Comments on: Prepare for Your 2009 Tax Return Today

By: Kevin

Kevin — Sat, 12 Sep 2009 04:32:31 +0000

Of course if you are running a business or side business and have a very complicated return then having a professional look over things makes sense (and will likely save you time).

However I wonder how many Americans are in this situation? How many are going to H&R Block or some other company to do their tax return that they could easily (and inexpensively) do themselves?

By: The Tax Club

The Tax Club — Thu, 10 Sep 2009 11:12:53 +0000

Would consulting/hiring a tax consultant/expert not be a viable option if we are talking about multiple incomes and their tax issues here? I believe it is always good to have a professional advise you in your financial matter, no matter how knowledgeable you are. Thoughts?

By: Baker @ ManVsDebt

Baker @ ManVsDebt — Sun, 03 May 2009 12:54:22 +0000

Yeah. I researched foreign taxes a little bit when I was preparing (although we didn’t have anyone come in with foreign taxes). First, not being here in the U.S. 12 months does effect some of our credits negatively.

The good news that is up to a certain point you can take an exemption for any taxes you paid in the foreign country. Let’s say we make 20,000 in AUS for that half of the year. Well, if we pay taxes in AUS most of that won’t be taxed in US. This is not true once you start making a lot of money. Luckily, we don’t have that problem ;-0.

It’s something I should probably learn more about before we go, instead of waiting til next April!

By: Kevin

Kevin — Sun, 03 May 2009 05:16:24 +0000

@Baker: True, but I’d rather be on that end that owing several thousand dollars (“Surprise!”). Good job on the fixes. Will anything change with you all going to Australia and potentially earning income there?

@Fiscal Fizzle: I wish there was a way to estimate exactly how much you would owe so that you could adjust. Then again our tax code is hundreds of pages thick and thus impossible to know exactly. Too many potential deductions and different situations. This is why we need a flat tax…

@Kelly: Not sure what you are referring to. Can you elaborate?

@Stephanie: Ouch. Sounds like a lot of changes. I can definitely see how that would make it complicated. Hopefully with starting a career things will settle down for you.

@TStrump: I don’t exactly know how much I am going to owe, either, but you can at least get a ballpark figure. Preparation and changing are key — if you owed a ton of money this year and things will be pretty much the same next year, you need to adjust your withholdings.

By: The Strump

The Strump — Sun, 03 May 2009 01:45:27 +0000

Saturday Linkstuff, Where’s Spring? Edition…

Just sitting inside on a spring day and wondering where the good weather is? It’s cloudy and raining and it shouldn’t be this way!

Anyways, at least there are some great posts from the week to stay home and read:

When is the Right Time to Have Chil…

By: TStrump

TStrump — Sun, 03 May 2009 01:07:37 +0000

This post is bang on – people should start their tax planning now.
As an accountant, so many people bring me their tax returns and are nervous because they have no idea how much they’re going to get back or owe.
Planning is an ongoing process – by the time the tax deadline hits, it’s usually too late to take advantage of many deductions.

By: Stephanie PTY

Stephanie PTY — Mon, 27 Apr 2009 20:08:22 +0000

I hope that someday my tax return will be predictable! My taxes this year were so different from last year’s, which were so different than the year before! And next year, I won’t have the same jobs (again) and I won’t be claimed as a dependent anymore, which will throw another wrench into the works. I’ve stopped trying to predict, and I have as much as possible withheld to offset self employment earnings, and I put aside money for taxes on top of that. The safe side, for me, would be getting a refund. I’d rather give out a 0% loan than be surprised with a big tax bill!

By: Kelly

Kelly — Mon, 27 Apr 2009 17:03:02 +0000

Keep in mind that this year we also have the stimulus package, so you may not need to adjust your withholding as much as you think!

I’m a little freaked out since the stimulus package passed we had $0 taken out of all our checks!

I ran the numbers and we will probably still get a refund, but I’m glad I checked now instead of freaking out later.

By: Wojciech @ Fiscal Fizzle

Wojciech @ Fiscal Fizzle — Mon, 27 Apr 2009 14:11:02 +0000

Great advice – I often joke about my own “pursuit of the $0 refund.” I just wish I could convince my wife that loaning money to the government is a bad idea. Fortunately, the little money we got this year went straight to savings and isn’t going anywhere.

By: Baker @ ManVsDebt

Baker @ ManVsDebt — Mon, 27 Apr 2009 13:59:06 +0000

We got a huge return, because I grossly underestimated the tax benefits of our daughter being born in 2008. So, this year we are going to be lowering our estimated payments and our withholding. The absolute last thing I want to do is loan the government my money at 0%!