TNL US Tax Thread 2013

The start of the filing season was originally supposed to be today, but the new start date is currently January 30.

One recent development of interest is that a Federal court has struck down the IRS's imposition of PTIN registration and enforcement - http://www.bloomberg.com/news/2013-0...ourt-loss.html . Original court document is here - http://images.magnetmail.net/images/...g_decision.pdf . So this basically nullifies two years of consternation over preparers having to take the RTRP test and be registered.

Otherwise, there's not much in the way of new credits or rules which are here this year.

I am an Enrolled Agent. Please post any questions.

If I make around $40k a year, how many deductions should I request to try and break even. I think I made a mistake when I picked 4 last year, but I don't have my W2s yet to find out how much I owe.

Currently my wife has 1 exemption and I have 2, and our refunds have been around $500.

4 will probably leave you owing an amount and 3 might be as close as you can get to even.

I haven't earned a check above the table since April, am I entitled to a full refund of my taxes?

This is where Yoshi complains that I like to get money back

Quote:

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Originally Posted by Razor Ramon

I haven't earned a check above the table since April, am I entitled to a full refund of my taxes?

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Short answer: Maybe, but I need more information to be sure.

Under the table income is supposed to be regardless, much in the way of income you receive from ebay sales or garage sales.

Getting a "full refund of taxes" is more of a question of how much income you're required to report and how much you have withheld, in addition to credits, as opposed to how much income you've received that isn't reported.

I am recently married. Can I use this to game the system in any way?

Have some kids first.

I refuse.

I am getting mixed information online about charitable donations.

I have about $500 in deductions from clothing, I've seen some things online that lead me to think you need to break a certain dollar mark before these donations matter. Is this true?