BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > BIMMERPOST Universal Forums > Off-Topic Discussions Board
 
ESS Tuning
Post Reply
 
Thread Tools Search this Thread
      01-30-2012, 03:37 PM   #23
number335
Second Lieutenant
 
number335's Avatar
 
Drives: E92 Coupe
Join Date: Mar 2008
Location: Orange County, CA

Posts: 255
iTrader: (0)

I get a pretty nice refund this year. Crossing fingers I don't get audited.
number335 is offline  
0
Reply With Quote
      01-30-2012, 03:46 PM   #24
The Ghost of Tom Joad
Banned
 
Drives: B744
Join Date: Oct 2011
Location: Up In The Air

Posts: 50
iTrader: (0)

Quote:
Originally Posted by number335 View Post
I get a pretty nice refund this year. Crossing fingers I don't get audited.
lol those two phrases in close proximity to each other usually mean shifty accounting
The Ghost of Tom Joad is offline   No_Country
0
Reply With Quote
      01-30-2012, 03:47 PM   #25
infinitekid2002
Creepin while ya sleepin
 
infinitekid2002's Avatar
 
Drives: Like a Bat out of Hell
Join Date: Nov 2007
Location: City of Angels

Posts: 3,386
iTrader: (4)

Garage List
2008 135i  [3.71]
too bad you can't write off your gtr repairs tom
__________________
infinitekid2002 is online now   United_States
0
Reply With Quote
      01-30-2012, 05:52 PM   #26
Oregano123
Banned.....j/k
 
Oregano123's Avatar
 
Drives: '09 535xi, '11 Panamera
Join Date: Jun 2005
Location: South Dakota

Posts: 174
iTrader: (0)

Send a message via AIM to Oregano123
Education Tax Writeoff

There is 1 deduction above the line and 2 credits. You can only choose one of these 3 tax writeoffs. It depends highly on what your AGI is, your tuition, your withholdings and your out of pocket education-related expenses.

Tuition & Fee deduction
This amount is capped at 4k above the line.

American Opp credit
This is capped at $2,500, of which 60% is nonrefundable (up to $1,500) and 40% is refundable (up to $1,000).

Lifetime Learning Credit
This is capped at $2,000 nonrefundable credit.
__________________
Oregano123 is offline   United_States
0
Reply With Quote
      01-30-2012, 05:59 PM   #27
CollinsE90
Where my bitches
 
CollinsE90's Avatar
 
Drives: Cadillac coupe deville
Join Date: Mar 2009
Location: street corner checking profits

Posts: 1,927
iTrader: (0)

Quote:
Originally Posted by Oregano123 View Post
Education Tax Writeoff

There is 1 deduction above the line and 2 credits. You can only choose one of these 3 tax writeoffs. It depends highly on what your AGI is, your tuition, your withholdings and your out of pocket education-related expenses.

Tuition & Fee deduction
This amount is capped at 4k above the line.

American Opp credit
This is capped at $2,500, of which 60% is nonrefundable (up to $1,500) and 40% is refundable (up to $1,000).

Lifetime Learning Credit
This is capped at $2,000 nonrefundable credit.
I didn't work any last year so I wasn't planning on filing. College student, student loans and grants for schooling. I just want to know if I'm eligible.
__________________
CollinsE90 is offline   United_States
0
Reply With Quote
      01-30-2012, 06:05 PM   #28
Oregano123
Banned.....j/k
 
Oregano123's Avatar
 
Drives: '09 535xi, '11 Panamera
Join Date: Jun 2005
Location: South Dakota

Posts: 174
iTrader: (0)

Send a message via AIM to Oregano123
Quote:
Originally Posted by CollinsE90 View Post
I didn't work any last year so I wasn't planning on filing. College student, student loans and grants for schooling. I just want to know if I'm eligible.
depends on a lot of things. do you have other sources of income? are u going to be claimed as a dependent if youre not filing on your own? what year are u in college? etc. most likely you'll be eligible for the $1000 refund from the American Opp
__________________
Oregano123 is offline   United_States
0
Reply With Quote
      01-30-2012, 06:06 PM   #29
lopealle
Resident Black Guy
 
lopealle's Avatar
 
Drives: Lion
Join Date: May 2009
Location: Federal Way, WA

Posts: 2,245
iTrader: (2)

Garage List
2006 M5  [5.00]
I havent attempted to file my taxes i guess that something i can look into this weekend. No big rush really
lopealle is offline   Zimbabwe
0
Reply With Quote
      01-30-2012, 06:06 PM   #30
CollinsE90
Where my bitches
 
CollinsE90's Avatar
 
Drives: Cadillac coupe deville
Join Date: Mar 2009
Location: street corner checking profits

Posts: 1,927
iTrader: (0)

Quote:
Originally Posted by Oregano123 View Post
depends on a lot of things. do you have other sources of income? are u going to be claimed as a dependent if youre not filing on your own? what year are u in college? etc. most likely you'll be eligible for the $1000 refund from the American Opp
Dependent of my dad's return, Junior. How do I go about this, just talk to my dad's CPA? Just like to know as much as possible before I continue.
__________________
CollinsE90 is offline   United_States
0
Reply With Quote
      01-30-2012, 06:27 PM   #31
Oregano123
Banned.....j/k
 
Oregano123's Avatar
 
Drives: '09 535xi, '11 Panamera
Join Date: Jun 2005
Location: South Dakota

Posts: 174
iTrader: (0)

Send a message via AIM to Oregano123
Quote:
Originally Posted by CollinsE90 View Post
Dependent of my dad's return, Junior. How do I go about this, just talk to my dad's CPA? Just like to know as much as possible before I continue.
both the money you paid out of pocket and the numbers on your dad's return would affect which education writeoff is best (most likely the american opp).
__________________
Oregano123 is offline   United_States
0
Reply With Quote
      01-30-2012, 06:32 PM   #32
CollinsE90
Where my bitches
 
CollinsE90's Avatar
 
Drives: Cadillac coupe deville
Join Date: Mar 2009
Location: street corner checking profits

Posts: 1,927
iTrader: (0)

Quote:
Originally Posted by Oregano123 View Post
both the money you paid out of pocket and the numbers on your dad's return would affect which education writeoff is best (most likely the american opp).
I'm assuming the other one is for people who pay cash for school, the one you're thinking will be the one I'm eligible for is the lesser of the two and for people who needed help from loans. True?
__________________
CollinsE90 is offline   United_States
0
Reply With Quote
      01-30-2012, 06:36 PM   #33
Oregano123
Banned.....j/k
 
Oregano123's Avatar
 
Drives: '09 535xi, '11 Panamera
Join Date: Jun 2005
Location: South Dakota

Posts: 174
iTrader: (0)

Send a message via AIM to Oregano123
no. the latter 2 are credits. the (higher) american opp is for ppl who are still in the first 4 years of college.
__________________
Oregano123 is offline   United_States
0
Reply With Quote
      01-30-2012, 06:42 PM   #34
CollinsE90
Where my bitches
 
CollinsE90's Avatar
 
Drives: Cadillac coupe deville
Join Date: Mar 2009
Location: street corner checking profits

Posts: 1,927
iTrader: (0)

Quote:
Originally Posted by Oregano123 View Post
no. the latter 2 are credits. the (higher) american opp is for ppl who are still in the first 4 years of college.
Ok so it's a credit, that is refundable up to $1000. Do I put it on my taxes, or dad's.

Sorry for the questions, I know nothing about accounting.
__________________
CollinsE90 is offline   United_States
0
Reply With Quote
      01-30-2012, 06:50 PM   #35
FwdFtl
Volcano Knuckles
 
Drives: E60
Join Date: Aug 2011
Location: Cali

Posts: 251
iTrader: (0)

Quote:
Originally Posted by CollinsE90 View Post
Ok so it's a credit, that is refundable up to $1000. Do I put it on my taxes, or dad's.

Sorry for the questions, I know nothing about accounting.
If this thread results in you getting money that you otherwise had no idea you could get, I'm gonna need 10%

But seriously, update this thread after it ends up on page 3 and let us know how it works out for you
FwdFtl is offline   United_States
0
Reply With Quote
      01-30-2012, 06:56 PM   #36
CollinsE90
Where my bitches
 
CollinsE90's Avatar
 
Drives: Cadillac coupe deville
Join Date: Mar 2009
Location: street corner checking profits

Posts: 1,927
iTrader: (0)

Quote:
Originally Posted by FwdFtl
Quote:
Originally Posted by CollinsE90 View Post
Ok so it's a credit, that is refundable up to $1000. Do I put it on my taxes, or dad's.

Sorry for the questions, I know nothing about accounting.
If this thread results in you getting money that you otherwise had no idea you could get, I'm gonna need 10%

But seriously, update this thread after it ends up on page 3 and let us know how it works out for you
I tell you what, I'll do that for you. Whatever I get back, I'll buy you something and mail it to you for 10% of what I get.

Our CPA said I'm eligible but the lack of income is questioning it, but I work for my dad all year for free so I guess we can use that.
__________________
CollinsE90 is offline   United_States
0
Reply With Quote
      01-30-2012, 07:24 PM   #37
FwdFtl
Volcano Knuckles
 
Drives: E60
Join Date: Aug 2011
Location: Cali

Posts: 251
iTrader: (0)

Quote:
Originally Posted by CollinsE90 View Post
I tell you what, I'll do that for you. Whatever I get back, I'll buy you something and mail it to you for 10% of what I get.

Our CPA said I'm eligible but the lack of income is questioning it, but I work for my dad all year for free so I guess we can use that.
That's love bro! But, perhaps you should pay it forward and give that 10% to charity...

Or pour it up for ya boy lol
FwdFtl is offline   United_States
0
Reply With Quote
      01-30-2012, 08:26 PM   #38
Oregano123
Banned.....j/k
 
Oregano123's Avatar
 
Drives: '09 535xi, '11 Panamera
Join Date: Jun 2005
Location: South Dakota

Posts: 174
iTrader: (0)

Send a message via AIM to Oregano123
Quote:
Originally Posted by CollinsE90 View Post
Ok so it's a credit, that is refundable up to $1000. Do I put it on my taxes, or dad's.

Sorry for the questions, I know nothing about accounting.
ideally, you would put it on your dad's b/c you have no income. his income (thus a higher tax rate than zero) will be reduced by the nonrefundable credit and he will get that $1000 refund (assuming some other things such as an appropriate amount of withholding, etc).

there are too many moving factors. just hand it to your dad's CPA.
__________________
Oregano123 is offline   United_States
0
Reply With Quote
      01-30-2012, 09:06 PM   #39
CollinsE90
Where my bitches
 
CollinsE90's Avatar
 
Drives: Cadillac coupe deville
Join Date: Mar 2009
Location: street corner checking profits

Posts: 1,927
iTrader: (0)

Quote:
Originally Posted by Oregano123 View Post
ideally, you would put it on your dad's b/c you have no income. his income (thus a higher tax rate than zero) will be reduced by the nonrefundable credit and he will get that $1000 refund (assuming some other things such as an appropriate amount of withholding, etc).

there are too many moving factors. just hand it to your dad's CPA.
Thanks for all your help man, I owe you a beer or two
__________________
CollinsE90 is offline   United_States
0
Reply With Quote
      01-30-2012, 10:57 PM   #40
Blayne
Enlisted Member
 
Drives: Escalade
Join Date: Aug 2011
Location: Canada

Posts: 44
iTrader: (0)

Quote:
Originally Posted by number335
I get a pretty nice refund this year. Crossing fingers I don't get audited.
Lmao heats bro
Blayne is offline  
0
Reply With Quote
      01-30-2012, 11:03 PM   #41
Seminole
Colonel
 
Seminole's Avatar
 
Drives: Red Flyer
Join Date: Aug 2008
Location: 38.8977 N, 77.0366 W

Posts: 2,032
iTrader: (2)

Garage List
2008 E90 328i  [3.50]
I hate doing taxes...
__________________
Seminole is offline   United_States
0
Reply With Quote
      01-30-2012, 11:38 PM   #42
CollinsE90
Where my bitches
 
CollinsE90's Avatar
 
Drives: Cadillac coupe deville
Join Date: Mar 2009
Location: street corner checking profits

Posts: 1,927
iTrader: (0)

Quote:
Originally Posted by Seminole View Post
I hate doing taxes...
Ironic you're an accountant.
__________________
CollinsE90 is offline   United_States
0
Reply With Quote
      01-30-2012, 11:53 PM   #43
Seminole
Colonel
 
Seminole's Avatar
 
Drives: Red Flyer
Join Date: Aug 2008
Location: 38.8977 N, 77.0366 W

Posts: 2,032
iTrader: (2)

Garage List
2008 E90 328i  [3.50]
Quote:
Originally Posted by CollinsE90 View Post
Ironic you're an accountant.
I don't do taxes though, I'm on the audit side.
__________________
Seminole is offline   United_States
0
Reply With Quote
      01-30-2012, 11:58 PM   #44
CollinsE90
Where my bitches
 
CollinsE90's Avatar
 
Drives: Cadillac coupe deville
Join Date: Mar 2009
Location: street corner checking profits

Posts: 1,927
iTrader: (0)

Quote:
Originally Posted by Seminole View Post
I don't do taxes though, I'm on the audit side.
Word, I wouldn't like to do them either. My grandmother did it for 30 years, and uncle does it.
__________________
CollinsE90 is offline   United_States
0
Reply With Quote
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 01:22 PM.




m3post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST