Tax Time

SnakeEyeSS · February 2, 2005

how much do you have to make before you can deduct stuff like donations, tithe's etc, etc(go long form)

Wingnut · February 2, 2005

$146.36 per annum.

Really, I don't think it matters how much you make before you can itemize.

I know that I get about the same return every year whether I do it or not.

I'm not a tax expert though, hopefully you'll get a better answer.

8.1Texan · February 2, 2005

there is only a minimum amount where if you hit it, you MUST file the "long" form and do deductions.

if you make over 100,000 you have to use 1040, not 1040A or 1040EZ.

most people don't have enough deductions to make it worthwhile, but if you only make 20,000 there is nothing stopping you from itemizing your deductions.

8.1Texan · February 2, 2005

the irs is actually quite helpful.

http://www.irs.gov

mcreyaufmiller · February 2, 2005

doesn't matter, you will get screwed by the IRS anyway.

superbee · February 2, 2005

The real issue is whether the total of your itemized deductions is higher than your standard deduction. If it is you pay less tax, or get more back whatever the case may be. Add up all of your deductions and compare. Good Luck!

gave20 · February 2, 2005

You need to compare an itemized vs. a standard deduction. With an itemized you can include mortgage payments, student loans as well as the other things you mentioned in your opening post. If, however, you don't have a mortgage and or student loans a standard deduction is probably appropriate.

...If you have finished school or are just about to finish and have claimed yourself as a dependent you can file for a lifetime learning tax credit which is a 1k dollar credit, not a deduction which could possibly increase your return significantly. You also have the hope credit which can get you higher returns.

Mighty HD · February 3, 2005

I got raped again this year. We had to pay in $550. It was originally $15. Another W2 came in for my wife and sure enough just my luck.

I claim Married & 0. Tax dude says no $$ till kids start to spit out.

d**n shame..

If I was single I'd get almost $4500 back!

Roostman · February 3, 2005

Taxes SUCK!!! I do however realize that our taxes contribute to this being the best place to live in the world and the country of choice for any foreigner looking for a better life. Neccessary evil...

8.1Texan · February 3, 2005

what sucks is that parents are given a tax break. i'm perfectly fine with paying taxes to support everyone, including children, since in the end it benefits society, but why should my tax burden be higher than those who are using the benefits?

i drive a gas guzzling truck, so i pay more in gasoline taxes.

but if i have kids who suck the system dry, i pay less taxes...it makes no sense.

USA1Fan · February 3, 2005

what sucks is that parents are given a tax break. i'm perfectly fine with paying taxes to support everyone, including children, since in the end it benefits society, but why should my tax burden be higher than those who are using the benefits?
i drive a gas guzzling truck, so i pay more in gasoline taxes.

but if i have kids who suck the system dry, i pay less taxes...it makes no sense.

<{POST_SNAPBACK}>

Stop being jealous and go make some kids of your own!

8.1Texan · February 3, 2005

true- the world could use more of my genes...

99silveradoz71 · February 3, 2005

Oddly enough, I saw some girl parading around town down one of our main streets wearing a Statue of Liberty costume and carrying a sign reading, "It's Tax Time"