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Old 07-24-2008, 08:34 AM   #1
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JDT I have questions for you

Where did you get your taxes done that you for a refund for 96,000? I am self employed and H&R Block isnt helping me any

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Old 07-24-2008, 10:23 AM   #2
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Re: JDT I have questions for you

She didn't say her refund was $96,000! LOL. That was her income and she was still entitled to a refund.
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Old 07-24-2008, 11:35 AM   #3
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She didn't say her refund was $96,000! LOL. That was her income and she was still entitled to a refund.


I've used a private guy to do my taxes for YEARS! you have to be careful as a 1099 employee. Otherwise you'll get socked BAD!!!

Ask around amoung your friends/family. It's usually not that hard to find a CPA or an accountant to do your taxes. You an itemize and deduct a LOT of things that you otherwise might not have thought of. For example if you're using your own car to deliver the papers a percentage of your auto expenses are deductible.

It really depends on how much you make and how the other household income is earned. For example, my DH works a regular job with regualr deductions. We are homeowners and we pay for childcare.

So when I worked a regular job our refund averaged at about $12-15K. Once I became a 1099 employee our refund hovered at around $5K. But that's not bad considering I was bringing home more money each month.

The other thing that I learned early on about taxes is "pigs get fat, hogs get slaughtered." Meaning, you can be a little tricky with taxes, but not too much.

I would get a refund every 2 years. On the third year my guy would do it so that I owed a little something. Not too much, but I'd write the check and be done. A 1099 person getting a refund year after year looks fishy. So sometimes you ahve to pay.
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Old 07-24-2008, 11:50 AM   #4
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I would get a refund every 2 years. On the third year my guy would do it so that I owed a little something. Not too much, but I'd write the check and be done. A 1099 person getting a refund year after year looks fishy. So sometimes you have to pay.
Neighbor works for the IRS and sis is a corp taxation specialist. 1099 individual is considered self-employed and anytime you have more than 3 yrs of loss (ie refund) you'll raise a flag to the IRS. They also look for excessive deductions. Itemized is the best way to go...but be sure to keep receipts.

My fav deduction is lunches for clients, seminars in Vegas and Hawaii, and other fun stuff.
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Old 07-24-2008, 11:56 AM   #5
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Re: JDT I have questions for you

I wrote that wrong yea I knew that but how did she manage that income and get a refund is my question...I am going to owe my arse in taxes this year
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Old 07-24-2008, 12:00 PM   #6
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I wrote that wrong yea I knew that but how did she manage that income and get a refund is my question...I am going to owe my arse in taxes this year
There are SO MANY ways to minimize your tax liability. It begins with getting educated on the subject. Or employing someone who is.

I have almost always worked for high net worth individuals. I'm truely AMAZED at the tax "tricks" that are out there. Just hire a person (not a corp) to do your taxes.

If you're not a homeowner that might make it harder. But you don't HAVE to get soaked on taxes.
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Old 07-24-2008, 12:03 PM   #7
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Re: JDT I have questions for you

I am a home owner and I have two kids and DH works a reg. job...but I am an LLC and dude I fear APRIL!
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Old 07-24-2008, 04:10 PM   #8
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Re: JDT I have questions for you

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I wrote that wrong yea I knew that but how did she manage that income and get a refund is my question...I am going to owe my arse in taxes this year
Personally, tithing is probably what has gotten me entitled to a deduction. With a gross income more than double that, I've never had to pay. Although I may this year as I've been away from church for a year and not kept up my tithing. I don't have anything else that nets such a huge deduction. Our mortgages (2 properties) help, but the tithing was huge.

If you're an LLC, I would expect that you have business expenses that you could itemize.
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Old 07-24-2008, 04:42 PM   #9
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Re: JDT I have questions for you

yup we are tithing also
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Old 07-25-2008, 07:09 AM   #10
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Do you know how many dependants your dh claims? My dh and I both work, we could claim 5 dependants each so less taxes are taken away from our paychecks, but we each only claim 1. That way we end up in pretty good shape at tax time We also make tons of donations throughout the year. If you donate to Salvation Army or anywhere like that, make sure to get a receipt from them, and also keep a list of what you donate and how much $$ it's worth. You can also claim a certain amount for work clothes. . . . like others said, there are several tricks Together we make a little over 100K, and we usually get $6K refund.
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