Author Topic: 2008 Tax Return (Read 5209 times)

blackdiamond · « **on:** Jan 18, 2009, 05:41:26 PM »

So how much business is Marlin Crawler going to see from 2008 Tax Refunds?

It's sad, but this year I'm excited about only owing $355. I input everything in Turbo Tax today and was please to see a number much lower than the $2,500 I had calculated using the online tax tables last week. I knew my calculation wasn't exact, but I didn't expect the difference to be that much.

I guess the blessing is that the reason for owing taxes is that I worked a ton of overtime at the beginning of last year. This year I expect to work even more. The money is nice, but I had overtime so...

and

I'm planning to purchase a low budget winch, Longfield Hub Gear and a bikini top for my Moab trip this year, but it won't be from a tax refund.

crawlerdan · « **Reply #1 on:** Jan 18, 2009, 05:47:24 PM »

we are expecting about 5k in returns, marlin will get about 500, the rest and those marlin parts will go to fixing the runner after its fatal "incident"

Joey88RUNR · « **Reply #2 on:** Jan 18, 2009, 07:50:09 PM »

Who knows what ill get back....i have been dreaming of a Marlin front bumper though

bigarms23 · « **Reply #3 on:** Jan 18, 2009, 07:59:49 PM »

i did my tax electronicly and im getting back a hole $300 total for both state and fed

peacesells · « **Reply #4 on:** Jan 18, 2009, 08:10:40 PM »

I didnt pay taxes until I started working for the government this month(shh) but marlin sees about $3000 a year from me. Im sure he appreciates it too...

snowshoebrue · « **Reply #5 on:** Jan 18, 2009, 08:31:15 PM »

We haven't done ours yet, my company usually waits till feb jan 31 send out w2's. We decided that we each get 10% to spend on whatever we want and the rest goes to savings and paying off bills. hopefully since we bought the house in july we will get a good return

blackdiamond · « **Reply #6 on:** Jan 18, 2009, 08:45:00 PM »

My wife and I are planning a trip to Dubai later in the year to visit my sister, brother-in-law and new niece or nephew and have saved enough for airline tickets and were hopeful that another "pot" of money could be used for the trip itself. I was worried that the majority of it would be going for taxes. I don't know how much a trip to Dubai via London will cost, but I'm figuring that it won't be cheap.

Hyena · « **Reply #7 on:** Jan 18, 2009, 09:07:32 PM »

i should be getting back about $1200, most of which will be going toward a new tranny for my ford

Cheesemaker · « **Reply #8 on:** Jan 18, 2009, 09:49:22 PM »

As soon as I get my W2's, we will know, but my wife already has given me the GREENLIGHT for a new lens for my camera.

It's gonna be about $700.

Damn digital SLR's. And a big chunk is going to Disneyland in March, but also, I might be slipping a few $$'s to Marlin when I'm in Fresno at the same time.

Besides those items, I'm eyeballing a new tool box,

and the rest is going into our money market for whatever comes up, like deck repair! We usually get about $5000 back federally, but state we might see less than $10, that's if the state doesn't make us pay like I feel they are gonna do!

boggerunner · « **Reply #9 on:** Jan 18, 2009, 10:16:29 PM »

i should be getting back about $3200, $1000 will pay off debt, and another $1000 will be spent on the crawler between marlins seals and trunion bearing upgrade and bobby longs hub gears and output shaft. and the rest will be put in savings

Shamb · « **Reply #10 on:** Jan 19, 2009, 09:28:55 AM »

No clue what we'll be getting back, should be interesting since we bought a house last year. I purchased my Dodge and my wifes Mazda along with the most important of all! our daughter was born on Dec 17th..

Everyone at work keeps telling me we're going to get a BIG tax return but I doubt it....

We both also claimed single - 0 last year so I was getting a ton taken out of my check... hopefully that helps in getting more money back.

I'm planning on purchasing a few small things to get my project started a bit further but we'll probably keep most of it in the bank because my wifes going back to school in August to finish our her Radiology program.

blackdiamond · « **Reply #11 on:** Jan 19, 2009, 10:25:05 AM »

Quote from: Shamb on Jan 19, 2009, 09:28:55 AM

No clue what we'll be getting back, should be interesting since we bought a house last year. I purchased my Dodge and my wifes Mazda along with the most important of all! our daughter was born on Dec 17th..

Everyone at work keeps telling me we're going to get a BIG tax return but I doubt it....

We both also claimed single - 0 last year so I was getting a ton taken out of my check... hopefully that helps in getting more money back.

I'm planning on purchasing a few small things to get my project started a bit further but we'll probably keep most of it in the bank because my wifes going back to school in August to finish our her Radiology program.

From my experience, purchasing a house helped because you can deduct the loan interest. I've never had enough other expenses to benefit. Since your daughter was born at the end of the year you should get maximum reward, perfect timing. You can deduct the auto purchase tax on top of the basic sales tax deduction so that should help a little as well. I would expect you to get a nice refund unless you had a lot of overtime.

I may be way off base, but I thought I heard that you were not allowed to file as single if you were married? It might be worth checking in case you ever got audited. I claim married 0.

I hope you get a ton of gold!

Cheesemaker · « **Reply #12 on:** Jan 19, 2009, 07:21:40 PM »

You can file married, but filing single. But filing married & jointly, you get a better return.

I never get to deduct my interest from my house payments, since I got a really low rate, and my payments are really stupid low! $695 with property taxes and ins!!!

My actual house payment is like $525, with a 5% int. rate. The standard deductions is more than our int. deductions! So we are able to just go 1040 and file online with direct deposit, and usually within 2 weeks it's in our account!

*FFC* · « **Reply #13 on:** Jan 21, 2009, 07:08:13 AM »

I ain't got my stinkin W-2 yet

Matt and I aren't sure how we're going to file. I'm going to fill out the forms both "married, filing jointly" and "married, filing separately" and see which way works best to benefit us.

blackdiamond · « **Reply #14 on:** Jan 21, 2009, 11:34:18 AM »

Quote from: FFC on Jan 21, 2009, 07:08:13 AM

I ain't got my stinkin W-2 yet

Matt and I aren't sure how we're going to file. I'm going to fill out the forms both "married, filing jointly" and "married, filing separately" and see which way works best to benefit us.

The tables for jointly vs. separately appear different, but should yield identical results. The tax brackets are lower for filing seperately because the total income is higher. The only advantage that I know of for filing jointly is that you can deduct student loan interest. I don't think that filing seperately is ever an advantage unless you're legally seperated. It's easy enough to run the numbers and find out for sure.

brockbuilt85 · « **Reply #15 on:** Jan 21, 2009, 11:42:08 AM »

you can deduct student loan interest no matter what from what i understand

blackdiamond · « **Reply #16 on:** Jan 21, 2009, 11:49:16 AM »

Quote from: brockbuilt85 on Jan 21, 2009, 11:42:08 AM

you can deduct student loan interest no matter what from what i understand

I think you can if you file single or married jointly, but the last time I looked at this you couldn't if you filed married seperately. It didn't really make sense other than it might be a way to encourage family values. My wife's student loans are paid off and mine are being paid by the government so I can't claim the interest, but I think I'm above the income cap for the deduction anyways.

AaronB · « **Reply #17 on:** Jan 21, 2009, 11:59:23 AM »

im just hoping i dont have to pay again.

Shamb · « **Reply #18 on:** Jan 23, 2009, 07:53:02 PM »

Quote

you can deduct student loan interest no matter what from what i understand

Yea you can but unless you spent ALOT of money on schooling it really isn't worth it. When I was in college I used everything as a deduction, tuition, parking fee's, books.. everything... I can't recall the amount.. I want to say it was atleast $2000-3000 .. I only saw a difference of $25 on my return

so it really wasn't even worth it.

Right now we're paying around $1000 just in interest on our house since we just purchased it.. hoping that works in my favor.

I have a question for all of you that have someone else do your tax's.
We typically do our own because we don't do a long form or anything so it's super easy to just save the cash and do it yourself.. but last year we decided to have someone do it because my wife goofed up on her W4's and was claiming 1 which almost caused us to pay...

Anyways...

For those who have someone do it, do they take the time to go through everything to ensure your getting the most back possible? Do they ask you specific questions to ensure your getting as many deductions as you can?

Because when we did ours last year.. we were in and out in like 5 minutes.. it was almost like she didn't really care and just wanted to get it done quick. I'm wondering if someone would have taken the time to work on it a bit we could have actually gotten a decent return back.

I dunno how it all works.. besides doing the basic's.

Steve_925 · « **Reply #19 on:** Jan 23, 2009, 09:28:08 PM »

im doing mine right now. looks like im getting $1350 from the feds and like 400 from cal

germ · « **Reply #20 on:** Jan 24, 2009, 02:41:28 AM »

Quote

Because when we did ours last year.. we were in and out in like 5 minutes.. it was almost like she didn't really care and just wanted to get it done quick. I'm wondering if someone would have taken the time to work on it a bit we could have actually gotten a decent return back.

I dunno how it all works.. besides doing the basic's.

You can file an amendment and get a better return. I'd check into an independant CPA/Tax person, they will often take some extra time, as their buisness is based on building relationships, and they want you as a return customer. Places like H&R Block, could care less. They make their money on the quantity (rather than quality) model.

I'd also ask around. You can find some very good tax folks out there. There are some that border on shady, but they'll maximize your return. Just don't push too hard or you'll find yourself with an audit. Those suck.

Erik

blackdiamond · « **Reply #21 on:** Jan 24, 2009, 09:49:00 AM »

Quote from: Shamb on Jan 23, 2009, 07:53:02 PM

Yea you can but unless you spent ALOT of money on schooling it really isn't worth it. When I was in college I used everything as a deduction, tuition, parking fee's, books.. everything... I can't recall the amount.. I want to say it was atleast $2000-3000 .. I only saw a difference of $25 on my return so it really wasn't even worth it.

A deduction is a deduction so $1,000 from student loan interest will be the same as $1,000 from home loan interest when it comes to your taxes due. There are maximum amounts of student loan interest that can be deducted, but the portion that you can deduct is 1 for 1 with every other deduction. Every deduction reduces your AGI and your taxes are based on that number.

BLACKDOG · « **Reply #22 on:** Jan 24, 2009, 10:08:21 PM »

Shamb, have you tried using a program like turbo tax? Personally I don't know a whole lot about it, but my dad uses it every year, and really likes it. From what I understand, it covers a lot of bases, and asks you questions throughout, to help you with deductions.

what any one elses experiences are with it, but it works well for my dad.

blackdiamond · « **Reply #23 on:** Jan 25, 2009, 07:49:20 AM »

Quote from: BLACKDOG on Jan 24, 2009, 10:08:21 PM

Shamb, have you tried using a program like turbo tax? Personally I don't know a whole lot about it, but my dad uses it every year, and really likes it. From what I understand, it covers a lot of bases, and asks you questions throughout, to help you with deductions. what any one elses experiences are with it, but it works well for my dad.

I always use Turbo Tax. Tax Cut is very similar.

Cheesemaker · « **Reply #24 on:** Jan 26, 2009, 09:30:59 PM »

We use H&R Block online. And its free and they transport last years info over too! We are getting back $5500+ federal, and $90 from state.

red · « **Reply #25 on:** Jan 27, 2009, 05:13:09 PM »

getting back 1380 from federal, no state tax to worry about. 400 is goin to pay off my credit card, rest is probably goin towards an xd45 pistol and a 4" exhaust for the yukon.

kneedownnate · « **Reply #26 on:** Jan 27, 2009, 05:40:09 PM »

Quote from: red on Jan 27, 2009, 05:13:09 PM

rest is probably goin towards an xd45 pistol

If I got that much back, that's in my top 3 choices to buy! I'm leaning toward an xd40, s&w m&p or walther p99. All are excellent tools, I just need to get them all in my hands and see which fits me best!

Tice · « **Reply #27 on:** Jan 27, 2009, 06:05:56 PM »

Haven't finished mine, but if I do it right I will only owe about 400 to fed and state!!!!

abnormaltoy · « **Reply #28 on:** Jan 28, 2009, 05:22:04 PM »

Quote from: red on Jan 27, 2009, 05:13:09 PM

and a 4" exhaust for the yukon.

por que?

red · « **Reply #29 on:** Jan 28, 2009, 05:41:21 PM »

turbo diesel 6.5L in the yukon, more free flowing and the current (stock) exhaust is getting plugged up pretty bad.

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