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Thread: Its Tax Time!!

  1. #1
    Super Member dltaylor's Avatar
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    Its Tax Time!!

    Here are some general rules to consider when deciding which paper tax form to file.

    Use the 1040EZ if:
    Your taxable income is below $100,000
    Your filing status is single or married filing jointly
    You are not claiming any dependents
    Your interest income is $1,500 or less

    Use the 1040A if:
    Your taxable income is below $100,000
    You have capital gain distributions
    You claim certain tax credits
    You claim adjustments to income for IRA contributions and student loan interest

    If you cannot use the 1040EZ or the 1040A, you’ll probably need to file using the 1040. Among the reasons you must use the 1040 are:
    Your taxable income is $100,000 or more
    You claim itemized deductions
    You are reporting self-employment income
    You are reporting income from sale of property

  2. #2
    Power Poster BellaBoo's Avatar
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    YUK tax time! We always have to pay. How does one get back the thousands of dollars in tax returns and can't even pay their bills? It's a puzzle.
    Got fabric?

  3. #3
    Super Member Sheila_H's Avatar
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    I hate tax time! I'd love it if we made more that $100K a yr but we always seem to end up owing some how!

  4. #4
    Super Member Scissor Queen's Avatar
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    Quote Originally Posted by BellaBoo View Post
    YUK tax time! We always have to pay. How does one get back the thousands of dollars in tax returns and can't even pay their bills? It's a puzzle.
    They have children and have incomes low enough to qualify for Earned Income Tax Credit. Do you really want to try raising two or three kids on say 30K a year? Then you too can get a huge tax refund!

  5. #5
    Super Member 0tis's Avatar
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    Uncle Sam always gets a nice vacation from me and my hubby.. Sigh....

  6. #6
    Super Member wanda lou's Avatar
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    I hate tax time!
    Never look down on anyone, unless you are helping them up.

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