jainen Posted April 18, 2011 Report Share Posted April 18, 2011 Oh my God--I don't owe anything! I try to tell myself that I am always open to new experiences, but I am totally unprepared for such psychological trauma. What do I do now? Quote Link to comment Share on other sites More sharing options...
mcb39 Posted April 18, 2011 Report Share Posted April 18, 2011 File the return and go out and smell your roses. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 18, 2011 Report Share Posted April 18, 2011 File the return and buy us all a drink with your extra money. Quote Link to comment Share on other sites More sharing options...
rfassett Posted April 18, 2011 Report Share Posted April 18, 2011 I will send you my information and you can pay some of mine. Always willing to help a fellow soldier to keep from being traumatized. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted April 18, 2011 Report Share Posted April 18, 2011 Maybe, to reassure your nerves, check again that you didn't omit that $20 you received for the ride to airport you provided and the $5 bill you found in the park. If you're lucky, you might end up owing a dollar or two to ease your mind. If not, then figure out what you did wrong to allow the gummint to hold all that money instead of having in your pocket! Or, just relax, breathe a deep sigh, smile, and, yes, smell those roses.... Quote Link to comment Share on other sites More sharing options...
JRS Posted April 18, 2011 Report Share Posted April 18, 2011 Oh my God--I don't owe anything! I try to tell myself that I am always open to new experiences, but I am totally unprepared for such psychological trauma. What do I do now? Quit deducting your Rose food as a business expense. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 18, 2011 Report Share Posted April 18, 2011 Clearly you made a mistake somewhere. Go back and look for transposed numbers, or duplicated expenses. Maybe you put Supplies on page 1 AND page two? Or else you just forgot to raise your fees enough last year!!! :spaz: Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted April 18, 2011 Report Share Posted April 18, 2011 Did Jerome do your taxes? You know he is very smart. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 18, 2011 Report Share Posted April 18, 2011 I sure do miss Peggy Sue and Jerome! Quote Link to comment Share on other sites More sharing options...
Catherine Posted April 19, 2011 Report Share Posted April 19, 2011 Oh my God--I don't owe anything! I try to tell myself that I am always open to new experiences, but I am totally unprepared for such psychological trauma. What do I do now? You can always make a voluntary donation to the Treasury. Or to Eric and the ATX Community Forum! Maybe lower your estimated payments, too, so that you don't suffer this horrible trauma again next year. Happy rose bush sniffing! Quote Link to comment Share on other sites More sharing options...
OldJack Posted April 19, 2011 Report Share Posted April 19, 2011 You forgot to calculate the Alternative Minimum Tax! Quote Link to comment Share on other sites More sharing options...
jainen Posted April 19, 2011 Author Report Share Posted April 19, 2011 >>calculate the Alternative Minimum Tax<< My friend who is in law school set up an LLC for that so I am not personally liable! He said that since it is a church and technically owns the house I can deduct all my utilities and food etc. as charitable contributions, which are also allowable under AMT! The best part is that he says a church is not even required to file a tax return, so I am actually audit-proof! Of course, I don't allocate all my income to the church because I still have to support my three kids, which according to the IRS tables for EIC takes $12600. They are actually my girlfriend's kids but she doesn't need to file because she gets welfare. I am very honest so I am not claiming Head of Household. In fact, I give her a rent receipt so she can claim Head of Household on her Food Stamp app. Since the rent is less than the utilities I don't need to report it because personal losses aren't deductible anyway. We have to change for 2011, though. My girlfriend turns 18 and will start getting her trust money, so no more welfare. We are going to say the church runs a day care program for the three kids. She will donate $12600 and the church will issue a W-2 for employee wages which are eligible for the EIC. Then I can take Head of Household for my higher income. This is all perfectly legal because my friend knows someone who has done it for years and never had any problems with IRS. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted April 19, 2011 Report Share Posted April 19, 2011 Sounds like you have been sniffing more than roses! BTW, I just got mine filed and I don't owe anything either; for none of the reasons that you cited in the previous post. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted April 19, 2011 Report Share Posted April 19, 2011 You can pay my estimate for CA! Wait, I already did that. Well, if I still owe when I finally get my bookkeeping and returns done, you can pay the rest. First time in years I didn't look for that penny when making sure the bank accounts were somewhat close to what I had on the balance sheet. $8.76 off? close enough, onto the rentals. I'll look for the mistakes later! Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted April 19, 2011 Report Share Posted April 19, 2011 Jainen, now _that_ is tax planning extraordinaire! You didn't gain guru status fer nuthin'! Just watch out as the housing allowance exclusion is being challenged now. But you and your legal beagle will surely manage to find any other loopholes available. I am in awe of the prowess... Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted April 19, 2011 Report Share Posted April 19, 2011 Jainen, I would laugh at your post if I weren't paying for that kind of taxation. What a commentary on our system! :wall: 1 Quote Link to comment Share on other sites More sharing options...
JohnH Posted April 20, 2011 Report Share Posted April 20, 2011 The housing allowance is being challenged? I thought the Rick Warren case pretty much cleared up the confusion and actually reaffirmed it. But if the ninth circuit persists in this silliness, I wonder if they will try to invalidate the benefit for military officers as well. Given their political leanings, it wouldn't surprise me if their hostility extends beyond religion to the military as well. Quote Link to comment Share on other sites More sharing options...
jainen Posted April 20, 2011 Author Report Share Posted April 20, 2011 >>it wouldn't surprise me if their hostility extends beyond religion<< Unless you can cite some background for this idea, it rather looks like YOU are the one with hostility. Quote Link to comment Share on other sites More sharing options...
JohnH Posted April 20, 2011 Report Share Posted April 20, 2011 Unlike many in the media and the courts, I acknowledge my biases and freely admit to being hostile toward certain ideologies. As for evidence to support my accusation, exhibit 1 would be the Nedow case. It's hard to find a more convoluted decision, clearly motivated by hostility toward religion. Quote Link to comment Share on other sites More sharing options...
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