Thought I'd get an early start this year, so I've started a full day sooner than usual.
DonM

Got'm done!
Well, we had the pro tax lady take care of it.
I hope she knows what she's doing because according to her figures, we are getting a respectable amount of cash back.

That's why George K has got a PSR3000 on the way!!

Hope the calculator is good to you too!

Ed

Searching for deductions!
Don

Don,

I've made it a tradition to do mine at the last minute. I started mine last night only to find out that I was missing two statements. I think Pat threw them away. I made some calls today and got the information I need to finish the job. I wish everyone would turn in their taxes at 11:59 pm on April the 15. That would swamp them.

Most people don't realize that your taxes are only due on April 15th if you owe the government money. If you are getting a refund there is no penality for filing late. There actually is a penality but the penality is calculated on taxes OWED. If you owe no taxes the calculation results in no penality.

Tom

Look in the program (Turbo-Tax)--there are tons of them. When you run out of deductions, pay yourself via the retirement section in Schedule-C. $3,500 IRA for you, and take out another for Susan, thereby dropping your adjusted gross income by $7,000. Much better to put the money in your pocket for when you get old like me!

My ultimate goal with income tax is to have at least one year that I pay $1-million to the feds. Yep, that's gonna' be one hell of a year!

PS: Mine were done about a month ago--don't want to rush into these things you know.

Happy tax time,

Gary

I changed from Turbotax to Taxcut this year. Too much spyware in TT.
I'm almost finished.
DonM

Do you guys deduct clothing as a uniform? I deducted my Tuxedo which cost me $450.00.

I did my taxes yesterday and transmitted them e-file to the IRS. They were already rejected bacause Turbo Tax put the wrong 2003 Adjusted Gross Income on my e-File application.

Ugh!!!

I hate the IRS.

I've been using TaxAct.

I think to qualify as a uniform or costume, you can't be able to wear it anywhere else.
DonM

Don't forget the sales tax this year if your state imposes a sales tax.
I deducted sales tax on 26,000 for sales tax receipts I have at 8.25 % in california plus the sales tax on the new motorhome that was a ton.
I got a 3500 refund mostly because of sales tax and put it all in Janns IRA. I am taking minimum required distributions from my ira and keogh so can't deposit to them.
Bebop
DON'T OVER LOOK SALES TAX DEDUCTION.
Bebop
IF you have a RV or a second vacation home the interest on any mortgage or contract is also deductable. don't overlook this one.
Bb

[This message has been edited by BEBOP (edited 04-15-2005).]

Actually, the tux is deductable as a uniform if it's required for certain events. Restuarant workers that are required to wear a tux are also eligible to deduct it as a uniform. And in my case, so is hair coloring. Yep, that medium brown hair is really snow white and has been for 30 years. The only problem now is I'm running out of hair so I'll loose the hair coloring deduction.

A few years ago I purchased a book "Tax Loopholes--All The Law Allows" from Little Black Books. It quotes every legal tax deduction, chapter and verse, plus provides cases where it may have been challenged and gives you the court, case number, ruling, presiding judge and tax code. It's a wonderful tool for anyone that is self employed, which I have been since 1975.

Cheers,

Gary

Mailed my tax return a few days ago.

I always send my federal and state return by certified mail. Last year I got a letter from the IRS saying they could not find my return. I sent them a photocopy of the return and a photocopy of the certified receipt that was mailed to me showing that someone in the IRS had signed for my return...never heard anything else from them

Well done, Mr. Jenkins!!!
The governments are too greedy. They collect taxes from millions of people and what do they return? Pure shid!!!
Sorry for my humble opinion...

------------------
Greetings from Frankfurt (Germany),
Sheriff ;-)

[This message has been edited by Sheriff (edited 04-14-2005).]

Thanks Gary! I'm glad someone else takes that deduction other than me.

I guess now you (and I) will have to deduct hair replacement when the dye deduction runs out.

I tried using hair dye (just for men) for about 6 months and I hated it. In my case, it just looked very unnatural. I should probably dye it platinum blond and get a nose ring to make me look more current.

Regards,
Al

Al,

Just For Men is awful, and to me looks like your hair was covered with brown shoe polish. I've found the women's products work much better, look completely natural, and last much longer. I've been using a medium brown, which leaves hint of the white show through and no one but my wife knows it's not natural. Most folks think I'm 10 years younger.

Lets face it--age descrimination exists. No one want's to hire a white-haired old man who's collecting Social Security to perform at their party--even if they're the same age as you. It's just a fact of life and we deal with it the best way we can--LIE LIKE HELL! At least it seems like I'm covering something up-my age. It's kinda' funny when you think back to when you were a littl kid and tried to make everyone think you were older. How times change!

Gary

Gary,

Your right. I am feeling age descrimination at work on Wall Street in a technology area. Both areas are traditionally for young aggressive types.

However, when I perform on the drums I run into a much different attitude. Most young guys come up to me and are very complementary on my playing and technique like I'm some sort of novelty act.

I've never tried the lady stuff. Maybe I should revisit that, but I'm afraid of showing up at work one day with colored hair. You were very smart to start early and keep it up for all these years.

Gary, we all know it now!!

Never bothered Kenny Rogers to have white hair.
Doesn't bother me either.
Don

Hey guys, I like you all!!!
Wether you're grey haired or black, brown, yellow *LOL* or sometimes green...hehehe...no matter at all...

There's no age discrimination if you're talking to me because I see the world through the eyes of a musician...

------------------
Greetings from Frankfurt (Germany),
Sheriff ;-)

You guys are lucky to still HAVE hair of any color.

LOL. From 'doing taxes' to 'having any hair'

Anyhow I got mine done pretty early with a help of this small company in my area I've been using for the past five years. Damn stock market I lost a lot, so I've been chipping away the losses and use the $3000 carry over every year. The tax guy said although my lost was significant, it's not too bad cause with that carry over amount I do every year (applicable to my 'regular' income) I'll be able to use that up. He said he has seen some losses so big he knew the client won't be able to wipe that out for the next 30 years or more.

Anyhow I do have a question....say...I'm in the 15% bracket (I think although seems like they take a whole lot more LOL), and I pay parking to work $4/day so equals to about 80 bux/mth. The company I work for, has this thing where I can actually set aside that 80 bux/mth to reduce my taxable income. How much money am I actually saving by doing this?

Can I do like a simple math say I make $30,000/year taxable. With 15% my tax is 4500. but with that 80bux/mth pretax thing, I'm roughly about $29,000 with 15% tax, it's about 3% less than 4500..am I correct?

Essentially, this parking fees would reduce your adjusted gross income by $960, therefore, this would reduce your tax burdon by $144 based on the 15 percent tax bracket you stated.

Cheers,

Gary

Thanks Gary