2007 tax filing deadline...

[Mark Pruitt]

...is in fact extended to April 17. Here it is straight from the horse's mouth. (http://www.irs.gov/newsroom/article/0,,id=167195,00.html) I had heard some say 16th and some say 17th. This clears it up.

Being the devious character I am, I have to wonder, could we not somehow have all 365 days declared legal holidays in various parts of the country and therefore avoid paying taxes altogether? I can see it now....:D :D :D

(What was that old Johnny Paycheck song?):p

[Joe Pelonio]

I'm for that, I always wait until the last minute. Sometimes I feel stupid because I get a refund and could have had that money sooner, but I have to wait for several customers to send me the 1099s then between March and April it always starts to get so busy I just can't get to it.

[Randal Stevenson]

...is in fact extended to April 17. Here it is straight from the horse's mouth. (http://www.irs.gov/newsroom/article/0,,id=167195,00.html) I had heard some say 16th and some say 17th. This clears it up.

Being the devious character I am, I have to wonder, could we not somehow have all 365 days declared legal holidays in various parts of the country and therefore avoid paying taxes altogether? I can see it now....:D :D :D

(What was that old Johnny Paycheck song?):p

I know a few government employee's that would like that. Me, I only get off three holiday's a year. Heck a few years ago, working two jobs, 7 days a week I got off three DAYS a year, for three years straight.:eek:
And I don't think my utility companies would like not getting paid "the check is in the mail, just have to wait for Feburary 29, to get it delivered":D

[Jim Becker]

I'd love to wait until the 17th to finish out tax returns, but alas, I must be "busy with work" in that time frame, so they will need to be done well before then. But I still can have Professor Dr SWMBO actually mail it on "the day"...

(We never get refunds, so there is no point in filing early...)

[Rich Engelhardt]

(We never get refunds, so there is no point in filing early...)
Well done.
I wish I were that lucky and/or smart.
Our return this year was way too much.

[Jim Becker]

Rich, I always do plan to owe "just a little", but since adopting two kids (strangely enough), "just a little" became "a lot". Oy! Such is life and the nature of the tax system.

[Matt Meiser]

We're in the same boat Jim, but has nothing to do with adoption. Somehow we managed to have about the same amount withheld this year as we had to pay in total last year, but both of us got raises and in effect had no tax withheld from them. They didn't seem like big raises when we got them, but they sure do now.

[Jim Becker]

Not adoption specifically, Matt. AMT. Having the kids on board triggered the nasty bugger...

[Eddie Watkins]

We're in the same boat Jim, but has nothing to do with adoption. Somehow we managed to have about the same amount withheld this year as we had to pay in total last year, but both of us got raises and in effect had no tax withheld from them. They didn't seem like big raises when we got them, but they sure do now.

The two things that I hate about taxes is there is no table for married couples that will allow the correct taxes to be withheld. LOML and I both have zero deductions and still have to have extra $ withheld to stay below the 10% penalty threshold. You are almost forced to hire somebody to do your taxes especially if you have any income or expenses that is not reported on a W-2 or 1099/1098. I just don't think the tax code should be so complex that an individual is forced to pay to have their taxes computed. Just my rant for the day. Sorry.

Eddie

[Joe Pelonio]

You are almost forced to hire somebody to do your taxes especially if you have any income or expenses that is not reported on a W-2 or 1099/1098. I just don't think the tax code should be so complex that an individual is forced to pay to have their taxes computed. Just my rant for the day. Sorry.

Eddie

After my accountant went up every year until finally it was costing me $450 to do the taxes, I decided to try doing it myself with TurboTax. So far it seems to have worked out fine, just have to buy the most expensive version for the Schedule C.

[Dennis Peacock]

I still vote for a 10% flat tax rate....no matter what your income level is. :D

No tax filing...oh well....don't get me started on this subject. :rolleyes:

[Eddie Watkins]

After my accountant went up every year until finally it was costing me $450 to do the taxes, I decided to try doing it myself with TurboTax. So far it seems to have worked out fine, just have to buy the most expensive version for the Schedule C.

I do have an accounting degree that is so old it IS on sheepskin:eek: . It is still not easy. I did the update from Turbo Tax deluxe to premier and that helped some. Is there another upgrade? I'll vote for Dennis' 10% flat tax if I never have to do this again.

Eddie

[Dan McGuire]

I still vote for a 10% flat tax rate....no matter what your income level is. :D

No tax filing...oh well....don't get me started on this subject. :rolleyes:

I couldn't agree more!!

I am also worried about that AMT this year as well. I have been looking for information on that subject and have yet to find any clear language that states on how you can be so lucky as to qualify for that gem.

My goal is to be as close to zero as possible, came close the past year. I don't want anybody in washington to have more of my money then they already get!!

[Jim Young]

Tax return deadline?? Not an issue. Mine are done, turned in, and the money is already sitting in the bank. :)

[Jim Becker]

Dan, AMT is very much a risk of more and more every year. I finished our taxes last night and all of what we owe is from two things...AMT plus 1/3 of the $600 that Professor Dr. SWMBO got 1099ed on from NIH last year. ("self-employment tax" on the latter) Our withholding was spot on outside of that for a small payment due. (always my plan) We never got hit with AMT until we had kids arrive in our lives in 2005. That seems to be one of the triggers...dual income professionals with kids.

In a nutshell, the way AMT works is that there is an alternative formula that is used to calculate tax that throws out personal exemptions (Kids) and a number of other deductions, such as state/local taxes, home offices, etc. They figure your AGI differently for this method. If that calculation results in a higher tax liability, the difference between that number and the tax owed under the regular formula is added to your tax bill. Although there are some scenarios that one could get a credit for it in a subsequent year and not owe AMT, it appears that for most folks, once you "break the line" you're stuck with it. This tax was originally intended to insure that very high income people with many legitimate and creative deductions/credits still paid income tax. Unfortunately, it was never indexed like other tax items and it's hitting more and more taxpayers at an accelerating rate. I forget the exact statistic, but it's only going to be a few more years that something like half of the "married with children" middle income families will be paying this tax if it is not re-framed.

[Dan McGuire]

Dan, AMT is very much a risk of more and more every year. I finished our taxes last night and all of what we owe is from two things...AMT plus 1/3 of the $600 that Professor Dr. SWMBO got 1099ed on from NIH last year. ("self-employment tax" on the latter) Our withholding was spot on outside of that for a small payment due. (always my plan) We never got hit with AMT until we had kids arrive in our lives in 2005. That seems to be one of the triggers...dual income professionals with kids.

In a nutshell, the way AMT works is that there is an alternative formula that is used to calculate tax that throws out personal exemptions (Kids) and a number of other deductions, such as state/local taxes, home offices, etc. They figure your AGI differently for this method. If that calculation results in a higher tax liability, the difference between that number and the tax owed under the regular formula is added to your tax bill. Although there are some scenarios that one could get a credit for it in a subsequent year and not owe AMT, it appears that for most folks, once you "break the line" you're stuck with it. This tax was originally intended to insure that very high income people with many legitimate and creative deductions/credits still paid income tax. Unfortunately, it was never indexed like other tax items and it's hitting more and more taxpayers at an accelerating rate. I forget the exact statistic, but it's only going to be a few more years that something like half of the "married with children" middle income families will be paying this tax if it is not re-framed.


Thanks Jim,

I narrowly avoided AMT for 2006 year, but got a good bump in salary last month, as did my wife for 07, now I am concerened. My search on information thus far has been confusing to say the least. I finally contacted a lawyer friend who put me in touch with his tax professional. Once the 06 tax season is completed we are going to sit down with her to do some long range tax planning. One of the first things coming out of my work shop this spring is tax shelters!!:rolleyes:

[Jim Becker]

One of the first things coming out of my work shop this spring is tax shelters!!

Which is exactly what AMT works against. It's good you'll be working with a tax professional as this needs to be done right or you could end up not avoiding that tax and incuring other costs, too.

[Mark Pruitt]

Tax return deadline?? Not an issue. Mine are done, turned in, and the money is already sitting in the bank. :)
Why don't ya just rub it in a little, Jim?:mad: :rolleyes: :p :D