Did you do your taxes yet?
I only got my last tax forms today....
Full Version: Did You Do Your Taxes Yet?
QUOTE (Nechama @ Feb 11 2008, 02:04 PM) 
Did you do your taxes yet?
I only got my last tax forms today....
I only got my last tax forms today....
no, i have to give my accountant the papers, hope to do so within the next day or two
Yes.
It takes time to assemble the documents. Our accountant said not to even bother until at least February. H edoesn't want us coming to him with extra documents "piecemeal".
QUOTE (Red Hare @ Feb 11 2008, 03:24 PM)
It takes time to assemble the documents. Our accountant said not to even bother until at least February. H edoesn't want us coming to him with extra documents "piecemeal".
I don't begin to even THINK about doing them until March.
I've never paid taxes, except the time they were automatically taken....
Yes.
We already got the checks ;-)
We already got the checks ;-)
I'm not going to do taxes this year.
no
QUOTE (Gretchen @ Feb 11 2008, 05:19 PM)
Yes.
We already got the checks ;-)
We already got the checks ;-)
Now that IS efficient!
Mine are done (I bought the software from TaxAct.com), but not yet filed.
I'm debating whether to e-file (something I've never done before) or mail them.
Is there any reason not to e-file?
I'm debating whether to e-file (something I've never done before) or mail them.
Is there any reason not to e-file?
Not done. Didn't get all the paperwork til about 1.5 weeks ago, if that.
QUOTE (accolade @ Feb 11 2008, 07:08 PM)
I'm not going to do taxes this year.
How's that?
I gave everything I've received to my accountant, but he says there are a couple of forms missing. If I don't receive the forms by the end of the week I'll have to start calling. My taxes are complicated this year. 
I was wrong. Im still missing one w-2 that I'm going to need to hunt down. 
QUOTE (Pure Myrrh @ Feb 12 2008, 12:08 PM)
How's that?
I didn't have any income in 2007.
QUOTE (accolade @ Feb 12 2008, 09:02 PM)
I didn't have any income in 2007.
Well I guess you're lucky in a way. No income, no taxes. Although I'm not sure that's even true - I would double-check that you don't have to file anyway. Besides, might you not get a refund if you file?
I have to file whether I made enough or not because we're emigrating And I need to file a back form for 2005 (I don't owe the IRS a penny, there's a dual-taxation treaty and I paid UK tax) because they need 3 years of forms.
And because I'm an expatriate doing married-filing-separately I have to use a long-form 1040... it's all eye glazing.
One nice thing about the UK: no tax returns for most people! (If you're in salaried employment with no second job or outside income, the PAYE system does all the work.)
And I need to file a back form for 2005 (I don't owe the IRS a penny, there's a dual-taxation treaty and I paid UK tax) because they need 3 years of forms. And because I'm an expatriate doing married-filing-separately I have to use a long-form 1040... it's all eye glazing.
One nice thing about the UK: no tax returns for most people! (If you're in salaried employment with no second job or outside income, the PAYE system does all the work.)
QUOTE (Pure Myrrh @ Feb 13 2008, 03:01 PM)
Well I guess you're lucky in a way. No income, no taxes. Although I'm not sure that's even true - I would double-check that you don't have to file anyway. Besides, might you not get a refund if you file?
I did double check, because you got me nervous.
My capital gains were negligible.Why would I get a refund if I didn't pay any taxes ahead of time?
QUOTE (accolade @ Feb 13 2008, 09:12 PM)
I did double check, because you got me nervous. My capital gains were negligible.
Why would I get a refund if I didn't pay any taxes ahead of time?
My capital gains were negligible.Why would I get a refund if I didn't pay any taxes ahead of time?
How about the nation-wide tax rebates ($600 for a single person I believe?) that were just passed, to be mailed out in May? I think you may need to file to get those, though I could be mistaken.
QUOTE (Pure Myrrh @ Feb 13 2008, 09:58 PM)
How about the nation-wide tax rebates ($600 for a single person I believe?) that were just passed, to be mailed out in May? I think you may need to file to get those, though I could be mistaken.
The government isn't just giving out free money to anyone who asks. People who haven't paid taxes/haven't earned enough money aren't eligible for tax rebates.
QUOTE (Nechama @ Feb 12 2008, 09:00 PM)
I was wrong. Im still missing one w-2 that I'm going to need to hunt down.
Well, it took a month, but I got my last w-2 this week.
QUOTE (Pure Myrrh @ Feb 13 2008, 08:58 PM)
How about the nation-wide tax rebates ($600 for a single person I believe?) that were just passed, to be mailed out in May? I think you may need to file to get those, though I could be mistaken.
You need to file 2007 tax returns to get this, or else some other form. Ask your accountant.
QUOTE (accolade @ Feb 13 2008, 09:37 PM)
The government isn't just giving out free money to anyone who asks. People who haven't paid taxes/haven't earned enough money aren't eligible for tax rebates.
Actually they are. The economic stimulus package is basically really being taken out of your 2008 earnings, even though they're not going to ask for it back. It is very possible you are eligible even if you didn't earn a penny in 2007, but again, I don't know all the rules/regulations so I suggest you check with your accountant and if you don't have one, I can recommend a very good one.
QUOTE (FYI @ Mar 13 2008, 10:52 AM)
I don't know all the rules/regulations so I suggest you check with your accountant and if you don't have one, I can recommend a very good one.
Accountants aren't worth it for most people. Their fee can sometimes equal your whole refund
QUOTE (Psychodad @ Mar 13 2008, 10:57 AM)
Accountants aren't worth it for most people. Their fee can sometimes equal your whole refund
Money magazine recently ran a piece saying that for most filers, tax software is just as good as an accountant and can be significantly cheaper. Which is what I long believed.
QUOTE (Pure Myrrh @ Mar 13 2008, 11:01 AM)
Money magazine recently ran a piece saying that for most filers, tax software is just as good as an accountant and can be significantly cheaper. Which is what I long believed.
yep, especially if you have a simple return ei: you don't live in one state and work in another, you aren't in business for yourself, etc
QUOTE (accolade @ Feb 13 2008, 11:37 PM)
The government isn't just giving out free money to anyone who asks. People who haven't paid taxes/haven't earned enough money aren't eligible for tax rebates.
actually the seniors are also eligible, but they ahve to fill out one form
http://www.irs.gov/newsroom/article/0,,id=179201,00.html
the minimum income from any source (social security or wages or others) have to be more than $3000, iirc
QUOTE (Psychodad @ Mar 13 2008, 11:57 AM)
Accountants aren't worth it for most people. Their fee can sometimes equal your whole refund
iw as doing my own and my mother's returns for a good few years (without the software), but it was too time-consuming. i did it, cause i had all the time in world then, so what if took me a week.
QUOTE (FYI @ Mar 13 2008, 11:52 AM)
The economic stimulus package is basically really being taken out of your 2008 earnings, even though they're not going to ask for it back. It is very possible you are eligible even if you didn't earn a penny in 2007...
You were good in the first sentence but wrong in the second. From the IRS website:
QUOTE (irs.gov)
To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return.
QUOTE (more irs.gov)
Q: I know some people won’t get a stimulus payment. How do I know if I’m one of them?
A: You won’t get a stimulus payment in 2008, if any of the following apply to you:
You don’t file a 2007 tax return.
Your net income tax liability is zero and your qualifying income is less than $3,000. To determine your qualifying income, add together your wages, net self-employment income, nontaxable combat pay, Social Security benefits, certain Railroad Retirement benefits and certain veterans’ payments.
You can be claimed as a dependent on someone else’s return. For example, this would include a child or student who can be claimed on a parent’s return.
You do not have a valid Social Security Number.
You are a nonresident alien.
You file Form 1040NR or Form 1040NR-EZ, Form 1040PR or Form 1040SS for 2007.
A: You won’t get a stimulus payment in 2008, if any of the following apply to you:
You don’t file a 2007 tax return.
Your net income tax liability is zero and your qualifying income is less than $3,000. To determine your qualifying income, add together your wages, net self-employment income, nontaxable combat pay, Social Security benefits, certain Railroad Retirement benefits and certain veterans’ payments.
You can be claimed as a dependent on someone else’s return. For example, this would include a child or student who can be claimed on a parent’s return.
You do not have a valid Social Security Number.
You are a nonresident alien.
You file Form 1040NR or Form 1040NR-EZ, Form 1040PR or Form 1040SS for 2007.
QUOTE
Q. I don’t qualify for a stimulus payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?
A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.
A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.
I am hoping to be eligible for a special benefit when I file 2008 taxes, God willing.
QUOTE (Psychodad @ Mar 13 2008, 11:11 AM)
yep, especially if you have a simple return ei: you don't live in one state and work in another, you aren't in business for yourself, etc
Very true, but I will add that even when I worked across state lines, my tax software was more than enough. In many cases, your accountant depending on how good he is will most likely use the same software or just a more expensive software package. In addition, the software keeps up with the latest laws and you never know how up to date your accountant is.
QUOTE
The economic stimulus package is basically really being taken out of your 2008 earnings
i don't understand this.
QUOTE (accolade @ Mar 13 2008, 06:24 PM)
You were good in the first sentence but wrong in the second. From the IRS website:
Very possible.
QUOTE (Elana @ Mar 13 2008, 09:22 PM)
i don't understand this.
It's not being taken out of your earnings, but the money has to come from somewhere. You'll end up paying for it later.
QUOTE (cynic @ Mar 14 2008, 04:30 PM)
You'll end up paying for it later.
how?
how much is that regular tax software?
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