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The SOL 15-point tax-return checklist

Thanks! Just recently met with CPA and sent mine off - this is the 1st year I'm mailing them in due to claiming the NHTC. :)
 
LeroyDibiase said:
Yeah if you got questions, I don't mind offering advice. I've already filed several returns.
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doggish_098 said:
lets say i decide to help a family member out with their college books. can i deduct that as an educational expense?
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Good question... To LD, and anyone else with knowledge on the subject, I'm sure there are a million different things that can be deducted, but if possible can you give us a few things that we can use for that. Examples like Dogg helping someone with books, donations to charity (e.g. The V Foundation, Haiti, etc.), and other things that people do on a daily basis...
 
CT's Finest said:
Good question... To LD, and anyone else with knowledge on the subject, I'm sure there are a million different things that can be deducted, but if possible can you give us a few things that we can use for that. Examples like Dogg helping someone with books, donations to charity (e.g. The V Foundation, Haiti, etc.), and other things that people do on a daily basis...
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all of your charitable donations can be deductible. Most people would tell you it is better to itemize all of your deductions rather than taking the standard deduction.
 
Only good thing about having 4 kids, the mom gets back a ton of money.
 
I'm glad to see folks are coming n here. I hope that continues. Let's keep asking and answering questions. Also, if you've got any tips/advice about filing, please share that with us. Thanks...
 
You may claim up to 3 dependents this year.

I just found out that unemployment doesn't count as earned income... it really crushed my friend's hopes of a huge refund.

I know it may seem silly but you have to work FIRST before you can possibly receive unemployment. I don't see why the feds would not consider it earned income. Didn't you EARN it previously?

Don't mind me... I'm thinking out loud.
 
Nasag said:
You may claim up to 3 dependents this year.

I just found out that unemployment doesn't count as earned income... it really crushed my friend's hopes of a huge refund.

I know it may seem silly but you have to work FIRST before you can possibly receive unemployment. I don't see why the feds would not consider it earned income. Didn't you EARN it previously?

Don't mind me... I'm thinking out loud.
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you still have to file a tax return even if you collected unemployment.
 
I defaulted on one of my student loans so I won't receive a refund this year.

Here's the number to check if you have any offsets( such as child support or student loans) against your tax refund: (800) 304-3107

Listen to the prompts and select the options pertaining to offset information. You will be required to enter your date of birth and social security number.
 
I don't know if you're making a statement or asking a question. I'll answer just in case though.... YES you would need to file if you received over 2400.00 in unemployment. The amount over 2400.00 is subject to a tax rate.
 
doggish_098 said:
you can't claim that many children on your returns. i believe 3 is the max it may even be two.
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Wait. Who told you this? This is not true. Now, only two children will give you the refundable child credit, but you can claim more than 2 or 3 dependants.

Nasag said:
You may claim up to 3 dependents this year.

I just found out that unemployment doesn't count as earned income... it really crushed my friend's hopes of a huge refund.

I know it may seem silly but you have to work FIRST before you can possibly receive unemployment. I don't see why the feds would not consider it earned income. Didn't you EARN it previously?

Don't mind me... I'm thinking out loud.
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Because it's actually the result of insurance paid by your employer. It's not earned income, it's like a form of Workman's Comp.
 
LeroyDibiase said:
Wait. Who told you this? This is not true. Now, only two children will give you the refundable child credit, but you can claim more than 2 or 3 dependants.
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i dont have any kids but what is the purpose of claiming them if your not getting the credit for them?
 
doggish_098 said:
i dont have any kids but what is the purpose of claiming them if your not getting the credit for them?
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FIrst off, each dependent you get is also an exemption. Your deductions plus your exemptions are subtracted from your AGI.

You do get credit for children, but you can't claim the child credit for more than two.
 
doggish_098 said:
you can't claim that many children on your returns. i believe 3 is the max it may even be two.
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Well you need to come to texas when I used to date black women and had alot of black female friends I had one that had 4 kids she claimed them all and would get back like 5k every year. The reason I know this is because twice I took her to get her check cashed. She didn't have a bank account and asked me to go with her to a check cashing place. My ex had 3 kids she would claim them all. Her friends were just like her they all had alot of kids and come January they would talk about what they would do with the money. Maybe things have changed, I have about 20 female friends now and none of them have children so I don't know if things have changed or not. Or maybe those ho's were working the system. :dunno:
 
Sorry about that Leroy. The statement of claiming 3 dependents pertains to the Earned Income Credit. The maximum amount for this credit allows up to 3 qualifying children this year (2 was the maximum number in previous years).

I don't discuss AGI and taxable income with most folks because they don't understand it. I got in an argument with a female that said babies give you a larger Earned Income Credit (she took a rinky dink HR Block class...BOOOOO). I tried to explain to her that a qualifying child is a qualifying child, as long as the child is under 17 there's no difference. I think she was confusing it with the Credit for Childcare and Dependant Care Expenses (but the age limit there is still 12 and under to qualify). I don't know if the medical expenses for having a child are a write-off but that would be useful in reducing your taxable income. She was still wrong though :D

I'm no expert by any means... I don't do this for a living but I like to know how these things work. I don't like 'Magic Box' type programs and software unless I have a general understanding of the formulas and rules that govern them. I see some of these tax preparer outfits as 5 year olds using calculators but don't know how to add or subtract. If they make an error they would be completely oblivious to it if the software didn't have flags and error checking in place.
 
Nasag said:
Sorry about that Leroy. The statement of claiming 3 dependents pertains to the Earned Income Credit. The maximum amount for this credit allows up to 3 qualifying children this year (2 was the maximum number in previous years).

I don't discuss AGI and taxable income with most folks because they don't understand it. I got in an argument with a female that said babies give you a larger Earned Income Credit (she took a rinky dink HR Block class...BOOOOO). I tried to explain to her that a qualifying child is a qualifying child, as long as the child is under 17 there's no difference. I think she was confusing it with the Credit for Childcare and Dependant Care Expenses (but the age limit there is still 12 and under to qualify). I don't know if the medical expenses for having a child are a write-off but that would be useful in reducing your taxable income. She was still wrong though :D

I'm no expert by any means... I don't do this for a living but I like to know how these things work. I don't like 'Magic Box' type programs and software unless I have a general understanding of the formulas and rules that govern them. I see some of these tax preparer outfits as 5 year olds using calculators but don't know how to add or subtract. If they make an error they would be completely oblivious to it if the software didn't have flags and error checking in place.
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Yes, any and all medical expenses are deductible if you're itemizing. Anything over 7.5% of your AGI is deductible. However, if you took the standard deduction, you can't itemize.
 
I'm glad that strict credit requirements are not allowing a lot of people to do "rapid refunds" (high interest LOAN). I have relatives that have received them for years but did not qualify this year. They chose direct deposit and received their IRS refund within two weeks. I guess they don't realize they saved 300.00 in interest and check cashing fees by waiting
. :angry:
 
Nasag said:
I'm glad that strict credit requirements are not allowing a lot of people to do "rapid refunds" (high interest LOAN). I have relatives that have received them for years but did not qualify this year. They chose direct deposit and received their IRS refund within two weeks. I guess they don't realize they saved 300.00 in interest and check cashing fees by waiting
. :angry:
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i honestly dont know why people go for those things. I mean if you are behind on a payment or you want to buy that new ________ those 8-10 business days you have to wait for a direct deposit of the 14 days you wait for a check to come in the mail will not kill you.
 
Nasag said:
I'm glad that strict credit requirements are not allowing a lot of people to do "rapid refunds" (high interest LOAN). I have relatives that have received them for years but did not qualify this year. They chose direct deposit and received their IRS refund within two weeks. I guess they don't realize they saved 300.00 in interest and check cashing fees by waiting
. :angry:
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Exactly.

Though now my business has picked up. :D
 
Nasag said:
I don't know if the medical expenses for having a child are a write-off but that would be useful in reducing your taxable income.
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Yep, that's a write off. I had a client come in the other day wo had invitro fertilization treatments and was able to deduct those medical expenses.

Turbo-tax has made it pretty easy to file returns, but I still recommend that anyone who makes over $50k/yr to consult w/ a professional.
 

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