How to get more money back on your taxes!!

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 12-02-2011, 07:00 AM         #1
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IAmBliss251 
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How to get more money back on your taxes!!
 

 
W-2 Forms: If you have a job start by feeling out the tax forms correctly..... if no dependants, put Single 2 and go from there. (you can correct these forms at any time, just alert your manager that you need to do so.)

Extra Money: If you want more removed from your check, state that in the correct section of the form.

Ok here is what you might not know!!!

Most purchases' Tax can be redeemed by keeping the reciept... Here's a small list of things.

Major purchases ($200 or more)/
Technology/
Things purchased with refund check from school that does not apply to school/
Rent/
Utilities/
Car Note/
Isurance payments/
Small business receipts (studio time, photoshoots)
charitable causes (giving away money to anybody without any returned)/



The most important thing to do is keep up with all documentation and then weed it out closer to the time to file your taxes!!!!

Just a little knowledge!!!

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 4 years ago '04        #2
nitetrain8601 20 heat pts20
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I'm pretty sure you can't claim insurance or rent or utilities to taxes unless you drive for your job and you have to live in one particular apartment complex. Utilities, I have no idea on how you can claim that.
 
 4 years ago '07        #3
Spoken210 4 heat pts
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you can claim a whole lot of everything if you're self employed
 
 4 years ago '05        #4
Shazam 30 heat pts30
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 IAmBliss251 said:
Ok here is what you might not know!!!

Most purchases' Tax can be redeemed by keeping the reciept... Here's a small list of things.

Major purchases ($200 or more)/
Technology/
Things purchased with refund check from school that does not apply to school/
Rent/
Utilities/
Car Note/
Isurance payments/
Small business receipts (studio time, photoshoots)
charitable causes (giving away money to anybody without any returned)/



The most important thing to do is keep up with all documentation and then weed it out closer to the time to file your taxes!!!!

Just a little knowledge!!!
Man I'm actually supposed to be studying for my Intro to Federal Taxation final exam right now at 2:30 am but instead I'm procrastinating on BX so I feel obligated to post in this thread.

answering the problem a.ssuming that everything you listed you meant for personal use and not for business use and am a.ssuming that the person is not self-employed.

first off: all of this only applies if you're taking itemized deductions. For most people it makes more sense to just take the standard deduction anyways which is 5,800 for single taxpayers, double that amount for married filing jointly.


next, of the stuff that you listed, i think none of them can be claimed as deductions except for Insurance (medical) and charitable causes. for medical expenses you can claim anything that is above 7.5% of your adjusted gross income as an itemized deduction, and any insurance premium paid gets included in medical expenses.

charitable donations are more complicated because what you can deduct depends on what you donated (cash, long term capital a.sset, patent, etc.) and to who you donate it (public organization, private operating organization, private non-operating organization) depending on these factors you may be able to deduct up to 20%, 30%, or 50% of your adjusted gross income. the way you typed it "giving away money to anybody without any returned" is just flat out wrong, what you describe is a gift. you must make sure that you are donating to an organization that is considered a charitable organization under US law or otherwise your donation is not taxable.

Also, technically if you save the receipts for everything you buy and add up all the sales tax that you paid, that would be qualify as an itemized deduction. But in most states you pay state and local taxes which you can deduct, and you can only deduct state and local taxes OR sales taxes. For almost anyone who lives in a state where you have state tax it makes much more sense to deduct the amount that you paid for state and local taxes. also, even if you live in state without a state tax and would then want to take the sales tax as an itemized deduction, there's a chart that you can look at that gives you an amount so you only need to save receipts for your biggest purchases and add those in.

hope i get an A need to go to sleep, wake up early, and study some more.

EDIT: wow that was actually a really long post. i'm gonna count this as solving practice problems. a really bad, poorly designed practice problem...


Last edited by Shazam; 12-05-2011 at 12:58 AM..
 
 4 years ago '10        #5
beeboywhoo 24 heat pts24
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^ good sh*t my n*gga... My individual tax final is friday

1040 is my bi*ch
 
 4 years ago '05        #6
Shazam 30 heat pts30
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 beeboywhoo said:
^ good sh*t my n*gga... My individual tax final is friday

1040 is my bi*ch
just finished mine man... did not go as well as i was hoping got destroyed by section 1031 like kind exchange stuff man... tax ...
 
 4 years ago '04        #7
hockeythug 66 heat pts66
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You guys taking individual or non-individual(corporation) income tax class?
 
 4 years ago '10        #8
beeboywhoo 24 heat pts24
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 Shazam said:
just finished mine man... did not go as well as i was hoping got destroyed by section 1031 like kind exchange stuff man... tax ...
sh*ttt bro, i dont even remember learning that.. I think our tax teacher really dont give a fukk about us this year he missed so many classes , cause he was on his own grind . and he doesnt like commuting from the OC. our tax return is pretty easy man

ex. Melany is 28, not married, has a 10 year old kid etc etc., attached some w-2s, 1099s, 1098s

and fill out the 1040, schedule a, b, c, d, & se.

Thats individual obviously, taking corp in spring quarter
 
 4 years ago '04        #9
hockeythug 66 heat pts66
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for my individual project we had 1040, 2106, 8283, 6252, 4684, 4562, schedule a, b, d, e,
 
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