Tax question for CPAs or someone with tax knowledge.

Discussion in 'Community' started by KBFinFan, Jan 3, 2004.

  1. KBFinFan
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    macrumors 6502

    Joined:
    May 30, 2003
    Location:
    Connecticut, USA
    #1
    As tax season approaches I had a question about my Powerbook, excuse me if this is a silly or 'wishful' question...

    I paid tax from apple.com on my Powerbook, probably about $300 but I don't remember off the top of my head. Is there anyway to recollect this amount as I bought it as a student and it is used for a non-profit educational institution?

    If not...can I use the Powerbook as a 'write-off' to save me what I have to pay as far as taxes go. I think last year I only 'paid' (to me paid is the amount I didn't get refunded) only about $300 so I wondered if I could get around that somehow...

    If you need more information I'll be happy to provide it. I am a student that still lives with my parents, and I believe they claim me as a dependent so traditionally I get a full refund of all taxes when I file with Telefile.

    Thanks in advance-
     
  2. rainman::|:|
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    macrumors 603

    rainman::|:|

    Joined:
    Feb 2, 2002
    Location:
    iowa
    #2
    Since you're a student, and someone else claims you, I don't think you can do anything further.

    You can only claim deductions if you itemize. That's the kind of person that runs around hunting for shoeboxes full of receipts, basically you're outlining to the government exactly what you spent your money on in the past year. Itemizing isn't for the faint of heart, in it's more advanced forms. once you claim yourself, you should be able to itemize on a basic level without too much problem.

    paul
     
  3. KBFinFan
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    thread starter macrumors 6502

    Joined:
    May 30, 2003
    Location:
    Connecticut, USA
    #3
    That's what I thought.. thanks for the help though.
     
  4. Stelliform
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    macrumors 68000

    Stelliform

    Joined:
    Oct 21, 2002
    #4
    Hey now, I have more than a shoe box! ;) Actually my first experience with business taxes blew my mind. In the instructions for the 1120s (Which I used to file annually, it estimated preparation time of 160 hours! (A whole month of 40 hour weeks!!!))

    Now I am an LLC (not a Corporation Sub Chapter S) and I file it all with my personal taxes. But I itemize and I keep all of my receipts. (but in folders in one filing cabinet. ;)

    And Paul is right on the money. You have to do way more work than it is worth to save a few dollars on your taxes. :(
     

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