Taxes??????

Any one have a good tax person in the southeast metro? Ive filed my own taxes for years and never had to pay in. This year I dont know what is going on. My wife and I both claim 0 we own our house which we purchased 3 years ago so we still have lots of interest to write off and according to my findings looks like were suppost to pay in like 1300. We make decent money but are by no means sitting pretty. I really hope everyone gets out and votes in Nov. or this is going to get much much worse. Hannity for President next go round!!!! I have to kick my Fox News addiction, im going to have a mental breakdown.

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This year I dont know what is going on.

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The Obama administration “Tax Cuts” for the working class promised during the election were not really tax cuts. What happened was this administration ordered a reduction in tax withheld from your paycheck. Giving you more take home pay each payday. The plan was to get Congress to pass the cuts. That never happened. Taxes were never cut. The extra money in everyone pocket was also meant to stimulate the economy. That’s debatable.

I posted about this topic early in the year warning everyone to change your withholdings. If you didn’t…. People who generally break even will likely need to pay in. People who bank on a big refund, will be getting a smaller refund.

Here is a February 2009 USA Today article that predicted the future!

http://www.usatoday.com/news/washington/2009-02-21-obama-saturday_N.htm

-J.

Buy Turbo Tax for $45 and you are set. You can E-file right there and have a return in your account in 8 days.

How to you claim less than 0? Can you claim -to not pay in? I think were going to make more this year than last im going to be pissed if I have to pay in more than this year. In previous years we recieved nice refunds, so I didnt worry to much about it. I used turbo tax. Do these “tax people” make a diffrence I dont want to pay someone to find out the same thing. I guess I was hoping they knew some loophole ways of saving me some money.

Just another note on the topic of taxes. And this comes from someone who should falls under the Obama working class umbrella. No politics here, just the facts.

The Bush administration tax cuts for the “Rich” will expire this year unless the Democrat controlled Congress votes to extend them. Keep in mind the Bush tax cuts cut taxes for every single taxpayer in this country. Yes the filthy rich to the guy flipping burgers at McD’s. So if you work, make one taxable dollar in 2010, expect to pay more taxes to Uncle Sam.

Google “Bush Tax Cuts 2010” and read up.

-J.

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How to you claim less than 0?

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Claim zero + cash. There is an option on your W2 to withhold an extra $$ each paycheck. Thats what we had to do this year.

-J.

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Giving you more take home pay each payday. The plan was to get Congress to pass the cuts. That never happened. Taxes were never cut.

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Although I agree with your stand against the current administration…

The Making Work Pay Credit offset the lower withholdings in peoples check, that is if they made <$150k. Pretty sad that $150k is considered upper “middle” class.

PS – I do taxes in the NW metro. Have a few clients from IDO. Pretty well booked for the next week but if you wanted for me to take a look, my real job (YES I WORK TWO JOBS) is in Edina.

Send me a PM if interested.

Thanks, sounds like you’ve done some research on this. Looks like thats what were going to have to do also. Im bad with this kind of stuff. Where do you find all this information at? I think fox is more the way I swing but its like they are almost too far out there the other way and facts are distorted. Watching it just makes me pissed. Anyway Thanks again.

You could have your employer with at the Single rate. Single 0 will withhold more than Married 0.

You could also do as Jon mentions, Single/Married 0 + $.

For some reason, whomever was in charge of changing the payroll withholding tax tables couldn’t correctly divide $400 by “X” pay periods. There are many of my clients that are receiving lower refunds or having to pay in due to this. Any clients that contacted me last spring/summer asking about this were encouraged to change their withholding to “put it back” to try to avoid the inevitable.

One last thing, did you claim the Making Work Pay Credit? This would help alleviate some of the balance due.

JD

That credit starts to phase out starting at $75k! (Married filing joint) Over $100k it is not that much!

I was just pointing out why he may confused about the change he is seeing this year and a heads up as to what to expect.

-J.

Ya this is beyond me. Im more looking for someone else to do them for me and try to make the – a bit smaller. Id be happy just to not pay in. How do you figure out what to withold? just guess and hope your more even at the end?

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How do you figure out what to withold?

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My employer has a calulator I used. There are free ones on-line. Google “tax withholding calculator”

-J.

Jon,
The credit actually phases out from $75,000-$95,000 for Single filers. Married Filing Joint filers phaseout is $150,000-$190,000.

But yeah, Still isn’t that much.

Hope and change?

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Do these “tax people” make a diffrence I dont want to pay someone to find out the same thing.

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Tax guys are the working man’s hero, truly. If they can’t help you this year a good one will set you up better for next year. I run three small businesses and I end up getting some 1099s for contract work along with a W2 each year for operating heavy equipment. For me a tax man is a must. Without him I would be giving blood right now to come up with enough cash for April 15th. Plus it is a huge piece of mind knowing it was all done correctly and on the up and up.

Plus a solid tax accountant or CPA will take one look at you books and point out a few problems where money was slipping through the cracks and it is normally more than enough saving to pay their bill.

I agree with Jonny P. I am not a tax advisor, but have seen first hand how a good tax advisor can be worth their weight in gold. It will cost more than Turbo Tax, it may even cost as high as $200 or more. But it might save you money in the long run. A bad tax advisor, well, it goes without saying they aren’t much help.

One thing to keep in mind is, (in certain cases), you can lower your taxable income by contributing to an IRA. And you have until your tax filing deadline to contribute for 2009. There may still ways to keep more money in your pocket instead of giving it to Uncle Sam. Best of luck. PM me if you have more questions. I am limited in the advice I can give in a public forum.

Erik Osberg

218-251-8306

pm sent.

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I agree with Jonny P. I am not a tax advisor, but have seen first hand how a good tax advisor can be worth their weight in gold. It will cost more than Turbo Tax, it may even cost as high as $200. But it might save you money in the long run. A bad tax advisor, well, it goes without saying they aren’t much help.

One thing to keep in mind is, (in certain cases), you can lower your taxable income by contributing to an IRA. And you have until your tax filing deadline to contribute for 2009. There are still ways to keep more money in your pocket instead of giving it to Uncle Sam. Best of luck. Let me know if you have more questions.

Erik Osberg

218-251-8306

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I’d have to disagree with this. Unless you’ve got some complicated tax issues going on. I’d say most tax advisors are useless and over priced. For the majority of us, there is little they can do that I can’t with software like TurboTax.

In fact, with a little research I was able to put the fiance’s tax man to shame.

Remember, IF YOU WANT THE JOB DONE RIGHT, DO IT YOURSELF.

Jonny P’s situation is a prime example of when you DO need a tax man.

Ruger,

Thank you for pointing out that not everyone needs a tax advisor. I apologize if that’s how my post came across. It isn’t for everyone. However, sometimes it can be worth it to get a “2nd opinion” to make sure all the i’s are dotted and t’s are crossed.

Thanks Again,

Erik Osberg

218-251-8306

The wife has been doing our taxes for years using Turbo Tax. If you own your house and don’t have a huge amount of medical bills, you will probably use the standard deduction. Wife spent 2 hours figuring our taxes because we bought a new boat, truck, donations to church etc. and still couldn’t get above the standard deduction. The only interest you can deduct….. I think is for interest on your home. No 2nd home, credit cards, vehicles etc. Good luck.

I always thought it was preached (in here too) why would you claim 0 or even worse, pay even more tax, to let the gov’t use your money all year, when you could put it in a savings account and accrue interest ???

big G

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I always thought it was preached (in here too) why would you claim 0 or even worse, pay even more tax, to let the gov’t use your money all year, when you could put it in a savings account and accrue interest ???

big G

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I agree. I would rather pay in a little then receive a huge refund. It just hurts putting the funds in those accounts earning 1% or even less!!!!

For many of us claiming zero + $ we still end up writing a check at the end of the year.

-J.

As an American it’s a privledge to pay taxes. Not everyone does.

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As an American it’s a privledge to pay taxes. Not everyone does.

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Well I’m about to feel awful darn privileged here in a few days.

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For many of us claiming zero + $ we still end up writing a check at the end of the year.

-J.

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Are you saying taxes went up ??? or just the way they are handled on your paycheck ???

big G

My wife is a CPA and has done business and personal taxes in the past and I know she uses Turbo Tax for our return and to do the kids taxes. There are definitely cases when a Tax Preparer is required but if your situation is not unusual then one of the canned tax software programs will probably do you right.

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For many of us claiming zero + $ we still end up writing a check at the end of the year.

-J.

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Are you saying taxes went up ??? or just the way they are handled on your paycheck ???

big G

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If you under report, you can face penalties and fines. There can be a lot of income that isnt payroll and included in your withholding: capital gains, rental income, side business, casino jackpots , etc

Exactly. Not to mention, dual income, no kids, living in a house that is nearly paid off. No significant deductions for us. We pay far more than our fair share!

-J.

We used to go to H&R Block to get our taxes done. 3 years ago a friend gave us the number for her tax preparer. He is in Still Water. He costs me half what H&r cost me. He gives me sound advise on what I should do to stay the same over the next year. I feel very comfortable knowing that my taxes were done by a professional and they are right.

Shoot me a PM if you want his contact info. He is normally willing to discuss the basics with new clients over the phone. He can tell you if it is worth yyou time to have him help.