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ShoelessOne
 
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I owe a fair amount of taxes - should I consider hiring somebody to do them for me?

Long time no talk old friends!

So, I owe a substantial and significant amount of taxes this year, though I can and certainly will pay them. BUT, I'm wondering if there is anything I can/should do to lower my tax burden or what-have-you for 2013.

Things I've already considered:
1) Itemizing deductions - sadly even after including everything I can think of, the standard deduction is still larger then itemized, so itemizing seems to be a bit of a wash.

2) My wife (we are married and filing jointly) has around 2k in loan payments this year, which I've included and has helped a (tiny!) bit.

3) I've considered trying to put more money into a traditional IRA to reduce our tax burden, but sadly (or stupidly, perhaps, given the current situation!) we've already maxed out our Roth IRAs, which (and please correct me if I'm wrong!) seems to mean that we can't put any money in a traditional IRA (you are limited to 5500 per person in roth/traditional IRA contributions combined)

I can't think of much else to say! On one hand, I just want to pay the taxes and move on with my life, but I also want to ask around a bit and see if anybody can think of a good reason to hire a tax person, or ask if there are any obvious things I'm missing.

I should probably add there isn't much else remarkable about us, we rent an apartment, we work jobs, we have no kids, etc, etc. Again, I don't really expect anybody to have any great advice, but I'm asking around just in case there is something I haven't thought of that I should consider.

And again, the REAL question is not so much "how do I not pay these taxes", it's "given the reasonably boring and normal life I have, does it make sense to go through the hassle/effort to hire a tax person?"

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Old 02-05-2014, 10:49 PM ShoelessOne is offline  
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GhEttOrAiD
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This is all I've personally got to toss in here... My semi-retired dad dipped into his IRA pay a huge tax bill because he botched his filings the previous year while doing work as a private contractor... He didn't realize that he could have left that money where it was and paid the IRS in installments. You name your own price per month and they dip their bills in on the day you specify. It's n2b-_-
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Old 02-05-2014, 10:55 PM GhEttOrAiD is offline  
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Typhoon43
 
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Personally I would hire someone, or at least do a little local digging. In my town, many retired CPA's throw up a sign on their lawn saying "TAXES DONE HERE", and it's seriously like 100 or so dollars to have them prep them for you. I used to work at a CPA firm, and I had one o the partners there do my taxes (I always get a return the way I'm structured", but over the last 3 years I've had one of my client's employees (who got her degree in accounting) do them and she always gets me back just as much. What I'm saying is that you don't have to go to a powerhouse CPA firm and pay 500 dollars to get them filed. You just need to find someone familiar with taxes and code, and there are plenty out there.
Good luck!
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Old 02-06-2014, 07:04 AM Typhoon43 is offline  
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DirtyZero
 
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Quote:
Originally Posted by ShoelessOne View Post
Long time no talk old friends!

So, I owe a substantial and significant amount of taxes this year, though I can and certainly will pay them. BUT, I'm wondering if there is anything I can/should do to lower my tax burden or what-have-you for 2013.

Things I've already considered:
1) Itemizing deductions - sadly even after including everything I can think of, the standard deduction is still larger then itemized, so itemizing seems to be a bit of a wash.

2) My wife (we are married and filing jointly) has around 2k in loan payments this year, which I've included and has helped a (tiny!) bit.

3) I've considered trying to put more money into a traditional IRA to reduce our tax burden, but sadly (or stupidly, perhaps, given the current situation!) we've already maxed out our Roth IRAs, which (and please correct me if I'm wrong!) seems to mean that we can't put any money in a traditional IRA (you are limited to 5500 per person in roth/traditional IRA contributions combined)

I can't think of much else to say! On one hand, I just want to pay the taxes and move on with my life, but I also want to ask around a bit and see if anybody can think of a good reason to hire a tax person, or ask if there are any obvious things I'm missing.

I should probably add there isn't much else remarkable about us, we rent an apartment, we work jobs, we have no kids, etc, etc. Again, I don't really expect anybody to have any great advice, but I'm asking around just in case there is something I haven't thought of that I should consider.

And again, the REAL question is not so much "how do I not pay these taxes", it's "given the reasonably boring and normal life I have, does it make sense to go through the hassle/effort to hire a tax person?"

depends on what "significant", is if its more than 10k find a lawyer or at least a tax expert
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Last edited by DirtyZero; 02-06-2014 at 07:24 AM..
Old 02-06-2014, 07:06 AM DirtyZero is offline  
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Redrum
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this reminds technically i should be filining taxes for the money i got in cash this year for shitcoins (pretty substantial)

any experience with this
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Old 02-06-2014, 07:07 AM Redrum is offline  
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DirtyZero
 
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Quote:
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this reminds technically i should be filining taxes for the money i got in cash this year for shitcoins (pretty substantial)

any experience with this

it depends on how long you have had them and if you mined them or not ? if you mined them then they are subject to regular income tax. If not, it depends on how long you held them between the time you bought and sold them to determine your cap gains liabilities.
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Old 02-06-2014, 07:22 AM DirtyZero is offline  
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DreamWarrior
 
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bump to say fuck you and your fucking crying -- I just got done doing my wife and my taxes for the year and we paid over $60k between state and federal. We can't even deduct IRA contributions.

One of us needs to quit working...there's no need to give this country so much money when so many people are fucking slob bums!
Old 04-10-2014, 07:52 PM DreamWarrior is offline  
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Old 04-10-2014, 08:06 PM chinese girl is offline  
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lollersk8s
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Quote:
Originally Posted by Redrum View Post
this reminds technically i should be filining taxes for the money i got in cash this year for shitcoins (pretty substantial)

any experience with this

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Old 04-10-2014, 08:13 PM lollersk8s is offline  
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SamFarber
 
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Quote:
Originally Posted by ShoelessOne View Post
Long time no talk old friends!

So, I owe a substantial and significant amount of taxes this year, though I can and certainly will pay them. BUT, I'm wondering if there is anything I can/should do to lower my tax burden or what-have-you for 2013.

Things I've already considered:
1) Itemizing deductions - sadly even after including everything I can think of, the standard deduction is still larger then itemized, so itemizing seems to be a bit of a wash.

2) My wife (we are married and filing jointly) has around 2k in loan payments this year, which I've included and has helped a (tiny!) bit.

3) I've considered trying to put more money into a traditional IRA to reduce our tax burden, but sadly (or stupidly, perhaps, given the current situation!) we've already maxed out our Roth IRAs, which (and please correct me if I'm wrong!) seems to mean that we can't put any money in a traditional IRA (you are limited to 5500 per person in roth/traditional IRA contributions combined)

I can't think of much else to say! On one hand, I just want to pay the taxes and move on with my life, but I also want to ask around a bit and see if anybody can think of a good reason to hire a tax person, or ask if there are any obvious things I'm missing.

I should probably add there isn't much else remarkable about us, we rent an apartment, we work jobs, we have no kids, etc, etc. Again, I don't really expect anybody to have any great advice, but I'm asking around just in case there is something I haven't thought of that I should consider.

And again, the REAL question is not so much "how do I not pay these taxes", it's "given the reasonably boring and normal life I have, does it make sense to go through the hassle/effort to hire a tax person?"


Have you deducted your state income/sales tax? Even though there is a sales tax and no state income tax there is a "standard deduction" that is helpful.

http://www.irs.gov/Individuals/Sales...ion-Calculator
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Old 04-10-2014, 09:03 PM SamFarber is offline  
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lol
 
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why pay when we have the 2nd amendment
Old 04-11-2014, 05:22 AM lol is offline  
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This is why I get two copies of receipts for business expenses. One goes into the trip envelope, for reimbursement, the other goes on my tax return, for more reimbursement.
Old 05-10-2014, 10:20 AM Thoughtcriminal is offline  
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