I tried filling out a 1040ez and ended up only getting back 300. I took the standard deduction and only claimed the phone tax credit. I do not own any properties.
Is there any way for me to maximize my tax return? I paid about $5100 in fed taxes.
that's the worst advice you can give... kids = walking-talking STD's that you cannot get rid of.
nah the best thing is open a business and expense stuff to it, the catch is that business has to make money too (you have to be active), which is fine. you will be expensing your stuff instead of just handing the money to tax...
Geez, you're looking at paying $5K in fed income taxes??? I wish to God I was only that lucky.
I hate taxes and I hate my CPA, even though he's my childhood homie. Every time he calls I know I'm gonna get sick.
Damn, who is uncle Sam anyway??? I'm gonna start calling him Uncle George.
Like someone said, when you get married you'll have another deduction available, but I'd suggest you invest in a home. Even one that's relatively cheap. The deduction available to you for the interest you pay on your loan will be the biggest deduction available.
__________________ Don't fight with an ignorant because he will drag you down to his own level and beat you to death with his skills.
Last edited by Zoomzoomers : 04-05-2007 at 02:10 PM.
1040-EZ?! Count your blessings! Besides, it sounds like you set your W-4 perfectly. Sure it may seem like a windfall to get a large tax refund but once you've maximized your matching employer retirement contributions, your goal should really be to break even. If you're getting a refund, you've been loaning the government your money without interest. If you are going to say "yeah but it forces me to save a little" I would ask, how old [read; responsible] are you!? Much better in the long run to auto deduct the same bucks each pay period to an interest bearing 'personal year-end bonus account'. If your W-4 with holding falls a little short, you've got the shortfall covered. It you've over withheld, pay yourself a bonus or, better yet, add to a Roth IRA or your home down-payment piggy-bank. Of course, if you have itemized deductions above and beyond the Standard Deduction, claim 'em. If not, you DON'T want to start a 'business' just for expense write offs. The self-employment tax that a bona-fide sole proprietorship is required to pay will double your tax liability and, unless you have a whopping whole lot of verifiable legit deductions, you'd be better off pissing into the wind. Not to mention, be prepared to drop your drawers and grab your ankles for the IRS 'exam' as they ALWAYS audit a higher percentage of biz vs. personal returns for fraudulent write-offs. It always amuses me when folks recommend incurring $1.00 in additional expenses just to deduct $0.20... still $0.80 in the hole!
shit, still haven't done my taxes yet. this past year will be easy. the year before however, ohhh vey, capital gains taxes killed me! $24K in taxes as of the first of the year, i'm now self employed, let's see what i can deduct now
With $4K going to my IRA I'm getting a combined $2K back.
Once tax season is over I'm planning to talk to my CPA about incorporating as I'm starting to do enough side business that I need to go legit on it.
What type of business are you in? If you're a service provider talk to your CPA about LLC's. It'll probably, well very likely, be more favorable for you. Good luck.
Let's see the IRS? Umm... I know them very well. I've been audited twice in the past five years. Let me tell ya, it ain't fun. Luckily I have a good CPA but his ass charges me up the a**. Well, sometimes he'll take booze as payment.
__________________ Don't fight with an ignorant because he will drag you down to his own level and beat you to death with his skills.
I do computer support for a local city government, the office my CPA works at, occasionally for a doctor's office; then I also operate the video board during football and soccer seasons for the athletic department of the school district I'm employed at.
I tried filling out a 1040ez and ended up only getting back 300. I took the standard deduction and only claimed the phone tax credit. I do not own any properties.
Is there any way for me to maximize my tax return? I paid about $5100 in fed taxes.
I just used turbo tax. I'm getting $2K back
__________________
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turbo tax is a good tool. this is the first year i use it. i know there's a more pro software but Intuit (the same company that makes turbo tax)
i think turbo tax is tax-deductible too
Tax Tips
as of the first of the year, i'm now self employed, let's see what i can deduct now 
