Tax tips?

[daves87rs]

I have a question to ask you guys/gals..

Do you have some good tax tips you could offer?

I am gathering stuff in order now (you can never be too early), and I have never been one who gets a bunch back.

But with the new baby, I figure that might change a bit....

And on top of that, we made less money this year, as the wife has been out of work caring for the little guy.......

And since I cooked my brain this month (been a few rough months), I am hoping to get a few ideas..

And also hoping it might help out others as well.......

[daves87rs]

No tax people, huh?

[balthazar]

One thing you can do is throw some of your savings in an account under your son's SS#- it won't be taxed there assuming the interest income there is under whatever the minimum taxable per individual is. Hopefully that half loophole is still in play.

[trinacriabob]

Well, not knowing what you do, how much you had taken out in withholdings, and what kind of deductions you have, it's hard to put together a picture for you.

Naturally, you will want to take the exemption for all family members. If you can itemize deductions (mortgage interest, med and med insur over a certain amount, contributions, taxes you paid for a residence and to the state of MI) as long your deductions exceed the STANDARD deduction, then you should do that...if not, then you take the standard deduction. Also, certain contributions to retirement accounts are deductible and the stuff you put into the 401K or other type of plan they have at work usually lops a chunk off the top of your earnings, so it's a good deal for saving on taxes and then you don't get taxed while the investment is gathering interest (or dust, in the last few years....but they tend to cycle back).

Usually, people strategize at the beginning of the tax year or even before that...you need to plan proactively, so you should already be planning for the next couple of years and figuring out where to push earnings or where to spend to get a deduction you can use...that's what I do. Also, it's a combination of things...watching how much you have taken out in withholdings, planning your affairs to take more deductions, and yada yada.

Hope this helps some...

[capriceman]

this year i have to hire an accountant i would not know where to begin

make a couple blank copies and go line by line slowly and sometimes there's free tax help at libraries i know there was this old guy at Livonia's library that saved me a couple hundred every year and he was free. I never once got money back...

[Lamar]

Buy TurboTax.

[daves87rs]

Turbotax? How good is it?

[daves87rs]

this year i have to hire an accountant i would not know where to begin

make a couple blank copies and go line by line slowly and sometimes there's free tax help at libraries i know there was this old guy at Livonia's library that saved me a couple hundred every year and he was free. I never once got money back...

Well, I usually get very little back.......

New stuff I have to learn this year......

[daves87rs]

Well, not knowing what you do, how much you had taken out in withholdings, and what kind of deductions you have, it's hard to put together a picture for you.

Naturally, you will want to take the exemption for all family members. If you can itemize deductions (mortgage interest, med and med insur over a certain amount, contributions, taxes you paid for a residence and to the state of MI) as long your deductions exceed the STANDARD deduction, then you should do that...if not, then you take the standard deduction. Also, certain contributions to retirement accounts are deductible and the stuff you put into the 401K or other type of plan they have at work usually lops a chunk off the top of your earnings, so it's a good deal for saving on taxes and then you don't get taxed while the investment is gathering interest (or dust, in the last few years....but they tend to cycle back).

Usually, people strategize at the beginning of the tax year or even before that...you need to plan proactively, so you should already be planning for the next couple of years and figuring out where to push earnings or where to spend to get a deduction you can use...that's what I do. Also, it's a combination of things...watching how much you have taken out in withholdings, planning your affairs to take more deductions, and yada yada.

Hope this helps some...

Thanks..some good info there.

Well, just the three of us. (Zack is new this year) That turbotax Ad with " your deduction needs a diaper change" cracks me up every time I see it..

No home yet....

I'm not sure if I can claim Zack's extra bills or not..checking in on that.....

[Lamar]

Turbotax? How good is it?

I pretty much grew up with it (my mom always did her own taxes, as well as everyone else's). Never not gotten money back, though that could have a lot to do with the fact that I'm a student and both the wife and I are educators.

It's so easy a caveman could use it. Seriously though. Just make sure you get the right version for your needs.

[daves87rs]

I pretty much grew up with it (my mom always did her own taxes, as well as everyone else's). Never not gotten money back, though that could have a lot to do with the fact that I'm a student and both the wife and I are educators.

It's so easy a caveman could use it. Seriously though. Just make sure you get the right version for your needs.

Hmmm......