Author Topic: H&R Block Eeegahds  (Read 1025 times)

Offline DREDIOCK

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H&R Block Eeegahds
« on: February 10, 2008, 04:43:32 PM »
Anyone out there tell me if ANY of these items are not business deductions

Gas for commercial vehicle
Commercial truck insurance
Commercial vehcle  registration
Maintenence on commercial Vehicle (Brakes,tires,Battery,tune ups
oil changes)

Then

Business Liability insurance
Business licencing fees
Total amount paid for Tools under $1,000 each
Rental Equipment
Advertising
Road Toll fees
Office supplies (Pens Paper,Printers Ink,Proposal Pads etc)
« Last Edit: February 10, 2008, 04:53:29 PM by DREDIOCK »
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Offline Meatwad

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« Reply #1 on: February 10, 2008, 04:48:15 PM »
Sounds like business deductions to me
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Offline JB66

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« Reply #2 on: February 10, 2008, 05:04:09 PM »
My wife the CPA said that they all are business deductions.  Except the tools, they have to be capitalized and depreciated.

Offline DREDIOCK

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« Reply #3 on: February 10, 2008, 05:16:44 PM »
Quote
Originally posted by JB66
My wife the CPA said that they all are business deductions.  Except the tools, they have to be capitalized and depreciated.


Even those costing UNDER $1,000?

I was under the impression that only items over 1K needed to be depreciated

Most of the ones bought cost under $100 each. and most of those were under $25 each.

Reguardless.

Just the vehiclwe related expences alone were over $4K

Not including all the items I listed under "then"
Even if I didnt include the tools. by my math I still have over $7K in deductions

This idiot tried telling me I had $3K in total deductions.Thats everything.combined.

Only reason i went ot H&R is we wanted to get the stuff done quickly so we could apply for my sons FAFSA.
And our regular accountant (our nephew)wont be able to have it back to us for over a week as he changed jobs and doesnt have the freedom he had on his old job.

Bit of a price difference too. He charged us $150
H&R block wanted to charge us $400.


But we were willing to pay it for a quick turnaround time

but after he tried telling me this nonsence

screw dat.
Im dropping the papers off at my nephews tomorrow and hopefully he can give us some basic preliminary numbers so we can fill out the FAFSA forms.
« Last Edit: February 10, 2008, 05:19:47 PM by DREDIOCK »
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Offline sling322

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« Reply #4 on: February 10, 2008, 05:29:59 PM »
Go to the store and buy TaxCut.  It will do all that stuff for you.  All you gotta do is answer the questions.  My wife owns her own business and we just bought a house last year.  All we had to do is answer the questions and fill in the financial info from our W2s and it figured it all out for us.  It even suggests additional deductions you may not have thought about as well.

And it only costs $19.95 for the Federal edition and the efile is like $14.95 or something.  But if you live in one of those pesky State income tax states you may have to spend a little more to get the correct version.  God bless Texas!!:cool:

Offline Elfie

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« Reply #5 on: February 10, 2008, 05:47:34 PM »
I tried using H&R Block before. They suck. They charged me an arm and a leg to do the taxes and then told me I owed over 4k just to the feds. Went somewhere else and because of deductions that H&R Block wouldn't let me take I actually ended up getting money back.

H&R Block wouldn't let me claim stuff like nail gun maintenance. Nail gun starts leaking so you take it in for a rebuild and H&R Block said that wasn't a valid deduction even though I had all my receipts.
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Offline DREDIOCK

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« Reply #6 on: February 10, 2008, 06:06:40 PM »
Quote
Originally posted by Elfie
I tried using H&R Block before. They suck. They charged me an arm and a leg to do the taxes and then told me I owed over 4k just to the feds. Went somewhere else and because of deductions that H&R Block wouldn't let me take I actually ended up getting money back.

H&R Block wouldn't let me claim stuff like nail gun maintenance. Nail gun starts leaking so you take it in for a rebuild and H&R Block said that wasn't a valid deduction even though I had all my receipts.


that too.

I only did a few thousand more in business then last year
and last year I pretty much broke even with the feds using my nephew.

H&R block this year I had larger expences pretty much in tune ratio wise as last year  yet he was going ot try and tell me I owed $3,600.

Now I can see where I might owe a little bit more based on what I paid in.
Just not $3,000 more.
not even close.

Just got off the phone with my nephew.
he tells me #1 they are ok if all your doing is standard forms but most of them arent good when it cmes to filing for businesses.

"Bunch of yahoos that take a 6 week course to learn the data entry Then get a job there for $10 an hour"

Just goes to show. like with anything else. when you need it done right, hire a professional.

My nephew is used to doing the business forms as that all he usually does.
Must be pretty good When he graduated college some heavyweight names like Merryl lynch and a few others were practically begging him to come work for them.
worked there for a while and as a bank auditer for a while.
He's the type that gets sick to his stomach literally unless things are absolutely perfect. And he didnt want ot deal with that kind of stress anymore. so he moved to a much smaller firm.
Much less money. But also much less aggrivation LOL
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Offline Elfie

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« Reply #7 on: February 10, 2008, 06:12:13 PM »
Heck Dred I know a guy that used to have H&R Block do his taxes all the time. Then one year he got audited and H&R Block didn't show up like they were supposed to for the audit. He ended up owing thousands to the feds.
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Offline culero

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« Reply #8 on: February 10, 2008, 07:13:54 PM »
As to vehicle expense, you can take either mileage or actual expenses, not both. I used to keep expense receipts, but every time I added it up I was always ahead just taking the mileage.

YMMV, of course ;)
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Offline DREDIOCK

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« Reply #9 on: February 10, 2008, 07:18:25 PM »
Quote
Originally posted by culero
As to vehicle expense, you can take either mileage or actual expenses, not both. I used to keep expense receipts, but every time I added it up I was always ahead just taking the mileage.

YMMV, of course ;)


I beleive its either gas expences or milage

and my milage was one of the things I was going ot have to get back to him on as I forgot it
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Offline eagl

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« Reply #10 on: February 10, 2008, 08:27:09 PM »
Business expenses may not be a "deduction".  Instead, they are a cost of doing business and they directly reduce your operating income.

That said, if you are not the owner or you're not filing "self employed", then you may not be able to directly subtract expenses from the income.  In that case, you would have un-reimbursed expenses as a direct result of or requirement for employment, which are handled sort of like deductions, but which have other restrictions.

To be able to answer the question though, you'll need to provide more information on the nature of the business, if you're incorporated or self employed, etc.  If you are not self employed, then what you really need to do is have the company reimburse you for all those expenses and then have the company claim them as business expenses.  Depending on tax brackets, that might actually save the company a bunch of money if the company is taxed at a higher rate than you are personally.

Also, expenses while commuting to and from your place of business are typically not deductable, however if your business involves driving to work sites in a company vehicle, then those should be business expenses subtracted from income.  In any case, it's possible that the tax guy did in fact subtract these from your income and account for them, but they are still not "deductions".
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Offline Chairboy

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« Reply #11 on: February 10, 2008, 08:36:48 PM »
H&R block....   why would I do my taxes at a 'One size fits none' outfit that set up shop in the middle of Wal-Mart?  I've heard plenty of horror stories.
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Offline Elfie

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« Reply #12 on: February 10, 2008, 08:51:45 PM »
Eagl I was self employed at the time, I believe Dred is also.

H&R Block wouldn't even let me take the mileage deductions lol.
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In the end you should be thankful for those players like us who switch to try and help keep things even because our willingness to do so, helps a more selfish, I want it my way player, get to fly his latewar uber ride.

Offline SD67

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« Reply #13 on: February 11, 2008, 06:06:20 AM »
Bah H&R Blockheads. The one and only time I used them i got a measly few hundred buck, less their fee.
Last year I did my own tax online using the ATO's online tax tools and got $3k
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Offline Ghosth

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« Reply #14 on: February 11, 2008, 06:34:57 AM »
We used the Turbo Tax online form this year and I was very pleased.

We fit the guidelines for free filing of both federal and state.
2 hours punching in info, and 10 days later we are sitting on our refund.

Granted we just take standard deductions. If your running a business you need a real tax man not H & R block.


But for the average joe homeowner I'd highly recomend the turbo tax online.