Author Topic: Amex F/R Master Thread (Read 1936785 times)

yitzf · « **Reply #2180 on:** March 30, 2013, 09:44:11 PM »

Quote from: Name Changed on March 29, 2013, 12:39:31 PM

If you are married with 1 child, you will get the EIC and Child tax credit which is around $4500 (if you are eligable in the lowest income bracket)

I dont have the exact #'s in fromt of me, but if you report between $9k-$15k basically all you will pay is 15%.

So if you file $10k you will net $3000

You will net the full $4,500 because there is a $11,900 standard deduction you take, plus a $3,800 exemption for you, your wife and each child. So in a 3 person family (assuming married and filing jointly) the first $23,300 of income is exempt from taxes.

Name Changed · « **Reply #2181 on:** March 30, 2013, 10:35:15 PM »

Quote from: yitzf on March 30, 2013, 09:44:11 PM

You will net the full $4,500 because there is a $11,900 standard deduction you take, plus a $3,800 exemption for you, your wife and each child. So in a 3 person family (assuming married and filing jointly) the first $23,300 of income is exempt from taxes.

But this income is not W-2. So wouldn't you need to pay SS tax?

(Mod - this thread should probably be forked)

yitzf · « **Reply #2182 on:** March 30, 2013, 10:41:35 PM »

Quote from: Name Changed on March 30, 2013, 10:35:15 PM

But this income is not W-2. So wouldn't you need to pay SS tax?

(Mod - this thread should probably be forked)

If so then i'd imagine yes.
(I didn't realize the conversation was about report reporting churning etc. income).

Moishebatchy · « **Reply #2183 on:** March 31, 2013, 12:53:40 AM »

I don't have any kids. How will that affect me?

yitzf · « **Reply #2184 on:** March 31, 2013, 12:58:41 AM »

Quote from: Moishebatchy on March 31, 2013, 12:53:40 AM

I don't have any kids. How will that affect me?

You could get $475 max from the earned income credit.

IF
You'r over 25
and
Lived in the US for more than half the year.

sky121 · « **Reply #2185 on:** March 31, 2013, 01:09:12 AM »

Quote from: yitzf on March 31, 2013, 12:58:41 AM

You could get $475 max from the earned income credit.

IF
You'r over 25
and
Lived in the US for more than half the year.

If its not a W2 you'll be paying more out to SS though.

Saver2000 · « **Reply #2186 on:** March 31, 2013, 01:15:27 AM »

@yitzf
@NC
Is there a place (website/book) with a "guide for dummies" on all this stuff?

Not looking to learn anything complicated, just the basics.

Name Changed · « **Reply #2187 on:** March 31, 2013, 01:19:06 AM »

There probably is a book Taxes for dummies... But I don't know.

A lot of the info could change yearly.

This has just been something I have done a lot of research on over the past few years

elikay · « **Reply #2188 on:** March 31, 2013, 01:22:48 AM »

You can also try taxcaster from turbo tax to get an idea of what's going on.

MEIR613 · « **Reply #2189 on:** March 31, 2013, 01:41:23 AM »

I'll trade someone.

I'll teach you how to churn CCs if you teach me about taxes.

Moishebatchy · « **Reply #2190 on:** March 31, 2013, 02:29:51 AM »

Quote from: MEIR613 on March 31, 2013, 01:41:23 AM

I'll trade someone.

I'll teach you how to churn CCs if you teach me about taxes.

+1

Then again, maybe I should just harass my brother...

meshugener · « **Reply #2191 on:** March 31, 2013, 02:32:29 AM »

Or just pay $50-$100 for a good accountant.

Saver2000 · « **Reply #2192 on:** March 31, 2013, 02:39:19 AM »

Quote from: meshugener on March 31, 2013, 02:32:29 AM

Or just pay $50-$100 for a good accountant.

There are certain subjects I'd like to have basic knowledge in. Taxes is one of them.

Moishebatchy · « **Reply #2193 on:** March 31, 2013, 02:58:06 AM »

Quote from: Saver2000 on March 31, 2013, 02:39:19 AM

There are certain subjects I'd like to have basic knowledge in. Taxes is one of them.

+1

Name Changed · « **Reply #2194 on:** March 31, 2013, 08:20:01 AM »

Quote from: meshugener on March 31, 2013, 02:32:29 AM

Or just pay $50-$100 for a good accountant.

The accountants that charge $50-$100 to file your taxes are good ones.

They are just people that know how to use turbo tax

MEIR613 · « **Reply #2195 on:** March 31, 2013, 08:35:31 AM »

Quote from: meshugener on March 31, 2013, 02:32:29 AM

Or just pay $50-$100 for a good accountant.

I feel if you know it yourself you will gain a lot more CMIIAW.

CountValentine · « **Reply #2196 on:** March 31, 2013, 08:37:47 AM »

Quote from: Saver2000 on March 31, 2013, 01:15:27 AM

@yitzf
@NC
Is there a place (website/book) with a "guide for dummies" on all this stuff?

Not looking to learn anything complicated, just the basics.

Maybe start a thread in GD? Seems some here have some knowledge on this subject and others want to learn about it.

m65 · « **Reply #2197 on:** April 03, 2013, 10:17:40 AM »

am I able to transfer available cl from one amex card to another online? can this trigger a fr?

yitzf · « **Reply #2198 on:** April 03, 2013, 05:38:21 PM »

I have a relatively large amount (>1k) of blue cash reward dollars, would it be unwise to redeem them all at once?

Do such redemptions get manually reviewed?

judahk88 · « **Reply #2199 on:** April 03, 2013, 05:41:20 PM »

Quote from: m65 on April 03, 2013, 10:17:40 AM

am I able to transfer available cl from one amex card to another online? can this trigger a fr?

IME you cannot transfer a CL online you must do it over the phone. I don't think it will trigger a FR if you transfer CL, but I'll let someone with more knowledge answer that one.

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Author Topic: Amex F/R Master Thread (Read 1936785 times)