[jonasdatum]

Taxes – 2007 – Filing Tips & General Discussion.

"It's that time again!"

Tax Filing for the year 2007 has begun so lets all get that data exchange going and make it a productive and lucrative one shall we?

I received my W-2 wage form last night. I have received most of my 1099s, but haven’t received my education-related tax forms (I forget the name). Also, I have decided to update my tax archives and copy many of my scanned documents (image files) to .PDF files.

I am currently searching for reviews of tax filing software, but I’ll probably go with TaxAct (www.taxact.com) yet again.

Update: I just did a quick run through my taxes via taxact. It appears the more I save, the more money the federal government takes from my return, Isn't that lovely?

[Bastiat]

Originally Posted by jonasdatum

It appears the more I save, the more money the federal government takes from my return, Isn't that lovely?

Hello, welcome to my world. Now that it is our world please come to understand that the more you make the more other people think you should pay in taxes.

[jonasdatum]

Originally Posted by Bastiat

Hello, welcome to my world. Now that it is our world please come to understand that the more you make the more other people think you should pay in taxes.

Dude I made less that $30,000 last year. LOL I made maybe $300 in a savings account. As soon as I put in the values for that account, my refund droped about $100. LOl, you probably have a load of cash I barely have any and I am saving every thing I can. I might make back that $100 once I recieve my college tax forms.

Form 8913 Credit for Federal Telephone Excise Tax Paid - Is this tax credit still availible? I haven't searched the entire IRS website yet (www.irs.gov).

Any good non hidden, but difficult to find tax credits out there?

[Bastiat]

Originally Posted by jonasdatum

Dude I made less that $30,000 last year. LOL I made maybe $300 in a savings account. As soon as I put in the values for that account, my refund droped about $100. LOl, you probably have a load of cash I barely have any and I am saving every thing I can. I might make back that $100 once I recieve my college tax forms.

And yet you are considered one of the fortunate who isn't paying enough in taxes. Are you starting to get the picture?

[jonasdatum]

Originally Posted by Bastiat

And yet you are considered one of the fortunate who isn't paying enough in taxes. Are you starting to get the picture?

I was agreeing with you, just stating the obvious. LOl, yea well what happens if I make $1 billion dollars? How much of that will the government take LOL ? "Feed the rich and starve the hungry." That is how it works I suppose. Hence why I always say, "die rich with good health."

[ashes@work]

I done filed and my stuffs on the way

[jonasdatum]

Originally Posted by ashes@work

I done filed and my stuffs on the way

You filled out a 1040-EZ or did you receive all your tax forms really early?

[ashes@work]

my w2s were given to me on friday

[jonasdatum]

Originally Posted by ashes@work

my w2s were given to me on friday

What about bank statements, investments, tax credits, etc?

[ashes@work]

who the heck cares. not enough to worry about

[jonasdatum]

Originally Posted by ashes@work

who the heck cares. not enough to worry about

Last time I checked and that was when I did a quick run through my return yesterday they already know about your assets. Can't they audit your return if they don't like it? Granted the probability of that is low, but not impossible.

[Bastiat]

Originally Posted by jonasdatum

Last time I checked and that was when I did a quick run through my return yesterday they already know about your assets. Can't they audit your return if they don't like it? Granted the probability of that is low, but not impossible.

For the average return to be audited one of two things has to occur. First, the IRS has certain triggering events, usually deductions above a set amount on a particular type of deduction such as charity donations, which will cause the tax return to be flagged for review. A review may result in an audit.

The second possibility is a random choice audit. The IRS has a computer model which randomly chooses tax returns for audit, full blown audits. That means you have to prove every item of income and every deduction. You can decline the audit but doing so results in a loss of all non-standard deductions, usually resulting in a tax increase.

[jonasdatum]

Originally Posted by Bastiat

For the average return to be audited one of two things has to occur. First, the IRS has certain triggering events, usually deductions above a set amount on a particular type of deduction such as charity donations, which will cause the tax return to be flagged for review. A review may result in an audit.

The second possibility is a random choice audit. The IRS has a computer model which randomly chooses tax returns for audit, full blown audits. That means you have to prove every item of income and every deduction. You can decline the audit but doing so results in a loss of all non-standard deductions, usually resulting in a tax increase.

... And after ten years they can't hold it against you correct?

Federal Question: Another question I have is about the lottery. I had some leftover lottery tickets from christmas and I won about $5 or so. I mailed them in if/when I recieve word about it do I have to put that on my return for 2008?

Federal Question: The federal government has been collecting what I call a flat tax on internet spending. I believe I paid taxes on all items purchased via internet in 2007. If I put no, would this be a trigger for audit?

Observation: You know a lot of these tax preporation applications overlook an easy way deduce the needs of the client aka customer. Each application should as what tax forms you have and what boxes are filled in before they even get started. In all the years of using TaxAct, they still haven't done it, why? It is so simple. If I know what forms you have I can better answer your questions as to the 'critical forms' needed to do your taxes. It would provide me with a better base from which to asist in filing.

'Next year guys - MAKE IT HAPPEN!'

[ashes@work]

you turn in a $5 winning lotto ticket? seriously? come on... *Shakes head and goes to make me a tator* sometimes yah really gotta miss this place

[jonasdatum]

Originally Posted by ashes@work

you turn in a $5 winning lotto ticket? seriously? come on... *Shakes head and goes to make me a tator* sometimes yah really gotta miss this place

I recieved the check yesterday for a total winnings of $10 . As I mentioned before the scratch offs were leftovers lying around from christmas.

Next time I go to the bank I think even the teller will look at me like I am crazy.Then again I've gone to the bank to deposit pocket change because I was in the neighborhood.