Death and... Taxes.

a c i d.f l y

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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)
 

taebin

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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

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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.

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

Same trailer, different park
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220
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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

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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.

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.
 
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LachiusTZ

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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

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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

Mr. Poopybutthole
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Doesn't look like we got mortgage insurance, but I'll need to double check my 1098.

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

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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.

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

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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.

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

Mr. Poopybutthole
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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.

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

Sludig

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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

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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

Mr. Poopybutthole
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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.

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

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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.
 
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Burnesto

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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.
If you can back your deductions with forms or receipts then you're typically good to go.
 

TJT

Mr. Poopybutthole
<Silver Donator>
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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.

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...