Foo - Dear Irs

I could really use some of that blood I just sent you.

KTHXBAI.

I just finished up printing out my forms cause when I efiled, I enter my employers ID wrong by one digit and it won't let me refile. Sooo... print it out, go home, get my check book, write a check and go to the post office... I hate you IRS.

We did not do as good of a job of charitable giving this year. Add to that an even worse job of keeping receipts, and we actually owe money for the first time in years. Not much, but some.

I seriously underwithheld.

Bummer! I hope not to the point where you have penalties or have to pay quarterly next year?

We were getting quite a bit back in the last few years, so I had less taken out of my checks this year. Add that to the decreased charitable giving and Uncle Sam gets a bit more of our money this year.

All you money are belong to us..

I need to start taking more exemptions than what I am eligible for. But on the other hand, my motivation in high to file my taxes early and get my refund check in.

Bummer! I hope not to the point where you have penalties or have to pay quarterly next year?

We were getting quite a bit back in the last few years, so I had less taken out of my checks this year. Add that to the decreased charitable giving and Uncle Sam gets a bit more of our money this year.

No penalty (barely). They suggest quarterly, but I have already jacked my withholding up significantly.

I bought a tractor last fall, and my CPA had me expense the whole thing for this year's taxes... so, for the first time EVER, no federal income tax (still paid over $8000 to our friend FICA), AND earned income credit!! GEE, all that covers the payment for my 1st quarter of 2008!!! I'm gonna buy cows this year!!! WAAAAY better deduction than kids!

sooo... If I buy a tractor, I don't have to pay taxes? :p

Not trying to get this moved to P&R, but.....


http://www.fairtax.org/site/PageServer
At least think about it.

Hey MV, I need a quick, creative, legal $1000 deductinon. Any ideas?

Hey MV, I need a quick, creative, legal $1000 deductinon. Any ideas?

Pretty sure you had major medical bills that were not reimbursed by insurance during the year. Maybe psychiatric medication ;)
Home office? (this ones a red flag though....good way to trigger an audit).
Vehicle mileage for business purposes (again, unreimbursed by employer).

Oh, yeah...if you want to send me that $1,000...we can call it tax preparation fees and you can deduct it. :D

is that enough?

I think un-reimbursed medical needs to be more than 7.5% of AGI...

IRA Contribution?

I think un-reimbursed medical needs to be more than 7.5% of AGI...

IRA Contribution?

It does....
Don't take anything in Foo as the truth, the whole truth, and nothing but the truth.
But, OTOH, any auditor who met Jsharr would instantly accept that he probably spent more than 7.5% of his income on medication....psychiatric care aint cheap ya know.:p

It does....
Don't take anything in Foo as the truth, the whole truth, and nothing but the truth.
But, OTOH, any auditor who met Jsharr would instantly accept that he probably spent more than 7.5% of his income on medication....psychiatric care aint cheap ya know.:p

Doin' the Thorazine Shuffle (http://www.baldheretic.com/2008/01/26/thorazine-shuffle-take-two)

It does....
Don't take anything in Foo as the truth, the whole truth, and nothing but the truth.
But, OTOH, any auditor who met Jsharr would instantly accept that he probably spent more than 7.5% of his income on medication....psychiatric care aint cheap ya know.:p

Dr. Budweiser cures what ails me. If not, I go see a specialist. Nice Scottish man, name of Glen Fiddich. Can I really right that off?

Wife just called. She forget she made payroll contributions to United Way. Just found another $750 or so in deductions, which should bring me to a zero sum game for this year. Gonna be close.

Dr. Budweiser cures what ails me. If not, I go see a specialist. Nice Scottish man, name of Glen Fiddich. Can I really right that off?

get a dr. to write a prescription for it, and sure.
Or, you could start a distributorship....that way, what you are drinking could be expensed as quality assurance. :D

BTW, MV, signed your petition link.

http://img.photobucket.com/albums/v102/deraltekluge/NewYorker99266.jpg

Dear IRS,

You're welcome for those interest-free loans these last couple years. I know you got my back if I ever need it, right?

Right?

Shirt off it, yes. Back, not so much.

I bought a tractor last fall, and my CPA had me expense the whole thing for this year's taxes... so, for the first time EVER, no federal income tax (still paid over $8000 to our friend FICA), AND earned income credit!! GEE, all that covers the payment for my 1st quarter of 2008!!! I'm gonna buy cows this year!!! WAAAAY better deduction than kids!

Thats unusual- I thought deductible vehicles were required to be depreciated over several years.
I guess with all of the federal perks for farms, tractors are ok.

Thats unusual- I thought deductible vehicles were required to be depreciated over several years.
I guess with all of the federal perks for farms, tractors are ok.

It's not limited to farms. Under IRS Section 179, businesses may elect to either depreciate certain assets or expense them in the year of purchase. Certain limitations apply.

Hey gang, Can I deduct the cost of a new bike because it's a form of a hybrid, gas saving vehicle?

Hey gang, Can I deduct the cost of a new bike because it's a form of a hybrid, gas saving vehicle?
No, but you can deduct the cost of a new bike if has a legitimate business purpose, and that purpose entails some sort of profit motive.

No, but you can deduct the cost of a new bike if has a legitimate business purpose, and that purpose entails some sort of profit motive.

Wait - so if I am using my bike and trailer to transport my stuff to the farmers' market, I can claim the cost of the trailer? SWEET! (Next year, and yes, I'll check with my accountant before I try this :D)

you need three things in life. A good doctor, a forgiving priest, and a clever accountant. The first two, I've never had much use for them. But the third -

Wait - so if I am using my bike and trailer to transport my stuff to the farmers' market, I can claim the cost of the trailer? SWEET! (Next year, and yes, I'll check with my accountant before I try this :D)
Yes, trailer and bike and all the things necessary to keep your bike operable (tires, tubes, lube, servicing, etc.). But only to the extent that you use it for business purposes. The IRS has no problem with people taking legitimate business deductions, but they want to make sure you aren't getting deductions to fund a "hobby".

So it's like the part of my house that I use for the business (1 room, basically); I would look at the cost of the trailer (since that would be primarily for the markets), and a portion of the bike expenses (since it is for the business 2 days a week). Interesting thought. I will check into this.

Through capricious planning and carefully formulated luck, I finished my return last night and Uncle Sam owes me 11 dollars.

So it's like the part of my house that I use for the business (1 room, basically); I would look at the cost of the trailer (since that would be primarily for the markets), and a portion of the bike expenses (since it is for the business 2 days a week). Interesting thought. I will check into this.

Don't count on it amounting to much....unless you go through a set of tires and tubes every week.

sooo... If I buy a tractor, I don't have to pay taxes? :p

yeah - John Deere 5325 - on the 5 year plan for @ $30,000 gets you a one-time @30,000 deduction. You PROBABLY have to have a farm, though.......:D