Tax Questions - 2007 - post them here!!!

[Jessi]

Ok, I have a question.....in Tennessee the lottery money goes to Tennessee schools for scholarships and such......if I have my non winning lottery tickets saved up, can I claim them as a donation in the donation section on my taxes or not. I have close to $4,000.00 in non winable lottery tickets. Just was wondering before I get my W-2 at the end of this month. I am trying to figure out my refund. Thanks!

[hotcouponmama]

No, lotto winnings/losings are considered gambling. That said, if you won the lotto or at a casino (I won 2K this year and they gave me a 1099 for taxes) then you can claim losings against winnings, but only to the extent of your winnings. So I could claim (documented like you have with losing tix, etc) that I lost $3000, but I could only claim the $2K I had won to even out my taxes. The extra $1000 would be chocked up to non-deductible entertainment.

[Jessi]

Ok, thanks! I have won any significant amount of money with the lottery, so I can't do that. Thanks again!

[mks18412]

Originally Posted by Cin42382 I thought when you claim 0 it takes the most out of your paycheck?

I would have to agree. My dh claims 0 and every yr we get back about
$4400

[happysoul]

Originally Posted by mks18412 I would have to agree. My dh claims 0 and every yr we get back about $4400

The less deductions you take/claim the more money is withheld from your paycheck. The most is withheld when you claim single/0 and the most I think is Married filing jointly /12

Happy

[XUfan]

I have a question. Although, if I'm posting this in the wrong place, please move it...but LMK where it is.

My husband has always filed with either TaxCut or TurboTax (not sure which, and he's not here to ask). This year, he started his own business and needs the one for self-employed or sole proprietor. Any suggestions from anyone who has used them? Also, is there any website or store that sells it for a lower price than other stores?

[secros]

Originally Posted by xufan I have a question. Although, if I'm posting this in the wrong place, please move it...but LMK where it is. My husband has always filed with either TaxCut or TurboTax (not sure which, and he's not here to ask). This year, he started his own business and needs the one for self-employed or sole proprietor. Any suggestions from anyone who has used them? Also, is there any website or store that sells it for a lower price than other stores?

I have used Tax Cut for the last 4-5 years after getting mad at Turbo Tax the year before that. (They made me buy their software twice when my computer crashed and I had to replace it halfway through tax season.) I prepare returns for a handful of family members. Tax Cut deluxe includes all the forms needed for sole proprietor businesses (Schedule C). I pay about $39.99 for the software and get a rebate for a free state program and free e-filing. I buy it directly from Tax Cut. You might be able to get it cheaper at Walmart, Office Max or Staples.

I've been preparing tax returns for 20 years and it seems that every time I found an inexpensive software program I liked, it was bought up by a larger company. It looks like Tax Cut and Turbo Tax may both stick around awhile.

There are also some free software programs online. I used one to do my dad's very simple 1040 and it was fine. I can't remember the name of it at the moment and I've got to run, but I'll see if I can find it later.

HTH,

[aimeejo]

Where can I file online to have it direct deposited and they will take their fees out of refund?
We don't have a credit card.

We made over the limit to file for free. I'm looking for the cheapest way to do this of course.

Thank you

[missdaisy118]

Originally Posted by aimeejo Where can I file online to have it direct deposited and they will take their fees out of refund? We don't have a credit card. We made over the limit to file for free. I'm looking for the cheapest way to do this of course. Thank you

TaxAct is online, no download necessary, and they will take it out of your refund, although I think it costs a little more to do it that way. I did the "ultimate + efile" and it was $16.95, both federal and state, both efiled.

[JANE4girls]

I just filed my taxes online for FREE... just went to Internal Revenue Service and picked one of the free files that is for my state and income.

my check will be direct deposited and no other fees applied!

glad that is over....spring cruise here I come!

and for those who claim 0 to get a larger check back...is there a reason why you want Uncle Sam making interest off YOUR money? I claim more dependants to get little taken out and have more in my paycheck to put into MY savings account, not Uncle Sams.