My Tax Rant.

[Maulds]

Whats a K1 first of all? And why are you having to claim $2? Don't claim anything under $600 on any form is what I was told.

 

[TheOriginalJames]

I'm a shareholder (3%) in my dads second company which does the fiber installations in apartment buildings around town.

I had to have my K1 form (shareholders form, basically) to do my taxes since there is taxable income on it (425 dollars of which 2 was taxable).

 

[Maulds]

If I'm right you didnt have to turn it in unless it was at least $600. I was owed a 1099 for $500 but the business decided to skip it since it wasn't enough for me to have to turn in

 

[TheOriginalJames]

So I drew up some sketches (NOT TO SCALE) of the house. With my returns I can't decide what I want to do, more on that later...

- Main Floor -


- Basement -


- Second Floor -


Pictures of the house itself.

Front from the driveway;

Side of the house. You can see my badass garage.

The basement has a Kitchenette in it... *orgasms*

I'm still trying to figure out how to go about using this tax return money.

1. Half of it going into an IRA and not touch it. The other half to use for misc. things with the house aside from the windows.

2. All 900+ into the windows, IF they're quoted for less than that. (doubt that anyway)

3. New tires & a tune up for the Civic, the rest into the house.

4. Use my CC for the house inspections/appraisal and pay off it off when I get my tax return, using the rest for misc. things as I stated before.


I do know one thing, I'm going to have my dad take out an extra $5 off my paychecks everyweek. I can do more with that extra 260 at once than saving it up over 52 weeks.

Decisions... decisions...

 

[TheOriginalJames]

If I'm right you didnt have to turn it in unless it was at least $600. I was owed a 1099 for $500 but the business decided to skip it since it wasn't enough for me to have to turn in

I figure, if I have it and do it... then voila... absolutely no chance whatsoever of being audited or whatever. Just seems easier to play by the rules.

 

[SilentEyz]

Hmmm.. And you were Giving me Shit in The PW thread when I was bitching about having to pay 240 for my Taxes,


TOLD YOU.. Taxes Suck.

 

[TheOriginalJames]

I was fucking with you like I always do.

 

[Maulds]

James believe me nothing makes you exempt from an audit by the Irreverent Revenue Service. But what I said was legit, I don't cheat on mine (though I get very little back)

I say option 2.

and btw how many people are gonna live in that big house?

 

[BaggedSplash]

id say invest your tax money into the house. itll add value to it later on down the road when/if you ever decide to sell it in the future

 

[TheOriginalJames]

James believe me nothing makes you exempt from an audit by the Irreverent Revenue Service. But what I said was legit, I don't cheat on mine (though I get very little back)

I say option 2.

and btw how many people are gonna live in that big house?

BDN, my current roommate, and myself will live there. If one of them decides to pull out and leave, I'm more than willing to start a second part time job to cover anything I need to do. In fact, I'm kind of weighing that option right now so I can throw some cabbage into my savings account.

 

[Haus]

i have my work take out an extra 5.00 a week.

and i dont ever get anything back for State. they only take out what im supost to pay.

and for the 2 people that were wondering. the aussies.

i got to pay for Federal, State, Social security, MDcare, City(local), state unemployment insurance(SUI) that comes out of each pay check. every thing they take out is a percentage of what you make except federal. it all depends on what tax bracket you're in which depends on how much you make. the more you make the higher tax bracket your in.

and one time a year i got to pay 52.00 they used to do it quarterly tho. but take it out for your first check of the year in Pa.

 

[SilentEyz]

This is the last year I will get a good return.. Last year I get the Tax credit for my girl... *pouts*

Every year I make more and get less back, have to change my dependents this year. Hurts on the weekly check but it will help on the return next year.

 

[TheOriginalJames]

Bump for IntruderLS1, pics and the sketches I drew of the floorplans are on Page 3.

 

[Trance97]

That's a cool looking house. Who are you moving in with?

 

[TheOriginalJames]

BDN and my current roommate.

 

[Darkstar]

im moving in too...






























haha...riiiight.

 

[Trance97]

You going to throw some parties?

 

[TheOriginalJames]

im moving in too...






























haha...riiiight.

I'd have no complaints about that.

 

[sharpies]

It's pretty much the same over here, all the state & federal taxes are taken out based on a percentage of what you earned. We also have to pay a percentage to Medicare which covers the cost of some medical & hospital procedures, it's not completely free, but it's pretty good.

Eridanus

We can do our tax returns online here? Hmmm I never knew that at all. I'll have to try that in July this.

Try this site & follow the links to eTax. It's not really that hard.

Australian Taxation Office Homepage

Allan

 

[Nyck]

I just use turbotax online. cost me 44 bucks