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#21 | |
Follower
Join Date: Nov 2008
Posts: 5,549
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The more money you make, the less deductions you get. I have itemized in the past but as my AGI has gone up, the limitations make it less and less likely to surpass the standard deduction. As a single filer with no kids or mortgage, I'm lucky if my payroll withhold just barely covers my tax liability. Add in any 1099 income (bonus, dividends, interest, cap gains, 2nd job, etc.) and it pushes you over. I haven't gotten a refund in 4 years. ![]() |
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#22 |
Elitist
Join Date: Nov 2008
Location: SF Bay Area
Moto: Gix 750
Posts: 11,351
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That's actually good news IMO, considering all the cheaters and "creative accounting" that goes on in this country. People claiming that their new truck or nice vacation was bought for business purposes when it really wasn't, etc. etc.
Last edited by Homeslice; 04-17-2009 at 09:58 AM.. |
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#23 | |
Elitist
Join Date: Nov 2008
Location: SF Bay Area
Moto: Gix 750
Posts: 11,351
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#24 |
SFL Expatriate #2
Join Date: Nov 2008
Location: Raleigh, NC
Moto: CBR1000
Posts: 2,043
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#25 | |
Follower
Join Date: Nov 2008
Posts: 5,549
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Most fail to realize that all that creativity can bite them in the ass if the ever get asked to prove it. I'm glad that your tax guy found $65,000 worth if itemizations for your $40,000 salary but I hope you have the receipts if Uncle Sam comes asking... ![]() |
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#26 |
Elitist
Join Date: Nov 2008
Location: SF Bay Area
Moto: Gix 750
Posts: 11,351
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Reminds me, I was at a ball game a couple days ago, and I was sitting next to this dude who was bragging about dragging his TV down to the basement after it got flooded so he could claim it and get a new one
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#27 |
Resident Droog
Join Date: Mar 2008
Location: Northern burbs, Atlanta
Moto: 625 SMC, '08 Tuono R
Posts: 471
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You are having waaaaaaaaaayyyyyy too much withheld if you are getting that much back every year, and the government loves you for it. You are letting O'Bama's brigade have the use of $5k of interest free money every year. The best approach is to adjust your withholdings so that you receive a small amount back each year. That way you can put that $5k to good use instead of letting the government use it to fund sheep research in North Dakota.
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I'm sick and tired of being bored. |
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#28 | |
Ride Naked.
Join Date: Feb 2008
Location: Flat and Straight ND
Moto: 08 BUELL 1125R, 05 SV650S
Posts: 7,916
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#29 | |
Let's do another U-turn
Join Date: Feb 2008
Location: Indiana
Moto: 2009 V-Strom
Posts: 3,816
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That plain ol CD was bought for a certain price and matured for a certain price, which is why they saw it as a taxable gain. I know you said above that you paid the same it was cashed out for, so it was a wash, but until you put the cost basis in your taxes, the IRS thinks you got it for zero and made 45k on it. Very easy to fix, though.
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#30 | |
gun totin redneck
Join Date: Apr 2008
Location: South West New Hampshire
Moto: turbo busa 999 Duc Goldwing & Victory
Posts: 1,130
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I guess the only good news is that you are now eligible for a Cabinet Post!
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