May 2007 Weddings
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Tax vent...ugh
I totally broke down last night freaking out because of taxes. I got my W2's and one is for my SSDI and the other my lump sum from longterm disability. It was all about 70-80000. No taxes taken out of it. I am trying to come up with every deduction. Kevin's tools for work, his cell phone because it's used for work, my medical bills (which is less this year), what else can we write off? I am so freakin worried. Thanks ladies!
Re: Tax vent...ugh
Does he use his phone for personal calls? If so, you really can't deduct it (or you may be able to do a portion of it). I believe his tools/phone/etc will be limited too. Also, remember that your medical deductions are limited...they need to be in excess of 7.5% of your AGI before you can even take anything.
I would suggest seeing someone to make sure you're doing everything right and aren't taking deductions you're not supposed to. Also, starting now I'd set up a savings account and put your "tax" into that so you're preapred for next year. And you should be making quarterly payments. And pay attention to the check stubs/direct deposit stubs you get to make sure taxes (or enough tax) are being withheld. If not, talk ot whoever pays you and see if that's something they can do.
You can always talk to the IRS and see if they'll help you set up a payment plan too.
.: Diary of a Recovering Runner :.
This, this, and this:
I mean, ... the IRS likes their money and will hunt you down better than THE BEST STALKER ever... but they're not TOTALLY unreasonable if you show willingness to work with them. (Sad... I know this through my parents.
)
Also, something to think about... this is the internet - a very public forum. (Maybe not the best place to discuss trying to pay as little as possible to the IRS. It could be misconstrued as you trying to screw them out of their money. And THAT misunderstanding is NOT a good thing.
)
.: Diary of a Recovering Runner :.
Be careful with the Cell Phone deduction. This is a highly audited deduction and the IRS likes you to substantiate the deduction. Idealy, you would need to go through each bill and take business versus personal use.
If you are itemizing your deductions, don't forget about your real estate taxes, mortgage interest, and charitable contributions. Sometimes even with the combination of all three of these together, you may still get more with a standard deduction.
Unfortunately, there is no way you are going to be able to find enough deductions to make up the lack of tax withheld on your w-2's/LT diability. To avoid this in the future, I would make sure to set some aside in a savings account every month or have the payor automatically take out both Federal and state taxes.
You will more likely than not incur some interest and underpayment penalties from the IRS this year. As Val mentioned, if the payor will NOT withhold for you, you will need to set-up quarterly tax payments. The IRS is also willing to work with people if they can't pay the entire payment at once. They can set up installment payments but you will be paying interest on that too.
Good luck.
And I just want to throw this lovely legal phrase out there:
This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.
Wow, thanks Mel, I wasn't asking you in particular just venting, see the title. I know next year we have to set up something. Out tax lady is amazing and got us back a nice sum I'm hoping we can get it to work out, I know probably payments, but okay.
I don't think I saw anyone writing about cheating the gov out of what we owe them, but whatever.
The disclaimer that Mel put at the bottom of her post is a very commonly used disclaimer...I can guarantee that if you'd emailed her at work, that disclaimer would be a part of the signature that goes out on every. single. email. In fact, this is what's at the bottom of my friend's email - and we were talking about vacation plans, nothing tax-related. The only thing I took out was the name of her firm.
In accordance with applicable professional regulations, please understand that, unless expressly stated otherwise, any written advice contained in, forwarded with, or attached to this e-mail is not intended or written by FIRM LLP to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code.
No one said you were intentionally trying to cheat the gov't but when you come in asking for advice on how to get more deductions going, it's common sense for us (us being anyone) to tell you about that disclaimer.
.: Diary of a Recovering Runner :.
I wasn't putting the disclaimer out there to be a biotch, I was actually responding to Val's post saying we are asking Melanie so many tax questions. I actually copied and pasted it out of my signature block at work. I was trying to make a joke, but then again, sarcasm can't be heard via text, mostly in speak.
Didn't mean to offend and I didn't think you were attempting to cheat the goverment either. We are all trying to get the most out of our tax returns, and every allowable deduction helps.
Maybe I was reading the posts differently but it doesn't sound to me like she is upset with you Melanie. I think she appreciated what you had to say and the way you said it.
Okay, I'll bite: I'm the one who used the phrase "screw them out of their money." I didn't say you were; I was merely pointing out trying to find more deductions in a public forum is a little risky because ANYONE can see it. If for some reason you wound up getting audited, they could google you and possibly find this discussion.
Hell, for all I know, there is a group of IRS people who sit and scan through randomly flagged hits on the words "deductions", "lower my withholding", etc. I don't know how they select people to audit/review!
As an outsider cause i know zero about taxes, i also read it similarly to Elizabeth. Shes not upset about the disclaimer being posted at all. I read it as something else that was said not that.
Yep, I thank you so very much Mel! I wasn't asking for an accountant, just venting, I have an accountant who is really good. I just found yours nice and funny.
Thank you to those who helped me and to those I talk to in other ways outside this board!!!
And all I said was we should lay off the tax questions directed to Mel - AFTER I said that I'd just done the same thing an hour or so before. It was directed to everyone b/c I know first-hand how annoying it is to have tons of people bugging you Jan 1 through April 15 on top of all the shiit you go through day to day. No need to be so defensive.
.: Diary of a Recovering Runner :.