I was hit hard with the non-marriage penalty. As in, I got divorced in December (a few years back) then got hit with the single rate for the whole year and had to cough up about $3000 more."depends"
in my case i got hit pretty hard with marriage penalty
If I purchase stock A 3 times over the course of last year at different price interval but sold them all at once, how do I report that? Do I have to break it down per each loss since I incur a lost.
Actually I take it back, I've held some of the shares for over a year but did purchase some more recently.
i.e.
2/2009 - Purchase 100 shares @ $4
3/2009 - Purchase 200 shares @ $3
3/2010 - Purchase 200 shares @ $5
8/2010 - Sold ALL 500 shares at $2
Can you guys confirm that the sales tax deduction is in this year as nothing I've read say it was extended. I've been looking into it heavily as I live in a state with no income tax.
Ok so in the past i've had it pretty simple. Single, no kids, no debts, no car payments or anything. Basically just straight income for taxing purposes.
This year however i had a couple questions.
1.) First is work related. I work at a shipyard A. However for about 2 months i had to go to another base that (depending on route) was 17 miles away from shipyard a. Since my main work spot is Shipyard A can i claim the driving mileage? Im not sure cause they try to consider us "one base" but i work at shipyard A not shipyard B. Also for figuring mileage is it from my residence or from shipyard A? it would be less for residence. I guess im not sure how that works or if i even qualify, or if it would even be worth it. There are days where i also had to commute to shipyard B, then drive to A for training, then back to B, then home. Can i claim all that driving or only the to and from? A very quick approximation would be ~ 1100 miles over the two months. Even worth it?
See Items below
- You can claim the difference between driving to shipyard A vs shipyard B from your place of residence.
- If you have to drive from one shipyard to another for work; then the mileage is also deductible.
- You will have to have a written log of some type to back up the mileage and justification for such.
- You will also have to be using the Schedule A. Mileage is logged under Form 2106
2.) I literally just purchased a new truck (2011 toyota tacoma). I dont start making payments till February. Anyhting i need to do for this years tax? My parents had mentioned something baout the tax on the truck being claimable? (might be a state thing...WA state)
See OP under section "Special Items/Credits"
and lastly
3.) i plan to cash in about ~$7000 in bonds. Does it overly matter if i cash them all at once? or should i try to break it up and do say 3500 this year and 3500 in jan? Any suggestions there?
This is more a question for a financial advisor. Look at the profit being made and what you expect your taxable income will be between the two years.
Thats all for me! Feels sort of weird i've done taxes for the last ~5 years and they have all been super simple since i didnt have anything to claim! This year might be a bit different though
Answered in the OP
I did read the entire original post, but couldn't find the info anywhere else. I've been searching frequently to see if they extended that provision as well. Sure enough, I just did another ask google search and it was updated for another 2 years apparently. Was this part of the tax extension?
I do not know if it was extended in the issues from last week or previously.
Suspicion is from last week, because it was due to expire.
Originally Posted by velillen View Post
Ok so in the past i've had it pretty simple. Single, no kids, no debts, no car payments or anything. Basically just straight income for taxing purposes.
This year however i had a couple questions.
1.) First is work related. I work at a shipyard A. However for about 2 months i had to go to another base that (depending on route) was 17 miles away from shipyard a. Since my main work spot is Shipyard A can i claim the driving mileage? Im not sure cause they try to consider us "one base" but i work at shipyard A not shipyard B. Also for figuring mileage is it from my residence or from shipyard A? it would be less for residence. I guess im not sure how that works or if i even qualify, or if it would even be worth it. There are days where i also had to commute to shipyard B, then drive to A for training, then back to B, then home. Can i claim all that driving or only the to and from? A very quick approximation would be ~ 1100 miles over the two months. Even worth it?
See Items below
* You can claim the difference between driving to shipyard A vs shipyard B from your place of residence.
* If you have to drive from one shipyard to another for work; then the mileage is also deductible.
* You will have to have a written log of some type to back up the mileage and justification for such.
* You will also have to be using the Schedule A. Mileage is logged under Form 2106
2.) I literally just purchased a new truck (2011 toyota tacoma). I dont start making payments till February. Anyhting i need to do for this years tax? My parents had mentioned something baout the tax on the truck being claimable? (might be a state thing...WA state)
See OP under section "Special Items/Credits"
and lastly
3.) i plan to cash in about ~$7000 in bonds. Does it overly matter if i cash them all at once? or should i try to break it up and do say 3500 this year and 3500 in jan? Any suggestions there?
This is more a question for a financial advisor. Look at the profit being made and what you expect your taxable income will be between the two years.
Ok just want to be clear and make sure i understand so pardont he extra questions.
1.) Just to make sure if it is 3 miles to drive from HOME to SY A and it is 9 miles from home to SY B i could only claim 6 miles correct?
Still be ~750 miles at .50 a mile thats ~375 bucks. not to shabby. Written logs would be easy since it was just for two months straight of commuting there instead of shipyard A.
My other question is is it even able to be claimed? I work and go to shipyard A everyday. It is where i work. but our shipyard considers A and B to be "one" shipyard. But we have our own management and everything at SY B. basically does it sound like i could claim it?
2.) Saw the 2009 part and just spaced out on the "not all links updated for 2010 part"
3.) Will do. ill have to look at the brackets i suppose to see exactly what would be best
Thanks in advance!
I'm a college student and my dad files me as a depended on his taxes.
I have a part time job where I make about $6,960 a year. I also have started a ebay business where I have made $354.25 so far (2 weeks since start up)
Questions:
Do I need to file independently?
Do I pay taxes on my ebay business? If so how?
Thanks for answering my stupid questions!
You and your dad should work it out so that the family unit as a whole pays the least amount of taxes.
The amount of your income will remove any income tax for you at the Federal level as independant, but you would might loose out on the educational credits because of the low income.
Your Dad would be able to take advantage of the educational credits if you are a dependant.
Seperately:
You have a choice of treating your eBay business as a hobby income (misc) and paying straight income and SS tax on the full amount that you declare,
Or you can use the Schedule C which requires you to declare the income; but you can also write off direct and some indirect expenses to lower that taxable income considerably.
Use of Tax software will asssit you and your Dad on seeing the benefits of the different options.
You should just open up an AT TAX time company, and do all of our taxes, for a fee of course.
Per the rules, you should be claiming him. However, I would get some sort of agreement asap as if both you claim him, this will just delay the processing of your tax returns since it will raise a red flag.What should I do if lil rudeguy's mom tries to claim his as a dependent? He lives with me full time and maybe spent a total of 7 nights at her house this past year.
There is no order or custody for either of us.
No, unless you can prove that the improvement is actually energy efficient, i.e. adding energy efficient skylights or the like. The only way you can get any benefit is if you have a rental. You get to depreciate that improvement.I know there are a lot of tax credits for energy efficient items, but is there a credit for home improvement such as a new roof? In the past year of owning my house, I've put one on and am wondering if that is something I can itemize.