Help Needed on Taxes/Finance Board

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• Help Needed on Taxes/Finance Board - Helper

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This is my first year having to figure taxes w/ IC and I've only done it for a few months.  I'm wondering if anyone can tell me anything they think would be helpful to me regarding filing my taxes.

Here are a few things I have heard:  That I need to send in 30%-40% of my gross pay quarterly.  I have heard I can claim my office space, percentage of my utilities, and any other cost involved with my work BUT  I have also heard that amount has to exceed a certain $ amount before I will be able to claim it.  That really doesn't make any sense to me but I honestly have no clue. 

We normally have our taxes done by a certain company and am considering going to someone else and, of course, plan to ask him loads of questions but I'd like to have some sort of idea from any of you who are doing this of what to expect.

Thank you for any help you can give me.  

Be sure to read all the way to the end!

Tax his land,
Tax his bed,
Tax the table
At which he's fed.

Tax his tractor,
Tax his mule,
Teach him taxes
Are the rule.

Tax his cow,
Tax his goat,
Tax his pants,
Tax his coat.

Tax his ties,
Tax his shirt,
Tax his work,
Tax his dirt.

Tax his tobacco,
Tax his drink,
Tax him if he
Tries to think.

Tax his cigars,
Tax his beers,
If he cries, then
Tax his tears.

Tax his car,
Tax his gas,
Find other ways
To tax his ass

Tax all he has
Then let him know
That you won't be done
Till he has no dough.

When he screams and hollers,
Then tax him some more,
Tax him till
He's good and sore.

Then tax his coffin,
Tax his grave,
Tax the sod in
Which he's laid.

Put these words
upon his tomb,
"Taxes drove me
to my doom..."

When he's gone,
Do not relax,
Its time to apply
The inheritance tax.

Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax,
Fuel permit tax
Gasoline Tax (42 cents per gallon)
Hunting License Tax
Inheritance Tax
Interest expense
Inventory tax
IRS Interest Charges
IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Property Tax
Real Estate Tax
Service charge taxes
Social Security Tax
Road usage taxes
Sales Tax
Recreational Vehicle Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone federal excise tax
Telephone federal universal service fee tax
Telephone federal, state and local surcharge taxes
Telephone minimum usage surcharge tax
Telephone recurring and non-recurring charges tax
Telephone state and local tax
Telephone usage charge tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft registration Tax
Well Permit Tax
Workers Compensation Tax

COMMENTS: Not one of these taxes existed 100 years ago,
and our nation was the most prosperous in the world.
We had absolutely no national debt, had the largest middle class
in the world, and Mom stayed home to raise the kids.
What happened?

And I still have to "press 1" for English
I hope this goes around world 10 times

It's America, I shouldn't have to press
anything to hear English. The constitution
was written in English, not Spanish.

mmm 'scuse me.  I had only my IC income and only Federal taxes to pay last year.  I paid in $7000 and some.  I don't quality for a stimulus check either.  Raking it in? Hardly!  I pay 30% of my taxable income in taxes and I can only take the standard deduction, plus what came out to about $2000 in office expenses last year.  You add up $7K x 3, + 2007 standard deduction for a single person + $2000 and you got my income. 

I don't call that raking it in!

You can claim your adult kids (if you are single) to put you in the head of household category (which is a lower tax bracket) than claiming single. You can't claim married and head of household.   

AND

You have to be able to prove you provided over 50% of their expenses, such a rent, food, utilities.  If they have a job and are working you can't claim them unless you can still prove what you are paying for them is over 50% of their expenses.  So basically they have to have a really lousy job or no job at all or be working spoiled brats!  Mine have fit into all of those categories at one time or another. 

I loved what that professor said on the show about Hurricaine Katrina.  Of course we didn't see who could pay before we rescued them.  We just needed to help them in a time of natural disaster, and the professor pointed out that if a woman gets breast cancer that IS a natural disaster to her.  I don't think she should have a better chance for survival if she is a rich American versus a poor or middle-class American.

If we can afford the very expensive war we have been in for the last 5 years I think we can afford better healthcare for US citizens.  I feel like although it is important to be safe from terrorists, the most likely threat in many of our lives isn't a terrorist's bomb; I think it is a disease that will cost us hundreds of thousands of dollars in medical bills that we may or may not be able to pay.  I think many Americans die each year because they cannot afford the lifesaving treatment they need to save their own lives, and that is tragedy in my book.

Some people on SS file because they make money on the side, or they also have things that give them interest income.

Are you against SS recipients getting money back? After all, those on SS paid in as long as they worked how many years, and they do deserve it. SS doesn't give eough to live on unless you made a fortune in your earlier years. I don't know anyone who can survive on just SS.

Our area and I think much of the state were being reassessed this year.  The first tip was when my husband read in the paper that our particular county did an outstanding job with their assessment and should be an example for the rest of the state.  My husband called today to see when we would could be expecting our tax bill and was told they could give us the amount, did he want them too.  He told them he really wasn't sure he wanted to hear it!!   OK - this marvelous job that our county did was -------- a 60% increase.  Can you believe it?????  And we do not live in an extravagent area at all!  We have to come up with an extra $1900 in three months!  Piece of cake! 

I fear America is in for tough days ahead.  Our society in general cannot keep up with the increases that we see on every hand.  Milk - Close to $4 a gallon here.  Gas price increases - and we live 30 miles away from anything, work, church, shopping.  Cheese - $7 for a pound of cheese! 

How can we continue on this pathway when our incomes do not increase at the same rate?  Can't our congress people and senators see the predicament we are in?? 

Another issue along the same line - I'm wishing today that I was on Welfare.  If I was on Welfare, I would have no problem running to the eye doctor because I desparately need my lenses changed in my glasses which are at least three years old.  My son needs to go to the doctor for an infected, ingrown toenail - no money so he endures it.  My daughter needs a graft on the gum line of her teeth where here gumline is beginning to expose the root of the tooth - again no money for that so it won't get done.  I could go on and on - but I'm paying for all the Welfare people to go to the doctor for their sniffles.  Yes - I have insurance that we would be covered for a major medical expense, cancer, etc - but there is $3000 deductible so none of these smaller things are covered.

OK - I'm totally overwhelmed with these issues right now and I know that I am not the only one with these issues.  Thanks for the listening ear and the wonderful sounding board that you all are!!!

When you are sinking in this deep pit - it hard to remember and to comprehend that "MY GOD SHALL SUPPLY ALL YOUR NEEDS ACCORDING TO HIS RICHES IN GLORY."  I'm sure He will do that because He never fails.  I'm anxious to see how he supplies that need.

I was having problems getting my return to e-file and called customer service for a refund and guess what, customer service is in filthy stinking India.  Do not give your business to a company who sends not only jobs but OUR FEDERAL TAX INFO to India!  I will never use them again. 

I read this today and loved it:  If winter comes, can spring be far behind?