E46 BMW Social Directory E46 FAQ 3-Series Discussion Forums BMW Photo Gallery BMW 3-Series Technical Information E46 Fanatics - The Ultimate BMW Resource BMW Vendors General E46 Forum The Tire Rack's Tire Wheel Forum Forced Induction Forum The Off-Topic The E46 BMW Showroom For Sale, For Trade or Wanting to Buy

Welcome to the E46Fanatics forums. E46Fanatics is the premiere website for BMW 3 series owners around the world with interactive forums, a geographical enthusiast directory, photo galleries, and technical information for BMW enthusiasts.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   E46Fanatics > Everything Else > The Off-Topic > General Off-Topic

General Off-Topic
Everything not about BMWs. Posts must be "primetime" safe and in good taste. You must be logged in to see sub-forums.
Click here to browse all new posts.

Reply
 
Thread Tools Search this Thread Rating: Thread Rating: 1 votes, 5.00 average. Display Modes
Old 01-22-2016, 12:14 AM   #1
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Somewhere over the rainbow
Posts: 4,905
My Ride: F
Tax filing season is right around the corner, let's talk deductions and loopholes

What are some deductions you all commonly take or loopholes you take advantage of when filing taxes? I've had this discussion with some of you in the past but now I'm opening it up for the forum as the discussion may benefit others.

Off the top of my head from filing my own taxes in past years:

-Student loan interest
-Mortgage interest
-Out of pocket business expenses
-Personal property taxes
-Job search expenses
-Charitable contributions/donations
-Charity work expenses
__________________
"You are free to make choices. You are not free to escape the consequences."
bimmerfan08 is offline   Reply With Quote
Old 01-22-2016, 12:56 AM   #2
Stankia
Registered User
 
Join Date: Mar 2012
Location: Gotham
Posts: 61
My Ride: F80 M3
Just give it to a jewish accountant
__________________
Ne Mi takie, Zhizn' takaya
Stankia is offline   Reply With Quote
Old 01-22-2016, 07:08 AM   #3
5ynd1cat3
Registered User
 
Join Date: Oct 2009
Location: Cincinnati
Posts: 513
My Ride: pisses off liberals
Pm Lair. He knows all the tricks.
__________________
5ynd1cat3 is offline   Reply With Quote
Old 01-22-2016, 07:09 AM   #4
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Somewhere over the rainbow
Posts: 4,905
My Ride: F
Quote:
Originally Posted by 5ynd1cat3 View Post
Pm Lair. He knows all the tricks.


He's been MIA unfortunately.
__________________
"You are free to make choices. You are not free to escape the consequences."
bimmerfan08 is offline   Reply With Quote
Old 01-22-2016, 07:13 AM   #5
mistrzmiasta
Registered User
 
Join Date: Dec 2006
Location: NYC
Posts: 1,001
My Ride: GLK350,ML63, Duc1098
Quote:
Originally Posted by bimmerfan08 View Post


He's been MIA unfortunately.
i wouldn't exactly say unfortunately.
mistrzmiasta is offline   Reply With Quote
Old 01-22-2016, 07:19 AM   #6
Vinnie Vega
Registered User
 
Join Date: Feb 2007
Location: Cary, NC
Posts: 532
My Ride: 0032870Vette70Velle
I'd love some sweet new loopholes, but would also love to not get audited, so I keep it simple and sweet.
__________________
"I'm like Swayze mixed with Sajack"
Vinnie Vega is offline   Reply With Quote
Old 01-22-2016, 07:53 AM   #7
IFX
Registered User
 
Join Date: Jan 2009
Location: Very South
Posts: 1,349
My Ride: M156
charity.



good one.
__________________
IFX is offline   Reply With Quote
Old 01-22-2016, 08:16 AM   #8
SamDoe1
Registered User
 
Join Date: Oct 2010
Location: Minnesnowta
Posts: 3,672
My Ride: 4cyl of fury
Idgaf, I'm fvcking my accountant so she does all of my taxes for free and deals with this stuff for me.
SamDoe1 is offline   Reply With Quote
Old 01-22-2016, 08:37 AM   #9
Act of God
Registered User
 
Join Date: Dec 2004
Location: NY
Posts: 335
My Ride: Longboard
Send a message via ICQ to Act of God Send a message via AIM to Act of God Send a message via Yahoo to Act of God
Got my W2, sickened by the amount of taxes I paid this year. I need to find some serious deductions, thankfully my side business did well this year so I can write off a home office.
__________________
"In the modern welfare state, a vote becomes a license to take what others create" - Thomas Sowell
Act of God is offline   Reply With Quote
Old 01-22-2016, 08:41 AM   #10
trizzuth
Registered User
 
Join Date: May 2005
Location: MA$$HOLE
Posts: 6,068
My Ride: 234k, 16yr old B3AST
if you have kids, and put your child in preschool or daycare, and that preschool or daycare costs you money, that is deductable. Had a tax acct once that completely told me I could not claim this for my daughter because rather than putting her in daycare for the age of 4, we put her in a private preschool for that one/two years before public school. It was a few grand each year, and she told me I could not submit it because it was a private school. Well, come the next year, I called the school to ask about this as I was suspicious, they confirmed to me that yes, you can claim their expenses on taxes and provided me with their Tax ID! Went back to said tax acct, shoved it in their face, was APPALLED that I actually paid money for them to do my taxes when I had to come personally back into the office and refute one of their accountants blatant mistakes. Remember, I specifically asked this lady about this, and she told me NO you cannot claim it. They didn't even refund any of the fees I paid either, a$$holes!

They had to file an amendment to that prior year's taxes as well as that current year. Brought me back $600 PER YEAR. That is a $1200 mistake. Needless to say, I made it known as much as possible to that place and the community that everyone should stay away and took my tax work elsewhere.
__________________
trizzuth is offline   Reply With Quote
Old 01-22-2016, 10:35 AM   #11
217Bimmer
Registered User
 
Join Date: May 2008
Location: Illinoise
Posts: 148
My Ride: Dodge Durango
Quote:
Originally Posted by trizzuth View Post
if you have kids, and put your child in preschool or daycare, and that preschool or daycare costs you money, that is deductable. Had a tax acct once that completely told me I could not claim this for my daughter because rather than putting her in daycare for the age of 4, we put her in a private preschool for that one/two years before public school. It was a few grand each year, and she told me I could not submit it because it was a private school. Well, come the next year, I called the school to ask about this as I was suspicious, they confirmed to me that yes, you can claim their expenses on taxes and provided me with their Tax ID! Went back to said tax acct, shoved it in their face, was APPALLED that I actually paid money for them to do my taxes when I had to come personally back into the office and refute one of their accountants blatant mistakes. Remember, I specifically asked this lady about this, and she told me NO you cannot claim it. They didn't even refund any of the fees I paid either, a$$holes!

They had to file an amendment to that prior year's taxes as well as that current year. Brought me back $600 PER YEAR. That is a $1200 mistake. Needless to say, I made it known as much as possible to that place and the community that everyone should stay away and took my tax work elsewhere.
At least you caught it. For others interested https://www.irs.gov/uac/Ten-Things-t...nt-Care-Credit
__________________
** Political signature removed - Tim330i **

Quote:
I always have to laugh when I see a thread described as "Not Work Safe." Is there anything on the OT forum that's really "work safe"? If I were your boss, I'd be mad if you spent any time on this forum at work at all. How is a picture of a naked girl any less work safe than, say, a picture of a matador getting gored in the *** by an angry bull? - VaderDave
217Bimmer is offline   Reply With Quote
Old 01-22-2016, 10:46 AM   #12
evolved
Registered User
 
Join Date: Dec 2007
Location: Saint Louis, MO
Posts: 848
My Ride: 2011 BMW 335d
Quote:
Originally Posted by Act of God View Post
Got my W2, sickened by the amount of taxes I paid this year. I need to find some serious deductions, thankfully my side business did well this year so I can write off a home office.
Be careful with that....it's one of the leading reasons why people get audited.
__________________

Present
2014 Jeep Cherokee Trailhawk V6
Past
2011 BMW 335d, 2011 BMW 135i, 2006 Mazdaspeed 6 GT, 2000 BMW 323ci, 2003 Evolution VIII, 1995 Nissan 240sx w/ SR20DET


evolved is offline   Reply With Quote
Old 01-22-2016, 10:51 AM   #13
SLVR JDM
Registered User
 
Join Date: Nov 2005
Location: Work
Posts: 1,565
My Ride: 4Runner
Quote:
Originally Posted by trizzuth View Post
if you have kids, and put your child in preschool or daycare, and that preschool or daycare costs you money, that is deductable. Had a tax acct once that completely told me I could not claim this for my daughter because rather than putting her in daycare for the age of 4, we put her in a private preschool for that one/two years before public school. It was a few grand each year, and she told me I could not submit it because it was a private school. Well, come the next year, I called the school to ask about this as I was suspicious, they confirmed to me that yes, you can claim their expenses on taxes and provided me with their Tax ID! Went back to said tax acct, shoved it in their face, was APPALLED that I actually paid money for them to do my taxes when I had to come personally back into the office and refute one of their accountants blatant mistakes. Remember, I specifically asked this lady about this, and she told me NO you cannot claim it. They didn't even refund any of the fees I paid either, a$$holes!

They had to file an amendment to that prior year's taxes as well as that current year. Brought me back $600 PER YEAR. That is a $1200 mistake. Needless to say, I made it known as much as possible to that place and the community that everyone should stay away and took my tax work elsewhere.
Geez, even turbotax tells you about this one

I've been taking advantage of this for several years. You can even do it with in home/private daycare providers using their SSN or Tax ID. Obviously they need to also claim the money you are paying them on a 1099, so make sure it is all being reported or you're effed (get written invoices).

Main things I do are:
-Mortgage interest
-Donations to various charities
-Child care / dependant care expenses. My wife technically works as a substitute teacher from time to time, so we meet the requirement for this even though she's a stay at home mom 98% of the time. Navigating that rule like a boss.
-Personal property tax (not much, but it counts)
-Student loan interest
-Tax credit for 3 kids
-I don't claim anything for home office or anything that raises an eyebrow really. Not worth the hassle of dealing with an audit, especially when I'm saving a ton not driving to my work office.


I'm sure there are others, but it all adds up significantly. Speaking of which, I need to redo my W4...getting far too big on the refunds each year.
__________________
SLVR JDM is offline   Reply With Quote
Old 01-22-2016, 10:51 AM   #14
Act of God
Registered User
 
Join Date: Dec 2004
Location: NY
Posts: 335
My Ride: Longboard
Send a message via ICQ to Act of God Send a message via AIM to Act of God Send a message via Yahoo to Act of God
Quote:
Originally Posted by evolved View Post
Be careful with that....it's one of the leading reasons why people get audited.
I know, but I am going to owe SO much I have sticker shock.
__________________
"In the modern welfare state, a vote becomes a license to take what others create" - Thomas Sowell
Act of God is offline   Reply With Quote
Old 01-22-2016, 10:52 AM   #15
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Somewhere over the rainbow
Posts: 4,905
My Ride: F
Quote:
Originally Posted by evolved View Post
Be careful with that....it's one of the leading reasons why people get audited.
What is? The home office?
__________________
"You are free to make choices. You are not free to escape the consequences."
bimmerfan08 is offline   Reply With Quote
Old 01-22-2016, 10:53 AM   #16
Act of God
Registered User
 
Join Date: Dec 2004
Location: NY
Posts: 335
My Ride: Longboard
Send a message via ICQ to Act of God Send a message via AIM to Act of God Send a message via Yahoo to Act of God
Quote:
Originally Posted by bimmerfan08 View Post
What is? The home office?
Yea, it's the home of many shady deductions. My problem is that one of my side cases hit big this year and I got a massive lump sum and now have to pay the piper.
__________________
"In the modern welfare state, a vote becomes a license to take what others create" - Thomas Sowell
Act of God is offline   Reply With Quote
Old 01-22-2016, 10:55 AM   #17
evolved
Registered User
 
Join Date: Dec 2007
Location: Saint Louis, MO
Posts: 848
My Ride: 2011 BMW 335d
Quote:
Originally Posted by bimmerfan08 View Post
What is? The home office?
Yep.....there are a lot of pretty strict requirements for a home office to be deductible. You can't just throw a desk and a computer into a spare room and dub it a deductible home office.

The IRS thinks of the home office deduction as a red flag because, historically, they have had a lot of success with digging into these cases.
__________________

Present
2014 Jeep Cherokee Trailhawk V6
Past
2011 BMW 335d, 2011 BMW 135i, 2006 Mazdaspeed 6 GT, 2000 BMW 323ci, 2003 Evolution VIII, 1995 Nissan 240sx w/ SR20DET


evolved is offline   Reply With Quote
Old 01-22-2016, 10:56 AM   #18
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Somewhere over the rainbow
Posts: 4,905
My Ride: F
Quote:
Originally Posted by Act of God View Post
Yea, it's the home of many shady deductions. My problem is that one of my side cases hit big this year and I got a massive lump sum and now have to pay the piper.
That's now a concern since I now work from home. On one hand I don't want to increase my chances of being audited but on the other hand, I want to write off as much as I possibly can. I'll be using an accountant this year most likely.
__________________
"You are free to make choices. You are not free to escape the consequences."
bimmerfan08 is offline   Reply With Quote
Old 01-22-2016, 10:57 AM   #19
SonicBoom
Registered User
 
Join Date: Nov 2012
Location: Minneapolis
Posts: 5
My Ride: X3
I didn't get around to filing for a business last year. I have spent some money on R&D for a product I intend to manufacture and sell.
Question: can I correctly assume that since I do not have an legal business entity, I cannot deduct my R&D expenses?
SonicBoom is offline   Reply With Quote
Old 01-22-2016, 10:57 AM   #20
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Somewhere over the rainbow
Posts: 4,905
My Ride: F
Quote:
Originally Posted by evolved View Post
Yep.....there are a lot of pretty strict requirements for a home office to be deductible. You can't just throw a desk and a computer into a spare room and dub it a deductible home office.

The IRS thinks of the home office deduction as a red flag because, historically, they have had a lot of success with digging into these cases.
Damn. I may just ignore it.

https://www.irs.gov/Businesses/Small...fice-Deduction
__________________
"You are free to make choices. You are not free to escape the consequences."

Last edited by bimmerfan08; 01-22-2016 at 10:59 AM.
bimmerfan08 is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

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 On
Censor is ON





All times are GMT -5. The time now is 06:15 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
(c) 1999 - 2016 performanceIX Inc - privacy policy - terms of use