Personal Income Tax Questions

[BWS]

I decided to make a thread about this because it may be useful at this point in time due to the fact that its tax season. Okay, disclaimer time: unless you live in the US I will probably be of no help whatsoever. Also, as you should obviously be able to figure out, this is in this forum because im doing this to help a few of you; this isnt quiz-BWS-time, and it isnt bitch-about-Bush-time. Im doing this as a free service because most of you will file a 1040EZ and so im going to help you out if you have questions; even if you file a standard 1040. If you just have a general question, feel free to ask as well.

So, if you have a question go ahead and ask it. Ill try my best to help you out.

[bumcheekcity]

At 2/19/04 04:39 PM, BWS wrote: So, if you have a question go ahead and ask it. Ill try my best to help you out.

You mean, abotu American Tax Return-y form things?

[RedSkunk]

At 2/19/04 04:39 PM, BWS wrote: So, if you have a question go ahead and ask it. Ill try my best to help you out.

Don't we have to pay you $40/hr or something?

BWS, I doubt most of the people on here are even paying taxes, and I'm sure most of the rest aren't doing them themselves. But whatever.

Sorry, I'm not filing.

[bumcheekcity]

At 2/19/04 05:58 PM, -redskunk- wrote: Sorry, I'm not filing.

How come?

[The-Darklands]

At 2/19/04 06:08 PM, bumcheekcity wrote:

At 2/19/04 05:58 PM, -redskunk- wrote: Sorry, I'm not filing.

How come?

he probably didnt have a job

[RedSkunk]

At 2/19/04 06:09 PM, miket311 wrote:

At 2/19/04 06:08 PM, bumcheekcity wrote:

At 2/19/04 05:58 PM, -redskunk- wrote: Sorry, I'm not filing.

How come?

he probably didnt have a job

Or, maybe it's because my job, as an illegal gun runner between the canadian-american border, is paid under the table!

Naw, I didn't have job.

[The-Darklands]

At 2/19/04 06:17 PM, -redskunk- wrote:

Or, maybe it's because my job, as an illegal gun runner between the canadian-american border, is paid under the table!

Redskunk is my hero now

Naw, I didn't have job.

oh oh wait nevermind you lazy bastard, then again i only had a job for 3 months last year and thats all im filing taxes for............

[RedSkunk]

At 2/19/04 06:19 PM, miket311 wrote: oh oh wait nevermind you lazy bastard, then again i only had a job for 3 months last year and thats all im filing taxes for............

Only 3 months? Meh, not worth. I wouldn't bother
....

</tax consultant for Enron>

[The-Darklands]

At 2/19/04 06:23 PM, -redskunk- wrote:

At 2/19/04 06:19 PM, miket311 wrote: oh oh wait nevermind you lazy bastard, then again i only had a job for 3 months last year and thats all im filing taxes for............

Only 3 months? Meh, not worth. I wouldn't bother

It more i get money back so i do it

[Slizor]

unless you live in the US I will probably be of no help whatsoever

Fucking-A....you're a help to people in the US? :D

[BWS]

At 2/19/04 06:55 PM, Slizor wrote: Fucking-A....you're a help to people in the US? :D

Only during tax season. During the rest of the year I generally scurry around and kick people in their shins...for exercise of course.

At 2/19/04 05:58 PM, -redskunk- wrote: Don't we have to pay you $40/hr or something?

Hahaha, HUSH!! Hey man, im being a good guy here! Dammit, be nice! =p

At 2/19/04 06:19 PM, miket311 wrote: oh oh wait nevermind you lazy bastard, then again i only had a job for 3 months last year and thats all im filing taxes for............

The time period doesnt matter, your income does.

For most of you, this rule works:

Unless you made more than $7800, you will get back everything that you payed in. This is if youre not being claimed as a dependent by somebody. Your standard deduction($4750) + standard exemeption($3050) will be subtracted from your income to get your AGI(adjusted gross income). Your AGI is what you pay tax on, and so if these deductions ($7800) > income you owe nothing. You owe nothing, payed in "x" and so you get "x" back. This is a very simple example, but if you arent claimed by someone it works. And if you have kids and whatnot the credit applies after your AGI is calculated, which is awesome for you.

[TheShrike]

Can I write-off Moderating a BBS as comunity service?

[RedSkunk]

At 2/19/04 07:58 PM, TheShrike wrote: Can I write-off Moderating a BBS as comunity service?

You bum.

[BWS]

At 2/19/04 07:58 PM, TheShrike wrote: Can I write-off Moderating a BBS as comunity service?

Well, the IRS would probably disagree, but you are in fact doing a service for a non-profit organization (doubt that)...it would go under non-cash contributions if you were to try. The thing is: it would do shit unless you itemize and file a schedule A. You see, you can either take a standard deduction, or itemize deductions. Unless you own a house, have lots of medical expenses, have tons of unreimbursted work expenses, or give away thousands of dollars youll take the standard deduction because it is higher. Charitable contributions are put on this form (schedule A) and so you wouldnt benefit from it.

[TheShrike]

So you mean to say, I am, in fact, screwed?

[Commander-K25]

Are Ted's goats a 'business expense'?

[The-Darklands]

At 2/19/04 07:54 PM, BWS wrote:

At 2/19/04 06:19 PM, miket311 wrote: oh oh wait nevermind you lazy bastard, then again i only had a job for 3 months last year and thats all im filing taxes for............

The time period doesnt matter, your income does.

For most of you, this rule works:

Unless you made more than $7800, you will get back everything that you payed in. This is if youre not being claimed as a dependent by somebody.

Well i dont get back the money paid to social security, would that occur if i was a dependent. or better phrased how is that effected by dependent/nondependent status?

[bumcheekcity]

At 2/20/04 01:04 AM, Commander-K25 wrote: Are Ted's goats a 'business expense'?

Awww... I wanted to make a comment about ted and his goats...

[Vowl]

Okay. Heres a question. I live in Oklahoma (don't laugh). They have brought back this use tax. Anything I bought out of state (internet) is subject to tax. I have to give them a total dollar amount of all purchases, and a total amount of tax paid on all purchases. If I did not keep a record of all out of state purchases, I have to pay a standard tax based on my income. Should I pay this standard amount or claim that I made no out of state purchases.

[BWS]

I dont know how the use tax works in your state, but ill assume that it is more or less something that you can easily lie about. Just claim that you bought a carton of smokes and pay tax on it.

[BWS]

At 2/20/04 01:39 AM, miket311 wrote: Well i dont get back the money paid to social security, would that occur if i was a dependent. or better phrased how is that effected by dependent/nondependent status?

Nope, you dont get back SS or Medicare (or whatever you have in your state). You just get back federal, state, and local (if there are local taxes where you live). I think that the standard deduction for a dependent is $500, but dont quote me on that. And then you have credits and whatnot in excess of that which applies after your AGI and subsiquent tax.