INCLUDE_DATA

Mar

21

ARRRGH I Hate Doing Taxes! (2008 Edition)





You would think that I’d love doing taxes because I’m one of those nerdy people that loves filling out forms. However, with taxes, this is not the case. There are too many clauses and sub-lines to read and by the time I’ve read them all I have no idea what I’m reading about.

This is the first year I have officially had to fill out more than a 1040EZ. In past years, I have always had a regular job that came with a W-2 at the end of the year, all nice and packaged in a bow. I reported my other jobs as “extra income” since each web design project or whatever never came with a 1099, I just listed it as miscellaneous income.

This year, however, I spent seven months as a sole proprietor. I have my W-2 from my old employer, and I have the 1099 from my mom’s business (that I prepared, lol). So all should be well, right?

I had the brilliant idea today at midnight to start doing my taxes… now. No, I don’t know what’s wrong with me. I usually stay up until one or two, so it’s not like it was that late. I went to the IRS’ website and used their handy questionnaire to determine which e-filing company I should use (for free). I found one and started. I got through the 1040 and the Schedule C… I had entered all of my 1099MISC info and my W-2 info, when I hit a wall.

I couldn’t enter my deductible donations. They had a form for donations, but I wasn’t allowed to enter more that $500 worth of material (not monetary) donations, AND I had to fill out yet another form - the 8283. AUGGGHHHH. I’m stumped. Why can’t I deduct my car donation? The car is conservatively valued at $2000 and I want to deduct all of it! Is it because I’m filling out a 1040? Is there some other form I should be doing that will allow me to deduct the full value of the car? :-|
I guess I’ll just give up on e-filing and fill out the actual paperwork. For anyone who hasn’t done their taxes yet, I leave you with some useful links:

Helpful Resources

Useful Tips and Info

Extras

Happy Friday! (well, it’s only 2AM, but still, all things proper…) I am so glad that I’m going out of town for the weekend. I need the break.

Related Posts

Filed Under Just My Life - Stories, Etc., Random Tips, Tricks, and Advice, money and finance 

Comments

4 Responses to “ARRRGH I Hate Doing Taxes! (2008 Edition)”

  1. Mrs. Micah on March 21st, 2008 6:18 am

    Until now it was the EZ all the time for me. So straightforward even though I almost always had 2 W-2s (1 hometown, 1 college town).

  2. Penny Nickel on March 21st, 2008 7:48 am

    I know there are special rules for cars over $500– have you read IRS Publication 4303 (”A Donor’s Guide to Vehicle Donation”)? http://www.irs.gov/pub/irs-pdf/p4303.pdf (I haven’t, but hopefully it helps you!)

  3. Kathy@brazoscowgirl on March 21st, 2008 9:42 am

    Shanti,
    I would think the 1040 would be your form you need being a sole proprietor. I use taxact so I know how to get the stuff done on it.

    I want to encourage you, it takes years to get to where you know exactly what you are doing. Bare in mind they changes rules each year too. You can do this. If you have any problems call your software provider and IRS they always help too.

  4. PT on March 23rd, 2008 12:03 pm

    Good luck with the taxes. Thanks for linking to my post.

Leave a Reply