Official 2014 Income Tax Thread

importcrew

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Jan 26, 2008
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So the season has already started not to long ago. Some will receive and some will give. Which are you? How will you spend your refund? How will you file?



I always go to my aunt (tax preparer) and have it done. I also go on Turbo Tax and run through it to get an idea before I go to my aunt. Last year I was $500 under from what my aunt got me. This time checking, including personal business expenses and what not, I should get a nice check from both Fed and State. I ran through Turbo Tax utilizing business expenses and work deductions and just work deductions (figuring if it's worth using my business information although I haven't sold anything yet). Definitely worth the difference as I have PLENTY of deductions to utilize for both business and work expenses. Plus having a child in 2014 helps some as well. :bigthumb:

So TCG.... How do you file? How will you spend your refund (if you receive one)?
 

importcrew

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I used to always do the 1040ez crap. Then I had my aunt do it one year and she got me back quite a bit more. So I went to her ever since. 2014 I got a business license. Bought a few things for inventory but never sold anything. I have a home office at my house, so I used that as a deduction as well. I also had 3 cars in 2014 and used one for the personal business, one for work, and one for personal useage. Since I haven't closed on my house yet, that will be reported in 2015 taxes. I'm going to get screwed over on first time home buyers since my name is on the deed to my current house (although it's my dad's house). My new (although actual first) house is technically 2nd equity. But looking forward to my refund.
 

Mike K

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Apr 11, 2008
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Be careful with the "business" expenses guys. You're filing schedule C's with your returns and those are heavily scrutinized as are sole proprietor business' taking write-offs that aren't actually selling product or aren't selling a reasonable amount of product as to be considered a business. For instance, if you're writing off 10k a year in business expenses for a business that's sold $1000 and you can't demonstrate that you're actively conducting activity as a business entity, that's not a business; it's a hobby and you can't write off expenses for a hobby nor can you write off personal expenses under the guise of a business.

I know a lot of people do this to write off stuff they otherwise wouldn't be able to but if they come after you a couple years from now (and with a schedule C, a money losing business and popularly abused deductions the chances are exponentially greater that they will) you'll lose all those deductions, owe the money for them and owe penalty and interest on top of that.

I'm not trying to poop on anybody's Wheaties. I speak from experience when I say that owing the IRS is something you want no part of. Saving $1000 now isn't worth paying $5000 later.
 

Frank Dukes

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May 5, 2009
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i always do my own on freetaxusa - standard deduction so i dont need to pay anyone to punch in like 10 numbers for me.. the refund will go towards a honeymoon. id rather buy motorcyle parts but hey what can ya do, happy wife i guess? she knows the bike parts will come out of the wedding cash after the fact so its all good.
 

Shibby50

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Mar 30, 2008
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I've always done my own on turbotax. Went to someone last year since it was my first year filing married. Made no difference and cost 4x as much. They basically told us after there's no point unless you have kids to go to someone to itemize. So back to turbo tax this year. I always claim to have more taken out over time cuz I'm bad with money and like getting a chunk every year back so good times for me.
 

willsmysticcobra

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I'll admit I thought I'd get more back being a first time homeowner this year. Single , in the 60-80k bracket, dividend income from stocks ( I did well),getting $9XX . Didn't want to be put in the audit pile so I filed very conservatively, didn't list any pseudo home improvements or donations. Was going to buy a new A/c unit for the home but $900 isn't going to cut it
 

Chester Copperpot

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Don't bother, just do it online and save some money

I always did the free military turbo tax online and it did pretty well for me. I'm just concerned about the whole house stuff. I got some form the other day about the interest paid on my house and I'm not sure where I would enter it to write it off or whatever. I guess I just need to sit down and read all the stuff this time around.
 

Blood on Blood

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I always did the free military turbo tax online and it did pretty well for me. I'm just concerned about the whole house stuff. I got some form the other day about the interest paid on my house and I'm not sure where I would enter it to write it off or whatever. I guess I just need to sit down and read all the stuff this time around.

The interest paid and taxes paid are both write offs, but the tool should walk you through that.
 

Chester Copperpot

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The interest paid and taxes paid are both write offs, but the tool should walk you through that.

Yea that's like a form 1098 or something like that. Literally just copy the 2 numbers and that's it.

Yeah I'm looking at it and it's got both interest paid and the property tax I've paid. I got ahead of myself on my taxes just to see what I could input because I'm still waiting on my employer W-2 and my school 1098-T or whatever. But yeah, I could put both those numbers in.
 

importcrew

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Yeah I'm looking at it and it's got both interest paid and the property tax I've paid. I got ahead of myself on my taxes just to see what I could input because I'm still waiting on my employer W-2 and my school 1098-T or whatever. But yeah, I could put both those numbers in.

I usually go through TurboTax all the way up to before clicking the send button. I see where I stand and then go to my aunt. She usually finds ways for me to get more back. Just because you have many deductions doesn't necessarily mean you'll get audited. I travel A LOT with one of my vehicles for work, and I write that off (usually over 10k write off with cost of mileage, fuel, maintanance, insurance, ect). This year I think I amounted close to 14k in write offs. A few years ago, I wrote off around 20-25k in write offs.

Just be sure to keep all your receipts and document everything. Spend some time and/or money and scan (or buy the neat desk scanner) and scan all your receipts. It'll be beneficial to those who itemize.
 

turtleman

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Sep 6, 2009
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I'm basic. The only thing that helps me with returns is the 1098T's from my school loans. I just use turbotax every year. Last year I had a co-worker do my taxes (he also works at H&R block) just to see how it came up and I got like 1 dollar more than what turbotax ended up at. This year I have about $800 coming my way state & federal which isn't much but I'm just happy it's still coming my way. Without the 1098T's i'd be getting maybe 350ish.

Question - when you break into the next higher income tier, do you suddenly get a massive tax hit so if you're just barely in there, you loose big time? Or is that not how it works?
 
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