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Forum -> Household Management -> Finances
Tips for Tax
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amother


 

Post Thu, Jan 04 2007, 12:18 pm
Now that Tax season is arriving, does anyone have any good tips on how to get back more $?

For example, is it worth listing all the doctor expenses & tzedaka u gave?
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chocolate moose




 
 
    
 

Post Thu, Jan 04 2007, 12:20 pm
are you doing your own taxes? if you are paying s/o, it cost more to itemize like that.
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red sea




 
 
    
 

Post Thu, Jan 04 2007, 12:43 pm
An accountant can tell you if you should list it or not, try to find an accountant who is not so expensive and they usually know more laws to save you more $.
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amother


 

Post Thu, Jan 04 2007, 1:30 pm
Quote:
are you doing your own taxes? if you are paying s/o, it cost more to itemize like that.

I'm paying someone to do the taxes. Why does it cost more to itemize then?
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mimsy7420




 
 
    
 

Post Thu, Jan 04 2007, 1:32 pm
It is definitely worth it to list ALL doctor expenses and donations. Even if you got paid back for most of the Dr's fees from insurance, you should even list a few dollars. Why not? You might as well.
And if you get a tax receipt from tzedaka - definitely list all of those.
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red sea




 
 
    
 

Post Thu, Jan 04 2007, 1:36 pm
If you do not have a mortgage it does not always pay to itemize.
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amother


 

Post Thu, Jan 04 2007, 1:51 pm
thanks only1!!
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mimsy7420




 
 
    
 

Post Thu, Jan 04 2007, 1:56 pm
No problem!
(I'm married to an accountant Smile )
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ceo




 
 
    
 

Post Thu, Jan 04 2007, 2:05 pm
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.

Also, an E.A. can help you with taxes 'E.A.s are "enrolled agents" and they specialize in taxes. A friend told me that E.A.s are usually less expensive than accountants, but I don't know if that's true.
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BoomChickaPop




 
 
    
 

Post Thu, Jan 04 2007, 9:21 pm
I'm curious, how much do accountants charge? My husband always does them himself but I wonder...
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amother


 

Post Thu, Jan 04 2007, 9:24 pm
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.

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.
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Flowerchild




 
 
    
 

Post Thu, Jan 04 2007, 9:24 pm
ceo, I have turbo tax, and yes it is worth it.
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chocolate moose




 
 
    
 

Post Thu, Jan 04 2007, 9:36 pm
Getting your taxes done, dep. on your complicated, can run $200.
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amother


 

Post Thu, Jan 04 2007, 9:36 pm
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.
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amother


 

Post Thu, Jan 04 2007, 9:38 pm
Ok so about this turbo tax... I pay $150 to get m taxes done but got back $2500 last year. You think it's worth it just to buy the software and I'll get bakc the same?
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ceo




 
 
    
 

Post Thu, Jan 04 2007, 9:39 pm
HappyHome wrote:
I'm curious, how much do accountants charge? My husband always does them himself but I wonder...


totally depends what your situation is and how much work is involved. My guess is that a fairly simple return costs starts at about $100, and goes up from there, depending on how complicated your situation is.
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ceo




 
 
    
 

Post Thu, Jan 04 2007, 9:41 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.


can you be more specific? what about the 1099 form do you need to know?
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amother


 

Post Thu, Jan 04 2007, 9:52 pm
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]
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ceo




 
 
    
 

Post Thu, Jan 04 2007, 9:59 pm
I suggest you get a book called taxes for Dummies. it explains it much better than I can. get the 2007 edition, you can get it from amazon or at a bookstore. it basically walks you through the whole process.

http://www.amazon.com/Taxes-20.....books
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BrachaVHatzlocha




 
 
    
 

Post Thu, Jan 04 2007, 10:01 pm
we have used turbo tax or H&R and found them helpful.
I think it's only useful to itemize if your expenses and tzedaka exceed your standard deduction.... Am I correct?
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