BG: Tax Attorney at Law

[Khamsin]

You have to look at your liability, not how much you got bac. Ask yourself how much in total taxes you got back.

Let's say you paid in 3000 to federal
We'll say you got back a $2600 return

Your tax liability is $400, and you'd get $400 back.

I got back over $5000 from federal, but I had soooo many fucking deductions, my tax liability was nothing. So i get back the minimum $300 plus my 300 for the baby..

Normally my taxes from previous years have been fairly break even, with minimal taxes owed or refunded (less than $100 owed/refunded).

In 2007, I got $3000 due to all the interest I paid on my mortgage.

[Jotaru]

I'll ask here to avoid making another post AND avoid not getting my rebate.

I'm a total noob at taxes Every other year my parents claimed me and filed my stuff for me while at H&R or whatever, so I've no clue what I need to do. This is really my first year being 'independent'...

So I'm wondering what all I need to take with me to tax place to get in, get done, get out. Any suggestions!?

[Dolmen]

I'll ask here to avoid making another post AND avoid not getting my rebate.

I'm a total noob at taxes Every other year my parents claimed me and filed my stuff for me while at H&R or whatever, so I've no clue what I need to do. This is really my first year being 'independent'...

So I'm wondering what all I need to take with me to tax place to get in, get done, get out. Any suggestions!?

Seeing as it's your first year of being an independent, I would presume that you definitely will not be itemizing. The general stuff you need to bring are as were stated:

•Driver's License
•W-2's you received for tax year 2007
•1099's (-DIV, -R, -MISC, -INT, etc...)
•Forms showing student loan interest payments
•Form from your university (if attended at all during 2007) showing tuition expenses. If you're a Freshman or Sophomore, you get a Hope Learning Credit, if a Junior or Senior you receive a Lifetime Learning Credit (= more money back). To receive either of these credits you need to be enrolled at least half-time in a university, and I believe the credit is up to $12,000.

As far as where to go, if your return is simple then H&R is decent. However, if you're a university student make sure they give you the education credit. A lot of H&R, Jackson-Hewitt, etc... employees are complete fucking jokes. Also, if you're just a simple return, expect a bill of ~$80-$110 for preparation.

Ultimately, I highly recommend everyone messes around and tries to do their tax return themselves to understand the process. You don't have to submit the one you prepare, but compare it to one you have professionally prepared.

[Olo401]

I know it's a couple days late to post this, since it's an April Fools thing... but it fits the topic.

IRS making sure you spend your rebate check! (it's even more believeable if you listen to the podcast)

[Remyo]

My parents had to use me as a dependant on their taxes due to them making a shit ton from their business, so having me on their dropped their taxes from 50k to 30k and I got back about $300 from my tax return and they gave me 1,500. wasnt too bad imo.

[Khamsin]

My parents had to use me as a dependant on their taxes due to them making a shit ton from their business, so having me on their dropped their taxes from 50k to 30k and I got back about $300 from my tax return and they gave me 1,500. wasnt too bad imo.

If your parents claim you, but then you claim yourself on your own return, which wins out? You should have demanded a larger cut!

[evilbau]

My parents had to use me as a dependant on their taxes due to them making a shit ton from their business, so having me on their dropped their taxes from 50k to 30k and I got back about $300 from my tax return and they gave me 1,500. wasnt too bad imo.

If your parents claim you, but then you claim yourself on your own return, which wins out? You should have demanded a larger cut!

If you do that the parents could be audited and thats potential tax fraud. Also almost everything having to do with taxes is based on your AGI not the amount of your return. The tax refund/bill when you file is nothing more than the difference between what you paid (withholdings) and what you owe.

[Remyo]

My parents had to use me as a dependant on their taxes due to them making a shit ton from their business, so having me on their dropped their taxes from 50k to 30k and I got back about $300 from my tax return and they gave me 1,500. wasnt too bad imo.

If your parents claim you, but then you claim yourself on your own return, which wins out? You should have demanded a larger cut!

If you do that the parents could be audited and thats potential tax fraud. Also almost everything having to do with taxes is based on your AGI not the amount of your return. The tax refund/bill when you file is nothing more than the difference between what you paid (withholdings) and what you owe.

@khamsin their accountant did my taxes, I wouldn't have claimed myself anyway. I would have only gotten back $600 from my tax return, and wouldn't have gotten back anything from that rebate deal. I'm a student I pretty much get back everything I paid.

[Dolmen]

My parents had to use me as a dependant on their taxes due to them making a shit ton from their business, so having me on their dropped their taxes from 50k to 30k and I got back about $300 from my tax return and they gave me 1,500. wasnt too bad imo.

If your parents claim you, but then you claim yourself on your own return, which wins out? You should have demanded a larger cut!

If you do that the parents could be audited and thats potential tax fraud. Also almost everything having to do with taxes is based on your AGI not the amount of your return. The tax refund/bill when you file is nothing more than the difference between what you paid (withholdings) and what you owe.

@khamsin their accountant did my taxes, I wouldn't have claimed myself anyway. I would have only gotten back $600 from my tax return, and wouldn't have gotten back anything from that rebate deal. I'm a student I pretty much get back everything I paid.

University student? That would really help their AGI out if they had tuition costs. My parents never claimed me when I was a university student because I worked full time/made too much money for them too. Most parents I know end up giving a cut of what they save/extra they get back to the kid if claiming them saves them that much.

[Remyo]

My parents had to use me as a dependant on their taxes due to them making a shit ton from their business, so having me on their dropped their taxes from 50k to 30k and I got back about $300 from my tax return and they gave me 1,500. wasnt too bad imo.

If your parents claim you, but then you claim yourself on your own return, which wins out? You should have demanded a larger cut!

If you do that the parents could be audited and thats potential tax fraud. Also almost everything having to do with taxes is based on your AGI not the amount of your return. The tax refund/bill when you file is nothing more than the difference between what you paid (withholdings) and what you owe.

@khamsin their accountant did my taxes, I wouldn't have claimed myself anyway. I would have only gotten back $600 from my tax return, and wouldn't have gotten back anything from that rebate deal. I'm a student I pretty much get back everything I paid.

University student? That would really help their AGI out if they had tuition costs. My parents never claimed me when I was a university student because I worked full time/made too much money for them too. Most parents I know end up giving a cut of what they save/extra they get back to the kid if claiming them saves them that much.

it did, cut it down by 20k, even though they didn't pay it >.> I do live at their place though. Dad said he felt a lot better writing a check for 30 grand over the 50 grand the accountant calculated before deciding to claim me