Mine was from two weeks before that. Just got a letter this week asking for copies of my W2s.
2018 Taxes
- Thread starter Cyclone06
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Mine was from two weeks before that. Just got a letter this week asking for copies of my W2s.
We finally sat down and filed our taxes today, my wife and I both work in the public sector, so we used TurboTax program. I will say, I was dreading it, after hearing all the stories about people having to pay after years of getting a refund. Our refund last year was a little over $100 dollars.
We could not itemize this year, not enough deductions, but we did get a couple thousand back for a refund. Just glad we did not have to pay in and hopefully the IRS has no problems with our returns.
We could not itemize this year, not enough deductions, but we did get a couple thousand back for a refund. Just glad we did not have to pay in and hopefully the IRS has no problems with our returns.
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
TIA
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.
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I'd recommend having a CPA/Accounting firm do your taxes this year. Although you're probably too late.
See what types of things they itemize, or ask from you, then try to do your own taxes next year.
Alternatively, if those types of items are your only deductions, there's a good chance you won't exceed the standard deduction ($12,000) and won't need to itemize.
Girlfriend could deduct mileage that is not reimbursed or commuting miles. Need strong documentation such as daily work logs, gas receipts and maintenance records. You cannot deduct her mileage.
We had to produce these records to the IRS a few years ago. Had 162 pages of records.
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
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.
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 have a client like that. They are adjusting there withholding to be S0 instead of married 0.
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.
You should worry about your effective tax rate, not the amount of (or lack thereof) of a refund. That tells you nothing about what you are actually paying each year in taxes.
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.
Technically home improvement can matter on your primary home, but since there is something like a $500k exemption on capital gains when you sell your primary home, it would only help if you sell your house for more than $500k than what you paid for it. Not likely.
On the home office question that was asked, you really should only deduct that if the room is used EXCLUSIVELY as a home office and for nothing else. Most people use the space for other things too, thus disqualifying the home office deduction. This is an audit trigger too, so don't claim this unless you truly are using it as required.
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.
Getting my state refund tomorrow. E-filed on 2/25. Got my federal refund 2 weeks after filing.
I had my identity stolen z few years ago. Some jackass filed taxes with my name and Social Security number. Total PIA trying to convince the IRS that I was the real me. Finally got my federal refund in the fall thsy year.
I had my identity stolen z few years ago. Some jackass filed taxes with my name and Social Security number. Total PIA trying to convince the IRS that I was the real me. Finally got my federal refund in the fall thsy year.
