AllDeaf.com
Perks - Advertise - Spy - Who Quoted Me  
Go Back   AllDeaf.com > Miscellaneous > Personal Finances
LIKE AllDeaf on Facebook FOLLOW AllDeaf on Twitter
Reply
Thread Tools Display Modes
Unread 02-07-2011, 08:21 AM   #1
radioman
Premium Member
 
radioman's Avatar
 
Join Date: Jun 2008
Location: In the good ole USA !
Posts: 2,897
Likes: 10
Liked 4 Times in 3 Posts
2011 taxes

I just completed my taxes for 2010 and getting refund. Every year I get disapointed, no wait depressed is more like it. Its not about the size of refund cuz I'm happy with it. MY issue is that when going through the possible deductions or credits we could take, it is always the wrong year or they ended it. I try to stay on top of info of incentives and stuff, but the gov. seems to be sneaky about it. I just want to know what is current for 2011 and how we can take advantage of it.

SO lets start out the year new and try to post tips here.

For example if you plan on getting a new furance/water heater, the credits is still there but its less money and more picky. last year you could claim up to 30% of cost or $1500 cap for any energy saver. This year you can only get 10% or 200 cap ONLY if you get a 95% efficency rating!

For those who are working, you SHOULD be seeing a 2% decrease of SS taxes on your paycheck this year. Have you guys confirmed this?

What other tips do you have for 2011?
radioman is offline   Reply With Quote
Alt Today
All Deaf

Beitrag Sponsored Links

__________________
This advertising will not be shown in this way to registered members.
Register your free account today and become a member on AllDeaf.com
   
Unread 02-07-2011, 11:11 AM   #2
Tousi
Registered User
 
Tousi's Avatar
 
Join Date: Apr 2003
Posts: 17,121
Likes: 34
Liked 45 Times in 29 Posts
This sounds like a good thread...bumping it up ........
Tousi is online now   Reply With Quote
Unread 02-07-2011, 11:41 AM   #3
SJCSue
Registered User
 
SJCSue's Avatar
 
Join Date: Nov 2004
Location: Long Island, NY
Posts: 623
Likes: 0
Liked 0 Times in 0 Posts
Quote:
Originally Posted by radioman View Post
For those who are working, you SHOULD be seeing a 2% decrease of SS taxes on your paycheck this year. Have you guys confirmed this?
My class just learned how to do basic payroll and my professor mentioned this fact on Thursday. I also have seen on my pay stubs.
__________________
I am a proud aunt of 6: 5 nephews and 1 niece.
SJCSue is offline   Reply With Quote
Unread 02-07-2011, 01:13 PM   #4
Reba
Retired Terp
 
Reba's Avatar
 
Join Date: Jun 2004
Location: South Carolina
Posts: 46,467
Likes: 92
Liked 180 Times in 87 Posts
Quote:
Originally Posted by radioman View Post
...For those who are working, you SHOULD be seeing a 2% decrease of SS taxes on your paycheck this year. Have you guys confirmed this?
I'm an independent contractor, so my taxes aren't withheld. Hubby has his own small business, so he doesn't get any taxes withheld.

We won't know how much we owe for taxes until our tax man tells us in April. We mail a check to the IRS every month for about one third of our income. Then, in April, we find out how much more we have to pay.
Reba is offline   Reply With Quote
Unread 02-07-2011, 05:01 PM   #5
SneakerNet
My IQ: 12
 
SneakerNet's Avatar
 
Join Date: Jan 2010
Location: 2653'41.95" N 4140'50.62" W
Posts: 2,264
Likes: 2
Liked 5 Times in 4 Posts
Quote:
Originally Posted by Reba View Post
I'm an independent contractor, so my taxes aren't withheld. Hubby has his own small business, so he doesn't get any taxes withheld.

We won't know how much we owe for taxes until our tax man tells us in April. We mail a check to the IRS every month for about one third of our income. Then, in April, we find out how much more we have to pay.
Why can't you do quarterly taxes so that way you can keep track of it better?
SneakerNet is offline   Reply With Quote
Unread 02-07-2011, 05:09 PM   #6
SneakerNet
My IQ: 12
 
SneakerNet's Avatar
 
Join Date: Jan 2010
Location: 2653'41.95" N 4140'50.62" W
Posts: 2,264
Likes: 2
Liked 5 Times in 4 Posts
Quote:
Originally Posted by radioman View Post
I just completed my taxes for 2010 and getting refund. Every year I get disapointed, no wait depressed is more like it. Its not about the size of refund cuz I'm happy with it. MY issue is that when going through the possible deductions or credits we could take, it is always the wrong year or they ended it. I try to stay on top of info of incentives and stuff, but the gov. seems to be sneaky about it. I just want to know what is current for 2011 and how we can take advantage of it.

SO lets start out the year new and try to post tips here.

For example if you plan on getting a new furance/water heater, the credits is still there but its less money and more picky. last year you could claim up to 30% of cost or $1500 cap for any energy saver. This year you can only get 10% or 200 cap ONLY if you get a 95% efficency rating!

For those who are working, you SHOULD be seeing a 2% decrease of SS taxes on your paycheck this year. Have you guys confirmed this?

What other tips do you have for 2011?
I purchase top of the line heat pump (about $11,000) and I will get tax credit for that. I also replaced all of my kitchen appliances, stove, microwave, refridgerator, dishwasher and all of them are top energy saver. Those appliances are not tax credit but remember in a long run it will save a lot in electric bill. I do noticed the differences on my electric bill, so it's more of tax credit for me to conserve electricity. My next step is to get solar hot water systems and new washer and dryer.

So, getting a tax credit can be tricky but in a long run you will save on electric bill (or gas bill).

Other tips is to get into pre-tax investment. I have very large income so I put about 12% of my income to my investment (and I even added $50 to federal and state tax per pay period) because I hate to "owe" the money to IRS or State tax. So the turn out that I get nice refund every year.
SneakerNet is offline   Reply With Quote
Unread 02-07-2011, 06:08 PM   #7
Reba
Retired Terp
 
Reba's Avatar
 
Join Date: Jun 2004
Location: South Carolina
Posts: 46,467
Likes: 92
Liked 180 Times in 87 Posts
Quote:
Originally Posted by SneakerNet View Post
Why can't you do quarterly taxes so that way you can keep track of it better?
Hubby's income varies seasonally and monthly. My income varies even more than that. Monthly is about as steady as I can get it.
Reba is offline   Reply With Quote
Unread 02-07-2011, 06:18 PM   #8
radioman
Premium Member
 
radioman's Avatar
 
Join Date: Jun 2008
Location: In the good ole USA !
Posts: 2,897
Likes: 10
Liked 4 Times in 3 Posts
Quote:
Originally Posted by SneakerNet View Post
Why can't you do quarterly taxes so that way you can keep track of it better?
for some its easier monthly. for others its easier quarterly. When december comes up for last payment of year its a good idea to use online calculator from irs.gov and hope for best so no underpayment penalty is incurred.
radioman is offline   Reply With Quote
Unread 02-07-2011, 06:22 PM   #9
radioman
Premium Member
 
radioman's Avatar
 
Join Date: Jun 2008
Location: In the good ole USA !
Posts: 2,897
Likes: 10
Liked 4 Times in 3 Posts
Quote:
Originally Posted by SneakerNet View Post
I purchase top of the line heat pump (about $11,000) and I will get tax credit for that. I also replaced all of my kitchen appliances, stove, microwave, refridgerator, dishwasher and all of them are top energy saver. Those appliances are not tax credit but remember in a long run it will save a lot in electric bill. I do noticed the differences on my electric bill, so it's more of tax credit for me to conserve electricity. My next step is to get solar hot water systems and new washer and dryer.

So, getting a tax credit can be tricky but in a long run you will save on electric bill (or gas bill).

Other tips is to get into pre-tax investment. I have very large income so I put about 12% of my income to my investment (and I even added $50 to federal and state tax per pay period) because I hate to "owe" the money to IRS or State tax. So the turn out that I get nice refund every year.
all this year for 2011? cause that is what this thread is about.
On the other hand IF I had gotten the furnace and water tank last year,
I would be able to get 30% of what i paid or 1500 max cap. this year is much less so it hurts. I haven't gotten it yet, but its in the works currently. I am still working with the HVAC company for what I want.
radioman is offline   Reply With Quote
Unread 02-07-2011, 07:35 PM   #10
SneakerNet
My IQ: 12
 
SneakerNet's Avatar
 
Join Date: Jan 2010
Location: 2653'41.95" N 4140'50.62" W
Posts: 2,264
Likes: 2
Liked 5 Times in 4 Posts
Quote:
Originally Posted by Reba View Post
Hubby's income varies seasonally and monthly. My income varies even more than that. Monthly is about as steady as I can get it.
Got it.
SneakerNet is offline   Reply With Quote
Unread 02-07-2011, 07:42 PM   #11
SneakerNet
My IQ: 12
 
SneakerNet's Avatar
 
Join Date: Jan 2010
Location: 2653'41.95" N 4140'50.62" W
Posts: 2,264
Likes: 2
Liked 5 Times in 4 Posts
Quote:
Originally Posted by radioman View Post
all this year for 2011? cause that is what this thread is about.
On the other hand IF I had gotten the furnace and water tank last year,
I would be able to get 30% of what i paid or 1500 max cap. this year is much less so it hurts. I haven't gotten it yet, but its in the works currently. I am still working with the HVAC company for what I want.
Yeah I understand that 2011 tax credit is not as generous as 2010 tax credit. What I'm saying is that if you get high energy saving systems, your payoff will be equivalance to what you get for tax credit, you know what I mean..in term of long run?
SneakerNet is offline   Reply With Quote
Unread 02-07-2011, 07:49 PM   #12
Lee H.
Registered User
 
Join Date: Dec 2010
Location: Washington State
Posts: 53
Likes: 0
Liked 0 Times in 0 Posts
did my return last week,, expecting NICE refund,,, I qualified for TWO credits, EIC and Making Work Pays. Was told that most low-income wage earners can get both, even if we don't owe any taxes.
Lee H. is offline   Reply With Quote
Unread 02-07-2011, 08:14 PM   #13
radioman
Premium Member
 
radioman's Avatar
 
Join Date: Jun 2008
Location: In the good ole USA !
Posts: 2,897
Likes: 10
Liked 4 Times in 3 Posts
Quote:
Originally Posted by SneakerNet View Post
Yeah I understand that 2011 tax credit is not as generous as 2010 tax credit. What I'm saying is that if you get high energy saving systems, your payoff will be equivalance to what you get for tax credit, you know what I mean..in term of long run?
As for as I understand it- its a one time credit expecting to be phased out. Thats another reason I started this thread. WHAT is available THIS YEAR for filing taxes in 2012.
radioman is offline   Reply With Quote
Unread 02-08-2011, 06:51 PM   #14
SneakerNet
My IQ: 12
 
SneakerNet's Avatar
 
Join Date: Jan 2010
Location: 2653'41.95" N 4140'50.62" W
Posts: 2,264
Likes: 2
Liked 5 Times in 4 Posts
Really it not pretty much of what you can do for 2011. Everything seem to quiet it down because of job growth is beginning to return (slowly) Housing market stablize, un-employment rate start to go down... So, the recovery act will start to phase out. The only thing remain that still popular, depending on what State is going green. Still get some tax credit on going green thing. Like getting an electric car, geothermal, solar panel and such.
SneakerNet is offline   Reply With Quote
Unread 02-08-2011, 08:17 PM   #15
radioman
Premium Member
 
radioman's Avatar
 
Join Date: Jun 2008
Location: In the good ole USA !
Posts: 2,897
Likes: 10
Liked 4 Times in 3 Posts
exactly sneakernet. just because the government intervention in simulation of economy doesn't mean we can relax. I know for one that I need to recover from the last few years of crappy economy.
radioman is offline   Reply With Quote
Unread 02-08-2011, 10:05 PM   #16
sheila022
Registered User
 
sheila022's Avatar
 
Join Date: Sep 2010
Posts: 1,538
Likes: 0
Liked 1 Time in 1 Post
Send a message via AIM to sheila022
Quote:
Originally Posted by Lee H. View Post
did my return last week,, expecting NICE refund,,, I qualified for TWO credits, EIC and Making Work Pays. Was told that most low-income wage earners can get both, even if we don't owe any taxes.
How low is "low-income"? And can you please elaborate more on EIC and Making Work pays?

I'm going to file tax for the first time ever in my whole life pretty soon, and I'll like to claim credits or whatever it is as much as I can that I qualify for.
__________________


sheila022 is offline   Reply With Quote
Unread 02-08-2011, 10:17 PM   #17
Anij
Registered User
 
Anij's Avatar
 
Join Date: Jun 2005
Location: Canada
Posts: 2,255
Likes: 2
Liked 10 Times in 7 Posts
Quote:
Originally Posted by sheila022 View Post
How low is "low-income"? And can you please elaborate more on EIC and Making Work pays?

I'm going to file tax for the first time ever in my whole life pretty soon, and I'll like to claim credits or whatever it is as much as I can that I qualify for.
I'd recommend having them done professionally (at least the first year you file) - and with someone who will "walk you though" the process. That way you'll know for sure which credits etc that you DO qualify for and can use the "professional tax return" as a template next year etc if you decide to do them on your own.

Honestly (in Canada) I've had a professional do my taxes for year because our forms (related to me at least) are complicated and easy to miss massive deductions. I pay about $50-80 for the professional to do them, but I make more than that back in what I had missed in deductions (you're also less likely to be audited if you do your taxes through a licensed person)
__________________
Hoh/Deaf ~ +120db deaf right , moderate (fluctuating) left & APD
English & ASL ...PAH!!



Ignorance is NOT Bliss
Anij is offline   Reply With Quote
Unread 02-09-2011, 01:58 PM   #18
radioman
Premium Member
 
radioman's Avatar
 
Join Date: Jun 2008
Location: In the good ole USA !
Posts: 2,897
Likes: 10
Liked 4 Times in 3 Posts
Quote:
Originally Posted by sheila022 View Post
How low is "low-income"? And can you please elaborate more on EIC and Making Work pays?

I'm going to file tax for the first time ever in my whole life pretty soon, and I'll like to claim credits or whatever it is as much as I can that I qualify for.
making work pay is already done by your employer.

from irs.gov -The Making Work Pay tax credit is a new credit worth up to $400 for individuals and $800 for married couples that was established by the American Recovery and Reinvestment Act of 2009. Millions of hardworking Americans have already received the benefit of this credit every pay period through reduced tax withholding.

for EIC you can read Publication 596 (2009), Earned Income Credit (EIC) .
The reading is not for everyone. in a nutshell to get eic means:

You have three or more qualifying children and you earned less than $43,279 ($48,279 if married filing jointly),

You have two qualifying children and you earned less than $40,295 ($45,295 if married filing jointly),

You have one qualifying child and you earned less than $35,463 ($40,463 if married filing jointly), or

You do not have a qualifying child and you earned less than $13,440 ($18,440 if married filing jointly).
radioman is offline   Reply With Quote
Unread 02-09-2011, 02:01 PM   #19
sheila022
Registered User
 
sheila022's Avatar
 
Join Date: Sep 2010
Posts: 1,538
Likes: 0
Liked 1 Time in 1 Post
Send a message via AIM to sheila022
I don't qualify for EIC because I am not 24 years old and I don't have a child. Oh well.
__________________


sheila022 is offline   Reply With Quote
Unread 02-09-2011, 02:05 PM   #20
radioman
Premium Member
 
radioman's Avatar
 
Join Date: Jun 2008
Location: In the good ole USA !
Posts: 2,897
Likes: 10
Liked 4 Times in 3 Posts
Quote:
Originally Posted by Anij View Post
I'd recommend having them done professionally (at least the first year you file) - and with someone who will "walk you though" the process. That way you'll know for sure which credits etc that you DO qualify for and can use the "professional tax return" as a template next year etc if you decide to do them on your own.

Honestly (in Canada) I've had a professional do my taxes for year because our forms (related to me at least) are complicated and easy to miss massive deductions. I pay about $50-80 for the professional to do them, but I make more than that back in what I had missed in deductions (you're also less likely to be audited if you do your taxes through a licensed person)
A professional helps, but on the other hand the fast return companies like HR block don't want to help to make sure you understand what is happening with the tax form. they dont even offer real advice that apply to you.


I wish that the government has a mandatory for high school seniors to take tax filing 101. it would make alot things easier. Most people will do fine with the 1040 ez form until they start investing, buying houses, improvements, self employment, mileage,yadda yadda. That is when you should buy the tax software or go to professionals.

Personally, doing taxes is not a big deal if you are able to do it in baby steps and grow from there. (just dont expect to be able to understand tax stuff for first time in middle of april )
radioman is offline   Reply With Quote
Unread 02-09-2011, 02:57 PM   #21
Lee H.
Registered User
 
Join Date: Dec 2010
Location: Washington State
Posts: 53
Likes: 0
Liked 0 Times in 0 Posts
Quote:
Originally Posted by sheila022 View Post
I don't qualify for EIC because I am not 24 years old and I don't have a child. Oh well.
???
I don't think age is a factor. I don't have a qualifying child either and still I got EIC.

Lee
Lee H. is offline   Reply With Quote
Unread 02-09-2011, 03:02 PM   #22
Jiro
If You Know What I Mean
 
Jiro's Avatar
 
Join Date: Apr 2007
Location: The Soprano State
Posts: 67,348
Likes: 3
Liked 17 Times in 15 Posts
Quote:
Originally Posted by Lee H. View Post
???
I don't think age is a factor. I don't have a qualifying child either and still I got EIC.

Lee
you missed the last sentence -

Quote:
You do not have a qualifying child and you earned less than $13,440 ($18,440 if married filing jointly).
__________________
- Don't forget to buy Jiro's Special Edition Sunglasses for $19.95
Jiro is offline   Reply With Quote
Unread 02-09-2011, 03:05 PM   #23
Lee H.
Registered User
 
Join Date: Dec 2010
Location: Washington State
Posts: 53
Likes: 0
Liked 0 Times in 0 Posts
Quote:
Originally Posted by Jiro View Post
you missed the last sentence -
oh I didn't miss anything, I replied to someone who wrote:
I don't qualify for EIC because I am not 24 years old and I don't have a child. Oh well.

this person didn't say how much she/he earned,, just age and child.. so I pointed out that age and being childless is not a factor.

Lee
Lee H. is offline   Reply With Quote
Unread 02-09-2011, 04:54 PM   #24
Jiro
If You Know What I Mean
 
Jiro's Avatar
 
Join Date: Apr 2007
Location: The Soprano State
Posts: 67,348
Likes: 3
Liked 17 Times in 15 Posts
Quote:
Originally Posted by Lee H. View Post
oh I didn't miss anything, I replied to someone who wrote:
I don't qualify for EIC because I am not 24 years old and I don't have a child. Oh well.

this person didn't say how much she/he earned,, just age and child.. so I pointed out that age and being childless is not a factor.

Lee
she's a college student. that's how much she earns
__________________
- Don't forget to buy Jiro's Special Edition Sunglasses for $19.95
Jiro is offline   Reply With Quote
Unread 02-10-2011, 10:37 AM   #25
radioman
Premium Member
 
radioman's Avatar
 
Join Date: Jun 2008
Location: In the good ole USA !
Posts: 2,897
Likes: 10
Liked 4 Times in 3 Posts
Quote:
Originally Posted by Jiro View Post
she's a college student. that's how much she earns
isnt that an insult.. shame!
radioman is offline   Reply With Quote
Unread 02-10-2011, 10:38 AM   #26
radioman
Premium Member
 
radioman's Avatar
 
Join Date: Jun 2008
Location: In the good ole USA !
Posts: 2,897
Likes: 10
Liked 4 Times in 3 Posts
here is the federal link that explains more about energy credits for 2011.

Federal Tax Credits for Energy Efficiency : ENERGY STAR
radioman is offline   Reply With Quote
Unread 02-10-2011, 11:55 AM   #27
sheila022
Registered User
 
sheila022's Avatar
 
Join Date: Sep 2010
Posts: 1,538
Likes: 0
Liked 1 Time in 1 Post
Send a message via AIM to sheila022
Eh, my annual salary is actually higher than the 13k as of this 2011 year, but I'll deal with that later when it comes to filing 2011 taxes. Lol.

But hey, I qualify for all 3 of the other education credits. xD
__________________


sheila022 is offline   Reply With Quote
Unread 02-10-2011, 01:56 PM   #28
Jiro
If You Know What I Mean
 
Jiro's Avatar
 
Join Date: Apr 2007
Location: The Soprano State
Posts: 67,348
Likes: 3
Liked 17 Times in 15 Posts
Quote:
Originally Posted by sheila022 View Post
Eh, my annual salary is actually higher than the 13k as of this 2011 year, but I'll deal with that later when it comes to filing 2011 taxes. Lol.

But hey, I qualify for all 3 of the other education credits. xD
somehow... I doubt you'd ever make more than $13,000 in 2011. And it's not a salary if you receive paycheck based on hourly pays and/or if you're not a full-time employee of company with benefits usually.

Never heard of a college student making that much especially from internship.
__________________
- Don't forget to buy Jiro's Special Edition Sunglasses for $19.95
Jiro is offline   Reply With Quote
Unread 02-10-2011, 01:59 PM   #29
posts from hell
Registered User
 
Join Date: Nov 2004
Posts: 9,430
Likes: 0
Liked 0 Times in 0 Posts
Quote:
Originally Posted by Jiro View Post
somehow... I doubt you'd ever make more than $13,000. And it's not a salary if you receive paycheck based on hourly pays and/or if you're not a full-time employee of company with benefits usually.

Never heard of a college student making that much especially from internship.
I have a friend who made 50k at an internship when he was in college, fyi.

Now you've heard it.

BTW, I think Sheila will make more than 13k this year, for sure.
posts from hell is offline   Reply With Quote
Unread 02-10-2011, 03:49 PM   #30
sheila022
Registered User
 
sheila022's Avatar
 
Join Date: Sep 2010
Posts: 1,538
Likes: 0
Liked 1 Time in 1 Post
Send a message via AIM to sheila022
everybody in my division (or government, perhaps) have to enter their hourly time of working into computer system, so it's not just me getting paychecks based on hours. (Although no one cares what time we enter into the system everyday as long we work 8 hours per day)
__________________


sheila022 is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 06:08 PM.


Join AllDeaf on Facebook!    Follow us on Twitter!

AllDeaf proudly supports St. Jude Children's Research Hospital

Copyright © 2002-2014, AllDeaf.com. All Rights Reserved.