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Author Topic: February 25, 2009, Good Morning Montana  (Read 854 times)

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Offline Cottonwood

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February 25, 2009, Good Morning Montana
« on: February 25, 2009, 12:59:58 AM »
Good morning everyone..... it's a nice 38* over here in the Flathead.

I went to the doctor for my monthly check up, and he is totally amazed at my progress from my surgery.  He said that my mobility for a man (52) after what he did to me, just has him stumped.  He says, what ever I am doing in my work outs at the gym to keep it up.

I then went, and worked on some indoor archery range time, and feel liked I really worked out at the gym across my shoulder blades.  Seem's I got a few adjustments to make because of certain things, but that's all in the fine tuning of shooting arrows.  I actually enjoy archery more than shooting firearms as it does not cost me a thing other than range fee of $5.00 a day for as long as I want, as long as I don't damage my arrows.

Today it's back to my work out at the gym for my routine.

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Offline 1Southpaw

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Re: February 25, 2009, Good Morning Montana
« Reply #1 on: February 25, 2009, 03:57:17 AM »
Good Morning Montanan , Good news on the check up .  Your just a kid yet !   ;)

It's a cool 7 degrees , north wind very light snow over night . Looks like cotton candy on the parking pad.
Jack went out for a quick see , a wizz and back in . His hair cut leaves him shivering in a hurry . Should have waited till end march but he was so shaggy ......

Meeting with accountant today ,he says the taxes are done , got to go double check  ,  man I hate this time of the year  :'(

Wife has Dr. appointment in Gt.Falls tomarrow , So I might get to have a look see in a sporting goods store . Still looking for a buy on some 2 1/2"  .410 shells . Perhaps after visit with accountant I may have to borrow money for gas to get there .... ::)

Spring is coming but it sure don't look to promising today   ;D



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Offline Double D

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Re: February 25, 2009, Good Morning Montana
« Reply #2 on: February 25, 2009, 07:14:13 AM »
Good morning every one...it was 7 degrees when i got up this morning with a heavy dusting snow over night...it's now warmed up to 4 degrees...wait a minute wrong direction for warming...

Left the stove going all night in shop.  Definitely warmer than out side, but still requires a jacket to work.  Looks ike the shup will be a candidate for insulation.  I would like to put new doors on the shop first. 
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Offline Cottonwood

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Re: February 25, 2009, Good Morning Montana
« Reply #3 on: February 25, 2009, 01:15:36 PM »
Very very funny you guy's..... it just started snowing like beat all with silver dollar size flakes.
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Offline Double D

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Re: February 25, 2009, Good Morning Montana
« Reply #4 on: February 25, 2009, 01:38:58 PM »
Okay...I'm mad at montana.  The Taxes are done.  Get this because I am Retired I have to pay quarterly estimated tax...seem reasonable? No.  I also had to have Motana state tax witheld from my annuity.  Okay why both, I wonder if it would help to write a letter to the Department of Revenue?
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Offline dpe.ahoy

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Re: February 25, 2009, Good Morning Montana
« Reply #5 on: February 25, 2009, 03:37:51 PM »
IRS here ain't real compassionate.  'Bout 20 years ago I went to work for a company in Cody Wyo. and worked Cody and Jackson Hole.  Company headquarters was in Cody, I lived in Cody had bank account, utility bills, rent receipts, ect. and still got mailed a bill for State Income tax to me in Cody from the state of Montana!  Because I had lived in Montana before they said I had to give them more proof that I was not a resident during that time period!  Fought that for over a year and had moved back here to Billings when they told me to produce a state ID or drivers license from Wyo. and that would be proof. :o  That was after I got my MT drivers license and had given them the Wyo. license which you have to do when you apply for the MT license.  Wound up paying over $800.00 in penalties and intrest on top of the taxes. >:(  Government is messed up anywhere you go, seems like.  Oh, ya.  Was heavy freezing fog this morning, got kinda warm then the wind came and temp started dropping before heading home.  Good note, got home in time to give my wife a kiss before she went to work at the hospital :-* (12hr shift) and on the table is a hot plate of deer liver and onions. 8) Yum!   DP
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Offline Double D

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Re: February 25, 2009, Good Morning Montana
« Reply #6 on: February 25, 2009, 04:32:28 PM »
In Septemeber I got a letter from Montana Revenue saying I owed capital gains tax for the sale of  my place here in Montana in 2003.  I wrote back that I was not a Montana resident in 2003 and had filed and claimed the sale capital gians on my Viriginia taxes.  Montana said what I owed or didn't owe to Virginia was between Virginia and me. But since the sale of the house was Montana I owed Montana.  So I pulled down the forms and was going through the various rules and notice a 5 year staute of limitations.  I got excited and start counting and determined that the sale of the house was more than 5 years.  Then I read just a little more and found out the tax wasn't due until April 15 2004. so 5 years was April 14 2009...damn.

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Offline 1Southpaw

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Re: February 25, 2009, Good Morning Montana
« Reply #7 on: February 25, 2009, 07:05:37 PM »
Relax fellas , I just paid my federal taxes today . Seems like I'm part of the stimulus package !  ::)
Also had to pay Capital gains .  >:(  decided to pay it all at once rather than in installments . Accountant said each years installment would be different . most likely higher tax rate . Currently it is 5 % state and 15 % federal  on gain . Looks like it will creep up to the old level of 20 /25/30 % federal as the magic O   works on your future no tax on 250 K or less   :P

Currently  a Minus 2.6 , north wind , light snow. 

Going to Gt.Falls to tourney tomorrow . Boys play @ 4PM

Doug , no capital gains if you are in 15% income tax bracket .  Thought you would appreciate that bit of knowledge. :-*
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Offline Cottonwood

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Re: February 25, 2009, Good Morning Montana
« Reply #8 on: February 26, 2009, 02:10:15 AM »
Well I got lucky thought I was getting very little back, until I went back over my Turbo Tax and found that it had automaticly marked even though claiming married filing jointly that both my wife and I were claimed by another..... ??????   I soon corrected that and it brought it up a bit more...

Amazing my kids being married with no kids are getting more back, than my wife and I owning our house and her running her own business from it.  If it were not for what income I had before I was injured we would not getting anything back at all.
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Offline Forster

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Re: February 25, 2009, Good Morning Montana
« Reply #9 on: February 26, 2009, 08:36:42 AM »
Quote from: Double D on February 25, 2009, 01:38:58 PM
Okay...I'm mad at montana.  The Taxes are done.  Get this because I am Retired I have to pay quarterly estimated tax...seem reasonable? No.  I also had to have Motana state tax witheld from my annuity.  Okay why both, I wonder if it would help to write a letter to the Department of Revenue?

You don't have to do both.  Either up your withholding to make sure it covers 100% of your prior year tax or pay quarterly estimates in, again to make sure you cover 100% of your 2008 tax.  This is to avoid an underpayment penalty.  Just look at what you have withheld now vs the tax you owe.  In 2009 if you end up owing more than $500 and you did not pay in at least as much as you owed (either through withholding or estimates or a combination of the two) in 2008 you get the penalty.
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Offline Forster

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Re: February 25, 2009, Good Morning Montana
« Reply #10 on: February 26, 2009, 08:41:45 AM »
Quote from: Double D on February 25, 2009, 04:32:28 PM
In Septemeber I got a letter from Montana Revenue saying I owed capital gains tax for the sale of  my place here in Montana in 2003.  I wrote back that I was not a Montana resident in 2003 and had filed and claimed the sale capital gians on my Viriginia taxes.  Montana said what I owed or didn't owe to Virginia was between Virginia and me. But since the sale of the house was Montana I owed Montana.  So I pulled down the forms and was going through the various rules and notice a 5 year staute of limitations.  I got excited and start counting and determined that the sale of the house was more than 5 years.  Then I read just a little more and found out the tax wasn't due until April 15 2004. so 5 years was April 14 2009...damn.



The DOR is correct.  If you have a capital gain from property in Montana you owe Montana capital gains tax on it and would have to file a non-resident return for that year.  Most states, and I'm assuming Virginia is one of them, give you a credit on your tax for income derived in another state.  You should amend your Virginia return for that year to claim the credit for taxes paid to another state.  Hopefully the Virginia statute of limitations hasn't run and you don't get screwed out of the capital gains tax you paid on your Montana property to Virginia.
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Offline Forster

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Re: February 25, 2009, Good Morning Montana
« Reply #11 on: February 26, 2009, 08:43:08 AM »
Quote from: 1Southpaw on February 25, 2009, 07:05:37 PM
Doug , no capital gains if you are in 15% income tax bracket .  Thought you would appreciate that bit of knowledge. :-*

Not true in 2004 and that is only on the Federal return (for 2008).  Still gotta pay it on the state.
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Offline AtlLaw

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Re: February 25, 2009, Good Morning Montana
« Reply #12 on: February 26, 2009, 09:23:34 AM »
taxes?  TAXES!! I don't do no stinkin' taxes!   >:(

Gets me to depressed.  I put every receipt, check stub, form from employers, everything in a box as soon as I get it and once a year I take the box to the guy who dose my taxes!  Tax law gives me a headache just thinking about it!  Kinda like that guy Homer Sexuality, a real pain in the butt...
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