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Post by Jo'Roq on Jan 26, 2008 18:37:10 GMT -5
Just for anyone who wants to participate. Please do not list any actual amounts, just to avoid any possible issues that could come up from that.
Just got my W-2 and e-filed this afternoon (yay for Turbo Tax!), and we're getting a nice refund. Thank God for the child tax credits!
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Post by Gunman_sr5 on Jan 26, 2008 22:24:08 GMT -5
Already have the refund. Felt like I hit the loto. Had other money come at the same time. Different story.
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blockhead24
Newb
"If you want to hear God laugh, tell him your plans!"
Posts: 97
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Post by blockhead24 on Feb 1, 2008 11:53:38 GMT -5
Haven't filed yet, waiting on our youngest's ss card (born in Dec). And if we pay in or get back remains to be seen too. Farm income usually pays in unless you can balance it out with expenses. And this is our first offical year with farm income, so it will be interesting!
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Post by Admin on Feb 2, 2008 0:40:10 GMT -5
Yep What Jeremy Said.. Already got it and Paid off some credit cards. YAY LOL.. NOW Im just waiting on my new Car...... ![:D](//storage.proboards.com/forum/images/smiley/grin.png)
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Post by StrykerX2K on Feb 2, 2008 21:59:24 GMT -5
We are doing our taxes this weekend. I already know I am getting a refund, just because I file "0" and own a house, that combination in the bpast few years has always gotten me back near $3K and that is great when you don't have nay kids to claim!
I also use collecting Toys/Comics as a write off. You apparently can write it off for 7 years, before you have to claim it as a business...which makes no sense...but last year, I claimed $6000.00 in expense and got back $750.00 more than I normally got. This year I spent $8400.00 so hopefully it will be a bit more this year!
I saved every receipt and credit card statement, so I had all of my expenses to back it up in case an audit takes place.
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Post by Wheeljack35 on Feb 2, 2008 22:36:11 GMT -5
We are doing our taxes this weekend. I already know I am getting a refund, just because I file "0" and own a house, that combination in the bpast few years has always gotten me back near $3K and that is great when you don't have nay kids to claim! I also use collecting Toys/Comics as a write off. You apparently can write it off for 7 years, before you have to claim it as a business...which makes no sense...but last year, I claimed $6000.00 in expense and got back $750.00 more than I normally got. This year I spent $8400.00 so hopefully it will be a bit more this year! I saved every receipt and credit card statement, so I had all of my expenses to back it up in case an audit takes place. Woah you got to be kidding
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Post by Destro on Feb 2, 2008 22:52:46 GMT -5
I also use collecting Toys/Comics as a write off. You apparently can write it off for 7 years, before you have to claim it as a business Interesting; I should do that! Why do they accept that as a write-off?
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Post by Devastator_2000 on Feb 3, 2008 0:06:18 GMT -5
I also use collecting Toys/Comics as a write off. You apparently can write it off for 7 years, before you have to claim it as a business Interesting; I should do that! Why do they accept that as a write-off? Yeah, share the secret, we all spend a ton of money on toys. It would be nice to get a little bit back.
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Post by StrykerX2K on Feb 3, 2008 10:29:22 GMT -5
Well you are investing in products, so apparently they consider it a type of business, but you don't have to count it as a business until after 7 years. After 7 years they apparently consider it a business....which is fine with me, because then I can write off the depreciation of the figures... ;D
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Post by Devastator_2000 on Feb 3, 2008 11:41:46 GMT -5
Its too late for me to do anything about it last year, but i can start keeping track of things this year. So what all do you need? Just the receipt?
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Post by StrykerX2K on Feb 3, 2008 13:07:35 GMT -5
Yeah, you just have to be able to back up what you spent. So I saved all my receipts from my purchases and then I used my credit card sttements for my comic book expenditures, since I have a subscription...and taht ranged anywhere from $131-181 per month depending on what I picked up. Toys were the biggest part of my collection moneywise, though. I think the time limit is 7 years on one particular hobby, then they consider it a business...I don't think that makes sense, but that is what we read last year.
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Post by StrykerX2K on Feb 3, 2008 19:08:23 GMT -5
I will just say , that we just got finished doing my taxes and my standard refund was $1600 plus dollars. Between my home intrest deduction and my hobby deduction, plus a little over $1400 in donations I made last year, I am getting back almost $5K.
The home interst helped a lot, but the Hobby deduction definitely kicked in, too!
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