Tax $eason 2014

[Rayzah]

Brehs are yall ready for tax season?

Being the goat tax preparer that I am, I will provide some important information regarding this tax season..


For my breh's that need that return as soon as possible so they can have some money to take on vacation that they already planned.

Get ready to wait early in the year.
The federal government shut down for 16 days last October, but taxpayers are still paying for it. The IRS says Jan. 31, 2014, is the earliest it will be ready to process individual tax returns. That date might even be pushed back to Feb. 4 in order for the agency to complete system updates and tests, which were interrupted by the shutdown. The IRS promises to make an official announcement of the filing season start date as soon as it knows for sure. You can go ahead and submit your return electronically as soon as you're ready; your e-filer will hold it until the IRS is ready to accept returns. If, however, you file a paper return, the IRS encourages you to wait until Jan. 28 (or later) to mail it.

For the 95% of the coli ballers on here

Watch for added taxes if you're wealthy.
The American Taxpayer Relief Act of 2012 was not kind to wealthier taxpayers, and they will find out the extent of the damage when they file their 2013 returns.

In addition to paying a top ordinary tax rate of 39.6 percent if, as a single filer, your taxable income is more than $400,000 ($450,000 for married couples filing jointly), you could face added taxes. The most dreaded is the new net investment income tax of 3.8 percent, also known as the Medicare surtax because the money goes toward that health coverage program for older Americans. The tax applies to either your modified adjusted gross income or net investment income, whichever is lower, if you earn more than $200,000 as a single taxpayer or $250,000 as a married joint return filer. The net investment income tax will not only take a bite out of taxpayers' bank accounts, but also cause headaches for high-income earners and their tax professionals working through the tax regulations. Topping it off, single taxpayers who make more than $250,000 and jointly filing couples making more than $300,000 will see their personal exemptions and itemized deduction total reduced.

For the business minded people on here

Claim the simplified home office deduction.
The recession has prompted many workers to start their own businesses, many of which are run from their homes. There's good filing news for these entrepreneurs. For 2013 returns filed in 2014, the IRS is now offering a simplified home office deduction. The new optional deduction is $5 for each square foot of home office space, up to a maximum of 300 square feet. That comes to a maximum $1,500 annual home office deduction. The IRS estimates that this option will save home-office filers who claim it's an estimated 1.6 million hours of paperwork and record keepings collectively. Instead of filling out Form 8829, you'll use a worksheet in the Schedule C instruction book and enter your simplified home-office deduction amount on Schedule C. While the new deduction option will be welcomed by many, note that the requirements to qualify as a home office still apply. For instance, the office space must be used regularly and exclusively for business.

For my fellow tax preparers,, the irs trying to hate on us

Pay attention to tax preparer regulation.
The IRS effort to regulate professional tax preparers will continue in 2014, both in the court system and on Capitol Hill. The agency wants to register all tax preparers who aren't already subject to certain standards (that is, attorneys, Enrolled Agents or CPAs) and require they pass competency exams and take continuing education classes. The IRS believes this will help reduce incorrectly and fraudulently filed returns. Three tax pros filed a federal lawsuit against the IRS, winning the first court round. An appellate court decision is pending. Meanwhile, legislation has been filed in the House to give the IRS statutory authority to regulate tax preparers. Senate Finance Committee Chairman Max Baucus also has suggested such preparer oversight in his tax reform working drafts. A final decision on tax preparer standards could come in 2014, affecting taxpayers who seek professional help in fulfilling their tax responsibilities.

And lastly just some good stuff to know

Take advantage of inflation tax adjustments.
One thing we do know for sure for 2014, inflation had a nominal effect on around 40 tax provisions. Most notable is that income brackets were widened a tad, meaning you can earn a bit more next year without being bumped into a higher tax bracket. Most people claim the standard deduction, and those amounts for each filing status in 2014 were increased slightly, as was the personal exemption amount, going from $3,900 to $3,950. However, the amounts you can contribute to your workplace pension plan and individual retirement account in 2014 have stayed the same as in 2013.

http://abcnews.go.com/Business/top-10-tax-traps-watch-2014/story?id=21342071#10

How are yall planning to spend this years

?

How many people are gonna be like this

 

[Chill]

TurboTax 2014

I'm gonna pocket the cash for a trip somewhere.

 

[Rawtid]

I set it so I don't get much back so whatever it is will probably be tossed to my savings.

 

[kp404]

[quote"Chill, post: 6921404, member: 9567"]TurboTax 2014

I'm gonna pocket the cash for a trip somewhere.[/quote]

Turbo Tax is just the greatest thing:smugcastro:

 

[Rayzah]

I set it so I don't get much back so whatever it is will probably be tossed to my savings.

Why do you hate money?

TurboTax 2014

I'm gonna pocket the cash for a trip somewhere.

Turbo Tax is they are owned by the irs, they encourage people to use it hoping they dont know what they are doing and that causes people to leave money on the table.

 

[Rawtid]

Why do you hate money?

Turbo Tax is they are owned by the irs, they encourage people to use it hoping they dont know what they are doing and that causes people to leave money on the table.

How did you get that I hate money from what I said? lol I get my money back during the year and because of that I don't get a large tax return.

 

[Chill]

[quote"Chill, post: 6921404, member: 9567"]TurboTax 2014

I'm gonna pocket the cash for a trip somewhere.

Turbo Tax is just the greatest thing:smugcastro:[/quote]

So simple

So fast

Such efficient management of your time during tax season

Everytime I hear someone is late on taxes or they're doing their taxes during the rush I just

knowing how TurboTax saved me the trouble of dealing with that shyt.

 

[Gunshi]

oh yes, gonna have to write off plentyofts with the home office n shyt

 

[Chill]

Why do you hate money?

Turbo Tax is they are owned by the irs, they encourage people to use it hoping they dont know what they are doing and that causes people to leave money on the table.

....oh really

Spoiler

 

[kp404]

....oh really

Spoiler

Breh trust me, I let other companies do my taxes the first few years of teaching...after Turbo Tax did it, that shyt DOUBLED my refund because there are things I missed because the tax person didn't go over it...Turbo Tax hits all the things I can declare as write offs...love it!

 

[NatiboyB]

I'm going to pay down on my house.

 

[jilla82]

Thanks breh...didnt know about that home office change.

2013 was the first year I was self employed...so im about to get raped

I dont have a CPA right now...Is it too late to try and find one? or would one of those places like H&R Block be alright for the moment?
My shyts not that complicated, but I want to get as many deductions as possible, so im thinking it would be worth it to hire someone.

 

[Silver Surfer]

I owe 1k...so whatever I get back will be minus that...plus Im claiming my kid officially!

 

[TYBG]

Make sure yall aint pulling some fukboy shyt w/ the home office deduction in case of an audit. No shower, bed, games, or nonbusiness communication (i.e. phone) inside that room.

 

[Akata Man Bromo]

I set it so I don't get much back so whatever it is will probably be tossed to my savings.

How did you do that