# Tax-time blues **URL:** \ **Category:** The BBQ Pit\ **Created:** [February 4, 2003, 4:37pm UTC](https://boards.straightdope.com/t/tax-time-blues/152714 "2003-02-04T16:37:05Z")\ **Posts on this page:** 11\ **Page:** 2
**Author:** ![Ego\_Mk2](https://avatars.discourse-cdn.com/v4/letter/e/58956e/32.png) [@Ego\_Mk2](https://boards.straightdope.com/u/Ego_Mk2)\ **Post date:** [February 4, 2003, 8:04pm UTC](https://boards.straightdope.com/t/tax-time-blues/152714/21 "2003-02-04T20:04:39Z")
I’m not saying the house route is the right thing for everybody, but I stand by my original statement as is: If you want to get back large sums of money from the government, and you want to stay single: BUY A HOUSE As it turns out, my mortgage + insurance + taxes still ends up being about $200 less than what I was paying for an apartment. A NICE apartment I’ll admit, but still a money-vacuuming, rent-check-down-the-toilet brand standard apartment. I still pay the same “rent” per se, but that extra $200/month goes against the principal of the loan, therefore cutting a 30 year loan down to a 17 year loan. Plus every time I put money into the house, it stays there, as opposed to going into my landlord’s pocket. I also hated having people attached to me. And I hate that the jerkoff maintenance people can come in and do stuff whenever they feel like it. Read your rental agreement, it’s in there… “Necessary maintenance” But that’s my situation, YMMV. ---
**Author:** ![Abe\_Babe](https://avatars.discourse-cdn.com/v4/letter/a/3ab097/32.png) [@Abe\_Babe](https://boards.straightdope.com/u/Abe_Babe)\ **Post date:** [February 4, 2003, 8:31pm UTC](https://boards.straightdope.com/t/tax-time-blues/152714/22 "2003-02-04T20:31:02Z")
I _love_ tax time. In the same way auto body repair workers love inclement weather. It keeps me in work, especially as I am an independent contractor now, and looking for all the two bit tax work I can find. ---
**Author:** ![Cheesesteak](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/cheesesteak/32/3694_2.png) [@Cheesesteak](https://boards.straightdope.com/u/Cheesesteak)\ **Post date:** [February 4, 2003, 8:52pm UTC](https://boards.straightdope.com/t/tax-time-blues/152714/23 "2003-02-04T20:52:25Z")
BTW, you don’t have to buy a HOUSE, you can also buy a CONDO, or a CO-OP, and get similar tax advantages. I bought a co-op (a studio), and get my mortgage and real estate tax deductions. On top of it, my monthly mortgage + maintenance fees are less than I’d pay in rent. Plus… if it goes up in value, that extra equity will be a nice help in putting together a down payment for a HOUSE. ---
**Author:** ![eunoia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/eunoia/32/97_2.png) [@eunoia](https://boards.straightdope.com/u/eunoia)\ **Post date:** [February 4, 2003, 9:01pm UTC](https://boards.straightdope.com/t/tax-time-blues/152714/24 "2003-02-04T21:01:26Z")
Add me to the gang who’d rather pay in springtime than lend the gubmint money at 0% interest. Sadly, this will not be the case this year and I’ll be getting a wad of cash back. \Should I console myself in Mexico or Cuba? 😛 ---
**Author:** ![Robb](https://avatars.discourse-cdn.com/v4/letter/r/a183cd/32.png) [@Robb](https://boards.straightdope.com/u/Robb)\ **Post date:** [February 4, 2003, 9:17pm UTC](https://boards.straightdope.com/t/tax-time-blues/152714/25 "2003-02-04T21:17:50Z")
> [@](#): > > Should I console myself in Mexico or Cuba? Send me some money and I’ll gladly help you decide. ---
**Author:** ![Epimetheus](https://avatars.discourse-cdn.com/v4/letter/e/c4cdca/32.png) [@Epimetheus](https://boards.straightdope.com/u/Epimetheus)\ **Post date:** [February 5, 2003, 5:28am UTC](https://boards.straightdope.com/t/tax-time-blues/152714/26 "2003-02-05T05:28:00Z")
> [@](#): > > \*Originally posted by Ego\_Mk2 \* > \*\* But that’s my situation, YMMV. \*\* A house is a better deal I admit. I plan on buying one as soon as I graduate and get a real job. 😉 ---
**Author:** ![TaxGuy](https://avatars.discourse-cdn.com/v4/letter/t/b19c9b/32.png) [@TaxGuy](https://boards.straightdope.com/u/TaxGuy)\ **Post date:** [February 5, 2003, 4:32pm UTC](https://boards.straightdope.com/t/tax-time-blues/152714/27 "2003-02-05T16:32:33Z")
I got married last year, we both took the lifetime learning credit (finished school last year), and I only really worked half the year (so my employer over-withheld because they withheld like I worked the whole year), so we’re getting a pretty monster refund (like $5,000). We’re one of the 51% of Americans who experience a marriage bonus instead of a marriage penalty because our incomes are rather far apart (so some of my high bracket income gets put into the lower brackets on top of her income). Alas, our marriage bonus will be less next year because she just got a new job, doubling her salary (hurray!) (but mine is still about double her new salary, so we’re still in bonus territory). ---
**Author:** ![DaToad](https://avatars.discourse-cdn.com/v4/letter/d/67e7ee/32.png) [@DaToad](https://boards.straightdope.com/u/DaToad)\ **Post date:** [February 5, 2003, 4:56pm UTC](https://boards.straightdope.com/t/tax-time-blues/152714/28 "2003-02-05T16:56:26Z")
Since the thread title is “Tax-time blues” here is my contribution: DT’s Tax Time Blues\* In the middle of April my taxes are due but I’ll file for an extension before I am through My accountant done told me that it doesn’t look good Cause I ain’t got the deductions ya know that I should So I totaled my write-offs but it just ain’t enough and I gave till it hurt and that made it rough But even with “turbo” there just ain’t no way Come that dark day in April, I’m still gonna pay So I’m crying, I’m crying them 1040 tax-time blues It’s just so trying – them mean old 1040 tax time blues They’ll garnish my wages and take all I own And leave me with nothin’ not even a bone the one time I cheated ya know that they caught it Oh man did I suffer through that IRS audit They’ll take all my dogs and my rifles too then come back for my “Studie” I know that it’s true So I’ll pay all my taxes to stay clear of a mess And I won’t piss off the agents at the IRS Oh baby I’m crying, I’m crying, I’m crying them 1040 tax-time blues It’s just so trying – them mean old, them rotten, them dirty old, 1040 tax time blues \*Typical blues beat Actually, I will get back a couple of hundred this year. Also, if you’re going to finance a new car, you can use a second mortgage or a home equity loan as a way to increase your deductions. ---
**Author:** ![easy\_e](https://avatars.discourse-cdn.com/v4/letter/e/eb8c5e/32.png) [@easy\_e](https://boards.straightdope.com/u/easy_e)\ **Post date:** [February 5, 2003, 8:06pm UTC](https://boards.straightdope.com/t/tax-time-blues/152714/29 "2003-02-05T20:06:37Z")
> [@](#): > > \*Originally posted by Lsura \* > \*\*There was a new deduction this year - the Tuition and Fees deduction. I don’t have my books with me, but I believe that if you’re at least a half time student you may deduct up to $3000 of eligible tuition and fees. Check the IRS tax book first though (I had to file a 1040, so I know it’s in that one). > > There are others that students can take - but not in conjunction with the T&F. Also, if you’re in repayment on any student loans, the “in the first 60 months of repayment” restriction is gone - now you can deduct interest at any point in time. \*\* You can either A)deduct tuition and fees from your gross income (thus dropping you into a lower tax bracket) or B)use that to claim your educational credits. You just can’t do both. I figured my takes both ways, and claiming my tuition as educational credits was better, but only by a hundred bucks or so (hey, I’m not complaining!). ---
**Author:** ![LordVor](https://avatars.discourse-cdn.com/v4/letter/l/90ced4/32.png) [@LordVor](https://boards.straightdope.com/u/LordVor)\ **Post date:** [February 6, 2003, 3:59am UTC](https://boards.straightdope.com/t/tax-time-blues/152714/30 "2003-02-06T03:59:51Z")
I’m a bit pissed at my planning this year. Thanks mostly to a pre-payment penalty for a refinance, I’ll be getting about $15K back from fed and state. On the one hand, sure, it’s an extra $15K I wasn’t entirely expecting. On the other, I could have had an extra $1000/month the last year and still had a cushion. -lv ---
**Author:** ![DoctorJ](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/doctorj/32/2904_2.png) [@DoctorJ](https://boards.straightdope.com/u/DoctorJ)\ **Post date:** [February 6, 2003, 4:53am UTC](https://boards.straightdope.com/t/tax-time-blues/152714/31 "2003-02-06T04:53:06Z")
I am 27 years old, and this is the first year I have ever filed a tax form. (I was a dependent for a long time, or else I didn’t really make any money, and I haven’t earned any since I started med school.) It’s all rather daunting. My situation is almost exactly like that of **TaxGuy** –got married, worked half the year, paid an assload in tuition for the other half. I also bought a house halfway through the year, but I don’t think my deductions there quite add up to more than the standard deduction. It will help a lot next year, though. I’m pretty sure I’ll be getting a nice check back from my uncle (which is good, since there are credit card bills to pay), but the whole subject just frightens me. Dr. J [Previous page](https://boards.straightdope.com/t/tax-time-blues/152714.md?page=1)