Anyone start their 2008 taxes yet?

Just did my federal online - Ugh, I owe $76 this year. I liked it better last year when I got a $1600 refund.

Anyone else start yet?

We did ours but we need to wait till 1/29 to file because the IRS has not finalized the Hybrid Tax Credit form. We will be getting $5500 back whenever they decide to do that

Though I am worried about State taxes because since we got the stimulus last year the state of Iowa (and I suspect other states) do not count that as tax free (as the feds do) so we will have much of our state refund taken to pay the tax on that

I would start mine except I don't have all the stuff yet.

If anyone experiences any tax problems, just tell them you just had a 'Gitner' hiccup.

I'm still waiting on my W2 forms to show up, as well as some info on interest earned in our banks accounts.

My wife's W2s and everything else that we need has shown up.

Once we have everything, we will make an appointment with our tax guy to have them done.

Hopefully our return will be in the ballpark of what it's been the past couple of years (somewhere around $1,500, give or take).

I am going to owe over a thousand. I thought I adjusted my withholding to compensate for student loans, but I guess I didn't. :-(

It's a total rip. I don't mind paying taxes on what I consider to be my actual income, but I paid $8,000 in student loan INTEREST alone. And the max that I can deduct from that is $2,500. So that's $5,500 worth of interest payments that I am also having to pay income tax on.

Not to mention that you can deduct tuition costs but not student loan payments. How on earth is that fair? It means that if you have the money to be able to afford to go to school in the first place, then you get to save even more since you can deduct it, but if you have to borrow it all, then you pay taxes on every dime to pay it back.

question 1: How do you find out about if you have to pay taxes on your stimulous from last year?

question2: Anyone know anything about hobbies and taxes

question 3: Do you have to pay taxes on refunds you get from taxes? I redid some old taxes this year and go a bunch of refunds.

Originally Posted by Patreek

question 1: How do you find out about if you have to pay taxes on your stimulous from last year?

The Stimulus is not taxable by the federal government, for state government you need to go to whatever state you live in and look at the comptroller web site for that state. If there is not a link to the stimulus information then just give them a call and they will be able to tell you how it works.

question2: Anyone know anything about hobbies and taxes

What hobby are you trying to deduct?

question 3: Do you have to pay taxes on refunds you get from taxes? I redid some old taxes this year and go a bunch of refunds.

You will need to talk with the state you got the refunds from, some states do tax federal refunds.

It's a total rip. I don't mind paying taxes on what I consider to be my actual income, but I paid $8,000 in student loan INTEREST alone. And the max that I can deduct from that is $2,500. So that's $5,500 worth of interest payments that I am also having to pay income tax on.

Not to mention that you can deduct tuition costs but not student loan payments. How on earth is that fair? It means that if you have the money to be able to afford to go to school in the first place, then you get to save even more since you can deduct it, but if you have to borrow it all, then you pay taxes on every dime to pay it back.

Yup its a total rip off, Obama is trying to increase it from $2500 to $4000 per person but of course that wont help you this year.

I'm trying to do mine on TaxActOnline, but I'm getting confused.

Originally Posted by markatisu

The Stimulus is not taxable by the federal government, for state government you need to go to whatever state you live in and look at the comptroller web site for that state. If there is not a link to the stimulus information then just give them a call and they will be able to tell you how it works.



What hobby are you trying to deduct?



You will need to talk with the state you got the refunds from, some states do tax federal refunds.



Yup its a total rip off, Obama is trying to increase it from $2500 to $4000 per person but of course that wont help you this year.

well like, toy collecting, or art, or something like that. Just curious about it in general.

I got my taxes prepared and already recieved a check. I had to do the rapid refund because I needed the cash. Got $2000 back. I know what people are saying about student loans. I don't like paying the taxes either. I hope Obama can get it increased to $4000 next year. I can't believe I had to pay taxes on my stimulis check unbelievable.

Originally Posted by Patreek

well like, toy collecting, or art, or something like that. Just curious about it in general.

I think for hobbies you can only claim ones that either give you a loss or a profit. It would be best to talk to a tax professional because I think also if you spend a certain amount on your hobby you can claim it because it becomes similar to a business expense.

The more and more of my income that I make from singing the harder this all gets. This year most of my money was income that wasn't taxed... I'm actually thinking about going to a tax person this year just because I don't want to do it wrong. Last year it was easier because i KNEW i wasn't going to owe anything. This year I'm worried I might!

Originally Posted by Dave-Man

I would start mine except I don't have all the stuff yet.

I know Hello wait to the last min to send em why don't ya? Blah! I have a trip in Feb. MY FIRST ONE EVER! and I want some spending cash. We'll see about that.....

Originally Posted by Patreek

The more and more of my income that I make from singing the harder this all gets. This year most of my money was income that wasn't taxed... I'm actually thinking about going to a tax person this year just because I don't want to do it wrong. Last year it was easier because i KNEW i wasn't going to owe anything. This year I'm worried I might!

Its always safer to do it that way, plus they can find deductions that you may not know about.

When I managed a hotel a few years back I was allowed to take off for buying my suits and keeping up my appearance because it was considered essential to my job. I would suspect if you make money singing you could take similar things off that might offset the actual income.

Plus if you make under 13k a year you often will not have to owe anything because that is the poverty level as far as federal taxes are concerned

Originally Posted by Divia

I know Hello wait to the last min to send em why don't ya? Blah! I have a trip in Feb. MY FIRST ONE EVER! and I want some spending cash. We'll see about that.....

Yea that would be frustrating! I hope it comes before you leave! Where you going?

Originally Posted by markatisu

Its always safer to do it that way, plus they can find deductions that you may not know about.

When I managed a hotel a few years back I was allowed to take off for buying my suits and keeping up my appearance because it was considered essential to my job. I would suspect if you make money singing you could take similar things off that might offset the actual income.

Plus if you make under 13k a year you often will not have to owe anything because that is the poverty level as far as federal taxes are concerned

yea I wrote off a lot of stuff last year, but I always kind of only wrote off stuff I was sure of and left a lot of grey area stuff off just because i didn't need to and was worried i'd do it wrong. I'll have to read up more this year.
by the way... why is the poverty level different for different government things... for medicaid its like 10500... which by the way is CRAZY!

I did mine last week, and got my state refund back on Friday.
Im getting back about $1040 something...

Originally Posted by markatisu

Yup its a total rip off, Obama is trying to increase it from $2500 to $4000 per person but of course that wont help you this year.

Which is why i say that liberal democrats want to tax people, and businesses into poverty while they live high on the hog, and expand government. To them, every day is 'April 15th'.

Originally Posted by mbaker

Which is why i say that liberal democrats want to tax people, and businesses into poverty while they live high on the hog, and expand government. To them, every day is 'April 15th'.

Only Tax the rich people and give back to the standard people. Sorry but if you can keep say $100,000 in you bank account you should pay more in taxes and people who can't keep anything in their bank account and work hard just to survive should pay less and even get back more.

Sorry but there are so many people out there that have so much money they will never have the need to use it and will just keep getting more. There is no reason why they should not be taxed and if you make $250,000 a year then you should pay more taxes. That is about 20 times what I make a year.

I am not Democrat or Republican (Sorry I think it's useless to be chained to 1 party), But I think this is how it should be.
In fact when they start implanting microchips in people (Will happen in place of an ID card) I think a new system should be set up so that when you go in a store you wave your hand over prices and if you are super rich you pay more for everything and if you are low income or poor you pay far less and middle class would pay the normal price.

EQUALITY. COEXIST.

I got mine done and I'm delighted with the amount my return is.

I know my amount will be ****poor. Maybe 800 bucks.

Originally Posted by Reptile

Only Tax the rich people and give back to the standard people.

has anyone ever had their paycheck signed by a poor guy?

The Mrs. did ours and we're getting a refund, so that's awesome! It's a little over $1,000, which is cool.

Originally Posted by mbaker

has anyone ever had their paycheck signed by a poor guy?

If you want to preach about the politics of taxes then do it in the Tar Swamp but do not mess up this thread with political rants.

And yes when I ran a small business in 1996 I signed checks to my 1 employee and I was bordering the line between staying afloat and poor.

you can only get a refund of taxes you paid in for the year right... lol its SOOO much less this year. Crud. Are we getting stimulus checks this year?