Tax time cometh
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It's 08 and the tax season is upon us. I've been sitting at the dining table since Wednesday, sorting everything out. The entire table top is covered with papers.
I have soooo much to claim, I'm getting a headstart. From ortho bills, dental bills, meds, etc, everything can be claimed. Since I save receipts to itemize, can you imagine the piles of papers I'm buried under?
How are you guys doing? Much better than moi huh? -
how much you under-declaring?
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The grass is always greener on the other side.....
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Got tricks?Originally posted by Really mama?:how much you under-declaring?
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i have no idea what i can claim and what i cannot
but i know for sure this year i can get some $$$$ back!!!!!!!!
but i oways throw receipts and stuff away
what if i threw away something that i can claim?? 
who cares i'll figure it out when the time comes....
or i can choose not the do anything
government is not going to care cos i dont owe them any money... -
as a rule of thumb, at least 20%Originally posted by jetta:Got tricks? -
Deduct your recent dental bill and meds. We can do that, wondering if you can too?Originally posted by udontknowme:i have no idea what i can claim and what i cannot
but i know for sure this year i can get some $$$$ back!!!!!!!!
but i oways throw receipts and stuff away what if i threw away something that i can claim??
who cares i'll figure it out when the time comes....
or i can choose not the do anything
government is not going to care cos i dont owe them any money... -
Kena audited how?Originally posted by Really mama?:as a rule of thumb, at least 20% -
Got my Federal and State tax forms in the mail within a day of each other earlier this week. I handle my own tax returns, and am not looking forward to doing taxes for 2007. Calculating capital losses/gains on private investment transactions requires poring through reams of statements to research the costs of said investments, and I had a particularly large volume of investment activity in 2007.
Arrgh!!!! -
I'd rather pay someone to do it for me. At least that's what's been happening since we got here. Too many complications for us to figure out. We've been doing our own taxes for years but after having someone do it for you, you get spoiled.Originally posted by Meia Gisborn:Got my Federal and State tax forms in the mail within a day of each other earlier this week. I handle my own tax returns, and am not looking forward to doing taxes for 2007. Calculating capital losses/gains on private investment transactions requires poring through reams of statements to research the costs of said investments, and I had a particularly large volume of investment activity in 2007.
Arrgh!!!! Here's hoping for a huge tax return *clink!* -
piangz, jetta....you lucky devil......can claim this n that.
for medical, i tink for us? gotta exceed a certain amount, and then one reports the amount exceeded.
we got nothing to claim one leh. all are non-refundable credits, i tink. anyways, i neber get anything back from govt.
and like MG, i got my forms last week!!!! wah raios....they tink i gonna run away or what, so early come one? the deadline to submit is end april mah. piangz....talk about kiasu. 
but this year, i can record sonny's tuition fees.
our noodle friend can expect GST credits. wah seh....can blanjah?
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I heard the IRS very good at throwing people into jail.
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Finally, taxes are done!!!!!
MG, guess what? That federal check that's coming in May will be taxed by the state. I don't know what your tax rate is there but we'll be giving Arnold a 38% cut.
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Originally posted by jetta:
Finally, taxes are done!!!!!
MG, guess what? That federal check that's coming in May will be taxed by the state. I don't know what your tax rate is there but we'll be giving Arnold a 38% cut.
Interesting. I did not know the federal rebate was subject to state taxes. I'll have to check if MN has its hand in the cookie jar on this.Isn't it a great sense of relief to have your tax returns finally done? Are you getting anything back?
I'm in the preparatory stages of my tax returns. It's taking longer than I initially anticipated as I sold a large number of shares in '07 for which I do not have cost information (the shares were purchased back in the '90s). In order to report a cost component for the shares sold in Schedule D (Capital Gains and Losses) of the 1040, I had to get, um, creative with the selection of the periods from which to obtain the shares prices, and do a bit of juggling with the timing of the dividend distributions to arrive at a cost figure that is favourable to me yet reasonably accurate in case I ever get audited by the IRS. So far, I've got the figures massaged to show a small capital loss.
The fight continues...
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Originally posted by Meia Gisborn:
Interesting. I did not know the federal rebate was subject to state taxes. I'll have to check if MN has its hand in the cookie jar on this.Isn't it a great sense of relief to have your tax returns finally done? Are you getting anything back?
I'm in the preparatory stages of my tax returns. It's taking longer than I initially anticipated as I sold a large number of shares in '07 for which I do not have cost information (the shares were purchased back in the '90s). In order to report a cost component for the shares sold in Schedule D (Capital Gains and Losses) of the 1040, I had to get, um, creative with the selection of the periods from which to obtain the shares prices, and do a bit of juggling with the timing of the dividend distributions to arrive at a cost figure that is favourable to me yet reasonably accurate in case I ever get audited by the IRS. So far, I've got the figures massaged to show a small capital loss.
The fight continues...
Your state may not take a cut. However you have to declare it as income during next year's tax gouging.
Good luck on figuring out your returns. How about caving and seeking the services of a good tax person? Remember to claim all dental & medical expenses k?
We are getting a sizable return but that's bad news. I'll have to tweak the figures to get as close to being square. Even so, 100% of our returns are going towards the bills.
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my IR8A is in.... ):
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guess what i got in the mail yesterday?
the place i worked at last summer sent me the tax paper thingy! hohoho. i earned $7000+ in 4 months lehhh!! =p i need this kind of money this summer too, but i have to go back to singapore.
but i dont think i'll get much backkkkk!? =\ anyone knows roughly how much a student will get back....??? errr i wana see if it's worth the trouble to fill the damn form. sadly, yes im that lazy.
i think i can claim school fees and from the job i had last summer....zzzzz.....better than nothing =p but...I REALLY AM DAMN LAZYYYY!!!!!!!!
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wow. even udonie had a taste of slogging life.
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Originally posted by udontknowme:
guess what i got in the mail yesterday?
the place i worked at last summer sent me the tax paper thingy! hohoho. i earned $7000+ in 4 months lehhh!! =p i need this kind of money this summer too, but i have to go back to singapore.
but i dont think i'll get much backkkkk!? =\ anyone knows roughly how much a student will get back....??? errr i wana see if it's worth the trouble to fill the damn form. sadly, yes im that lazy.
i think i can claim school fees and from the job i had last summer....zzzzz.....better than nothing =p but...I REALLY AM DAMN LAZYYYY!!!!!!!!
oh, udon.....DO fill up the forms. the personal relief this year has been increased. it's now in the 9k region. since u earn less than that, u will not incur any "owed" tax.
also, claim your tuition fees, textbooks. you will also get a GST rebate. when you get your REFUND, please make sure you blanjah me hor!!!! kekekekeke~~~~~
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YOU CAN CLAIM TEXTBOOKS???!!!!!! but i forgot how much i paid for it oredi =( and i threw the receipts =( damn it! i paid SOOOOOOO much for textbooks i tell u!!! :x about $600. :x *weeps*
hahaha....ok. i shall go get $$$$$ then =p heeheehee =p
yeah. we can go to the restaurant that was closed the last time! hahaha
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alamakkkk..........
anyways, i kept all the receipts but perhaps not 100% reimbursement. btw, i can't believe we can't claim for residence!!!!! :x
okay, deal.........thanks in advance. ;)
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Just got my taxes done.
Have to pay in an additional $1036 and $1075 for federal and state taxes. I am not a happy person right now.
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Originally posted by Meia Gisborn:
Just got my taxes done.
Have to pay in an additional $1036 and $1075 for federal and state taxes. I am not a happy person right now.
Goodness!!! Did you do your own taxes? Or did you get help?
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Originally posted by jetta:
Goodness!!! Did you do your own taxes? Or did you get help?
I do my own taxes. They are, for the most part, very simple. The problem lies with the way the friggin' investment firm that handles my private investments reports capital gains to the IRS. In the past, capital gains were reported when the shares were liquidated. Of late, they started to report the gains on an annual basis. The gains are considered income even though I haven't realized them by selling or trading the shares.Time to look for more offshore tax shelters...
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are we getting any rebate from federal?