Taxes: I like it, I love it, i want some more of..

orangecat

1,000+ Posts
it!!!

I really am a frustrated tax accountant I guess. Maybe that's a direction I could move into. I'm still awake, just having finished our taxes, and it seems like every year is an adventure. I feel like I'm wandering around discovering new things.

The thing I discovered this year was the Making Work Pay Tax Credit. I don't know how I missed that, in fact that must have been the reason they reduced our withholding so much in the middle of the year.

Anyway, instead of paying in the low $300s, we get a $400 something refund. Good stuff.

Btw, does anybody else on here utilize the method of paying two years worth of property taxes in same calendar year? For example, in 2007, I paid in January and December, so I could deduct both years worth on my return in April 2008.

Used the standard deduction the next April, then paid property taxes in January and December of 2009, so I could itemize this year.

Every other year strategy, I discovered the idea, then ran it past our guy at church who works for the IRS. He said, yes, that's a legitimate strategy people use.
 
Don't know if I would wax quite that eloquently about the experience, but enjoyed one of the forms, the home improvement credit. You get 30% of the amount of certain approved energy-efficient home improvements, and we got the full $1500 credit right off the bottom line of taxes owed.
Some of the items are only approved for materials, and some for labor and materials. So if you have a contractor who uses "unit pricing," without charging separately for labor and materials, you might not get the credit for that item. Make sure to read the IRS instructions on the credit if you want to claim it, I believe it will be in effect next year again.
 
but if you are double-paying your property taxes in one calendar year, you shouldn't add the $1000 for property taxes in your off-year, right?
 

Recent Threads

Back
Top