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View Full Version : Tax return time...picking up anything for your Cruiser?


Eldorado556
02-01-2011, 08:06 PM
Got my final W2 in the mail today and did my E-file. Getting enough back for some new rubber. My current tires are old cracked BFG Mud Terrains. The wheels aren't even balanced. :eek:

So I'll probably go with the old reliable BFG AT's in 31/10.5/15. I had them on my Tacoma and they lasted forever. Not so good in mud but no complaints besides. Tried a set of Cooper Discoverer STT's for a while, they didn't last very long.

Any else have plans for when Uncle Sam gives you your money back?

bh4rnnr
02-01-2011, 08:41 PM
Posters for the Cruise Moab 2011 Raffle.

MDH33
02-01-2011, 08:42 PM
Tax Return?? What the heck is that? I'm sending the gub'ment some more. :rolleyes:

Old40Dog
02-01-2011, 08:49 PM
Got my final W2 in the mail today and did my E-file. Getting enough back for some new rubber.

Any else have plans for when Uncle Sam gives you your money back?

I'll likely make my usual extension filing deadline to 10/17/2011...:D Expect I'll still owe Uncle more...and....more...so off to work I go...I owe..I owe...so off to work I go...

corsair23
02-01-2011, 11:14 PM
Someone (sister in-law) mentioned to me that taxes couldn't be done/finalized till after the 18th of February? Something to do with the changes that the IRS thought were going to happen that didn't and they aren't ready...or something like that

Obviously I haven't started my taxes yet :hill:

EDIT: Looks you can file but returns won't be processed until sometime starting mid February if you are affected by the tax code changes...Not all people are affected...

http://www.accountingtoday.com/news/IRS-Begins-Accepting-Efile-Returns-56942-1.html

The IRS also announced today it anticipates starting to process tax returns impacted by Decemberís tax law changes by mid-February. The IRS continues working to reprogram its computers to reflect new tax law changes enacted by Congress and signed by the President in December.

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act extended a number of tax deductions and credits for 2011 and 2012 such as the American Opportunity Tax Credit and the modified Child Tax Credit, which help families pay for college and other child-related expenses. The Act also provides various job creation and investment incentives including 100 percent expensing and a two-percent payroll tax reduction for 2011. Those changes have no effect on the 2011 filing season.

Generally, taxpayers who itemize their deductions by using Schedule A, who claim the higher education tuition and fees deduction or who claim the educator expense deduction must wait a few more weeks to file their returns. Based on historical filing patterns, the IRS anticipates the delay impacts about 9 million taxpayers; in 2010, the IRS received more than 141 million tax returns. While the delay impacts both paper and electronic tax returns, most taxpayers can file immediately. More details are available on IRS.gov.

Although the IRS has not announced a specific mid-February start date for accepting the delayed tax returns, many people using e-file can get a head start. Many major software providers have announced they will accept these impacted returns immediately. The software providers will hold onto the returns and then electronically submit them after the IRS systems open in mid-February for the delayed forms.

Taxpayers using commercial software can check with their providers for specific instructions. Taxpayers should check with their tax return preparers, who also may be holding prepared returns until the updates are complete.

Even with the delay, IRS e-file remains the fastest option for taxpayers, and e-file returns will be processed and refunds issued much faster than paper returns. It will take less than two weeks to process an e-filed return, but as many as four to six weeks to process a paper return.

rover67
02-02-2011, 08:58 AM
so does our truck stuff qualify as a "hobby"

http://www.irs.gov/publications/p529/ar02.html

I kinda tend to think so...

sardi55
02-02-2011, 09:27 AM
I would think that our truck stuff DOES qualify as a hobby. :)

Bighead
02-02-2011, 09:46 AM
Tax Return?? What the heck is that? I'm sending the gub'ment some more. :rolleyes:

Same here...I would have to ask the wife when the last time was we got a refund.

bh4rnnr
02-02-2011, 11:58 AM
Someone (sister in-law) mentioned to me that taxes couldn't be done/finalized till after the 18th of February? Something to do with the changes that the IRS thought were going to happen that didn't and they aren't ready...or something like that

Obviously I haven't started my taxes yet :hill:

EDIT: Looks you can file but returns won't be processed until sometime starting mid February if you are affected by the tax code changes...Not all people are affected...

http://www.accountingtoday.com/news/IRS-Begins-Accepting-Efile-Returns-56942-1.html

??

Just got mine in the bank today. Looks like i'll be stopping by and dropping of the posters to Denver Digital tomorrow:cool:

leiniesred
02-02-2011, 12:23 PM
The schedule A forms have not yet been approved. So if you are not itemizing deductions, no big deal, if you are, you won't be able to file until the middle of Feb. (ish) *shrugs* Don't worry. The April 15th deadline has been extended a couple of days to compensate for the fact that the tax man couldn't get his stuff done on time (actually because of emancipation day in DC). No penalty for the tax man not getting his stuff done on time this year though.

nuclearlemon
02-03-2011, 02:26 PM
finishing my dual battery conversion.

Mendocino
02-03-2011, 02:55 PM
My goal is to send them $1 every April 15th. If I were to get a return that would mean that I loaned them money interest free, which does not sit well with me.

DaveInDenver
02-03-2011, 03:16 PM
My goal is to send them $1 every April 15th. If I were to get a return that would mean that I loaned them money interest free, which does not sit well with me.
We shoot to write them as big a check each April 15th that we can that is just below the limit for a penalty, which kicks in if you have them withhold less than 90% of your taxes over the year. IOW, if we expect to owe $20,000 in taxes we shoot to have them withhold $18,001 over the year and send them a $1,999 check. Which means that even at the current crappy savings interest rates we at least made a couple hundred dollars for doing nothing but letting our money sit for 12 months before we have to send it to them, collecting 0.2%. We use THAT money to splurge on April 16 since it really is unencumbered (except for their artificially induced 'tax', e.g., inflation) money that we did not have one year earlier.