I use the new online version every year.

1/29/2012 9:57:10 PM

^

1/30/2012 6:42:22 AM

I read somewhere that student loan interest is no longer going to be deductible in a few years... is that true???

1/30/2012 7:52:03 AM

Sounds like an obmanation!

1/30/2012 8:56:32 AM

^^I read something similar recently. My understanding was that the deduction, as it stands, will expire at the end of this year. If it is not extended then the student loan interest deduction will change back to an older version which only allows the first 5 years of interest payments to be deductible. If you are already 5+ years deep into payments then the deduction is essentially gone for 2013 (unless extended).

1/30/2012 1:25:56 PM

They had a big write-up about http://www.onepricetaxes.com/ in the N&O this weekend. Company is Raleigh-area based. $15 for all tax returns.

I am going to try them out this year, but I am not sure if they can handle my side business (consulting work). It would be nice to not have to pay $75 to Turbo-tax plus the additional fee to file for NC.

1/30/2012 1:50:58 PM

Please let me know how this works out for you. I have W2s and 1099s, so mine is kind of complicated. I've always used TurboTax's $75 offering, which covers those bases, and have been very pleased outside of the cost. I'd switch in a minute if this is legit, but their site doesn't have screenshots of their online software, which is disappointing.

1/30/2012 8:41:42 PM

Does anyone have experience with the American Opportunity Tax Credit?

1/31/2012 12:26:48 AM

^^ you can use it for free and only pay once you file, just like turbotax

1/31/2012 2:48:48 AM

Don't forget you can deduct the cost of tax preparation,including software cost.

Does anyone know if the deductible for homeowners insurance is a deduction for water damage. It looks on turbotax like it wants me to itemize the cost of property lost, then what insurance paid. Of course, insurance paid the cost of repairs including labor, water cleanup/mitigation, and property replacement value (less depreciation).

Should I just enter water mitigation and structural repairs as one lump item?

1/31/2012 8:27:42 AM

i have five w-2s

1/31/2012 8:39:56 AM

The article I read said that the student loan interest deduction would be gone starting in 2013 so unless they extend it again, I'll be out roughly an extra $600 since I easily pay more than the $2500 limit in interest every year.

1/31/2012 10:09:29 AM

yeah... i might have to pay off my student loans faster now.

1/31/2012 10:12:10 AM

2500 in interest?

where did you go to school son?

1/31/2012 10:16:00 AM

Anybody have the link to the article?

1/31/2012 10:17:04 AM

http://taxes.about.com/od/deductionscredits/qt/studentloanint.htm

Quote :

"Planning Ahead for 2013 The deduction for student loan interest will continue to be available to every person who is legally obligated to repay a student loan through the year 2012. Starting with the year 2013, the deduction will revert to an older law in which student loan interest will be deductible only for the first 60 months of repayment."

1/31/2012 10:46:55 AM

Booooooo.

1/31/2012 11:08:07 AM

College is one of the biggest mistakes of my life, honestly.

1/31/2012 11:11:08 AM

Seriously? At minimum all the networking and contacts I made during college made it worth it.

1/31/2012 11:19:34 AM

I could be doing much better right now had I immediately went into the job market upon graduating high school in 2003.

so its like a double whammy because I'm not as well off, and have 40k in debt to pay off.

[Edited on January 31, 2012 at 11:25 AM. Reason : -]

1/31/2012 11:22:37 AM

what would you being doing instead had you not made this mistake..?

totally not judging! just curious,

1/31/2012 11:33:37 AM

i'd be a manager of something by now, that's for sure.

1/31/2012 11:57:33 AM

what did you major in??

1/31/2012 12:20:15 PM

Does anyone know if there is a rule for how to claim expenses related to web development costs.

In my case, I bought a website, and I want to deduct the cost of the purchase from my earnings last year. (This is all as a sole proprietorship, if that matters).

The website does not sell a product, and is not used to advertise a service I provide, but many forums that I have read indicate that people claim web development/design/hosting expenses as "Advertising expenses". The website is simply a place for people to click on google ads.

2/1/2012 11:37:28 AM

finally got both of my W-2s yesterday and ran everything through turbotax. We are getting a refund, but no where near what I was expecting (and about 3k less than our return last year). I made more money this year than last, but we also bought a home so I figured we would get a decent refund. I think I've got my W4 dependent numbers (or whatever they are called) a little low, so I get more money in my paycheck, but not as good of a return.

so much to paying off a chunk of bills and putting a down payment on a car

2/1/2012 12:15:07 PM

$30 back from federal and $6 for state. Gonna be rich.

2/1/2012 12:34:26 PM

Quote :

"Does anyone know if there is a rule for how to claim expenses related to web development costs. In my case, I bought a website, and I want to deduct the cost of the purchase from my earnings last year. (This is all as a sole proprietorship, if that matters). The website does not sell a product, and is not used to advertise a service I provide, but many forums that I have read indicate that people claim web development/design/hosting expenses as "Advertising expenses". The website is simply a place for people to click on google ads. "

You need to file a Schedule C. You will report all income and expenses for the sole proprietorship on this form.

2/1/2012 6:43:28 PM

I despise taxes. Just looking at the paper work makes me angry.

2/1/2012 8:27:45 PM

Oh yeah...tax returns have deposited! Time to buy a new laptop for work! Deductions for 2012 begin!

2/2/2012 11:08:00 AM

Finished my taxes last night and, while I am getting a refund as usual on the federal side, it's $700 less than last year and $1000 less than two years ago. Boo. I also owe money to the state for the first time in several years, though thankfully it's only $62.

Still, disappointing.

2/2/2012 12:23:16 PM

NC got my refund deposited before the Feds? What kind of bizarro world is this

2/3/2012 10:14:52 AM

i goofed on my taxes, getting close to $7k from federal and $1k from state, didn't account for all the deductions ... already adjusted my W-4 for 2012 so I actually get to see that money every paycheck vs. letting the government hold on to it.

luckily my taxes are super easy.

2/3/2012 1:34:23 PM

I have been seeing that trend as well. NC will eventually slow down, they always do.

2/3/2012 3:30:24 PM

[Edited on February 3, 2012 at 3:41 PM. Reason : wrong thread]

2/3/2012 3:40:31 PM

I just got my last piece of paperwork yesterday .

Will run everything over to the CPA next week.

2/3/2012 4:06:19 PM

still waiting on a 1099

2/3/2012 4:40:32 PM

how do i figure out where the extra 2.5k on top of my salary came from? Ask the accountant?

2/3/2012 8:20:39 PM

Shouldn't it be obvious from your paystubs?

2/4/2012 1:47:23 PM

yeah, I'm an idiot.

2/4/2012 2:10:44 PM

Filed. Fairly painless.

2/4/2012 4:27:13 PM

Filed. Easy.

Gotta adjust with-holdings, 2k back is too much for them to be holding.

2/4/2012 7:29:33 PM

only reason we got a significant amount back was because we had a huge deduction to a major repayment of a lump sum of money that we had been taxed on previously.

Otherwise, everything would've play out pretty evenly. Probably would've owed a little.

2/4/2012 9:10:50 PM

the irs page on "where's my refund" still cant find my filing, that was accepted jan 31st via tax act.

the estimated refund date is feb 8th, according to taxact.

seems kinda weird that the irs page doesn't find it.

2/6/2012 12:07:30 PM

filing next weekend ... so NOT excited

2/6/2012 12:48:16 PM

Quote :

"Quote : "Does anyone know if there is a rule for how to claim expenses related to web development costs. In my case, I bought a website, and I want to deduct the cost of the purchase from my earnings last year. (This is all as a sole proprietorship, if that matters). The website does not sell a product, and is not used to advertise a service I provide, but many forums that I have read indicate that people claim web development/design/hosting expenses as "Advertising expenses". The website is simply a place for people to click on google ads. " You need to file a Schedule C. You will report all income and expenses for the sole proprietorship on this form."

Yes ... but what I am asking is WHAT CATEGORY ... advertising? Capital expenses, depreciated? Just trying to figure out if this SIGNIFICANT expense can all be deducted to offset all my business income for this year. Would help me save paying a lot of taxe$.

2/6/2012 1:00:13 PM

Well you have some options. Depending on the amount you could depreciate the initial cost of the website or it may follow under a sec 179 deduction allowing you to fully expense it.

I would definately not put it under advertising expenses.

2/6/2012 2:07:25 PM

Quote :

"They had a big write-up about http://www.onepricetaxes.com/ in the N&O this weekend. Company is Raleigh-area based. $15 for all tax returns. I am going to try them out this year, but I am not sure if they can handle my side business (consulting work). It would be nice to not have to pay $75 to Turbo-tax plus the additional fee to file for NC."

Quote :

" Please let me know how this works out for you. I have W2s and 1099s, so mine is kind of complicated. I've always used TurboTax's $75 offering, which covers those bases, and have been very pleased outside of the cost. I'd switch in a minute if this is legit, but their site doesn't have screenshots of their online software, which is disappointing. "

I've used Taxact for the last 3-4 years (had a side business/1099's the whole time) and I've been very pleased with it. It's never over $20 and that covers federal and state e-file.

Why pay $55+ more? Is there something shitty about Taxact I don't know about?

2/6/2012 5:31:30 PM

I had a problem last year where I e-filed my federal and state at the same time. My federal had the wrong PIN and was rejected. Because of that, the State didn't accept my deductions. I explained the situation and was told the problem was actually something from 2008. It was April 13 so I said fuck it, I'll figure it out next year, and I paid what they said I owed. Then I got a refund for the amount I was expecting in the first place. So... those people didn't know what they were talking and I paid when I didn't owe anything? Now it's a year later. What do I do? Can I count that towards this year?

2/6/2012 7:20:13 PM

Much of that doesn't make sense. You e-filed your 2011 return and it got rejected because of an incorrect PIN? Did you ever get an accepted federal return for 2011? Was the state accepted after the federal acceptance?

They then said it had nothing to do with 2011 but with 2008? Was this an unpaid 2008 balance due that never got paid? Did you get your expected 2011 state refund after that?

What are you trying to count towards this year? Technically if you itemized in 2010 the state refund received in 2011 would be included as income in the 2011 return. If you paid 2008 state taxes in 2011 you could also include this as a deduction on Schedule A under state income taxes.

2/6/2012 7:42:36 PM

I never filed state in 2008 because I was going to try and figure out a way around the TurboTax fee. Now they want like 800 bucks from me. =(

My taxes be all fucked up.

2/6/2012 8:11:18 PM