Tax Refunds.

[MrDodo]

These juicy refunds posted make a nigga wanna Wesley Snipes a tax return.

[Dolmen]

The IRS won't accept returns until the 30th of January (they originally anticipated the 22nd of January). Also, on paper-filed returns, the IRS won't begin processing those until mid-February at the earliest because their system isn't ready for it yet.

http://www.irs.gov/uac/Newsroom/IRS-...or-1040-Filers

Also:
-Pershing is an investment company.
-A K-1 is like a W-2 for a partnership.

[Dantrag]

Ah well, so I'll probably get my refund 1 week into Feb. Yay E-File.

[Tekki]

Found out i was paying county tax for 12months for a county i didnt live in.... am i out that money? Or will it be refunded when i do my state taxes?

[Dolmen]

Found out i was paying county tax for 12months for a county i didnt live in.... am i out that money? Or will it be refunded when i do my state taxes?

Contact them to get your cash back. They'll more than likely want proof of residency in another county, however.

[Tekki]

The county?

Also, is there a tax credit for buying a new car in 2013.

Just relized dolmen "taxmaster" is answering. Best roomate ever, still saving me bank!

[Dolmen]

The county?

Also, is there a tax credit for buying a new car in 2013.

Just relized dolmen "taxmaster" is answering. Best roomate ever, still saving me bank!

Hahaha, shoot me a Facebook message with whatever questions you have.

Yeah, should just be able to google the county's website and go from there. We have a few clients that actually live in your Indiana hometown, so I'm rather familiar with a lot of IN (and IL for that matter) tax law.

Sales tax on a new car purchase was only deductible on up to $49,500, with itemized deductions. I don't think it's deductible anymore, actually, as it looks like it expired January 1, 2010. I've been working nonstop getting my 1/31 deadline stuff done, so my brain is bullshit on tax law atm. -.-

[Acevalefor]

$6100 back from Fed. $63 back from state.

I swear the withholdings calculations are seriously fucked at my work. I have to pay a fuckton of money to the IRS and claim only 3 dependents in order to ensure that my state taxes are taken out at a high enough rate to cover it. Oregon goes full retard and charges assloads of penalties if you owe taxes at the end of the year and did not make any estimated payments throughout the year. This year I changed my withholdings to 9 and am going to use the extra money to pay my state taxes myself instead of having them withheld. I am still convinced that I am getting robbed by the state. How can I get an audit on my state taxes for the last 7 years?

[Dolmen]

$6100 back from Fed. $63 back from state.

I swear the withholdings calculations are seriously fucked at my work. I have to pay a fuckton of money to the IRS and claim only 3 dependents in order to ensure that my state taxes are taken out at a high enough rate to cover it. Oregon goes full retard and charges assloads of penalties if you owe taxes at the end of the year and did not make any estimated payments throughout the year. This year I changed my withholdings to 9 and am going to use the extra money to pay my state taxes myself instead of having them withheld. I am still convinced that I am getting robbed by the state. How can I get an audit on my state taxes for the last 7 years?

Are you saying you want to question/contest your state taxes? Compare what you paid in to the state to their tax rates for the corresponding years if you have questions.
http://www.oregon.gov/DOR/PERTAX/Pages/index.aspx

The way you "audit" your tax returns is to hire a tax accountant to review your returns, and if they find anything they will prepare an amended return. Be prepared though that finding something wrong on your return could equate to you owing more money, so determine if it's worth it before you do anything. Oregon has a high income tax rate as it is. Virginia also appends a lot of penalties if you owe above a certain amount, so it's not uncommon.

[Acevalefor]

Are you saying you want to question/contest your state taxes? Compare what you paid in to the state to their tax rates for the corresponding years if you have questions.
http://www.oregon.gov/DOR/PERTAX/Pages/index.aspx

The way you "audit" your tax returns is to hire a tax accountant to review your returns, and if they find anything they will prepare an amended return. Be prepared though that finding something wrong on your return could equate to you owing more money, so determine if it's worth it before you do anything. Oregon has a high income tax rate as it is. Virginia also appends a lot of penalties if you owe above a certain amount, so it's not uncommon.

Thanks for that. I have a little conspiracy theory going about the Oregon Department of Revenue. 7 years ago my father was involved in the theft of a large sum of money from his employer. He had several other companies that he owned while working for another company. He used the stolen money to fund start-up costs for these other companies.He then hired me as a Project Manager and I went about working as per any normal job. 9 months later, the FBI swooped in and seized all accounts including the payroll accounts. Since I was an authorized agent on the payroll account (you know, to pay our employees, not embezzle money), the state of Oregon came after me with something like $9800 in penalties and interest for unpaid payroll taxes (because the accounts were seized...it was a disaster). I ended up getting my name cleared and everything went back to normal. Except since that incident, I have gotten less and less back each year from Oregon taxes. 3 of the 7 years I was flagged for a "random" audit. 2 of my sisters were also flagged multiple times for "random" audits. It has been 2 years since the last time it happened, but I am convinced that they are taking small amounts from each of us, that is my 2 sisters and I, each year to pay the unpaid payroll taxes for a business that none of us owned or were affiliated with beyond my employment.

/tinfoilhatoff

[Omnipotent]

This is my first year claiming myself as an Independant. I also go to school FT, have been paying interest on student loans, and make roughly 15k a year PT; My question is:

I typically make around 5-800 on tax returns last couple years as a DEpendant. With me now being a INdependant, and I have paid around 800$ in loan interest, what am I to expect differently from my previous returns? Do I owe differently now that I am claiming INdependant? I think you can claim interest paid on loans as a deductible? How much of that is true? I typically go the Turbotax route.

[kuronosan]

This is my first year claiming myself as an Independant. I also go to school FT, have been paying interest on student loans, and make roughly 15k a year PT; My question is:

I typically make around 5-800 on tax returns last couple years as a DEpendant. With me now being a INdependant, and I have paid around 800$ in loan interest, what am I to expect differently from my previous returns? Do I owe differently now that I am claiming INdependant? I think you can claim interest paid on loans as a deductible? How much of that is true? I typically go the Turbotax route.

Are you still in school? Do you have any dependents?

As long as you aren't claimed by your parents (under 26) you can claim yourself. If your income is as you say you will probably get an EIC of $300 plus other refunds depending on if you're in school or not.

If not, you'll probably get back what you were getting before.

[Dolmen]

This is my first year claiming myself as an Independant. I also go to school FT, have been paying interest on student loans, and make roughly 15k a year PT; My question is:

I typically make around 5-800 on tax returns last couple years as a DEpendant. With me now being a INdependant, and I have paid around 800$ in loan interest, what am I to expect differently from my previous returns? Do I owe differently now that I am claiming INdependant? I think you can claim interest paid on loans as a deductible? How much of that is true? I typically go the Turbotax route.

As an independent you gain a lot of advantages, specifically that you get the personal exemption of $3,800 which lowers your taxable income by that amount. You are able to deduct student loan interest, you couldn't prior because you were a dependent. The difference in your tax liability will be rather large with you now able to claim the personal exemption. For instance, I just set myself as a dependent in my tax software suite and it increased my tax liability by over $3,000. Not saying you'll get a $3,000 difference, but you should receive more back than normal if you made roughly the same in 2011.

Edit - Also, take advantage of the American Opportunity Credit for your school costs. You'll receive a statement from your school, and you can claim the cost of books on it. Using that will increase your refund substantially.

[Omnipotent]

Yeah, I am still in school Full-Time, I will be graduating in May. My parents are not claiming me as well, as they have my previous years. I have no dependents, and have always claimed 0 on my withholdings.

[Omnipotent]

As an independent you gain a lot of advantages, specifically that you get the personal exemption of $3,800 which lowers your taxable income by that amount. You are able to deduct student loan interest, you couldn't prior because you were a dependent. The difference in your tax liability will be rather large with you now able to claim the personal exemption. For instance, I just set myself as a dependent in my tax software suite and it increased my tax liability by over $3,000. Not saying you'll get a $3,000 difference, but you should receive more back than normal if you made roughly the same in 2011.

Are all these options for deductions for loan interest and claiming myself on the personal exemption done through the simple turbo tax program? Or do I need to buy the special one with extra bits

[Dolmen]

Are all these options for deductions for loan interest and claiming myself on the personal exemption done through the simple turbo tax program? Or do I need to buy the special one with extra bits

You'll be fine with standard TurboTax. Even the free online filing sites should be fine handling those options.

[Ragnus]

Well, it was good while it lasted but I just got the news from my loan agency that my student loans are low enough to not be able to write off interest paid anymore.

[kuronosan]

Yeah, I am still in school Full-Time, I will be graduating in May. My parents are not claiming me as well, as they have my previous years. I have no dependents, and have always claimed 0 on my withholdings.

Prepare to get a lot of money back then.

[Omnipotent]

I used my loans to pay off my housing as well(Off-Campus), am I including that on as part of my tuiton as well? Or just what I paid directly to the school. Also, I don't generally have the neatest records of my book purchases, but over the year it has been over 1000$, am I safe to just claim 1000$ and cut the rest out? Or just not claim at all since I would have to dig massive deep in my CC archives.

[Dolmen]

I used my loans to pay off my housing as well(Off-Campus), am I including that on as part of my tuiton as well? Or just what I paid directly to the school. Also, I don't generally have the neatest records of my book purchases, but over the year it has been over 1000$, am I safe to just claim 1000$ and cut the rest out? Or just not claim at all since I would have to dig massive deep in my CC archives.

For the books you should have some records. You'll receive a 1098-T from your school, and you'll have to enter everything into TurboTax because the IRS is now requiring more information because people took advantage of education credits they may not of deserved. If you were billed over $4,000 in tuition you don't need to worry though as the credit gives back 100% of the first $2,000, and 25% of the second $2,000 for a max of $2,500 back. Some of the refund requires you to have tax liability though with taxes paid in to refund.

Edit - $1,000 is refundable, $1,500 is credited toward your tax liability.