Tax Question

[Partial]

I am a dependent who is an idiot and didn't realize until now that I didn't have any federal taxes taken out of my check. According to the IRS rates for 2007, I owe about 1500 in taxes that I did not have budgeted for.

Are there any loopholes or tax breaks that I am entitled to so I can bring this number down signfnicantly as I did not account for this when budgeting my money?

Something seems funky though, because I have always gotten a tax return on what I have put into federal taxes. I've never done my own so I am not sure if I get it all back, or a %, or what exactly.

I got my tax bracket here:

http://www.irs.gov/formspubs/article/0,,id=164272,00.html

[Partial]

anybody? RG? Bretsky?

[LL2]

There will probably not be much you can do and their are no loop holes to get out of paying taxes. Unless you have a home (mortgage interest and property tax deductions), charitable deductions, and whatever other deductions and credits you can use to wipe out that $1500 your stuck having to pay it. Your standard deduction as a single will not help you much. Do you have any kids you don't know about you can claim? Maybe Scott Cambell has a few he can spare. I would file an extension and look at how many exemptions you are claiming on your W-2.

[Partial]

Well, in a typical situation, I get back certainly some of what I put in. I don't remember the exact figures, but I always figured it was most of it.

By virtue of years past, I would hope I will still get some sort of tax credit and get all but a few hundred bucks back.

Does anyone know if that is the case? RG appears to be the go-to-guy here.

[SkinBasket]

How fucking old are you? And you're a dependent? at some point you got to ask mom to cut the cord.

How about paying your fucking taxes you mooch.

[Partial]

Shut up. My mom claims me because I live at home. It saves me money to the tune of 400 + utilities a month in rent. I can certainly give her back 2500 or so in exchange for the 5000+ annually I save in rent money. Plus, they help with my tuition as long as I am dependent.

[SkinBasket]

Shut up. My mom claims me because I live at home. It saves me money to the tune of 400 + utilities a month in rent. I can certainly give her back 2500 or so in exchange for the 5000+ annually I save in rent money. Plus, they help with my tuition as long as I am dependent.

Right, so pay your fucking taxes since they don't. Either they get the break or you do. You like to have your cake and eat it too and then complain about how it tastes.

[Partial]

dumbass, as I said that in previous years I typically get back a hearty chunk of what I put in. Despite not putting anything in this year, will I get my amount owed reduced? Obviously some tax break occurs for me in years past, I am just not sure what that is exactly.

[MadtownPacker]

This is gonna seriously delay the 5 kids.

[Partial]

Evidently so! It's my own damn fault for never examining my pay stubs and realizing I filled the paperwork out incorrectly. Damnit, I did not have 1400 bucks budgeted for this! I just cleared out a large chunk of the savings on tuition.

[MJZiggy]

Shut up. My mom claims me because I live at home. It saves me money to the tune of 400 + utilities a month in rent. I can certainly give her back 2500 or so in exchange for the 5000+ annually I save in rent money. Plus, they help with my tuition as long as I am dependent.

Four hundred freaking dollars a MONTH? That's a month, right? not a week?

[Partial]

Shut up. My mom claims me because I live at home. It saves me money to the tune of 400 + utilities a month in rent. I can certainly give her back 2500 or so in exchange for the 5000+ annually I save in rent money. Plus, they help with my tuition as long as I am dependent.

Four hundred freaking dollars a MONTH? That's a month, right? not a week?

Yeah. Living in a shitty college house with 4 other guys comes out to about 400 a month. I am not confident my buddies' house would pass half of the codes and standards, but that is about what a cheap college house costs per person to rent typically.

[GrnBay007]

Shut up. My mom claims me because I live at home. It saves me money to the tune of 400 + utilities a month in rent. I can certainly give her back 2500 or so in exchange for the 5000+ annually I save in rent money. Plus, they help with my tuition as long as I am dependent.

Four hundred freaking dollars a MONTH? That's a month, right? not a week?


For a college student in the midwest....that's reasonable when sharing the rent. Why would that seem unreasonable?

[GrnBay007]

I am a dependent who is an idiot and didn't realize until now that I didn't have any federal taxes taken out of my check.



Would seem to me you have to bite the big one and pay for the mistake of not paying the Feds.

[MJZiggy]

Because around here they couldn't touch a place for that. Besides, he didn't mention sharing it with 4 people before I typed that.

[GrnBay007]

Because around here they couldn't touch a place for that. Besides, he didn't mention sharing it with 4 people before I typed that.

Pretty confident that you know he's not there.

Sounds like You pay a lot more there. Actually for where he was going to school before moving, I'm pretty confident he could have gotten a small apartment by himself for $400

[Partial]

Because around here they couldn't touch a place for that. Besides, he didn't mention sharing it with 4 people before I typed that.

At Platteville it was 234 a month but that was a real shit hole. I mean absolutely horrible.

[Deputy Nutz]

Go to an accountant that come up with ways to itemize some deductions. I am sure you donated some of your used underwear, and other clothes.

[the_idle_threat]

I'm definitely no accountant, but my understanding is that there's a pretty big deduction for having higher education expenses during the year. Might be worth going to an accountant or at least running it through some tax prep software to see if they come up with something like this.

I went to an accountant last year for the first time, and he came up with a pretty major deduction based upon higher education expenses. I don't remember if it was Federal, State, or both, though.

[Partial]

I should get that deduction as well as a personal expense deduction. So, I won't owe nearly as much as I thought. Probably only around 700. After that 300 dollar rebate, that will be 400ish, then. That doesn't sound nearly as bad as the 1400 figure from last night!

[Tyrone Bigguns]

Because around here they couldn't touch a place for that. Besides, he didn't mention sharing it with 4 people before I typed that.

That is pretty much assumed when you are in college. If you can remember that far back. :P

[Partial]

Alright, Turbo Tax calculated that I owe 612 dollars. Nice!

With my state tax return and that 300 dollar credit going to everybody, I really won't owe anything at all. Sha-wing!

[hoosier]

Alright, Turbo Tax calculated that I owe 612 dollars. Nice!

With my state tax return and that 300 dollar credit going to everybody, I really won't owe anything at all. Sha-wing!

Don't forgot to factor in your penalties for failure to declare sufficient withholdings. The IRS doesn't want your money in April, they want it as soon as you earn it.

[Deputy Nutz]

I should get that deduction as well as a personal expense deduction. So, I won't owe nearly as much as I thought. Probably only around 700. After that 300 dollar rebate, that will be 400ish, then. That doesn't sound nearly as bad as the 1400 figure from last night!

When you work at Sears do you wear your own clothes, or do you have to wear a store uniform that is provided for you? Otherwise if you wear your own clothes and there is a requirement with what kind of clothes you are supposed to wear you can claim the price of those clothes as a deduction.

[Partial]

I should get that deduction as well as a personal expense deduction. So, I won't owe nearly as much as I thought. Probably only around 700. After that 300 dollar rebate, that will be 400ish, then. That doesn't sound nearly as bad as the 1400 figure from last night!

When you work at Sears do you wear your own clothes, or do you have to wear a store uniform that is provided for you? Otherwise if you wear your own clothes and there is a requirement with what kind of clothes you are supposed to wear you can claim the price of those clothes as a deduction.

Nice! I should hit all these small deductions up for all they're worth.

[retailguy]

I should get that deduction as well as a personal expense deduction. So, I won't owe nearly as much as I thought. Probably only around 700. After that 300 dollar rebate, that will be 400ish, then. That doesn't sound nearly as bad as the 1400 figure from last night!

When you work at Sears do you wear your own clothes, or do you have to wear a store uniform that is provided for you? Otherwise if you wear your own clothes and there is a requirement with what kind of clothes you are supposed to wear you can claim the price of those clothes as a deduction.

Nice! I should hit all these small deductions up for all they're worth.

<sigh>... Not exactly. The "spirit" of this rule has been so abused over the years, it no longer works out this way. Partial, if you haven't been forced to buy your own clothes and put Sears patches all over them, or if your tie doesn't have a blinking light Sears logo, they probably aren't deductible.

So, if you are "required" to buy suits, shirts and ties that are "suitable" for outside work wear, you CANNOT deduct them. If they are "altered" (ie, patches, logos, etc) to make them "unfit" for normal wear outside work, THEN, and only then are they deductible.

Besides, this deduction is taken on Schedule "A" (Itemized Deductions) and these items are only deductible in excess of 2% of your adjusted gross income.

In simple english, Partial, you get a $5350 standard deduction. You'd have to itemize deductions in excess of this amount, first and foremost, THEN, you have to have suitable employee business expenses that exceed 2% of your adjusted gross income, to BEGIN to see a benefit here. Other examples are safe deposit boxes, union dues, professional dues, etc....

In short, your 'clothing allowance' is factored into the $5350... but hey, it sounded good, right? :P

[Deputy Nutz]

Here is an idea, get a felt tipped marker and write SEARS on a couple of shirts. Not to hard.

RetailGuy is more interested in the letter of the law, I am trying to save you some dollars.

[retailguy]

Here is an idea, get a felt tipped marker and write SEARS on a couple of shirts. Not to hard.

RetailGuy is more interested in the letter of the law, I am trying to save you some dollars.

Saving dollars today doesn't really matter to me, if you lose them two years from now, plus a $5000 fraud penalty and interest as well.

I'm very interested in saving $'s for Partial too, it just matters to me whether it is MORAL or LEGAL.

Partial, you better also "alter" the employee manual to add a procedure that says it is Sears procedure to stencil the sears logo with a felt tip marker. Those bastards at the IRS are trained to ask for that too.

[Deputy Nutz]

He is little concern to the IRS.

[Zool]

He is little concern to the IRS.

(waving hand) These are not the tax evaders you are looking for

[Tony Oday]

If you cant afford it talk to the IRS and work out a payment plan. When I got married I got CRUSHED because she earned just enough after deductions to put me up a tax braket...5900! So I didnt budget for that after paying for a wedding and a honeymoon so they game me 6 months to do it it was nice of them ;)