Taxes Q & A thread.

[Meresgi]

Posting here since i'm not going to make a new thread.

I did contracting for an IT company for a few months and made a little less then $5,000. Looking online I can probably fill out the C-EZ form? Never had to do taxes for this sort of stuff (Kind if didn't bother the year before when I worked for my father-in law/brother-in law and got paid the same way).

[Komm Suesser Tod]

Posting here since i'm not going to make a new thread.

I did contracting for an IT company for a few months and made a little less then $5,000. Looking online I can probably fill out the C-EZ form? Never had to do taxes for this sort of stuff (Kind if didn't bother the year before when I worked for my father-in law/brother-in law and got paid the same way).

The forms will be the easiest part, they're laid out for their different uses very clearly. Unless you paid a good chunk of taxes when you were working for them, I'd prepare to pay a decent chunk in taxes. Contractors get kind of screwed that way.

[Meresgi]

So my C-EZ shit didn't make me take a hit at all, since I just claimed a shit ton for gas/computer parts/vehicle wear and tear/bullshit. My W-2 brought me and my wife's total down by a good $500+ though...wtf. I paid an extra $2100 in SS and taxes as well...not like i'm pulling down 6 figures. Not just barely close to 40k/ish and she only makes maybe 25k or something in retail.

What are the disadvantages to filing separately? We dont have kids so we don't get bonus bucks for popping those out, sadly no bonus for using condoms correctly. This is all using Turbotax.

[Quixon]

You make less money filing separately than filing jointly if you are married.

The most money I ever got back consisted of me and my then fiance (now wife) owning a home for the full year prior. Since we were legally not married when we filed, I got to claim all of the deductible expenses from the home ownership my self since we had to file separately. Between the 2 of us we got back just under 7 Grand. No kids for us either. The deductions consisted of the mortgage interest for the house, and the home office involved deductions.

Once we got married the return dropped to like $3,000 the next year..... fucking sucked lol.

[Chrius]

Go ahead and call the IRS with questions too, they're actually helpful. A few years ago I was on hold for like an hour, so I just worked through the hold and took a break when they were ready. Helped me pinpoint the information I needed to not be taxed on a loan that was forgiven (generally counts as taxable income (unless you have more debts than assets (school loans so easy)))

[Buffy]

Is my tuition to Strayer University deductible? Strayer is a for profit school. I paid out of pocket, no loans.

[Seraph]

Is my tuition to Strayer University deductible? Strayer is a for profit school. I paid out of pocket, no loans.

I was pretty sure it was only interest on student loans (that is all I ever did), but I am not positive on that especially if you have some sort of special circumstances.

[Buffy]

Apparently tuition is tax deductible off the top. Form 1098-T. Max of $4,000 a year. Changed my return by $600 though. I thought it was tuition interest too, which is why I filed without it. Now I gotta file an amended return.