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Thread: Tax Season

  1. #16
    You're being very UnDude. sonny's Avatar
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    Day 28. Still nothing.
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  3. #17
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    Re: Tax Season

    The taxes really ticked me off this year. I went back to work toward an accounting/management degree and paid for school myself thinking I could write off the tuition and get a bigger return... welp color me unamused when I find out because I got one degree already pretty much screws me out of most of the returnable income. And by being responsible I screwed myself. My earned income wasn't enough to really get anything back on credits so I paid basically $6,000 dollars out of pocket for school to get $200 back... Needless to say I'm going to play the game save my money and just take loans out for my final year and write off the interest on those loans later.
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  4. #18
    You're being very UnDude. sonny's Avatar
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    Finally got it. My coworker who filed a little bit before me is still waiting. Blech
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  5. #19
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    Re: Tax Season

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  6. #20
    Unsolicited Opinions traderumor's Avatar
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    Re: Tax Season

    Quote Originally Posted by Slyder View Post
    The taxes really ticked me off this year. I went back to work toward an accounting/management degree and paid for school myself thinking I could write off the tuition and get a bigger return... welp color me unamused when I find out because I got one degree already pretty much screws me out of most of the returnable income. And by being responsible I screwed myself. My earned income wasn't enough to really get anything back on credits so I paid basically $6,000 dollars out of pocket for school to get $200 back... Needless to say I'm going to play the game save my money and just take loans out for my final year and write off the interest on those loans later.
    If you have the money to pay the tuition, you'd be better off not taking a loan where you pay interest to get a deduction. You are going to pay more in interest than you save in taxes.
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  7. #21
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    Re: Tax Season

    Quote Originally Posted by traderumor View Post
    If you have the money to pay the tuition, you'd be better off not taking a loan where you pay interest to get a deduction. You are going to pay more in interest than you save in taxes.
    It wouldn't be anything major but by taking the "small loan" I wouldn't have to worry about killing myself between school and having to work to pay for it. I know I wouldn't get alot back but it would just take that one issue and put it off until another day and keep some money in the bank.
    Quote Originally Posted by moewan View Post
    Barmaid to patron "Sir you are slurring, I am going to have to cut you off"

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  8. #22
    Member paulrichjr's Avatar
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    Re: Tax Season

    Quote Originally Posted by oneupper View Post
    You should be doing this. And clearly separating "company" and personal expenses.
    Plus putting away money in a company retirement plan (401k, DBP, Simple, etc). You get to put more away that way.
    The individual IRAs are only like 5000 a year.
    You don't have to go through a corporation to so a business retirement plan. A self employed individual can do basically anything. In fact I believe I've seen him say he has no actual employees which means he can do a Solo 401k plan. (no 5500 due for years - 50k limit)

    SEPs and SIMPLEs can also be done but with no employees there isn't a real good reason to do a SIMPLE.
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  9. #23
    Danger is my business! oneupper's Avatar
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    Re: Tax Season

    Quote Originally Posted by paulrichjr View Post
    You don't have to go through a corporation to so a business retirement plan. A self employed individual can do basically anything. In fact I believe I've seen him say he has no actual employees which means he can do a Solo 401k plan. (no 5500 due for years - 50k limit)

    SEPs and SIMPLEs can also be done but with no employees there isn't a real good reason to do a SIMPLE.
    Yep. I was under the impression that he already had a company and simply wasn't pulling down a salary, to avoid the whole payroll paperwork issue (which you can do easily online these days).

    If ORH doesn't have a corp, he probably should have one to limit liabilities. He's in the transportation business.
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  10. #24
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    Re: Tax Season

    At least you don't have to pay out.

    Made more money this year with bonuses and OT. Filed for more exemptions to get more money during the year......equals dreading having to file at all and waiting as long as possible to do so.

  11. #25
    On the brink wolfboy's Avatar
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    Re: Tax Season

    Quote Originally Posted by Tony Cloninger View Post
    At least you don't have to pay out.

    Made more money this year with bonuses and OT. Filed for more exemptions to get more money during the year......equals dreading having to file at all and waiting as long as possible to do so.
    The fed. govt. will be receiving a nice bonus check from me this year.
    How do we know he's not Mel Torme?

  12. #26
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    Re: Tax Season

    Quote Originally Posted by wolfboy View Post
    The fed. govt. will be receiving a nice bonus check from me this year.
    How much do you have to usually give in donations (Which I usually do with clothes) in order for it to really make nay impact?


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