E-filed on Feb 28 and the website says mine is still "in process". Hmmm...
Mine was from two weeks before that. Just got a letter this week asking for copies of my W2s.
E-filed on Feb 28 and the website says mine is still "in process". Hmmm...
So, since nobody teaches how to do taxes and what everything means, Im coming to you guys. Getting mine wrapped up today. What are things I need to keep track of to write off or itemize? I know keeping receipts for home improvements, but other stuff for house? Mom said something about a home office? Gf uses my car for work, drives a lot, can I claim the miles/gas? Any other tips? Sorry if its a vague question, just wanting to male sure Im getting everything I can.
TIA
I'd recommend having a CPA/Accounting firm do your taxes this year. Although you're probably too late.So, since nobody teaches how to do taxes and what everything means, Im coming to you guys. Getting mine wrapped up today. What are things I need to keep track of to write off or itemize? I know keeping receipts for home improvements, but other stuff for house? Mom said something about a home office? Gf uses my car for work, drives a lot, can I claim the miles/gas? Any other tips? Sorry if its a vague question, just wanting to male sure Im getting everything I can.
TIA
So, since nobody teaches how to do taxes and what everything means, Im coming to you guys. Getting mine wrapped up today. What are things I need to keep track of to write off or itemize? I know keeping receipts for home improvements, but other stuff for house? Mom said something about a home office? Gf uses my car for work, drives a lot, can I claim the miles/gas? Any other tips? Sorry if its a vague question, just wanting to male sure Im getting everything I can.
TIA
I'd like to know if there is anyone else who is middle class, married, has zero kids, standard mortgage, Claim 0 on W-4, both of us has to take out extra 50 dollars on every pay check and still owe 9/10 years. Owe state every single time, if fed does get a refund its tiny.
Maddening
I try to claim zero because *gasp* I like getting a refund. Before we had kids we'd do this and get a refund. I'm not sure if you're not deducting enough things or have a lot of dividend/interest income or what, but that doesn't seem right.
This. If you have investment income/income outside of your paychecks that is going to throw everything off. Had a similar conversation with a co-worker last week. They have a small side business as well as at least one rental property and both make a good salary. Only one kid left as a dependent. Her complaint was how much they were going to have to pay in but yet they didn't make any quarterly estimates and essentially were counting on their withholding to cover everything.
I had a large business loss this year so I got a nice (federal) refund. I know that refund is going to count as income next year so I increased both my federal and state withholding to hopefully cover it.
I'd like to know if there is anyone else who is middle class, married, has zero kids, standard mortgage, Claim 0 on W-4, both of us has to take out extra 50 dollars on every pay check and still owe 9/10 years. Owe state every single time, if fed does get a refund its tiny.
Maddening
This makes no sense to me. A refund is money that you paid in but overpaid and got the difference back. BUT, you paid taxes on that income already that year, why would you have to treat it as NEW income? That is double taxation.
I'd like to know if there is anyone else who is middle class, married, has zero kids, standard mortgage, Claim 0 on W-4, both of us has to take out extra 50 dollars on every pay check and still owe 9/10 years. Owe state every single time, if fed does get a refund its tiny.
Maddening
It isn't really. I couldn't find the link, but it has to do with that fact Iowa gives you a tax break for Federal taxes paid. So if you get some of that back in form of refund, you lose that tax break and thus will owe taxes the following year on the amount you overpaid in Federal taxes There are a handful of state that have this law on the books. We are in the minority.
oh boy, lots of stuff here. if she gets reimbursed from her work then no, you can't write it off. even if not, the tax law changes made unreimbursed expenses not deductible.
home improvement costs won't matter unless it's an investment property - you don't get write offs for improving your primary house.
There are only three states that do it this way. This is what I thought though. It causes Iowa State taxes to fluctuate far more than they should. And it doesn't get rid of the double taxation. You are potentially getting taxed on money that is not income.
I don't think it is double taxation though. The state gives you a tax break, but then they take it back. (at least the way I understand it).
The math may work but it is way too complicated. Did they not get rid of this in the last Iowa tax cut thought?
Every time they talk about getting rid of it, people freak out because they don't want to lose their federal tax deduction.
It is stupid, but politicians don't have the backbone to stick with it and explain to people that this isn't how most of the rest of the country handles state taxes.
Regardless, it isn't double-taxation which was my main point in addressing your comment.