OT tax question

OT tax question

Post by DrQuilte » Wed, 12 Apr 2006 23:53:34



darn! last night finally we sat down to do taxes. first we did them
wrong since I deducted twenty percent of all daycare expenses, forgot
there is a 3K max per child! so we thought we were getting 1K back but
it turns out I have to give them 75 bucks... buuahhhh! there goes my
wide screen TV and my stash money!!!! even having bought the house and
all we dont get money back. I thought that was a given, but since we
bought it in late august we havent yet paid enough interest to be more
than the standard deduction!

anybody knows if we can claim the origination points next year
--
Dr. Quilter
http://community.webshots.com/user/mvignali
(take the dog out for a walk)

 
 
 

OT tax question

Post by Kathy Applebau » Thu, 13 Apr 2006 00:24:47



Quote:
> anybody knows if we can claim the origination points next year

The IRS publication on buying a home says you can deduct them over the life
of your mortgage. "If you meet all of the tests listed above and you itemize
your deductions in the year you get the loan, you can either deduct the full
amount of points in the year paid or deduct them over the life of the loan,
beginning in the year you get the loan. If you do not itemize your
deductions in the year you get the loan, you can spread the points over the
life of the loan and deduct the appropriate amount in each future year, if
any, when you do itemize your deductions."

Check directly with the source:
http://www.FoundCollection.com/

Hope that helps!
--
Kathy A. (Woodland, CA)
Queen of Fabric ***s

remove the obvious to reply

 
 
 

OT tax question

Post by Mary » Thu, 13 Apr 2006 00:40:07


I suggest that you have a CPA handle your taxes!  Mine has saved me a
boatload of money over the years, which has more than paid for his
fees.  Since you apparently have home ownership issues plus children in
daycare plus the usual dependents, a CPA will certainly help.  Other
benefits to having a CPA -- you don't have to worry about getting
things done on time -- the CPA will handle electronic filing (without
the risks of a software company bleeding off your personal financial
information) -- you won't miss any legitimate deductions -- you are
much less likely to be audited.  Unlike some of the heavily-advertised
chains of tax prep folks, your CPA is a fulltime financial professional
with his license and livelihood at stake for errors, goes to school
every year to keep current, and is NOT somebody off the streets who has
gone through company training to pick up some seasonal cash while
strongly encouraged to file as many forms as possible.  By the way, I
am NOT a CPA, but a retired person with a professional degree in a
related field, and would never consider doing my own taxes!
 
 
 

OT tax question

Post by Mary » Thu, 13 Apr 2006 00:40:13


I suggest that you have a CPA handle your taxes!  Mine has saved me a
boatload of money over the years, which has more than paid for his
fees.  Since you apparently have home ownership issues plus children in
daycare plus the usual dependents, a CPA will certainly help.  Other
benefits to having a CPA -- you don't have to worry about getting
things done on time -- the CPA will handle electronic filing (without
the risks of a software company bleeding off your personal financial
information) -- you won't miss any legitimate deductions -- you are
much less likely to be audited.  Unlike some of the heavily-advertised
chains of tax prep folks, your CPA is a fulltime financial professional
with his license and livelihood at stake for errors, goes to school
every year to keep current, and is NOT somebody off the streets who has
gone through company training to pick up some seasonal cash while
strongly encouraged to file as many forms as possible.  By the way, I
am NOT a CPA, but a retired person with a professional degree in a
related field, and would never consider doing my own taxes!
 
 
 

OT tax question

Post by Tari » Thu, 13 Apr 2006 00:56:13


Neil Cavuto, a tv money guy was on some show the other day and
said he fired his tax guy when he found out he was using turbo tax to do
his taxes! (sure hope it wasn't a CPA. maybe someone else remembers)

Actually not getting a lot of money back is not a bad thing MArissa.
It means you have hold of your money all year.  If you hadn't had the
house deduction you surely would have had more due, I would think.

Taria

Quote:

> I suggest that you have a CPA handle your taxes!  Mine has saved me a
> boatload of money over the years, which has more than paid for his
> fees.  Since you apparently have home ownership issues plus children in
> daycare plus the usual dependents, a CPA will certainly help.  Other
> benefits to having a CPA -- you don't have to worry about getting
> things done on time -- the CPA will handle electronic filing (without
> the risks of a software company bleeding off your personal financial
> information) -- you won't miss any legitimate deductions -- you are
> much less likely to be audited.  Unlike some of the heavily-advertised
> chains of tax prep folks, your CPA is a fulltime financial professional
> with his license and livelihood at stake for errors, goes to school
> every year to keep current, and is NOT somebody off the streets who has
> gone through company training to pick up some seasonal cash while
> strongly encouraged to file as many forms as possible.  By the way, I
> am NOT a CPA, but a retired person with a professional degree in a
> related field, and would never consider doing my own taxes!

 
 
 

OT tax question

Post by Kathy Applebau » Thu, 13 Apr 2006 01:05:55



Quote:
>I suggest that you have a CPA handle your taxes!  Mine has saved me a
> boatload of money over the years, which has more than paid for his
> fees.

The trick is you have to get a good CPA. There are a lot of good ones out
there, and a lot of ones who don't know much of anything. :(

--
Kathy A. (Woodland, CA)
Queen of Fabric ***s

remove the obvious to reply

 
 
 

OT tax question

Post by Paulin » Thu, 13 Apr 2006 01:48:34


I insisted that DH have a CPA do our taxes the year he retired & he took a
cash out.  I was worried about Turbo Tax missing something.  We brought our
taxes to a very well respected CPA & guess what - he came up with exactly
the same figures as Turbo Tax did & he advised us that Turbo Tax is very
reliable.  It's programmed to ask all the questions that a human being might
forget.  He didn't charge us for doing the taxes either.  NAYY, but have
tested both & have confidence in Turbo Tax now.

--
Pauline
Northern California

Quote:
> I suggest that you have a CPA handle your taxes!  Mine has saved me a
> boatload of money over the years, which has more than paid for his
> fees.  Since you apparently have home ownership issues plus children in
> daycare plus the usual dependents, a CPA will certainly help.  Other
> benefits to having a CPA -- you don't have to worry about getting
> things done on time -- the CPA will handle electronic filing (without
> the risks of a software company bleeding off your personal financial
> information) -- you won't miss any legitimate deductions -- you are
> much less likely to be audited.  Unlike some of the heavily-advertised
> chains of tax prep folks, your CPA is a fulltime financial professional
> with his license and livelihood at stake for errors, goes to school
> every year to keep current, and is NOT somebody off the streets who has
> gone through company training to pick up some seasonal cash while
> strongly encouraged to file as many forms as possible.  By the way, I
> am NOT a CPA, but a retired person with a professional degree in a
> related field, and would never consider doing my own taxes!

 
 
 

OT tax question

Post by DrQuilte » Sun, 16 Apr 2006 00:22:02


well, but I didnt have a house deduction! I calculated the standard
deduction was more than all the house stuff so we went with that...

I know it is good not to get money back... but I was still wishing I had
overpaid because of the kid and the house...

Quote:

> Neil Cavuto, a tv money guy was on some show the other day and
> said he fired his tax guy when he found out he was using turbo tax to do
> his taxes! (sure hope it wasn't a CPA. maybe someone else remembers)

> Actually not getting a lot of money back is not a bad thing MArissa.
> It means you have hold of your money all year.  If you hadn't had the
> house deduction you surely would have had more due, I would think.

> Taria

--
Dr. Quilter
http://community.webshots.com/user/mvignali
(take the dog out for a walk)