i use the standard h & r block software. you can go to their site and enter your YTD wages and deductions and they will give you an estimated return. my actual federal return was almost 50% more than the estimate
....i got my state return today (6 days after filing) and my federal return will be received no later than the 2nd.
the service costs 30 bucks, and i highly recommend it if you're doing a basic return. if you have a lot of deductions and writeoffs and investments and all that, then you might want to upgrade. they also do a pretty good job of answering questions during the filing process -- if you're not sure about something, just click the little question mark thingy and it gives you a detailed explanation.
i'm still surprised by how many people don't efile their own taxes. it's pretty simple. i think you can even go directly to the irs website and do it free if you make less than $57,000....
i've efiled my own taxes for the last 6 or 7 years, and it seems every year the process gets quicker and easier.
....i got my state return today (6 days after filing) and my federal return will be received no later than the 2nd. the service costs 30 bucks, and i highly recommend it if you're doing a basic return. if you have a lot of deductions and writeoffs and investments and all that, then you might want to upgrade. they also do a pretty good job of answering questions during the filing process -- if you're not sure about something, just click the little question mark thingy and it gives you a detailed explanation.
i'm still surprised by how many people don't efile their own taxes. it's pretty simple. i think you can even go directly to the irs website and do it free if you make less than $57,000....
i've efiled my own taxes for the last 6 or 7 years, and it seems every year the process gets quicker and easier.
You are supposed to report all gambling winnings. You cannot report
more of a loss in any given year than you gained. You cannot carry
over losses. I.e. if you gambled and won $3K in 2009 but also had
$10K in losses in 2009, for a net loss of -$7K, you will only be able
to write off $3K of the losses against the $3K in gains to show a net
break-even. Furthermore, once 2010 starts, you have a clean slate
as far as gambling income/losses is concerned, the extra $4K in losses
from 2009 doesn't carry over.
This doesn't seem fair, but that is the way the tax law is written.
http://www.irs.gov/taxtopics/tc419.html
Topic 419 - Gambling Income and Losses
The following rules apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income.
A payer is required to issue you a Form W-2G (PDF) if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported, including winnings` that are not subject to withholding. In addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.
You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction that is not subject to the 2% limit on Form 1040, Schedule A (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.
Yes ... Tax Calculators
1. Use TaxCaster http://turbotax.intuit.com/tax-tools/
2. Use either to do your taxes,,your refund will show at the end,you do NOT have to file. (just print)
Not sure how complex your tax situation is but I've used Turbo Tax in the past. Mostly because of my stock gains and losses. I probably paid less then $60 for Turbo Tax. Last year I tried the Tax act and it was all free. I think it's a government program to encourage people to do their taxes online. With Tax Act being free, I noticed Turbo Tax is advertising "Do your taxes online for free". Which means you'll pay something but probably not as much as before. They always have these hidden fees. Tax Act is free as in free with no hidden fees. Tax Act has a premium software program that they charge something. Maybe around $15. Can't remember exactly. That was last year.
I don't see why you couldn't just check to see how much your taxes will be. The only problem is you still would have to pay your guy $150 to see if he's any better then doing it online.
Won 5,000 @ casino and $4,800 Trifecta @ the Belmont...(I through out Big BrownI off set my winnings with proof of losses. but the winnings put me a higher tax bracket. So even though you can off set the winnings...you still pay...........
You either don't itemize or are in AMT it shouldn't put you in a higher tax bracket. I have been preparing taxes since 1987.
