Investment

» allancoleman - RANGEL'S TAX PROPOSAL NOT BAD?

In response to RANGEL'S TAX PROPOSAL NOT BAD? posted by axolotl:

What's interesting about the tax code this year was as soon as I installed my TurboTax , even BEFORE plugging in any income , I was showing a AMT libility additional tax owed . ? ? It was almost like no matter what I did , there was that AMT tax owed in front of me no matter what deduction I erased or deleted .

It'll be interesting to see what happens when I get the AMT patch fix update from TurboTax the first part of January . One of my favorite things to do with my TurboTax software after I've input all my data and have a completed return ready is to go back and really run up certain line items to see how it effects my bottom line . It's so easy to do with TurboTax . Change one line item , push " enter " , and presto , you're got a whole new bottom line result to compare and ponder .

Next year's final income will be much more critical for me as I'll have to keep myself in the 15% marginal income tax bracket in order to qualify for my zero capital gains on my company stock sale I will do January 2nd . So the final months of 2008 , I'll really be doing a " what if " game using this year's 2007 TurboTax software and finally 2008 around Thanksgiving next year when it's usually available in order to do any last minute changes before next year's calendar year's end .

-- posted by allancoleman

» allancoleman - Best Tax Software poll

From the Bogleheads investment discussion boards :

http://diehards.org/forum/viewtopic.php?...

I use TurboTax myself and always purchase the software on the disk , update it on line , and do my tax calculations off line . Always send our return as late as possible usually on April 15th , hard copy , certified mail , return receipt requested .

I use my TurboTax software all year for tax planning and really like doing " what if's " by changing different line items and getting a different bottom line owed to see how our tax code works .

-- posted by allancoleman

» mdorsey - Best Tax Software poll

In response to Best Tax Software poll posted by allancoleman:

I think we must be brothers.

Same things I do.

-- posted by mdorsey

» allancoleman - Best Tax Software poll

In response to Best Tax Software poll posted by mdorsey:

I think one of the very first things I learned how to do with my first TurboTax software I used years ago was to delete and change / alter a line item , recalculate the tax owed , and then return that line item and my return back to it's original state . Playing those " what if's " all year with your last year's return really does give an investor good ideas on what changes to make all durning the year on your tax planning .

For those who aren't used to doing your own tax returns like Mike and I do , just take the last return your tax preparer did for you , buy the TurboTax for that tax year , load it into your computer and input all the data your accountant did into the TurboTax software and you're off and running for the next tax year with a good known accepted tax return already loaded in your computer . The next tax year , buy TurboTax again and the new software will sense the old tax return in it and the first thing it'll do is ask you if you want the new program to load all the past data into it . And , of course , I was do .

I haven't had to enter any personal data for years now . And it'll ask if you have the same 1099's from the same sources and of course most of us get 1099's from the same banks , etc . It really does walk a newbie right through it .

-- posted by allancoleman

» allancoleman - Another poll on taxes :

http://www.diehards.org/forum/viewtopic....

I voted in the majority again . It's interesting to read the different thoughts of investors to doing taxes themselves or not . To me , the tax planning from the very beginning of the calendar year is one of the most important aspects of doing your own taxes .

-- posted by allancoleman

» allancoleman - TurboTax AMT patch update available

The TurboTax update I just did had the AMT patch " fix " in it and I no longer have a AMT tax liability . Those of you with AMT difficulties , you might want to update your tax software .

I am still waiting for my HSA , Health Savings Account , update so I can complete my HSA worksheet for my 2007 tax return .

-- posted by allancoleman

» allancoleman - A IRS help question :

http://www.diehards.org/forum/viewtopic....

Don't'cha just love the IRS .

-- posted by allancoleman

» allancoleman - 2007 Tax Year AMT brackets :

http://www.diehards.org/forum/viewtopic....

This question was just asked on this topic on the Bogleheads site , but it should get more input as we progress toward tax season .

-- posted by allancoleman

» allancoleman - Health Savings Account TurboTax update

Just got my TurboTax Health Savings Accounts update . Unfortunately I don't have anywhere the 1099's to even begin to run an estimate of the tax deductions and benefit of that federal program . Soon as I get that input , I'll report on our Suite101 Health Savings Account forum what those benefits are .

-- posted by allancoleman

» allancoleman - Income Tax Deduction

Recent tax discussion on Bogleheads :

http://www.diehards.org/forum/viewtopic....

-- posted by allancoleman