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The Taxman Commeth: "And You're Working For No One, But Me"

George Harrison who wrote TAXMAN, courtesy of Rolling Stone Magazine

I hate this time of year; not because it's winter specifically though of course 95 degrees and sunshine is better. But it's tax season. Bah humbug. I have been checking the 2006 changes/updates for this year's filing. I stumbled across a site called selfemployedweb.com. It may or may not be useful but some of the fact sheets they promote have names like: 'good tax news' (isn't that an oxymoron?) or 'SUV Deductions for Dummies' SUV deductions? Anyway, if you need to de-stress while preparing your taxes, you might want to check it out.

1. Money Now. I'm sure others will write posts on this and I know there has been at least one so far. I'm going to highlight just a few things regarding taxes. First, a warning. Ever drive by those check cashing places with signs in the window that say 'get a loan on your tax refund now?' You can google 'money now' and get a slew of sites on line that offer just such a promise. Fair warning though, this comes with a hefty fee. This CNN Money article does a good job explaining the pitfalls.

2. Car Energy Savings Refunds. Did you buy a new car in 2006? Was it a hybrid? If you bought any new car considered the most fuel efficient, you may be eligible for a tax credit, as much as $3400.

3. Residential Energy Credits. Did you buy new windows for your home in 2006? Add insulation, etc? If you made energy saving improvements to your home you may be eligible for a tax credit. Check out IRS Form 5695. Windows are a credit of $200 and I think the total credit you can get is $500. But check out the IRS site, I am not a tax lawyer and I don't even play one on TV.

4. Business Mileage Allowances. They are up to 44.5 cents/per mile now.

5. 2007 Estimated Tax. As self employed peeps, Realtors® like myself are supposed to estimate their taxes throughout the year. Here is the chart for estimated taxes based on income for 2007.

Here is another AR post on taxes to check out written by Ken Allen who includes taxpayer tips.

Okay now, wasn't that fun? No? This will lighten things up for you. Happy Birthday George (he would have been celebrating on the 25th of this month).

Peace Out - 3C

Posted by Carole Cohen Realtor®, ePRO on 02/18/2007 01:11 AM

Comments (34)

3c, taxes, economics

This post has been included in Ohio Information Cuyahoga County, OH Information Cleveland, OH Information

34 Comments on The Taxman Commeth: "And You're Working For No One, But Me"

FEB

2007

Isn't a tax filing post so much more fun when George Harrison and music are involved?

FEB

2007

1 for you 19 for me, la la la I'm the taxman yeah yeah yeah. lol, groovy post, lol

laurie

Thanks Carole. Was Georbe your favorite Beatle? I saw them on Ed Sullivan when was 10 and I was amazed that everyone didn't love Paul as their favorite. It was a big lesson for me to know that just because you are not someone's favortie doesn't mean you are not someone else's favorite. A life lessonl

I was too young to remember them. At least that is my official line. LOL

Carole, I was happily going through 2007 oblivious to the fact that time was actually passing. Thanks for pointing out that I have to get my head out of the sand where taxes are concerned. At least I have an accountant this year!

Thanks for the post and helpful links.

Carole: With my investments and other stuff, I am totally incompetent to do my own taxes! For forty years or more, a close friend of mine has been my personal accountant and handles all my tax needs. Oh, and yes, I am a fan of the Beatles—all of them, living and gone.

Jay

George made a lot of money with the song. Thanks for the tax updates and I will be sure to ask my accountant about the ones that apply.

Carol right now I am trying to put everything together for the accountant. He likes me because when I get there I have most of it done, so it is a quick turnaround.

Carol,

You are reminding me that I need to get busy with the dreaded taxes. Thanks for the update and links.

You sure know how to depress a guy first thing in the morning. Luckily for me being a corporation I don't have to deal with taxes until September. I have a great CPA and keep all of my finances on Quicken. So other than writing the check it's pretty painless.

I went out to dinner with the Beatles in 1967. I remember John and George and I were sitting around chewing the fat and John looked at me and said "Broker Bryant, you are soooooooooo good looking" Then he stopped everything and started writing on a napkin:

Imagine there's no heaven
It's easy if you try
No hell below us
Above us only sky
Imagine all the people
Living for today...

Go figure...:)

Laurie: Hey, I think the only way to handle taxes is to blast music and pretend it's fun! lol

Ardell: You and my best friend Connie (who lived across the street from me) were Paul fans. I appreciated them all but as their song said, as far as George is concerned, 'there was no one compares with you.' lol. You were learning life lessons a lot sooner than I was!

Randy: The music is timeless I swear. George lived in Hawaii later in life.

Maggie and Jennifer: All I have to do is gather up my receipts and fill out a wonderful packet my accountant sent me and I'm still procrastinating so I was hoping this post would get me off the dime as well.

Cynthia: Yes George did make a lot of money and the astronomical British taxes are what prompted this song lol.

Diane you are very welcome. Good luck!

Bryant: I am sorry to ruin your morning but if it has you singing a great song it's not as bad as it could be! Live life in peace man :-)

Hi Carole:

Its tax time in Canada too. Revenue Canada is less generous than the States in terms of tax credits. The "tax-man" hits us all.

I was hoping I could skip the tax thing this year...

Denise, I am sorry to hear that it is hard enough in the States.

Maureen I think Ohio and Michigan should get a buy(or is it bye or by LOL) year like football.

Jay: I could not do my taxes without an accountant so I hear you. Take a Beatles CD to the accountant it will make his/her life much more enjoyable lol

Imagine no possesions
I wonder if you can
No need for greed or hunger
In a brotherhood of man
Imagine all the people
Sharing all the world...

La La La La ... :)

Hiya TLW: Imagine .... :-) And my favorite line from While My Guitar Gently Weeps: 'With every mistake we must surely be learning." La La La

Well, Carole, I think you added as much levity as is possible on a topic no one (except perhaps IRS folks and masochists) likes to think about. I know I don't. And yes, like others, I remember them when they hot the states. My favorite - have to say it was George....well, maybe Ringo...uh, hmmm.

Here's a link to an article on Bankrate on taxesthat I used for some posts on my other blogs. It may be of use to some.

And now I am going to look at some houses - a much more pleasant task.

Thanks, Carole!

Jeff

I love our accountant. He takes care of all the confusion so that I don't have to! Doesn't help pay the tax man, though...

Thanks for the link Jeff D and hope you are out enjoying the nice weather! You are welcome!

Jim and Maria I would hide under the covers if I did not have an accountant! :-)

Hi Carole - great bullets you listed here, and I appreciate the links you provided for extra resources.

I used to think I was SO in love with George - most of my friends just loved Paul. I had a picture of George tapped to the wall beside my bed as a teenager....... ;-)

Ann

Ann, hiya. George was like a fine wine, he got better with every passing decade. That's why he's perfect for tax season. The epitome of serenity! :-)

Carole, I had my windows replaced this Fall and I did not know that I could get a tax credit for that, so thanks for the information.

Now about the 95 degree temperature, no thank you. I don't like the 95 degree temperature any more than I like the 15 degree temperature. How about 70 to 85 degree???

George I would be tickled pink if I saved you money on your 2006 taxes! Hmmm. 70 to 85 is good for winter temps LOL but ok I guess I could settle for that 10 months out of the year lol

Hmmm, wonder if there's a lobster tax credit?? Ya think there might be?

;-)

Ann you are my kind of gal! lol We need to start a lobby :-)

Thanks for the tax tips. It is difficult to know what is available. It is good to find the information on taxes in one place!

Hi Joan as a matter of fact one of the IRS pages changed but I put a replacement link in anyway so it's fine.

Also, there is a Telephone Excise Tax Refund everyone. It's worth looking at but you have to go to my other blog to read about it LOL. Trust me, I do not have duplicate content. Except for George Harrison

FEB

2007

Carole - Yep, a lobby is, indeed, needed!!! ;-)

Thanks for the reminder about that phone tax refund. I was just reading some info on it earlier this past week, but they didn't go into much detail. I'd heard about it a couple of times on news broadcasts as well, but no one really gave much detail.

Ann

Now to figure out, Ann, telephone bill receipts from 2003! lol

Carole- This is a great list, here. I cant stand taxes. No, I cant stand figuring them out. Thank you for this!

Carole - this tax refund goes back beyond 2006? I guess I best be checking into this so that I don't short-change myself on this one! ;-)

Ann

Hiya Mariana, and ditto lol

Ann, believe it or not it goes back to 2003 and I think I actually have records from then LOL

FEB

2007

Brian Brady is announcing the first Economics of Real Estate Carnival. This Blog Carnival is open to Active Rain Members who post submissions to the Economics of Real Estate Group dated Friday, February 23, 2006 through Monday, February 26, 2006.

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