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taxes, yo

Talk to me about filing. I can't itemize deductions unless I do the 1040 long form, right?

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( 13 comments — Leave a comment )
clarinetjet
Jan. 22nd, 2008 09:36 pm (UTC)
Right
thisgirliknow
Jan. 22nd, 2008 09:48 pm (UTC)
And I probably should itemize if I bought a house? Or at least itemize and then decide whether or not to take that or the standard deduction?
clarinetjet
Jan. 22nd, 2008 10:40 pm (UTC)
Correct. You'll probably do better off itemizing though.
brittdreams
Jan. 22nd, 2008 11:31 pm (UTC)
Yes. But if you do H&R Block or Turbo Tax, they usually let you itemize then tell you whether to take the standard deduction or not.
newscane
Jan. 23rd, 2008 12:48 am (UTC)
I second brittdreams's plan to use TurboTax or something like that. I just pay for the "Deluxe" online (I get 35% off through Vanguard, who handles my 401k), and it takes care of all of the itemization. The last two years, with mortgage interest, I've been better off itemizing.
brittdreams
Jan. 23rd, 2008 12:54 am (UTC)
She may even qualify to free-file via the IRS or a Florida specific website. I know I qualify for free turbotax online in GA using the GA Dept of Rev's website.
newscane
Jan. 23rd, 2008 01:00 am (UTC)
I think TaxAct is free to a lot of people. When I first started using TurboTax, it was free. I may still qualify for the free file, but I don't think I could itemize that way.
subjectivity
Jan. 23rd, 2008 01:37 am (UTC)
really? is that free for the long form or just the EZ?

brittdreams
Jan. 23rd, 2008 01:39 am (UTC)
The link I used was free for both. You actually enter a ton of stuff then it decides which you should use. But then, my tax situation was endlessly complicated last year due to income earned in three states, two that have state income tax.
ewsnwfl
Jan. 23rd, 2008 04:29 am (UTC)
before you file
It would be best (since this is the first time you are filing after purchasing a home) to get "people". There are a number of deductions that you can take because you are a first time home buyer. You will need them ALL to defeat the evil standard deduction. Also, your medical expenses, etc. etc.

Side note: even though we own two businesses (as a Real estate agent, I am an independent contractor...hence, basically self-employed) and for the last two years, we have still taken only the standard deduction. If you do it yourself, you will most likely be best off doing it both ways in pencil, then filing the one that works best for you in ink. Good luck. BTW, the fees you pay this year for "people" are deductible expenses next year.
subjectivity
Jan. 23rd, 2008 05:00 am (UTC)
Re: before you file
TurboTax are great people!
thisgirliknow
Jan. 23rd, 2008 05:15 pm (UTC)
Re: before you file
Thanks for the advice! Do people still do tax forms by hand? ;)
I worked filing taxes for Jackson-Hewitt a few seasons ago, but it was pretty much only for peak people (one w-2, earned income credit, quick refund). The program we used is very similar to turbo-tax. I think using a program like turbo-tax will actually be okay. Unfortunately I didn't get goodwill receipts or remember to keep my medical bills or anything like that, but I think I'll still be better than the standard deduction, esp with tuition credits.
tally_cat
Jan. 23rd, 2008 12:58 pm (UTC)
I'm going to have to echo the chorus on TurboTax. You can do it online or purchase the software package (I do it online). I know you can being online and not pay until you're ready to submit, so it might be helpful to try it there and see how things look for you before buying the software.
( 13 comments — Leave a comment )

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