Income Tax '13

[Stainless]

He does more than you think I'll bet


Sent from my iPad using Tapatalk

Maybe we can get a post out of him?


CH3NO2

[Ziggy]

I'm down to 5 returns to get prepared compared to the 6 I've had for the last 7 years......at least no more Inc's that are due March15th

[78Southwind]

I am kind of anal but I estimate my Federal taxes every year before I see my CPA. It's pretty easy if anyone is interested.

Tax Year
Modified Adjusted Income (AGI + Taxable Int. + Taxable Refunds)

Gross Income (Box 1 on W2) +
Adjustments To Income (Taxable Int. + Taxable Refunds)
=Adjusted Gross Income -
Schedule E Real Estate Income (loss)
Total Personal Exemptions
Schedule A Itemized Deductions
=Taxable Income
Taxes Owed Based on Tax-Rate Schedule Or Tax Tables -
Tax Credits
=Final Tax Liability -
Federal Income Tax H-Withholding
=Estimated Tax Payments
(Refund to be Received) or Payment Owed

From Schedule E Real Estate Income
Rental Income -
Interest
Advertising
Taxes
Association Dues
Repairs
Cleaning Fees
Utilities
Insurance
Painting and Decorating
Mileage Per Trip @ .555 Per Mile
Depreciation Expense & Sec 179 Bonus
=Total Rental Tax Deduction +
Deferred Loss from prior year
=Profit / (Loss)
(Limited by Phase Out Limit)

From Schedule A Itemized Deductions
Home Interest
Home Taxes
Donations
Personal Property Tax
State & Local Taxes (Box 14 & 17 on W2)
Sum = Itemized Deductions