2011 Taxes done. check BROKE check

Joe wrote: Pine- I know of a few that expired for 2011. The schedule L property tax deduction for non-itemizers, and the self employed health insurance deduction for SE taxes both expired for 2011. Probably some other "stimulus" tax deductions expired too, I just haven't looked at the forms yet. Its way too early for the tax torture exercise for me, since I usually end up owing more.

Thanks, it looks to me we did lose the Schedule L property tax deduction in 2010. But it appears Schedule L is very specific and applies to few tax payers (another example of super complicated taxes, I guess).

Who must use Schedule L. You must use Schedule L to figure your standard deduction if you:

• Had a loss from a disaster that was declared a federal disaster in tax years beginning after 2007 and that occurred before 2010, or

• Paid state or local sales or excise taxes (or certain other taxes or fees in a state without a sales tax) in 2010 for the purchase of any new motor vehicle(s) after February 16, 2009, and before January 1, 2010.

http://www.google.com/url?sa=t&rct=j&q=schedule%20l%20property%20tax%20deduction&source=web&cd=1&ved=0CC4QFjAA&url=http%3A%2F%2Fwww.irs.gov%2Fpub%2Firs-pdf%2Ff1040sl.pdf&ei=ogRDT7y3L8XUgQfp4biACQ&usg=AFQjCNGJYbpvbMIh_xMNkRQQ03m_h4VN1w

So far as the health insurance deduction for SE goes, it seems to me that it was changed and the deduction was increased for greater tax savings...

Health Insurance Deduction Reduces Self Employment Tax

With the enactment of the Small Business Jobs Act of 2010, self-employed taxpayers who pay their own health insurance costs can now reduce their net earnings from self-employment by these costs. Previously, the self-employed health insurance deduction was allowed only for income tax purposes. For tax year 2010, self-employed taxpayers can also reduce their net earnings from self employment subject to SE taxes on Schedule SE by the amount of self-employed health insurance deduction claimed on line 29 on Form 1040.

http://www.irs.gov/newsroom/article/0,,id=233824,00.html

The 2% drop in employee SS taxes results in almost a 3% increase in take home pay.

And if you (generic you) cannot tell me why, you should not be talking about fair taxes and %'s. Really understanding %'s is beyond most citizens without sitting down with some examples. People use %'s around here to talk about how paying millions in taxes is not fair because it is not enough.

LadyJazzer wrote: So, thank you for admitting that the Dems DIDN'T change the Bush tax-code... And thank you for remembering that it was BUSH who signed the TARP bailout. I love it when you see the light....

Oh, but they did change it. The Bush tax code would be gone by now if the Democrats didn't reauthorize it. They did indeed alter what they inherited when truth is told instead of demagogic lies. And yes, Bush did sign the TARP bailout the the Democrat controlled Congress appropriated. The Democrats, however, altered the TARP bailout and re-appropriated that money for other uses not covered by the act that Bush signed after Bush left office if truth is told instead of demagogic lies.

pineinthegrass wrote: So far as the health insurance deduction for SE goes, it seems to me that it was changed and the deduction was increased for greater tax savings...

Nope, its gone. Go read the Sch.SE instructions, whats new for 2011. gone, bye-bye.

It was a one-time 2010 stimulus thing.

So much for tax parity between work plans and individual plans.

You wouldn't know "truth" if it bit you in the arse....

Then please, enlighten us, tell us all what of what I said is not true? You know it's all true, it can be fact checked for accuracy - but truth has no place in the dark recesses of your mind given where you choose to locate the container of it.