Idaho BS thread in the PNW

Wow, lazy people! I did my taxes and have already gotten back my return!

 

rich enough to waste it all on the truck parts at the top of my priority list haha. wheels, chevy leafs with swap kit and shocks +misc shit, truck maintenance, and set some aside for moab.

wish i didnt want to spend it all on the truck. if i had this hobby under control i would throw it right in the brokerage account and sit on it and try to make some cash on a few short sales, but alas...im going to spend it haha

 

jesus...wish i could get a return like that...damn..be nice to buy gears

 

thats what happens when you match your withholding to your actual and dont have many deductions.


im a nice child, and still allow my dad to claim me as a dependent and get the tax benefit from deducting my school expenses even though I dont live with them. because it has a much higher effect with his tax bracket than mine.

quite frankly i dont know how i got that much back lol. i had almost 2g in income that didnt even have federal or state with held from it. oh well. im not complaining

 

I've been told that if you have a room dedicated as an "office" you get money back as well. Not sure what the process is but it would be interesting because I'm told you get a huge return on it.

 

What??

i still claim as dependent too.

 

ok i really dont feel like explaining the home in office tax laws over text on a forum, but it has to be dedicated specifically to a SE business, and you get to deduct that from your agi based on how much of a percentage your business space takes up compared to the size of your property

what exactly do you mean what? like you claim yourself or you let your parents claim you.

like by not claiming myself i lose the idaho grocery credit of almost 100 bucks, and i lose the 3900 above the line deduction from taxable income from not claiming myself, but most of that is wasted because my taxable income is so low as is my tax bracket, so my parents make far more use of the deduction than i would, so i get a little kick back from them to bring me back up to my total federal withholding

 

No i mean what about withholding to my actual?

 

Yeah but I don't get jack for claiming you as a dependent. I do get a break for the tuition though.

 

Oh, i mean when you fill out your i9 and list your dependents and deductions, or when your employer calculates your with holding throughout the year it was matched up almost perfectly to what you actually claim at the end of the year.

you could claim 35 kids and have no withholding but then you will owe a ton at tax time, likewise you can exempt very little and give the govt extra and get the refund

 

wait you dont? I honestly didnt even look at my parents return but i thought you still got some sort of deduction for providing/paying over half of his expenses or whatever the box calls it.

i could have sworn my dad said he still did (and this is still federal btw) maybe i misheard him, i dunno i should probably know this haha, but i cant say ive looked at it

 

You should be able to claim up to 4 grand for me being a student...for tuition..

IN which case...i wanna cut haha

ahhh.

yea..i don't think i do do a lot of with holdings. good to know in the future though.

 

I remember my parents took a huge hit last year when they couldn't claim me for the year...

 

yea you can. According to the Tuition and Fee deduction.

Or a grand back for the American Opportunity credit.

 

these last two years ive ended up like hundreds of dollars above the tax bracket. Think i got like $300.

 

haha my dad went back to his return and calced it without claiming my ed credits, and his cash refund fell by over 1500 bucks.

 

See..us being students help out

lol

 

well if i read right we are talking about the actual exemptions in box...6c i believe on the fed return, which is like 3900 an exemption (a dependant)

where as the the american op or learning for life or whatever its called credit is different. i believe your dad said that he didnt get the exemption for you.

i dont know shit about the Canadian tax system, i have nothing intelligent to say lol. other than i know your brackets are higher lol

 

marginally.

just tell your parents the return on investment will come when they are old and you are using your degree to earn good money to pay for them when they are old and in retirement

 

Like 80% of my income is tax exempt so I don't get much of a tax return anymore, and what I do get is basically mixed in with my Wife's business returns so we just put it in our joint savings to spend on us rather than on my Tacoma. haha

I can do my taxes for free via the military, but my wife's business complicates things so we end up just giving it all to her parent's accountant and he does it for us... Kind of expensive but I have no idea how he has been handling her depreciation and where everything is at as far as depreciation remaining and what not, so I don't have much choice...