02-02-2011
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#21
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Transmission destroyer
Join Date: Feb 2007
Location: Cambridge
Drives: G37, 91 TSi
Posts: 7,150
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Re: It's Tee-AX Time!
No idea what the Wife and I will be getting back yet, but whatever we do get back will be going towards debt and saving for a house.
__________________
Quote:
Originally Posted by scheides
I swing from the nuts of cold hard data. Anything less is a guess.
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02-02-2011
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#22
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Tournaments Won: 3
Join Date: Oct 2003
Location: Maple Grove, MN
Drives: Lancer and Durango
Posts: 7,017
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Re: It's Tee-AX Time!
No clue here either. im going to a tax guy this year (does my brothers and dads taxes) due to my having to file for 2009 and 2010 (likely to be some penalties for 2009 but oh well).
Hoping to make it out in the green but we will see. I got something like 15,000 taken out during the time i have been at RBC. (started in May i believe), so i am expecting a big chunk of that back.
__________________
Scientific theories are the most reliable, rigorous, and comprehensive form of scientific knowledge. This is significantly different from the common usage of the word "theory", which implies that something is a conjecture, hypothesis, or guess.
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02-02-2011
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#23
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immune from paybans
Join Date: Oct 2005
Location: West Des Moines
Drives: poorly
Posts: 4,358
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Re: It's Tee-AX Time!
Quote:
Originally Posted by polishmafia
*sigh*
The only way you can count a car as income is if the sale of the vehicle was used for business purposes.
If it was for personal use, then all you can claim are the tabs - which Brandon did.
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If you itemize I thought you could deduct the sales tax you paid on the vehicle purchase as well.
I haven't calculated mine out yet, but I'll probably get around $1500. I got around $1000 last year but I took one less withholding this year on my W4. It will be going towards my last credit card bill. |
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02-02-2011
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#24
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Pewp Champion
Join Date: Nov 2003
Location: Blaine
Drives: Teh Bean
Posts: 12,309
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Re: It's Tee-AX Time!
My co-workers wife is a former CPA. Here's what she said:
If it was a personal car you sold and you sold it for less than you bought it for, then you don’t have to claim it as income. However, if you bought a car for $2,000 and turned around and sold it to a sucker for $4,000, you would claim $2,000 income. If you bought the car for $2,000 put $1,000 worth of work into it, you could only claim $1,000 (if I understand all of this correctly).
As far as new cars. You can only claim the sales tax if you are taking the sales tax deduction in the state of MN. Otherwise, if you are taking the income tax deduction, you can’t claim the sales taxes on new cars (or any other item for that matter).
Here are some links my wife shot me that may explain this better:
http://www.irs.gov/individuals/artic...152421,00.html
http://www.irs.gov/taxtopics/tc409.html |
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02-02-2011
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#25
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Transmission destroyer
Join Date: Feb 2007
Location: Cambridge
Drives: G37, 91 TSi
Posts: 7,150
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Re: It's Tee-AX Time!
^^That kind of stuff is why I pay my tax guy $100 to do ours. I'll gladly pay him to know that stuff haha
__________________
Quote:
Originally Posted by scheides
I swing from the nuts of cold hard data. Anything less is a guess.
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02-02-2011
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#26
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Join Date: Nov 2007
Location: lino lakes
Drives: 98 GSX, 04 is300
Posts: 1,856
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Re: It's Tee-AX Time!
1,300 for me. Paying off my motor
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98 GSX (built)
03 BBY EVO dd
GSX 463awhp 363awtq on DB!
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02-02-2011
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#27
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Pewp Champion
Join Date: Nov 2003
Location: Blaine
Drives: Teh Bean
Posts: 12,309
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Re: It's Tee-AX Time!
Quote:
Originally Posted by goodhart
^^That kind of stuff is why I pay my tax guy $100 to do ours. I'll gladly pay him to know that stuff haha
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$18 Taxact > $100 Tax man for me since mine are so simple. But if mine ever got complicated, then I'd definately just pay someone to ensure they are done correctly! |
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02-02-2011
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#28
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Transmission destroyer
Join Date: Feb 2007
Location: Cambridge
Drives: G37, 91 TSi
Posts: 7,150
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Re: It's Tee-AX Time!
Quote:
Originally Posted by Halon
$18 Taxact > $100 Tax man for me since mine are so simple. But if mine ever got complicated, then I'd definately just pay someone to ensure they are done correctly!
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Yea, me = fail at math, so it probably wouldn't be the best idea to try tackling taxes on my own. lol
__________________
Quote:
Originally Posted by scheides
I swing from the nuts of cold hard data. Anything less is a guess.
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02-02-2011
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#29
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Re: It's Tee-AX Time!
Hoping for a couple thousand back total, it will go towards bills and savings mostly.
Taxact is super easy, you dont have to do any math, thats what the software is for haha.
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02-02-2011
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#30
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Join Date: Nov 2006
Location: Robbinsdale
Drives: Nissian
Posts: 1,295
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Re: It's Tee-AX Time!
Quote:
Originally Posted by A//// Guy
Hoping for a couple thousand back total, it will go towards bills and savings mostly.
Taxact is super easy, you dont have to do any math, thats what the software is for haha.
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yep! I use turbo tax at my rents and have no problems besides there computer being slow. just waitingon my renters credit from the last place i lived. its my first full year being full time with full pay. I hope for over a grand this year and it will go towards my vegas vacation and anything left towards a rallyx car.
__________________
F Subarus!!!
"I may drive a Subaru wagon but I don't munch grass I munch dirt"
-Emily
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02-02-2011
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#31
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flips McGee
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Re: It's Tee-AX Time!
Woot for paying off anna's car this year, and finishing the e-fund for the total money makeover. Been a long time coming! We haven't really been gazelle intense lately.
__________________
Quote:
Originally Posted by Murlo26
I need to listen to Scheides more often i think :)
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Quote:
Originally Posted by turbotalon1g
...I realized that I can't keep up my shit talking without anything to back it up.
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Quote:
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Originally Posted by JV
S2000: For those of us that know the Miata is the best car on the planet, but also want extra power and to not have to turn in our man cards.
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02-02-2011
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#32
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Reynolds number user
Join Date: Oct 2003
Location: grove/tempe
Posts: 3,553
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Re: It's Tee-AX Time!
Quote:
Originally Posted by scheides
and finishing the e-fund for the total money makeover. Been a long time coming! We haven't really been gazelle intense lately.
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?_?
What the hell does ANY of that mean?!
__________________
07 Ducati Monster S4R
00 honda elite 50 (64 mph braH!)
05 malaguti F15
04 E55 AMG
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02-02-2011
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#33
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Join Date: Nov 2003
Location: Duluth
Drives: a pos
Posts: 722
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Re: It's Tee-AX Time!
after 6 months of unemployment last winter and pulling some money out of my IRA to keep up I'm really hoping I made enough to not need to pay in. I would be thrilled if I broke even...
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02-02-2011
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#34
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Finally Tuned...
Join Date: Apr 2006
Location: Zimmerman
Drives: Spyder GSX
Posts: 2,484
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Re: It's Tee-AX Time!
Doing mine Sat morning.
__________________
94 Supra TT Auto, Project 9.xx in the works
97 Spyder AWD 6 bolt 2.3, 579hp 496tq **FOR SALE**
Amsoil Dealer
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02-03-2011
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#35
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back in the saddle again
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Re: It's Tee-AX Time!
Quote:
Originally Posted by 95tsi
after 6 months of unemployment last winter and pulling some money out of my IRA to keep up I'm really hoping I made enough to not need to pay in. I would be thrilled if I broke even...
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The 10% early withdrawl penalty will probably kill your return. |
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02-03-2011
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#36
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R U DTF bro?
Join Date: Aug 2003
Location: Oak Point, TX
Drives: C8 Stingray Z51
Posts: 20,620
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Re: It's Tee-AX Time!
Quote:
Originally Posted by Super Bleeder!!
?_?
What the hell does ANY of that mean?!
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LOL only thing I can think is it has something to do with the money/finance book he reads?
__________________
Quote:
Originally Posted by Murlo26
I agree with Kracka.
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02-03-2011
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#37
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Join Date: Jun 2004
Location: Prior Lake
Drives: Icarus
Posts: 1,375
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Re: It's Tee-AX Time!
Quote:
Originally Posted by Kracka
LOL only thing I can think is it has something to do with the money/finance book he reads?
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ah ha!
http://www.daveramsey.com/article/ga...ndmoney_other/
__________________
"The moment money becomes your motivation, you're immediately not as good as someone who is stimulated by passion and internal will"
-Sebastian Vettel
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02-03-2011
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#38
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Join Date: Mar 2008
Location: aberdeen
Posts: 59
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Re: It's Tee-AX Time!
I claimed enough so they did not take any federal tax out because my mom said with me supporting my wife and kid, and us both going to school full time, the extra a month will help out and not paying in won't make a huge difference at tax time.
My mom does taxes and bookkeeping for a living so she does mine for free. She said my return should be deposited next Friday. We are getting $4,850 because of claiming head of house hold and child tax credit. And then an extra $2,000 because of us both going to school so we are totaling $6,850.
That will be used to pay a few things and take some out to save for a trip to the Black Hills this summer. Then the rest goes with whatever I can get for selling my Yukon and getting a new car. And if any is left that goes into savings.
__________________
The trouble with the world is that the stupid are
cocksure and the intelligent are full of doubt.
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02-04-2011
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#39
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Crash Course Racing
Join Date: Oct 2003
Location: Skid Row
Drives: in circles
Posts: 2,623
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Re: It's Tee-AX Time!
1600 fed 650 state
Going towards a throttle body for the Chevelle and guns
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What the fuck should I 4G6x swap?
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02-04-2011
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#40
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R U DTF bro?
Join Date: Aug 2003
Location: Oak Point, TX
Drives: C8 Stingray Z51
Posts: 20,620
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Re: It's Tee-AX Time!
Good idea on the gun, maybe I'll go buy one with a portion of what we get back.
__________________
Quote:
Originally Posted by Murlo26
I agree with Kracka.
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