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Tips for Tax
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queen




 
 
    
 

Post Thu, Jan 04 2007, 11:06 pm
ceo wrote:
there is a program called Turbo Tax for your computer. you have to buy it every year, it costs about $40, I think .I have never used it, but it is supposed to be well worth it. It's a tax filing program for personal use, every year it is updated with all the IRS rules/deductions for that year.


Turbo tax works great for simple returns. Anytime one is working with taxes for more than one state, or selling of properties etc. it can get very complicated- and you'll end up going to an accountant to help figure it all out for you.
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queen




 
 
    
 

Post Thu, Jan 04 2007, 11:07 pm
HappyHome wrote:
I'm curious, how much do accountants charge? My husband always does them himself but I wonder...


simple tax returns (run of the mill nothing out of the ordinary) begins at $100
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queen




 
 
    
 

Post Thu, Jan 04 2007, 11:08 pm
amother wrote:
I think if you use your car to travel to and from work, you can deduct some of the car related expenses. I'm not sure exactly what, but my accountant deducted 7K for it last year.


you can only deduct mileage if you hare two jobs..... or if you travel places for your work specifically. If you only work at one place, you can't deduct mileage for driving from your home to work each day.
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queen




 
 
    
 

Post Thu, Jan 04 2007, 11:12 pm
amother wrote:
Anyone know anything about a 1099 form - I do some work from home and since I was paid by checks which I deposited into my account I now have to report it- I'm so nervous about it as it is the first time I am doing this and I am also worried tha I will lose my medicaid - it isn't alot of money that I made but still.


I don't know anything about medicaid.
However as far as being paid and depositing the $ in the bank-
anyone you worked for that issues you a 1099 form--- the gov't keeps track of that money and makes sure that that amount apears on your tax return.

for ex:
let's say you freelance and 10 people sent you 1099's. (by the way I believe you only have to be issued 1099's for work over about $600). the total amoount from all those 1099's come up to $20,000.

On your reported income on the tax return- you must report having made a minimum of $20,000. The gov't has record of your having made that amount and will cross check you to make sure it was reported.

Now, any money that you did not get 1099'd for---- harder for gov't to trace. Money deposited into checking account made out to business CAN be tracked easily if you get audited.

BTW- those who file a schedule C have a higher rate of being audited by the gov't.
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queen




 
 
    
 

Post Thu, Jan 04 2007, 11:14 pm
amother wrote:
amother who asked about the 1099 here - How much taxes will I be paying on what I made? And how does it work if my husband works on the books as well - this his first time he will be filing too? Do we file it together? I don't think he will be getting a 1099 - just a w2.
[/quote]

based on the almost no-information given in the amother's post above it's impossible to tell you what percentage of tax you'll be paying.

Those that work for themselves/run their own company pay a minimum of 15% on any income that comes in. You pay Federal tax and state tax etc. Also depends which tax bracket you fall under (meaning how much money total you make)
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baseballmom




 
 
    
 

Post Thu, Jan 04 2007, 11:47 pm
amother wrote:

Medical is definitely deductible. I think tzedaka under 400 you don't need receipts for, over 400, you must have proof. Daycare, licensed playgroup, things like that are also deductible.


My understanding was that as of August 2006 you need either a receipt or cleared check for all donations, not just those above $250 (I think that was the previous cutoff)
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mimsy7420




 
 
    
 

Post Fri, Jan 05 2007, 9:57 am
If you and your husband both work jobs where you get paid a salary every month and your jobs deducts most taxes for you then you can use one of these simple tax programs to do your taxes, because you only have a simple return.
If either of you are self employed, and you are deducting all sorts of things from your income tax such as house and car etc then it is best to go with an accountant because your return is not going to be simple.
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