  • Pak'r Élitaire
  • *****
  • Posts: 85313
  • Romantic Fist Attachment
    • View Profile
Re: Taxes
« Reply #66 on: March 11, 2014, 11:23:27 AM »
OK, SD - I'll bite and give you a tricky one.

Here in Vegas, many sportsbooks have mobile betting apps. You bet through an individual account, and books are able to report your win/loss statements to the IRS, etc, upon request. As a result, accurate record keeping is a must.

Well, in some cases, you might bet with someone on your account ("I go half, you go half?"); or even for someone else entirely on your account ("Oh, sure, I can bet that for you!"). Let's assume by the end of the year, you won 10k at a particular sportsbook, with 7k belonging to you, and 3k belonging to another person.

Should you report the entire 10k and pay taxes on it? Or should you only claim your personal share? Remember, the sportsbook has your account info and shows that you won 10k, and that is what is reported to the IRS.

get friends who suck ass at sports betting but are good at paying you back money they owe you.

Offline j rake

  • Katpak'r
  • ***
  • Posts: 2542
    • View Profile
    • @j_rake
Re: Taxes
« Reply #67 on: March 11, 2014, 11:28:41 AM »
This was a serious inquiry.  :frown:

Offline Mrs. Gooch

  • Pak'r Élitaire
  • ****
  • Posts: 9975
    • View Profile
Re: Taxes
« Reply #68 on: March 11, 2014, 11:30:57 AM »
This was a serious inquiry.  :frown:

If you are not going to claim your friend's winnings then you probably need to provide him some sort of form showing how much he won so he can claim it.

Offline steve dave

  • Global Moderator
  • Pak'r Élitaire
  • *****
  • Posts: 85313
  • Romantic Fist Attachment
    • View Profile
Re: Taxes
« Reply #69 on: March 11, 2014, 11:34:19 AM »
This was a serious inquiry.  :frown:

you have to pay it, unless they are going to and will provide documentation. serious answer.

Offline j rake

  • Katpak'r
  • ***
  • Posts: 2542
    • View Profile
    • @j_rake
Re: Taxes
« Reply #70 on: March 11, 2014, 11:40:14 AM »
This was a serious inquiry.  :frown:

you have to pay it, unless they are going to and will provide documentation. serious answer.

great reply. thanks.  :thumbs:

Offline Emo EMAW

  • PCKK7DC Survivor
  • Pak'r Élitaire
  • *******
  • Posts: 17891
  • Unrepentant traditional emobro
    • View Profile
Re: Taxes
« Reply #71 on: March 11, 2014, 11:41:59 AM »
I'd assume it's pretty normal that if you're paying a mortgage to itemize.  I'd guess greater than 50%.  But I've never seen any numbers. 

according to this, 25% of households itemize (and the home ownership rate is 67%): http://www.sfgate.com/business/networth/article/Mortgage-interest-deduction-claims-facts-4129555.php

:thumbup:

Sent from my SPH-L710 using Tapatalk


Offline Asteriskhead

  • PCKK7DC Survivor
  • Pak'r Élitaire
  • *******
  • Posts: 9371
  • giving new meaning to the term "anger juice"
    • View Profile
Re: Taxes
« Reply #72 on: March 11, 2014, 11:44:41 AM »
I got my refund back today.

Offline slobber

  • Pak'r Élitaire
  • ****
  • Posts: 12427
  • Gonna win 'em all!
    • View Profile
Re: Taxes
« Reply #73 on: March 11, 2014, 11:51:25 AM »
Largest refund you ever received (federal only)?

$6,000 ish. What a stupid tax year. Involved a move and a large raise and bonus when I wasn't making much base at the beginning of the year, so I hadn't made any corrections in withholdings.

Offline 3gQ@T

  • Fan
  • *
  • Posts: 44
    • View Profile
Re: Taxes
« Reply #74 on: March 11, 2014, 11:53:51 AM »
Mrs. 3g is graduating from Law School this year. Is there anything (such as a computer) that we should purchase and write off for next year's taxes? TIA, SD.