So Much For My Deductions?

The 240.00 sounds like the excise tax at 6%.

You can always contribute the maximum to your IRA with no limitations, except for an O/O whose taxable profit becomes lower than the IRA amount.
If you are married, you might consider it to be reclassified as a spousal IRA.

Contributions on your behalf to a traditional IRA reduce your limit for contributions to a Roth IRA. See chapter 2 for information about Roth IRAs.

General Limit





For 2007, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts:

• $4,000 ($5,000 if you are age 50 or older), or
• Your taxable compensation (defined earlier) for the year.

 

Hi there, is there a Tax Software out there for Us OTR Drivers, Like TaxAct,etc.

Thanks

 

Im sort of in the same boat. I've been using Turbo Tax online for the last few years and we have always had a refund...although right now with what I have entered so far, it says we owe 600 bucks. My wife and I made 4grand total more last year than in 06, but I don't know if that put us in a higher tax bracket or what. I got paid for my teaching job through June although they spread it out to I think September...was unemployed from June to October 19th when I got hired on by the Great Pumpkin. From there, I made training pay for the next four weeks until mid november...so Im trying to figure out why I owe. Of course, all I have put in so far is our W2s from last year, and I still need to add Schneiders when I get it. Then I get to have fun with the unemployment stuff and all the other interest and taxes I paid last year if I can get that info. Right now we arent even making enough to pay our bills each month so I dont' know how Im going to come up with 600 (or more).

 

Hey Bear, how does your PER DIEM figure into this tax software !

or do you fill out a separate form to claim that ?

 

I gotta agree with brickman, my wife 's been doing my taxes for the past ten years or so, no problems.. If you use an accountant just give them the totals of all your stuff, that will help keep the costs down. I use spreadsheets, with totals on each month in both trucking and contracting, and it is possible to get a return without paying in any tax, have done so in the past but not shure how that happened. I got a letter one time saying there was an error, next thing I know they sent me some more money. Two returns in one year? Just keep all the paperwork together and organized, last couple years we been running a turbo tax program or the like. drive55cat