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post #1 of 19 (permalink) Old 01-27-2008, 09:10 AM Thread Starter
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question about taxes

so for 2007 i earned a little over 55,000. and had over $8900 in taxes withheld

anyway my dad does my taxes and with the income and taxes i gave him he said i would get back about $700.

now i am no expert, but i feel i could get a shit load more back. my dad said have a standard deduction of $5300 so if i purchased tools they have to amount to more then that to even clamin anything.

I am thinking about using turbo tax to do my taxes. is there anything else i can use or what are my options?
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post #2 of 19 (permalink) Old 01-27-2008, 10:12 AM
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W/out knowing a hell of a lot more no one can really answer your question, but at $55k you should probably be in a higher bracket than 15%, which is what it comes to based on your dad's calculations. But it is a close call. Turbo Tax will ask you a series of questions to determine if you should take the Standard Deduction or Itemize, and you can go from there. But if your dad is a CPA, I would just take his word for the refund--which to me seems generous given your income.

Don't believe everything you think
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post #3 of 19 (permalink) Old 01-27-2008, 10:18 AM
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Definately use TurboTax. The problem with using professionals (dad included) is that they will not risk their livelyhood by....hmmm.....let's just say....being "creative" with your return.
You also need to restructure as the federal government is taking WAYYY to much of "your" money in the first place.

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post #4 of 19 (permalink) Old 01-27-2008, 10:28 AM
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Did you know that the only thing the government can't tax is your cock? Why?
Because 90% of the time he's out of work and hanging around.
10% of the time he's in the hole.
And he has only 2 dependents and they're both nuts!

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post #5 of 19 (permalink) Old 01-27-2008, 10:35 AM
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Like cmith said, but you can claim your pecker as a dependent and shift the tax burden on him and its standard deduction is all of your income.
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post #6 of 19 (permalink) Old 01-27-2008, 10:49 AM
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Originally Posted by ThrillKill View Post
Definately use TurboTax. The problem with using professionals (dad included) is that they will not risk their livelyhood by....hmmm.....let's just say....being "creative" with your return.
You also need to restructure as the federal government is taking WAYYY to much of "your" money in the first place.
All he needs to do is revise his W-4 and claim enough additional dependents to come out "even" at the end. I would fire my CPA if I ever had a refund--which would mean that I had given the IRS an interest-free loan for a year.

Even if he decides to "get creative" w/ his return, I am not sure he will save enough from that small income to pay for the software--especially if he adds in the value of his time! For the small amount he is looking at I'd just take ol' dads advice and be happy--about everything but the refund.

Don't believe everything you think

Last edited by Jayhawk; 01-27-2008 at 04:16 PM.
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post #7 of 19 (permalink) Old 01-27-2008, 03:48 PM
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post #8 of 19 (permalink) Old 01-27-2008, 06:40 PM
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+1 for TurboTax. Mine are more complicated than most (probably about the same as many here); TurboTax gets it right every time.

Also, refunds are for suckers. Learn what's happening to your money.
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post #9 of 19 (permalink) Old 01-27-2008, 06:44 PM
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Don't pay them. Change names. Move to a third world country. Change your looks. Erase your finger prints. Drive a Monte Carlo.
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post #10 of 19 (permalink) Old 01-27-2008, 06:45 PM
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^ Translation: Send a PM to Jakarta Expat.
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