Taxes - Page 2

lucky81698 · 02-18-2008, 10:30 AM

Quote:

Originally Posted by Mistress Trista

How does a 9 year old owe taxes??

I have all our stuff together, but because of my royalties and deductions, I have to have an accountant do it. I tried to do it myself a couple of years ago, but the royalties made it too confusing.

If a child earns more than $850 he has to pay taxes. He has capital gains and dividend income from UGMA Mutual funds he has. We also had to sell his stock he had in a company because they were bought out. The is about the 5th time he has had to pay taxes. It stinks but I guess they do it so people don't hide money in their kid's names.

Jan

Mistress Trista · 02-18-2008, 11:54 AM

I didn't even think about a mutual fund. duh...LOL.

Imachickadee75 · 02-18-2008, 01:39 PM

To any of you new to a regional, let me really encourage you to use an accountant this year. I've always done our taxes and was pretty resistent to the idea last year (DH's first year). The woman was AMAZING! It gets pretty complicated and she even made it so that we got money BACK from the state of OK. That NEVER happens. Even having to pay her fee, we got quite a bit back (even though hubby had the wrong dependents down). It was SO worth it!

Jackie

spotty4 · 02-18-2008, 02:24 PM

Thanks Jackie. I've heard this recommendation many times now and have mentioned it to Fiance, but he's pretty resistive to the idea. He thinks, since he's been flying only since November (though was getting a paycheck from Mesaba since August), that there won't be much to deduct or figure out. But he's been good and kept ALL of his receipts.

I think this year, while we're still filing separately, he can get away w/ it. But next year, I may put my foot down.

felly · 02-18-2008, 03:30 PM

Quote:

Originally Posted by ccbegay

this is one thing i'm good at...hahaha, ok not really, but it's cake...1 w2 and student loans/tuition thats all! I'm done, and waiting for my refund to spend in NM!!!

what forms do you file for your student loans/tuition? 1040 (i normally do 1040ez)? i only made 8 grand in 2007, so i don't know that my tuition statement will help or hurt me any, but i wanted to see what i would need to do for the future.

BAC · 02-18-2008, 07:13 PM

Quote:

Originally Posted by Kristie

last day for them to be received was the 31st....you should have gotten them by then.

Yeah, I should have. Which is why I contacted them today to tell them to resend them. I gave them a little extra time because I moved and I figured it would take some extra time for the address redirection but now I think it is just plain lost. Now it's about damn time.

czechmate · 02-18-2008, 08:08 PM

We just got back this afternoon from visiting our accountant back in Indiana. We're getting a refund!!!!! Yippppeeee, I thought we would be paying this year, but nope.

I'm sooooo happy you have no idea!!!
We're getting enough back to finish our countertop for our bar in the basement --then our basement will be totally finished!!!

I'm sooooo happy -- wait, did I say, I'm sooooooo happy????

Jen

ccbegay · 02-18-2008, 08:39 PM

Quote:

Originally Posted by felly

what forms do you file for your student loans/tuition? 1040 (i normally do 1040ez)? i only made 8 grand in 2007, so i don't know that my tuition statement will help or hurt me any, but i wanted to see what i would need to do for the future.

I use 1040...your school should also send you a I think a 1098 (?)...in the deductions part, you enter in that information...I've been using TurboTax...before I've done 1040EZ, this year I only made 12k, last year 20k so with the 1098 I've been getting something back...I'm no taxpro though...

katbuad · 02-19-2008, 10:31 AM

Hey guys. I am a CPA. I don't typically do individual income taxes for a living, but I have done a lot over the years.

Tax advice is always a big complex thing, but if anyone has some questions you can email me and I will try to help or point you in the correct direction. I am suggesting email or PM because sometimes taxes can get very personal and boring for everyone else.

Also, I probably am not going to be any help with state taxes. TN where I live doesn't have state income taxes. I have done some work with CA, IL, and OH (I believe) but not enough and not recent enough to give any advice.

spotty4 · 02-19-2008, 10:55 AM

Quote:

Originally Posted by katbuad

Also, I probably am not going to be any help with state taxes. TN where I live doesn't have state income taxes. I have done some work with CA, IL, and OH (I believe) but not enough and not recent enough to give any advice.

Quick steal .....
How does TN generate state income w/ no taxes? Other states (w/ no state income tax) rely on tourism or gambling, for example. What does TN offer? Really high sales tax?

02-18-2008, 11:54 AM	#12 (permalink)
Mistress Trista Jetgirls Ol' School Member Join Date: Aug 2007 Location: Monterey, Tn Posts: 554 Recipes: Thanks: 4 Thanked 5 Times in 5 Posts	Re: Taxes I didn't even think about a mutual fund. duh...LOL. __________________ I tried to be good...but I got bored.

02-18-2008, 01:39 PM	#13 (permalink)
Imachickadee75 Jetgirls Ol' School Member Join Date: Sep 2006 Location: oklahoma Posts: 696 Recipes: Thanks: 1 Thanked 19 Times in 11 Posts	Re: Taxes To any of you new to a regional, let me really encourage you to use an accountant this year. I've always done our taxes and was pretty resistent to the idea last year (DH's first year). The woman was AMAZING! It gets pretty complicated and she even made it so that we got money BACK from the state of OK. That NEVER happens. Even having to pay her fee, we got quite a bit back (even though hubby had the wrong dependents down). It was SO worth it! Jackie __________________ Welcoming baby #3 this spring!

02-18-2008, 02:24 PM	#14 (permalink)
spotty4 Jetgirls Ol' School Member Join Date: Sep 2007 Location: Capital City, USA Posts: 1,237 Recipes: Thanks: 8 Thanked 15 Times in 15 Posts	Re: Taxes Thanks Jackie. I've heard this recommendation many times now and have mentioned it to Fiance, but he's pretty resistive to the idea. He thinks, since he's been flying only since November (though was getting a paycheck from Mesaba since August), that there won't be much to deduct or figure out. But he's been good and kept ALL of his receipts. I think this year, while we're still filing separately, he can get away w/ it. But next year, I may put my foot down. __________________ http://shelleypotts.com Wedding Pictures!

02-18-2008, 08:08 PM	#17 (permalink)
czechmate Jetgirls Ol' School Member Join Date: Feb 2007 Location: Hebron, KY Posts: 552 Recipes: Thanks: 0 Thanked 1 Time in 1 Post	Re: Taxes We just got back this afternoon from visiting our accountant back in Indiana. We're getting a refund!!!!! Yippppeeee, I thought we would be paying this year, but nope. I'm sooooo happy you have no idea!!! We're getting enough back to finish our countertop for our bar in the basement --then our basement will be totally finished!!! I'm sooooo happy -- wait, did I say, I'm sooooooo happy???? Jen

02-19-2008, 10:31 AM	#19 (permalink)
katbuad Jetgirls Plus Member Join Date: Jul 2007 Location: Nashville, TN USA Posts: 720 Recipes: Thanks: 11 Thanked 13 Times in 13 Posts	Re: Taxes Hey guys. I am a CPA. I don't typically do individual income taxes for a living, but I have done a lot over the years. Tax advice is always a big complex thing, but if anyone has some questions you can email me and I will try to help or point you in the correct direction. I am suggesting email or PM because sometimes taxes can get very personal and boring for everyone else. Also, I probably am not going to be any help with state taxes. TN where I live doesn't have state income taxes. I have done some work with CA, IL, and OH (I believe) but not enough and not recent enough to give any advice. Last edited by katbuad; 02-19-2008 at 11:09 AM.

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