Are you filing your tax returns NOW, or

[Why Syzygy]

waiting to see if the stimulus makes a difference?

[RC]

1. How would that make any difference?

[Muttocracy]

2. some provisions can count toward 2008 - the homebuying credit can. nt

[NewEngland4Obama]

10. I'm closing on a house in10 days . How will

this affect my taxes this year? I have already had my taxes prepared, should I wait to send in?

[Muttocracy]

12. I think you can choose whether it goes on '08 or '09

let me go dig up the link...


http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4981659#4982181

``(h) Election to Treat Purchase in Prior Year.--In the case of a purchase of a principal residence during the period described in subsection (b)(1), a taxpayer may elect to treat such purchase as made on December 31, 2008, for purposes of this section.''.

[Muttocracy]

35. it can also be spread across 2 years:

``(3) ALLOCATION OF CREDIT AMOUNT.--At the election of the taxpayer, the amount of the credit allowed under paragraph (1) (after application of paragraph (2)) may be equally divided among the 2 taxable years beginning with the taxable year in which the purchase of the qualified principal residence is made.

[NewEngland4Obama]

55. Thanks!

[Why Syzygy]

5. hmmm.

Not sure. Last year people who were not required to file HAD TO FILE in order to receive the stimulus.

[Kittycat]

9. Why couldn't you just ammend?

[Muttocracy]

18. maybe if it changes paying into a credit? nt

[Why Syzygy]

20. Amended return will get you a refund.

There are almost always last minute changes to tax laws. This year, just wondering...

[Mari333]

3. i will pay. i already did them. pfft. more money to go to some bullshit war for nothing . nt

[Zenlitened]

4. I'm waiting to see if I get nominated for a cabinet position.

If not, why bother filing? :shrug:

[hfojvt]

6. it's the only way to get a refund.

I used to note with irony though, that by the time I got my refund back for last year, they had already taken more than that out of my paycheck for this year.

[SammyWinstonJack]

29. .

:evilgrin:

[El Supremo]

7. I'm waiting for the address in China to mail it to.

[hfojvt]

8. I am waiting to see if I want to lend my refund to the Obama administration.

a whole $300.

[roguevalley]

11. I file them just before April 15th refund or no. the odds of being

audited are very small then. :+

[El Supremo]

16. So you have a reason to be audited?

You running for a cabinet post?

[roguevalley]

42. BWAHAHAHAA! No actually. I just heard a talking head on a

business channel saying that. :-D

[eridani]

51. Yes, he does. Under Boosh, lower income taxpayers are most likely to be audited n/t

[customerserviceguy]

24. You really want to avoid an audit?

File two extensions. Get your taxes in by the end of the second one on October 15th. Unless your taxes have "Amway" written all over them, they're very unlikely to get audited. One caveat: make damn good and sure you make whatever deadline you have set yourself up for, whether it's April 15th, August 15th (if you file for the first extension, always granted) or the second extension (up to the IRS to decide to grant or not) on October 15th. They figure if you cannot follow directions on extensions, you probably have screwed something else up on your taxes, and are a good audit prospect.

I used to be enrolled to practice before the IRS back in the 1980's. None of my clients who filed on extensions ever got audited, but your mileage may vary.

[slackmaster]

13. I won't have all the required documentation for another week or two

And I'm going to hand the state of California back its IOU to be applied to my 2009 state taxes.

[Why Syzygy]

19. heh..

Legal tender :thumbsup:

[trof]

14. Mailed my fed today. Getting almost a grand back.

My $1600 tax credit for the solar water heating system we had installed last year sure came in handy.

[bigwillq]

15. I'm filing now (nt)

[OutNow]

17. Done

I e-filed my state and local returns on Tuesday. I get a refund on federal and owe just about that much to the state. This was the first year I didn't work at all and my withholding on ssec, etc. needs a bit of an adjustment.

BTW - during the campaign, Biden said that paying taxes is patriotic. I agree with that. I expect my taxes to increase to help pay for all the important things that need to be done to fix the the mess left by the Bush crime family.

[Caretha]

23. That's very patriotic of you

I also do not mind paying my taxes. I just want for every dollar that I pay to include 1 inch of Bush's hide to help clean up this mess.

[backscatter712]

21. Procrastinating.

I'll have my return done sometime between now and April 15th.

If there is a stimulus check, it'll be the same whether you fill out your return today or later.

[TK421]

30. Stimulus check? are they working on another one of those?

I didn't hear anything about it, but I've been dog sitting since I got home

[backscatter712]

33. Dunno. Haven't heard of one either.

There's been so many changes in the stimulus bill, so who knows what it's going to look like when it ends up on Obama's desk.

[LiberalEsto]

22. We need to wait

Since my husband was out of work for the past month, (he just started a new job) and I've been out of work since October, it will take some time to save up enough to pay what we will owe the IRS. :cry:

[Why Syzygy]

28. I just signed

a new payment plan for 2000. I didn't file that year for the first time ever. They'll "let" you pay it out.

[Bolo Boffin]

25. I filed mine two days ago.

One W-2 and some student loan interest to deduct.

[Why Syzygy]

27. There was also some talk

of something being deductible whether or not one itemizes. I wish it was student loan interest.

[Bolo Boffin]

46. Student loan interest is deductible whether or not you itemize.

I used a 1040A and SL interest goes on line 18.

[doc03]

26. I filed my taxes Feb. 2nd I had to write them a check

for $90.49 and I will get a $90.00 refund from the State. So all totaled I'm out 49 cents plus the stamp.

[Muttocracy]

36. that's happened to me a couple of times. This year I'm paying both :(

[rainbow4321]

31. Filed already

I want my federal refund NOW....state taxes I don't do cuz I live in TX.

[TK421]

32. I can't wait for mine, either. I claim single, zero dependants on mine

they take out more each week, and it's anticipated....I get a pretty nice return at the end of the year ( kind of like hitting the lottery, although I understand that is not the case ) but it is money that I don't "miss" throughout the year. That return will pay off almost half of one of my credit cards,BTW.

[WillowTree]

34. Darned right I filed already. I'm getting $1,688 back. No reason to wait.

[MrSlayer]

37. I'm waiting.

I'm going to owe money I don't have, so they can wait.

[alfredo]

38. No, I'm listening to Coltrane, sipping some Rye and posting here.

I'm getting something like five dollars back. Do it today, next week, it won't matter. I won't be getting a stimulus, and don't really need it. Sorry to see there are so many that need help.

[Why Syzygy]

39. If we get one,

mine just goes to help pay past due (2000). Not all that stimulating.

[alfredo]

41. You need some Coltrane, and maybe a good paying union job.

[Why Syzygy]

44. Are you pouring? Set me up. nt

[alfredo]

45. You don't mind a fruit jar, do you?

[Why Syzygy]

47. Sorry .

got distracted. Not at all. Club soda and lime.

[alfredo]

53. Oh, that sounds nice. I'll take mine neat. After this we'll hit the Ouzo then

go out and chew on telephone poles.

[Individualist]

40. Filed last week. $133 refund was direct deposited today.

[Dr.Phool]

43. Did mine last night. I owe $241.

[RebelOne]

48. I wait till almost the last minute because I always have to pay. n/t

[quaker bill]

49. Taxes prepared, waiting to file

My understanding is that the proposed tax cuts, if they pass, will be applicable to this year (2008) and next year (2009). If the bill passes with tax cuts, I will wait a week, do a program update, and see if it increases my refund. I would prefer this to sending in an ammended return, which would also get the job done.

[Ganja Ninja]

50. I'm done already.

Sent mine out on Jan 20th.

[eridani]

52. For the first time in my working life, I'll probably owe

Severance pay being used this year, although it will be on last year's taxes plus regular income. Also interest on series E bonds was getting so ridiculous that I cashed them out, getting a whole buttload of interest income added.

[OPERATIONMINDCRIME]

54. Already Filed. Gettin 6100 Bucks Back!