Im screwed.. Taxes...

[Nayr747]

H&R Block got caught defrauding the govmnt. when it did its taxes incorrectly. LOL. http://taxes.about.com/gi/dynamic/of...ro%2Duniverse/

That bracketing system seems like a flawed one. Someone should probably fix it.

[scottsee]

what's flawed is the top 5% of the nations welthy pay an exceptionly less tax percent if not any taxes due to political contirbution campain money..

[Gsx_hooptie]

Dragon is my new accountant .

Like Dragon said, you're progressively screwed. 10% of 10,000 is different from 10% of 50,000. But, then you're also paying a higher percentage as you make more, meaning you owe even more money. Then figure out that the interest per bracket expands non-arithmatically. Now you can be really screwed.

The people who make a little don't owe much. The people who make a lot can afford lawyers and accountants. The middle class feel the sqeeze. Ok, that's just my opinion .

Oh my father hasn't filled for taxes in years, maybe he has the right idea. I'm kidding, he's dumb.

Tax brackets Here

Edit>> [Politics] Bring back cap gains taxes. [/Politics]

[DragonofBC]

Originally Posted by Gsx_hooptie

Dragon is my new accountant .

Like Dragon said, you're progressively screwed. 10% of 10,000 is different from 10% of 50,000. But, then you're also paying a higher percentage as you make more, meaning you owe even more money. Then figure out that the interest per bracket expands non-arithmatically. Now you can be really screwed.

The people who make a little don't owe much. The people who make a lot can afford lawyers and accountants. The middle class feel the sqeeze. Ok, that's just my opinion .

Oh my father hasn't filled for taxes in years, maybe he has the right idea. I'm kidding, he's dumb.

Tax brackets Here

Edit>> [Politics] Bring back cap gains taxes. [/Politics]

Oh there are cap gains taxes but they have been pretty low in the past few years to stimulate investment. It's true that the rich can afford the people that find the way to "tax plan" the best but you have to keep in mind that the "rich" pay over 90% of the total taxes collected in a year. I read a study at school. I tried do a quick search but couldn't find it to show you guys.

You can get a deduction on tuition paid (no room, board, or books) but it gets offset by any tuition gifts you receive from your school. You usually get a statement showing which lines to fill in.

I personally used TurboTax Online. It allows you to free file if you make less than 50,000. It did me well .

If you can claim dependents, you should definitely look into filing head of household. It gives you bigger tax brackets. Plus you get a deduction for your dependents.

There are two tax credits available to you (Hope Credit and Lifetime Learning Credit) if you are in your first or second year of college. Make sure you look into them. I think you can only claim one of them based on qualifications but it can credit you either $500 or $750 (I don't remember which).

If you are in college out of state and work out of state, you only pay taxes to the state you live in. For example, I worked in MA in 2004 but was techinically a FL resident. MA took out state taxes from my paychecks but since FL has no state tax, I got all my MA taxes back ($310). It does count as income though in the next taxable year.

I'm just trying to throw out some knowledge based what I think applies to most people in this forum. Definitely PM me if you want to know something specific for your case.