Any tax experts out here?

Discussion in 'The Watercooler' started by Star*, Mar 11, 2010.

  1. Star*

    Star* call 911........call 911

    Have question I'd like to PM...regarding -

    Filing status, dependents, income.

    I typically do my taxes myself, but am considering allowing someone else to help this year - not that I made any more money - (actually made less lol) but...that's just it. Looking for maximum refund, and can itemize vs. short form, but that's where I have questions.

    Thank you. :anxious:
     
  2. AnnieO

    AnnieO Shooting from the Hip

    Not an expert... by any stretch... but I've been doing my own taxes including 2 small businesses for years. Since I started working.

    SO... in a nutshell... if your itemizations are larger than the standard deduction, then itemize - however - they need to be SUBSTANTIALLY more than the standard to actually save you money.

    As for dependents... they have to meet qualifications.

    Me? I'm itemizing, but no dependents - married filing separate due to husband's business mess.

    FROM: http://taxes.about.com/od/2009taxes/qt/quicktaxfacts09.htm
    Standard Deductions
    Single: $5,700
    Head of Household: $8,350
    Married Filing Joint: $11,400
    Married Filing Separately: $5,700
    Qualifying Widow/Widower: $11,400
    Dependent: $950-$5,700*
    Additional Amount if Blind: $1,100 (for married filing joint, married filing separately, or qualifying widow); $1,400 (for single and head of household)
    Additional Amount if age 65 or older: $1,100 (for married filing joint, married filing separately, or qualifying widow); $1,400 (for single and head of household).
    More information about the standard deduction.
    * Dependents must calculate their standard deduction using an IRS Worksheet.
    Personal Exemptions

    Per taxpayer and dependent: $3,650
    More information about personal exemptions.
    Phaseout of Personal Exemptions

    The amount you can claim for personal exemptions starts to be reduced (or "phased out") once you reach certain income thresholds. If your income is within these ranges, your personal exemptions will be reduced. If your income exceeds the amounts listed below, your personal exemption is $2,433.
    Single: $166,800 - $289,300
    Head of Household: $208,500 - $331,000
    Married Filing Joint: $250,200 - $372,700
    Married Filing Separately: $125,100 - $186,350
    Qualifying Widow/Widower: $250,200 - $372,700
    More information about the personal exemptions.
     
  3. Star*

    Star* call 911........call 911

    WHa? no no no......it's more simple than that. lol....It's also about 1/10th the income. ROFLMwallet off. :tongue:
     
  4. AnnieO

    AnnieO Shooting from the Hip

    Oh I wish I had that income too. But...
     
  5. Marguerite

    Marguerite Active Member

    The Tax Office in Australia is really helpful, we cn call them and they will often help us fill in a tax return form.

    Mind you these forms are getting simpler every year. They reckon tat soon it will be three lines only.

    How much did you earn last year?

    How much is left?

    Send it in.

    Marg
     
  6. Star*

    Star* call 911........call 911

    Okay well here's some REALLY interesting information for those of you who have /had NO clue and think you see those billboards for tax assistance - well I'm going to make another post that's how interesting THIS is.
     
  7. busywend

    busywend Well-Known Member Staff Member

    Star feel free to PM me. I work for H&R Block and went through 150 hours of training for it. I am not expert because I do not think anyone can be an expert in taxes. Too complex. I have been doing my own since I started to file, but I learned a TON of info in training.
     
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