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Updated Tax Questions...And thanks for all who reply!

Discussion in 'Journalism topics only' started by GBNF, Feb 17, 2008.

  1. Hank_Scorpio

    Hank_Scorpio Active Member

    I think he said he hasn't worked for 39 weeks yet.

    But yea, it still doesn't equal the $5,150.
     
  2. GBNF

    GBNF Well-Known Member

    Yeah, I'm sorry if I didn't explain that correctly - I haven't been at either of my two full-time stops for more than 39 weeks.
     
  3. Cadet

    Cadet Guest

    As a single guy renting a place, unless you paid an insane amount of medical expenses in the past year, there is no reason for you to itemize your tax return.

    You can only claim moving expenses if your employer did not pay them.

    And no, you can't claim mileage driving to and from work. If your work makes you drive to an assignment you can claim that, but as someone pointed out, you can only take the difference between the federal allowance and your employer's mileage reimbursement.

    If you did move from one state to another, you will have to file partial-year resident taxes in both states. Do your federal return first, then tackle each state.

    Do not forget to deduct interest paid on a student loan, if you have them. Big chunk of change to lower your taxable income. You should have received a tax statement from your lender.
     
  4. The government allowance is actually 48.5 cents per mile now. They have upped it.
    I'm no accountant, but I believe you can include mileage to and from a second job, but not your main one.
    I would STRONGLY recommend you use an accountant. If you aren't sure about something, I'd much rather pay the money now than much, much, much more later.
     
  5. Sam Mills 51

    Sam Mills 51 Well-Known Member

    I've looked into itemizing in past years, GBNF. One usually doesn't come out ahead, you're begging for an audit and the work trying to split hairs on what is business and what is not is typically not worth the headache.

    I don't want to suggest quitting on a noble idea, but this is usually nothing but a source of frustration. And if itemization is the difference between hiring an accountant and doing this yourself, that would eat up most of the added refund if you were an exception.
     
  6. In Exile

    In Exile Member

    I free lance full-time and have itemized for twenty years. Well worth it, but get an accountant. You may not need to do so every year, as after year one you might be able to follow his or her lead and do your taxes yourself, but a good accountant will think of things you never will.

    And as far as all this "fear of audit" chatter, the IRS wants you to be so afraid of audits that you don't take advantage of the laws in your favor so you overpay. If you don't cheat, and keep your records, you have nothing to worry about. Just don't make claims you can't back up.
     
  7. Barsuk

    Barsuk Active Member

    See if you can get Turbo Tax for free through your insurance company (I get mine through State Farm). It's quick, easy and almost idiot-proof. And I wouldn't recommend itemizing, GBNF. More trouble than it's worth.
     
  8. Rosie

    Rosie Active Member

    In addition to the regular job, I have had a side home business for over 13 years. Sole proprietorship, so I file a Schedule C every year.

    1. GET AN ACCOUNTANT. I repeat, just like a few have already mentioned, GET AN ACCOUNTANT.

    2. Keep meticulous records. I am the queen of saving receipts (just look in my billfold.) Start using Quicken or Money for more than just recording your checkbook.

    3. If you are claiming a vehicle for work, you can claim either mileage or actual cost (gas, repairs and maintenance) not both.

    4. A percentage of phone may be deducted, both land line and cell phone.

    5. GET AN ACCOUNTANT!!

    For the cost of my tax lady, she has saved me thousands over the years. I used to do my own taxes, both manually and with software. I'm very good at accounting (but I hate doing it!), but her knowledge of tax laws and what I can and can't do has been well worth the cost.

    Here's some things, if you're freelancing, you should be keeping track of (and I'm sure I'm missing some things specific to freelancing, I'm going off what I keep track of for my business):

    Phone
    Mileage (I keep a pocket calendar in my vehicle to record mileage)
    Office supplies -- pens, notebooks, paperclips
    Computer supplies -- printer ink, software

    GET AN ACCOUNTANT and go from there. It's so worth it!
     
  9. poindexter

    poindexter Well-Known Member

    Or just spend the $40 bucks for turbo tax. It really is idiotproof.

    Come on folks, when it comes to stuff like dealing with the US Treasury Department, crowbar open the wallet and spend the $40 to do it right, instead of preparing your tax return based on answers from a message board.

    Oh, and one other cool thing Turbo Tax has is when you finish your return, it gives you a risk profile on your chances of being audited (very low to very high), based on your salary, deductions, etc.
     
  10. Barsuk

    Barsuk Active Member

    Yeah, poin, I meant that he should get Turbo Tax no matter what; I was just suggesting that he see if he can get it for free, which is an added perk.
     
  11. Mira

    Mira Member

    Barsuk, how did you get Turbo Tax for free? From your insurance agent? I want in on that.

    We've been using Turbo Tax for several years now, and it's a wonderful thing.
     
  12. Barsuk

    Barsuk Active Member

    The past two years I've gotten it free through State Farm. If you're a customer, there's a link on State Farm's Web site, and as long as you access Turbo Tax Online through that link, it's free (and it's spectacular).
     
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