Playing "The 1040 Blues" ??

Discussion in 'TM Lounge' started by Robert Rowe, Apr 15, 2005.

  1. Robert Rowe

    Robert Rowe Mezzo Piano User

    513
    7
    Dec 24, 2004
    If you don't already know, today is more than just the 15th of April, here in the US. It's the last day to file your Federal Income Tax Return(s).

    I filed yesterday ... owe to the state I reside in ... expect (pending any dreaded audit) a modest refund from the Fed'l Gov't.

    How did you do ??

    Those outside the US -- how does your tax system work ?


    Robert Rowe
     
  2. Tootsall

    Tootsall Fortissimo User

    4,529
    8
    Oct 25, 2003
    Yee HAW!
    About the same as yours, Robert. We file one form and indicate which province we live in: that sets up the different tax table for the individual province while the Federal table stays the same. Our tax year is Jan 1- Dec 31. Deadline for employers, investment services, etc. to issue income receipt slips, investment income (or loss), etc. is end of February while deadline for filing is April 30.

    There are the usual "cast of characters".... different Tax Services available to the "mathematically, logically, or syntaxically challenged", H & R Blockhead being but one of them. Personally I have used a software program each year for the last ten or so years. Each year you have to "update" the program (because they change the tax rules each year) but there are some great advantages: it automatically pulls in all of your personal/family information and tax information from the previous year, it includes a "step-by-step" guide on where to put what numbers, and you have the option of filing electronically (just keep your receipts in case of an audit for about three years). If you have a refund, it will show up about two weeks after filing.

    The program also ties your return with your wife's, your kids', etc. and, once you have finished entering, runs an "optimization" routine which decides under which return should certain tax "advantages" be taken. It then runs an "error check" to ensure that you've got all the numbers in the right places. Works great... once I have my paperwork all sorted out I can do four returns in about an hour of computer time. If you don't have an hour, then you just "go as far as you feel like", save your entries, and "come back another day" to finish it off.

    The program includes ALL of the special forms for self-employed (whether musicians, loggers, fishermen, farmers... etc.) so as to take advantage of depreciation of instruments, vehicles for the use of employment, etc. etc. Costs $35 Cdn.... less than a tax service!

    I have NEVER been audited although they once did ask for confirmation when I erroneously entered my daughter's tuition fees in two different locations (which effectively doubled her tuition!) All I had to do was acknowledge the error and mail them in a copy of the correct tuition receipt form and it was "a done deal". With that one exception, my returns have always been correct to the penny (they seem more willing to accept the accuracy of "E-filing" than with paper... and paper can cause 6 week delays in getting refunds!)

    I can well remember doing returns with paperwork... you'd have to wrestle your way through 20 pages of forms while referring to two, three different "tables" that comprised of another fifty or so pages. Paper scattered all over the table and kitchen counters. Not fun.
     
  3. jpkaminga

    jpkaminga Pianissimo User

    119
    0
    Jul 1, 2004
    Boston
    I always did my taxes on paper till this year. I found out I qualify for free turbotax for Massachusetts and Federal taxes and did my taxes in about a half hour. I'm getting a refund from both :lol:
     
  4. Jarrett

    Jarrett Piano User

    477
    1
    Nov 11, 2003
    Richland, MO
    Hey, did my taxes about a month ago and even though I was "tax exempt" in Iraq for a year, I realized that in the state of missouri, if a soldier is in a war zone for more than a certain number of days, a percentage of his spouses income is also tax free. So, I got about 3 grand back this year. Sweeeeeet.
    -Jarrett
     
  5. Tootsall

    Tootsall Fortissimo User

    4,529
    8
    Oct 25, 2003
    Yee HAW!
    Just about enough for another Eclipse, I'd say!..... :D Which one you gonna get, Jarrett?
     
  6. camelbrass

    camelbrass Mezzo Forte User

    841
    4
    Nov 5, 2003
    Dubai, UAE
    I don't pay any income tax!!! I live in a tax haven, yahoo!!! :D

    I have to file in the UK because I own property that I rent out there.My accountant does it and it works out with me usually having to pay a bit every year..5th April is the last day of the old tax year.

    Regards,

    Trevor
     
  7. silverstar

    silverstar Mezzo Forte User

    848
    1
    Jan 6, 2005
    I don't have a job yet, which means I have no income to tax yet.

    That will most likely all change this summer...I need a job if I'm going to pay for college!

    I wonder if any of the music stores around here would hire me?

    Lara
     
  8. trumpetgirl612

    trumpetgirl612 Pianissimo User

    249
    0
    Mar 30, 2005
    practice room 5
    most want you to be 18

    as for me, i got my check in february
    this year tho, i will have 2, 3 possibly 4 diff jobs to add up <depending on wat the fall brings> oh well we shall see

    ::tips Lara::
     
  9. bandman

    bandman Forte User

    Age:
    111
    1,061
    53
    Oct 16, 2004
    Lafayette, LA, USA
    I wish I owed the government $1,000,000 in taxes. Why? If I owed them that much just think how much money I would make each year! Remember, you gotta make it to be forced to pay it. I hate taxes as much as anyone, but the way I figure having to pay the taxes I pay each year means I'm doing okay in the big picture of life.
     
  10. mike ansberry

    mike ansberry Forte User

    1,248
    352
    Dec 30, 2003
    Clarksville, Tennessee, U
    I don't mind paying taxes. Now don't get me wrong. I don't want my government to waste money. But taxes are the cost of having a decent society. Police protection, schools, fire protection, roads, sewers, etc. all cost money.

    I'm 50 years old. My parent's generation fought WWII, helped rebuild Europe, helped rebuild Japan, built the interstate road system in the US, invented the computer, went to the moon, built the infrastructure that keeps the US running today, and did many more things that make our society so comfortable today. They had vision. They thought big. Even Lyndon Johnson's "War On Poverty" was a great idea. It didn't work, but it was a grand vision...eliminate poverty. What has our generation done besides sit on our a$$ and whine about having to pay taxes?
     

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