Death and... Taxes.

a c i d.f l y

a c i d.f l y

ಠ_ಠ
<Silver Donator>
20,067
99,499
So I'm filling out my taxes, and I'm curious if anyone has any generally overlooked suggestions for viable deductions on their Federal Income taxes? I should also specify that I reside in Texas.

So far I have...
  • Mortgage interest and Home Insurance (Form 1098)
  • Property Taxes
  • Charitable donations
  • New vehicle Registration Fees
  • New vehicle Sales Tax, if you finance, can you claim the taxes up front?
  • HSA contributions
  • Home office expenses (internet, cell bill, laptop, monitor, printer, filing cabinet)
They had deductions for energy efficient upgrades last year, wish those were still viable since I had to replace my water heater and inside/outside AC units last year. Now it's just two solar deductible options. Unless there's something hidden that I'm missing.

Also, I don't have children, so no care expenses. That'll change next year.

Can I expense all the beer I purchased while working from the bar? (sort of honest question)
 
  • 2Like
Reactions: 1 users
taebin

taebin

Same trailer, different park
973
451
Since we (Texas) don't have state income taxes, you can deduct the average state sales tax (8.25%). It is based off your income.
 
a c i d.f l y

a c i d.f l y

ಠ_ಠ
<Silver Donator>
20,067
99,499
taebin said:
Since we (Texas) don't have state income taxes, you can deduct the average state sales tax (8.25%). It is based off your income.
Click to expand...

At an income and purchasing level where holding onto my receipts is starting to make sense. Every year prior it wasn't enough of a deduction to make a difference. It definitely would have for this past year where I received a 55% pay increase, got married, bought a house, and two vehicles... Certainly learned a lot about what I could claim while filing this year that I wish I'd known about for several years past.
 
taebin

taebin

Same trailer, different park
973
451
If you used Turbotax (easy to do with them, longer submitting actual forms), you can file amended returns for the past 3-4 years. I did that 2 years ago for 2012/2013/2014 and got back about 2 grand.
 
a c i d.f l y

a c i d.f l y

ಠ_ಠ
<Silver Donator>
20,067
99,499
taebin said:
If you used Turbotax (easy to do with them, longer submitting actual forms), you can file amended returns for the past 3-4 years. I did that 2 years ago for 2012/2013/2014 and got back about 2 grand.
Click to expand...

Oh really. Would I need receipts?

Also not that anxious to file a revision. Last time I did that (for that year they had a cell phone perk), they audited me and found out I fucked up the first year I transitioned from a $7/hr job to a $15/hr job and neglected to file the W2 relating to the $7/hr job. Ended up owing like $6000. So filing a revision makes me nervous.
 
Last edited:
LachiusTZ

LachiusTZ

Rogue Deathwalker Box
<Silver Donator>
14,472
27,163
You need substantiation to prove expenses, not claim. That's the "will I get audited risk".

Claims can and do result in audits.

Phones etc have to be prorated, unless it is solely for business. Then it could fall under ordinary and necessary.

Beer, prolly going to fall into ordinary and necessary as well.

Financed sales tax should be amortized. I'd think. Don't have a code section for it tho.

Title 26, Section 162 has most of the business stuff in it.
 
a c i d.f l y

a c i d.f l y

ಠ_ಠ
<Silver Donator>
20,067
99,499
I'm thinking I need to pay the $50 CPA charge to have my return reviewed for liability. Want to make sure I'm not over inflating my deductions artificially or incorrectly, and end up fucking me in the long run if I so it wrong this year. If so, I can do it right going forward. Or just dump my docs on my uncle who is a CPA. Depends how much he'd charge, I guess.
 
TJT

TJT

Mr. Poopybutthole
<Gold Donor>
45,787
123,759
a c i d.f l y said:
Doesn't look like we got mortgage insurance, but I'll need to double check my 1098.
Click to expand...

If you paid 20% down you don't usually need to pay PMI (Mortgage Insurance) OR you have paid enough to the house such that you have paid down what would equal a downpayment.
 
LachiusTZ

LachiusTZ

Rogue Deathwalker Box
<Silver Donator>
14,472
27,163
a c i d.f l y said:
I'm thinking I need to pay the $50 CPA charge to have my return reviewed for liability. Want to make sure I'm not over inflating my deductions artificially or incorrectly, and end up fucking me in the long run if I so it wrong this year. If so, I can do it right going forward. Or just dump my docs on my uncle who is a CPA. Depends how much he'd charge, I guess.
Click to expand...

For 50$ they likely won't review it well enough to catch anything (esp during filing season). And all liability still rests with you.

If you are really concerned about it, spend a few hours reading pubs on the IRS site. 95% of what the general public needs is in those pubs in plain English.
 
Sludig

Sludig

Potato del Grande
10,935
11,819
TJT said:
If you paid 20% down you don't usually need to pay PMI (Mortgage Insurance) OR you have paid enough to the house such that you have paid down what would equal a downpayment.
Click to expand...

Also I should be able to drop PMI given houses have gone from 250 to now 3 in the neighborhood going for 370..... Hate my company have to send a physical letter request? Sooo pre 2000.
 
TJT

TJT

Mr. Poopybutthole
<Gold Donor>
45,787
123,759
Sludig said:
Also I should be able to drop PMI given houses have gone from 250 to now 3 in the neighborhood going for 370..... Hate my company have to send a physical letter request? Sooo pre 2000.
Click to expand...

Not sure about that. I think it is based on the loan mount not the appraisal value? I could be wrong.
 
Sludig

Sludig

Potato del Grande
10,935
11,819
When I got the loan that's what I thought they were telling me. On the website, it says to have it removed before the % loan to value required by law, I have to pay to have a valuation done (potentially). Which if it is appraised value figured in then I would hope it's a slam dunk and they dont fight it.
 
Sludig

Sludig

Potato del Grande
10,935
11,819
Saves money on taxes but the county assesses pretty low and only goes up slowly. Around here people actually contest raises in value due to the extra taxes.
 
TJT

TJT

Mr. Poopybutthole
<Gold Donor>
45,787
123,759
Sludig said:
When I got the loan that's what I thought they were telling me. On the website, it says to have it removed before the % loan to value required by law, I have to pay to have a valuation done (potentially). Which if it is appraised value figured in then I would hope it's a slam dunk and they dont fight it.
Click to expand...

Yeah I would never appraise my house extra in the Austin area with how fast shit is rising. They'd bone me in property taxes harder then they already are. My property taxes for 2017 were $2k more than they were in 2016.
 
a c i d.f l y

a c i d.f l y

ಠ_ಠ
<Silver Donator>
20,067
99,499
Yeah, I have to fight my tax evaluation every year to ensure they're capping me at 10% because of how much it's fucking blowing up in price around here. My home was $124,000 in 2004, brand new. It's almost valued $300,000 with no upgrades, but being taxed at around $200,000. Fucking Texas, and the growth in Austin and surrounding cities. I like having an In-n-Out, Five Guys, two Whataburgers, Mighty Fine, a Target, a small Whole Foods within a bicycle riding distance, but fuck these property taxes.
 
  • 1Solidarity
Reactions: 1 user
B

Burnesto

Molten Core Raider
2,142
128
a c i d.f l y said:
I'm thinking I need to pay the $50 CPA charge to have my return reviewed for liability. Want to make sure I'm not over inflating my deductions artificially or incorrectly, and end up fucking me in the long run if I so it wrong this year. If so, I can do it right going forward. Or just dump my docs on my uncle who is a CPA. Depends how much he'd charge, I guess.
Click to expand...
If you can back your deductions with forms or receipts then you're typically good to go.
 
TJT

TJT

Mr. Poopybutthole
<Gold Donor>
45,787
123,759
a c i d.f l y said:
Yeah, I have to fight my tax evaluation every year to ensure they're capping me at 10% because of how much it's fucking blowing up in price around here. My home was $124,000 in 2004, brand new. It's almost valued $300,000 with no upgrades, but being taxed at around $200,000. Fucking Texas, and the growth in Austin and surrounding cities. I like having an In-n-Out, Five Guys, two Whataburgers, Mighty Fine, a Target, a small Whole Foods within a bicycle riding distance, but fuck these property taxes.
Click to expand...

I take it you got in on the Domain area before it was the Domain area? Daaamn. I moved to Austin in 2013 and purchased in 2015. Tax amount on my house went up $57k in that time...
 
You must log in or register to reply here.