Thanks for the reply, I do have 2 different w2 for time i was in different statuses, they were actually with different employers. I need to check on the w2 about the codes once I get back home, if not , can i use a software like tax turbo or something to file my returns or I have to use a paper form.
Thanks for the reply, I do have 2 different w2 for time i was in different statuses, they were actually with different employers. I need to check on the w2 about the codes once I get back home, if not , can i use a software like tax turbo or something to file my returns or I have to use a paper form.
- Oct 30, 2000
- 42,589
- 5
- 0
Tax S/W will make the job much easier. All those codes should be programmed into the application and will do the dirty work (number crunching) for you.
Depending on income, you may be able to get it filed for free.
Depending on income, you may be able to get it filed for free.
I am getting ready to submit an individual 1040 that has a substantially higher medical deduction for 2004 than the med deduction claimed in prior years. The increase is due to the cost of a wheelchair conversion of a van that was purchased last year. I have a receipt for the conversion, along with a letter from the doctor saying that the conversion was required due to confinement to a wheelchair.
The question is should I file by mail and include the documentation supporting the deduction or should I file electronically w/o supporting documentation?
I am not sure which method is less likely to trigger an audit.
thanks,
mdcrab
The question is should I file by mail and include the documentation supporting the deduction or should I file electronically w/o supporting documentation?
I am not sure which method is less likely to trigger an audit.
thanks,
mdcrab
- Oct 30, 2000
- 42,589
- 5
- 0
Mail would be safer. Better to head of any questions up front.
Attached the receipt for the work plus the MD letter.
Make sure of the rules on actually claiming the vehicle itself.
Attached the receipt for the work plus the MD letter.
Make sure of the rules on actually claiming the vehicle itself.
Thanks EagleKeeper. I am only claiming the cost of the conversion and not the cost of the van.
mdcrab
mdcrab
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
Originally posted by: Sex Smurf
If my work requires business style clothes, are the costs of my new clothes deductable?
Most jobs require business style clothes.
In general those hoping for deductions should realize unless you are going to net about at least the standard deduction in basis, you are barking up the wrong tree.
anyways from a tax myth site:
I got the nicest dress for work. I can't wait to write it off.
In most professions, you might be fired if you came to work in the buff (to say nothing of getting arrested on your way to the office). But just because you have to get dressed for work doesn't mean you get to deduct the cost of your clothes as a work expense.
There is one exception, Hockenberry said. You may deduct the cost of your work clothes if your employer requires you to buy clothing that is specifically not made for everyday wear, such as a uniform or clothing with a company logo.
Welcome to a real job.
- Oct 30, 2000
- 42,589
- 5
- 0
The highlight area is the key test.Originally posted by: alkemyst
clothing that is specifically not made for everyday wear, such as a uniform or clothing with a company logo.Originally posted by: Sex Smurf
If my work requires business style clothes, are the costs of my new clothes deductable?
Fail it and Uncle will say bend over - you should have known better.
I have a question, and this is more for a couple of years from now, but I've been thinking about it for a while. Right now my girlfriend and I are racking up massive student debt (med school and law school, respectively). Very soon I will be making too much money to get a deduction for student loan interest. However, she, as a resident, will not be. Is there anyway to get the deduction for my student loans on her return? This may sound like a silly question, but's it bothering me.
Also, if we get married and file MFJ, they will combine our income and we'll lose out on student interest deduction altogether. You think the bigger deductions to offset my income are worth losing her student loan interest deduction?
If these don't make too much sense, I'll report with an expanded version. Thanks!
Also, if we get married and file MFJ, they will combine our income and we'll lose out on student interest deduction altogether. You think the bigger deductions to offset my income are worth losing her student loan interest deduction?
If these don't make too much sense, I'll report with an expanded version. Thanks!
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
Well first I'd say don't count your chickens before ... but I digress. Entry level law (and most upper level degrees) are not as lavish as they once were. I know in the S. Florida market there are a lot of new lawyers doing 30-40k to start. Which at the 40k mark isn't to bad a wage down here....but it's not living a high lifestyle either. How much are you planning on making off the bat? You should be able to make a pretty decent salary and still get student loan interest writeoffs....
As a g/f or even financee you can't share these kinds of debts AFAIK....in a common law state perhaps.
All this said it sound like you are so far away from filing tax law today would have no bearing anyway.
Personally I wish for a sales tax only reform, doing away with income tax all together, make it a flat 25% or even 30%, give me an average medical cost deduction and let me keep my income. Right now I sort of look at getting nailed 30% right off the bat on each dollar I make, then another 6.5% + any impacts on the money I spend.
I have a question about how to dispose of some lower end boxes I have put together. I posted in a separate thread, but will repost here:
I have a few boxes with Celeron Processors in the 700MHz-1GHZ range with small HDs and Win98 loaded. I want to turn these boxes into more liquid assets. I know if you claim you've donated more than $300 to charity you need some sort of proof; could I just print out prices online for the parts? Can I claim what the prices were years ago even if I can't prove when I acquired them or how much I paid at the time? At the very least I can claim values of components now from online merchants and EBay auctions right? What about the time I spent setting them up and applying all the updates and patches?
I'm also asking for a value judgement as to whether it behooves me to simply sell them via Craigslist or what have you.
Thanks!
I have a few boxes with Celeron Processors in the 700MHz-1GHZ range with small HDs and Win98 loaded. I want to turn these boxes into more liquid assets. I know if you claim you've donated more than $300 to charity you need some sort of proof; could I just print out prices online for the parts? Can I claim what the prices were years ago even if I can't prove when I acquired them or how much I paid at the time? At the very least I can claim values of components now from online merchants and EBay auctions right? What about the time I spent setting them up and applying all the updates and patches?
I'm also asking for a value judgement as to whether it behooves me to simply sell them via Craigslist or what have you.
Thanks!
- Oct 30, 2000
- 42,589
- 5
- 0
A warm fuzzy to charity will net you about 1/4 of the cash value of the item.
If you donate, then showing the current parts prices would require a printout for documentation.
Also, if they are older systems, the sum of the parts may be worth more than the whole.
Uncle will look at the whole cost for deductible value.
Value of your labor to assemble and texs systems is not deductible.
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
Without knowing the specifics we'd have no idea on value...but with Dell's going for $300-500 in the 2.8 P4 range probably not too much. Is the software a real license per box deal or a copy/resource kit version? Installation and labor are never deductable even if your products are extremely manually intensive.
If you are going to want it as a 'liability' not an asset (if you want to make it an asset and pay more taxes against it I don't think Uncle Sam will care)....you will need to know the exact prices and proof you paid for it to get a basis for the loss or gain. If you bought these years ago for personal use and are now trying to make them inventoryfor the purpose of negating their cost, that is going to be a no-no.
Also all of this will apply for next year anyway now. Are you doing this as a real business or now just trying to make for more deductions? A real business person would have the costs of the equipment pretty available, know what the going rates are on those items (or at least the source to determine) and finally have system to move them through whether that be ebay, an online store, a local 'show', etc.
The systems in question are home made, so I would guess that in that case the sum of the parts is the only way to come to a total price?
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
I am not sure what you are asking now. Are you looking to declare these as a loss for the next tax term or are you trying to find out a fair market value to resell. If you want to declare as a loss you need to find out what you paid and what the items are valued at. You had to have originally purchased these items with the intent to sell and had them as inventory in a business for such resell.
You can also declare them as a depreciation if they were used in the business as a tool that was needed for the business to operate.
It is sounding though like you were able to put together some spare parts to build systems and that this was not your normal modus operandi for the year.
What's your tax picture look like...these systems may not have any bearing on anything for you. Are you already filing a Schedule C or already itemizing deductions rather than taking your standard one (you can't do both)..
Bingo. The thing is, this isn't for a business. this is just me messing around with computers. Of course if I could get a good deal I would itemize my deductions.
Also like I said I dont' have receipts or anything, some of this stuff I have no idea how I came by it.
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
good deal? I don't think you understand taxes and the like. You'd need a write off of at least $7-8k IMHO to even make filing outside a standard deduction worthwile. There really aren't any 'good deals' in this regard.
You always need reciepts though...
My wife is involved in a partnership that is based in Va. We live in MD, so we normally just file the K1's in our MD state return. This year Va. has changed the laws so we now have to file the K1's in Va. Since we don't live in Va., which form should I fill out? Do I file a Va. state return but as a non-resident?
- Oct 30, 2000
- 42,589
- 5
- 0
We try to avoid state tax issues.
Those of us that attempt to provide assistance and advice, luckly live in no tax states.
- Oct 30, 2000
- 42,589
- 5
- 0
Hi Guys,
Great thread and thank you for your service and contribution to the Online and AT Community :thumbsup:
Now. This is my questions. Last 14 yrs my taxes were straight forward, not so this time.
I got divorced in July 2004 and moved to Louisiana July 2nd.
How do I file this mess???
Great thread and thank you for your service and contribution to the Online and AT Community :thumbsup:
Now. This is my questions. Last 14 yrs my taxes were straight forward, not so this time.
I got divorced in July 2004 and moved to Louisiana July 2nd.
How do I file this mess???
- Oct 30, 2000
- 42,589
- 5
- 0
File a 1040 as single status.
Alimony has a line item if needed.
Use the Form 3903 for moving expenses.
If you can itemize use Schedule A. This will allow you to pick up Job related expenses and charity.
LA & GA will require either part-time or non resident forms to be filed.
Most tax state S/W will not handle crossng states. You may have to trick state S/W to process dual states and if you choose to, only E-File the Fed and one state.
Thank you.
No alimony.
Moved on the cheap, $300 for hitch and I forget how much for the 6X12 U-Haul trailer.
Have been contracting job since last August.
Usually use Turbo Tax.
Plan on filing with Louisiana since I am resident here now.
Georgia can fly a kite.
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 25K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes + WCL Discussion Threads
- Started by Tigerick
- Replies: 23K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
-
Facebook
Twitter