Tax Time..Need Help?

[noway]

Well I think I have all my w2's & 1099's so its time to file.. I'm scared this year I will owe the government some more tax money.. Any tips out there? Do you file online? Do you not file at all? Are you still paying last year?

After typing this thread I see that this could get alittle personal.. So lets use it for free online stuff or if you know someone that works on taxes for a cheap rate.. One thing to remmeber always seek a tax advisor..

I listened to a hurricane Katrina tax seminar this week and what I got out of it is the government did gives us some tax breaks if you are rich & have 10 kids.. IMO The average mississippian will not be able to take advantage of the tax breaks.. IMO

[noway]

http://www.irs.gov/efile/article/0,,id=118986,00.html

Link for free online filing..50,000 Gross income or less..


If anyone was wondering about the Katrina tax breaks.. Things I remember is

1. If you housed someone in your house 60 Consecitive days or currently housing someone you have 2006 to claim it.. Can't be someone you already claim..
2. EIC Earned income credit this was confusing to me.. Something about you can use last years EIC if it was higher than this year(2005)
3. If you donated 100% of your income to charity you are able to claim 100% this year in the past you could only claim 50%:smt102
4. FMV Fair market value.. If your house was worth 80,000 before Katrina and after Katrina its worth 60,000 after repairs then you get a tax break.. But you will have to pay someone to appraise or prove to the IRS your house was worth 80,000 before and 60,000 after..
5. There is some education credits out there for us..
6. small business owners that paid employees while their business was closed will be able to claim that.
7. No penalties if you withdrew money from ira's or 401k's


Like I said contact a tax advisor... The lady that spoke to us on this was pretty smart and she says the Katrina Tax breaks are very confusing and you might spend more money trying to get tax relief then what you get in return..

WHO Contributes 100% of their income to charity Heck 50% :smt102

[MSQueen]

thanks for the info and the link, noway!
:-D

[noway]

Anybody use Jackon Hewitt, the taxstore, H & R Block.. Is it worth it? Any CPA's out there?

They did away with telefile this year...

[fuzzis]

I'm pretty sure I don't have to file this year. :smt038

I've done e-file for several years, and for the last couple of years because my taxes are relatively uncomplicated, I've used TaxAct.com to do my taxes.

fuzzis

[sackett22]

Turbo Tax is good too. We used it and are getting a good return this year. You can go online and file. Plus they will take whatever fees you owe for filing with them right out of your return if you want. Less than HR Block or Jackson Hewitt.

[Tully Mars]

A little known fact is that the AARP does tax prep and e-filing at the Forrest County Chancery Building...I think on Tuesday afternoons. You don't have to be a senior citizen or even a member of the AARP to benefit. The best part is that the service is free. They have done mine now for the last few years and I have no complaints.

[IGID]

I filed yesterday on-line through the IRS site and I thought for sure that since all the overtime money after Katrina, it would effect my return negatively, but to my surprise, I'm getting back almost 3 times the amount I usually got returned...Yea.

[noway]

I'm having a problem with a part of my tax return.. I checked with jackson Hewitt and they charge different amounts for tax returns. Depends on how many w2's , 1099's, and if you Itemize. I could do it myself without claiming a deduction but it would cost me 300.00 in taxes but if I try jackson hewitt it could cost 150.00 and still get the same return back.. So any cpa's out there that will do taxes at a fair rate...Need help with claiming mileage on a 1099..:( :(

[Sir Mickey Mouse]

I always link through the IRS web site to H&R Block. It's free if done through the www.irs.gov site. This will be my 4th year to do it that way, and it's always been no problem. The refund comes quickly and federal is free. Mississippi is not free, however. It's like $15 I believe. But, H&R Block asked several questions, tells you where to find the answers, and it's done. I like it... well, if you can like dealing with taxes...

[Conveyor Belt]

I just got through with TaxACT.com, it's great. Federal and state for $15.95... you get a nice .pdf return to burn to a disk or print out... I can never find my paper returns, but my electronic copies are always handy. It's the least expensive and very thourogh in finding deductions, etc. Checks and double checks your return.

[noway]

I just got through with TaxACT.com, it's great. Federal and state for $15.95... you get a nice .pdf return to burn to a disk or print out... I can never find my paper returns, but my electronic copies are always handy. It's the least expensive and very thourogh in finding deductions, etc. Checks and double checks your return.

Thats the website im using and I still have problems with adding 1099's and claiming mileage... Who knows.. i also tried to claim my vbookie losses but that didn't work either.. Just kidding... I guess I need to get my thinking cap on and try again on taxact.com

[justme]

I have prepared my own taxes for the past two years using the H&R Block online web filing service. They have an idiot proof system that asks you questions about what you may be itemizing- y ou put all that in there and then it will tell you the difference between itemizing and not itemizing. It will ask you questions to determine if you have stuff like milage to enter.

NOWAY- I am not sure you should get milage on a 1099- that is a wage slip- mileage pay you deduct the difference between what you were paid and the rate at the time you incurred the expense- you enter this as an unreimburse work expense- for which you have to have 2% total to even deduct the expenses. the 1099 is taxable wages. it goes under income like a w2 or an intrest received statment from your bank.

[Tully Mars]

I did mine today using TurboTax (with state). It was fast, easy, accurate and allowed me to e-file both federal and state. I would highly recommend it.

[fuzzis]

Hey...anyone know what the threshold is for having to file state taxes? I know that last year, as I only made something like $2,000 in the state of MS, I didn't have to file state taxes. It's pretty low again this year. (There are a couple of benefits to being a po' graduate student)

fuzzis

[noway]

Less than a month away.. April 15th.. I'm still having problems with my tax return. The freaking government trying to get that 25 % of my money.. They suck....

I just love me NEW avatar..