OWING taxes?

[Debi]

I've been trying to figure out our taxes and it looks like we're going to have to pay. Yikes! Am I doing something completely wrong or did I just not plan appropriately? Of course no taxes are taken out of my PC pay BUT the real bad part is it's not worth it for me to itemize because we living in military housing, therefore we pay no rent or utilities so I can't claim any of these. My other deductions just don't add up to enough to make it worth it. Since this is only my second year filing taxes on PC income, does anyone have any advice?

Thanks much!

[chefkugler]

Debi,
Have you ever tried figuring your deductions? Are you writing off any of your PC expenses?

[Debi]

Debi,
Have you ever tried figuring your deductions? Are you writing off any of your PC expenses?

I did last year but I thought it said I didn't have enough or something. It was my first time EVER doing deductions or anything. Am I getting deductions and itemizing confused?

[wdpmap]

I write off 20% of my groceries for the year, all of my internet, 20% of my cable (because I watch the Food network), all of my cell phone, all the miles on my car. When traveling to Conference and Leadership, instead of keeping all your receipts, use the per dium rates. It is usually a lot bigger deduction than what you spend on meals and taxis. Make sure you write off everything that is in the "other income" on your 1099.

If you find yourself paying a lot to the IRS at the end of the year, you will be better off paying quarterly. You would probably get a refund then. Can your hubby change his deductions so they take more out of his check?

You can invest up to $4000 a year in an IRA and not pay taxes on that.

If you have a loan on your car, you can write off a percentage of your interest. (the percentage is based on how many miles you travel in a year, figure out what percentage of those miles are for TPC)

If you are going out to lunch with your girlfriends, make sure you talk TPC a little bit, then you can write off your meal because it was a business lunch.

Everytime you get in your car, make sure you are doing an errond that is TPC so you can write off your miles.

I'm trying to figure out how I can write off my Curves membership!:D

Michelle

[dannyzmom]

I write off 20% of my groceries for the year, all of my internet, 20% of my cable (because I watch the Food network), all of my cell phone, all the miles on my car. When traveling to Conference and Leadership, instead of keeping all your receipts, use the per dium rates. It is usually a lot bigger deduction than what you spend on meals and taxis. Make sure you write off everything that is in the "other income" on your 1099.

If you find yourself paying a lot to the IRS at the end of the year, you will be better off paying quarterly. You would probably get a refund then. Can your hubby change his deductions so they take more out of his check?

You can invest up to $4000 a year in an IRA and not pay taxes on that.

If you have a loan on your car, you can write off a percentage of your interest. (the percentage is based on how many miles you travel in a year, figure out what percentage of those miles are for TPC)

If you are going out to lunch with your girlfriends, make sure you talk TPC a little bit, then you can write off your meal because it was a business lunch.

Everytime you get in your car, make sure you are doing an errond that is TPC so you can write off your miles.

I'm trying to figure out how I can write off my Curves membership!:D

Michelle


What is the per dium rate?
And as for Curves...wear logowear anytime you go, leave catalogs at the desk, etc...maybe then you could get away with it?

[Debi]

Thanks for all the advice! I did track all of these things for 2006 and we had a nice refund but I think I'm just still not sure what I'm doing.

[chefmeg]

Thanks for all the advice! I did track all of these things for 2006 and we had a nice refund but I think I'm just still not sure what I'm doing.

this is why we use an accountant! well worth the $$$$

[wdpmap]

I don't know what the per dium rates are. I just tell my tax guy that I spent this many days in this city.

Michelle