Taxes Suck

Album Cover: The Black Album

"Young enough to know the right car to buy yet grown enough not to put rims on it."
Jay-Z / 30 Something

Posted on April 08, 2005 1:22 AM in Miscellaneous
Warning: This blog entry was written two or more years ago. Therefore, it may contain broken links, out-dated or misleading content, or information that is just plain wrong. Please read on with caution.

I decided to buy TurboTax this year and file my taxes on my own for the first time. A couple weeks ago I finished most of the grunt work in TurboTax, but finding out that I owe the government over $1,300 put actually filing my taxes on the backburner for a while.

When Ryan McElroy posted to his blog about an IRS rejection he received earlier this week, it reminded me that I only have a few days left to get this tax crap taken care of.

I fired up TurboTax again tonight, looked over my forms one more time, and then printed everything up (I'm going to make payments rather than paying in one big chunk, so I couldn't e-file), only to realize afterward that the sales tax deduction I had entered (living in Washington makes this a bigger deal than it might be for people elsewhere in the country) had not made a dent in my total amount owed to the government.

This had me vexed for quite some time, and it wasn't until after digging aimlessly through the TurboTax support site that I came across a forum post that solved my dilemma:

Your total itemized deductions are less than your standard deduction, so TurboTax uses the standard deduction because it gives you a greater tax benefit. Changes in itemized deductions then have no effect, because they are not being used, unless the total itemized deductions increase enough to be larger than the standard deduction.

So it turns out that the standard deduction of $4,850 for single people who file was larger than my itemized deductions (student loan interest, sales tax, etc.) so it overrode in my case.

Now I can stop pulling my hair out, throw all this tax mumbo jumbo in an envelope and call it a night.

Just as a side note, writing this post has shown me just how difficult it is to type the word "tax" over and over again.

Comments

el amor on October 12, 2016 at 4:15 PM:

exceleeeeeennnte... estas son las frases de amor que utilizo para enamorar a mi pareja amada con mucho cariƱo

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