Friday, February 6, 2009

saturday tune

I seem to have the working class blues, so this song is appropriate for today.
The husband did a first draft of the taxes ~ I can't believe we work so hard, live so simply & still *the Man* wants more money from us- when he is on extended temporary layoff. Still we have to hit the taxes early to figure out a way to pay the federal government more money so Wall Street people can live high on the hog, and keep their summer homes in the Hamptons.
I am going to scour those forms for the box that says "simple oversight" or "honest mistake".


D.K. Raed said...

I hear ya, Fran!

One thing you might've overlooked is the line about those tax rebates we were all supposed to get last year. If you got less than the full amount ($600 ea taxpayer), then you should use the IRS worksheet. See, they had to use 2007 tax figures to compute what you received, but the rebate is actually against 2008 tax return info. Don't worry, they are NOT trying to claw back if it turns out you were not entitled to whatever you received. They are only looking to see if you should've received MORE. Check it out. If their worksheet is too confusing, just write "RRC" (Recovery Rebate Credit) on the appropriate line of your return (it's one of the last lines, before the refund or amount due area), and the IRS will figure it for you.

Also, if you're itemizing, you might have enough medical exp's this year to claim that. Be sure to add in whatever ins premiums you actually paid. Hey, it's a sad thing to be happy when your medical exp's have exceeded the 7.5% floor, but if they did, you can at least exclude that amount from taxable income!

Annette said...

Good you can always use

Hopefully things will soon turn some.. this plan they have in the senate doesn't look all that good but it's better than nothing I guess. Makes me sick we need the damn republicans to pass something and have to give in to them.

Christopher said...

One of the myriad of reasons the GOP is gunning for Obama to fail.

The rich need to be protected at the expense of the middle class.

I have some numbers posted in response to what you posted on my blog about the tax mess in New York state and why we're not settling down here.

The NE in general had better get it's shit together or there won't be any people living in NY, CT, RI, MA or NJ.

Fran said...

DK ~ Nope, we got the full Stimulus check (used it for old debt)- so no loophole for us. I heard on the news last night 15% of taxes are filed in error as the stimulus is not required to be reported & people are adding it as income. For the last 2 years, there was a HOPE college tax writeoff that has saved our asses. I could only be used for 2 years, so no HOPE for us (with the IRS anyway).
My medical expenses are always just under the allowable/qualifying amount- no break there.
We used to be able to itemize the mortgage interest, but ever since we refinanced, not enough to qualify writing it off.
So thanks for trying to pull some tax tips out of the hat.
We are screwed.

Annette- the GOP is fiddling while Rome burns.
At some point all of these discussions will become moot. They will get it when the masses no longer have money to pay into the IRS.
You don't miss your water till the well runs dry.

Christopher ~ That house of cards is falling.

enigma4ever said...

I am sorry friend...

I too will always....( why a single mom getting support and working for dirt owes is beyond me...)

hmm , the well runs dry....