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Originally Posted by cni187
(Post 1367009)
80 this is a question to you and all the other guys/gals on here getting these tax reports. What do these reports add up? What is the end game on your tax return? Is this the travel, meals, blah blah blah Miscellaneous Deductions from PUB 521 of the IRS? If so does this make a difference on your tax return? I'm not looking for tax advice I'm just curious that if you're a line holder does this make a difference on your tax return?
Granted, I'm not an evil debt free person like NuGuy and have a mortgage and a wife (for the 2012 tax year... 2013 I have a squirmy, poopy new tax deduction!). If you're gonna get hit with AMT, it's not worth it likely. |
80 et al, thanks. Didn't know what I was missing. Yeah have the wife and 1 slobbering punk, soon to be 2 kiddos come Aug so this could come in real handy.
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Originally Posted by Ferd149
(Post 1367030)
Scambo is pondering non-reving in, maybe you can be his "buddy" Don't ask don't tell??:D
Oh, but that wasn't my squadron...yeah, yeah whatever Ferd. Was that escalation? Or did I just go toe to toe? |
Originally Posted by NuGuy
(Post 1367021)
Heyas CNI,
Whether it's worthwhile to do all this is a case of "it depends". For the last ten years, with the exception of 2 (when I wasn't working), I've been subject to the alternative minimum tax. If you get nailed by the AMT, you lose a good portion of these deductions...per diem, dry cleaning, etc, making it pointless to bother. I don't have kids, a spouse, a mortgage, failed businesses or a load of debt so I'm a bad, bad person in the eyes of the tax code. Nu Isn't the AMT calculated of the top line of the second page of the 1040? It's also the same as the last line on the front page. So, get some front page deductions. You know you've always wanted a tree farm. The schedule F is a powerful tool. Not tax advice dyodd. |
I realized last year I forgot to deduct my union expenses. :o
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Originally Posted by maddogmax
(Post 1367035)
Now that is funny. PM me the dates!
Denny |
Originally Posted by cni187
(Post 1367050)
80 et al, thanks. Didn't know what I was missing. Yeah have the wife and 1 slobbering punk, soon to be 2 kiddos come Aug so this could come in real handy.
Denny |
I did the Flightline deal last year; put in for it in Jan, didn't receive my report until Aug! When it did arrive, my spam filter promptly placed it in the junk file because of how they labelled themselves or something. I had to file for an extension because of that.
It showed me getting around $6000 in deductions. Using TurboTax, it made absolutely zero difference to me, saved me nothing. None of it was allowed; as others have said, I was subject to the AMT. I wasn't totally sure what factor was reducing my use of those airline travel deductions; and I ran out of time to make sufficient first-page contributions/deductions to make it all work. Not a fan of flightline, using ProDiem this year. In fact, I will run my taxes without anything and just factor in $7000 of deductions first and see if it helps; if not, and I get AMT blitzed, then I won't even order the thing. |
Originally Posted by scambo1
(Post 1367054)
Nu;
Isn't the AMT calculated of the top line of the second page of the 1040? It's also the same as the last line on the front page. So, get some front page deductions. You know you've always wanted a tree farm. The schedule F is a powerful tool. Not tax advice dyodd. |
Originally Posted by nerd2009
(Post 1366810)
http://abcnews.go.com/images/Travel/...0305_wblog.jpg
Can you imagine, just for a second, if DL did this ? And then, could you imagine a pic of DL Flight attendents, like this ?:eek: http://a.abcnews.com/images/Travel/h..._130212_wg.jpg (I'm not even going to ask why) |
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