18 August, 2015 20:28

I’m back to writing on my Taxes & Golf Blog. I’m going to give it my best to post regularly #golfchat

Exemptions and Dependents

Almost everyone can claim some sort of an exemption on their tax return. Exemptions can usually lower your taxable income, which could reduce the amount of tax you owe for the year.

The two types of exemptions are; a personal exemption and an exemption for a dependent. In most cases you can normally deduct $3,950 for each exemption you claim on your 2014 tax return. NOTE: The $3,950 per exemption is subject to income limits. This exemption phase-out may reduce or eliminate the amount you can claim based on the amount of your income.

Personal exemptions.  Usually you can claim an exemption for yourself. If you’re married and file a joint return, you can claim one exemption for your spouse also. If you file a separate return, you can claim an exemption for your spouse only if your spouse:

• had no gross income,

• is not filing a tax return, and

• was not the dependent of another taxpayer.

Exemptions for dependents.  You can usually claim an exemption for each of your dependents. A dependent can be either your own child or a relative who meets a set of tests. You can’t claim your spouse as a dependent. You must list the Social Security number of each dependent you claim on your tax return. NOTE: A person who you can claim as your dependent may also have to file their own tax return. This depends on certain factors, like the amount of their income, whether they are married and if they owe certain taxes.

Some people don’t qualify.  Normally you may not claim married persons as dependents if they file a joint return with their spouse. There are some exceptions to this rule.

No exemption can be claimed on dependent’s return.  If you can claim a person as a dependent, that person cannot claim a personal exemption on their own tax return.

Golf Club Grips

One grip does not fit all!

No matter which of the three grips you use, one essential basic is that both hands have to be touching each other. They should be and feel as one unit.

The best thing for any beginning golfer to do, is to find a grip that you like, that feels comfortable to you and stay with it. Also make sure to keep a light to medium grip pressure…

Have a great night,

Tom

IRS Acknowledges Erroneous 1040 Rejects

The IRS has acknowledged that their tax return processing centers are erroneously rejecting some 1040 returns and providing the following reject codes:

F1040-428 – “The e-File database indicates a First Time Homebuyer Installment Payment is due for the Primary SSN. Include amount on Line 59b, ‘FirstTimeHmByrRepaymentAmt’ of Form 1040 and attach Form 5405 if required.”

F1040-429 – “The e-File database indicates a First Time Homebuyer Installment Payment is due for the Spouse SSN. Include amount on Line 59b, ‘FirstTimeHmByrRepaymentAmt’ of Form 1040 and attach Form 5405 if required.”

The IRS expects to have this issue corrected around February 9.

Thank you to ATX Community board for this info.

The Health Care Law’s Effect on Your Tax Return

The Affordable Care Act contains tax provisions that affect the 2014 income tax return you file this year. Almost everyone is affected by the individual shared responsibility provision while only people who purchased coverage through the Marketplace are affected by the premium tax credit.

A chart that helps you better understand what you need to do on your tax return can be found here >> http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Health-Care-Law-and-Your-Tax-Return

Have a Great Day!

Tom

Every Hole is a New Opportunity

Every hole is a new opportunity! Keep that thought in your head while you play and it will help you keep a positive attitude during the game.

You can have a bogey on one hole, make a birdie on the next. And you know what? You may even make a birdie on the next one. If you’re thinking about what you’re doing on each shot then you know the number can be whatever. All you can control is one shot at a time and don’t worry about your score. Just take the shot and make it the only thing you’re doing at that moment. Plan it out; prepare and then execute it to the best of your ability. Go to the ball again and plan, prepare and execute the next shot because you can’t do anything about the last one. That’s the zone!

One way to per-fect that zone is to become confident in what you do. Which means you’ve got to be unafraid to take a risk. Unafraid to hit that shot that you dread. All about building yourself up. All about how you can get to the point where you can be in that zone, hit the shot, know how to hit it and with confidence.

One way to build confidence is to play more than practice. Practicing putting, chipping, a little bit of the irons, some driver work is fine and everyone does it. The key though is to play as much as possible because you can get stuck on the practice tee. You go on the golf course you hit one bad shot and boom, you’re ready to go back to the practice tee. You’ve got to go out there and be able to play good golf when you hit the ball lousy into certain circumstances that are not on the practice tee. The only way to do that is by playing more than practicing. Real course action will teach you more than simulated practice sessions…

Have a great day!

Tom

Present beginners workout routine

I started this routine 5 days ago and I have another 5 days of doing it. Then I’ll add some more reps, bike mileage and a few more exercises. Starting weight 225# – 39 inch waist…

30 body curls
1 mile on exercise bike at around 15 miles an hr.
20 hand grips per hand
10 leg squats holding 5 lb. dumbbells up to my shoulders.
10 arm curls per arm using 10 lb. dumbbell
25 double golf club swings – 13 right handed & 12 left handed. About 20 practice chip shots and 12/15 – 6 foot practice putts

Blog update

Just a short update to say that I’m back to writing on my Taxes & Golf blog… Onward and upward! Please visit it when you have a chance. http://www.snowmangolfer.wordpress.com

August 1st, 2012 Snowman Golfer report

New Handicap Index came out today and from July 15th to August 1st I lowered my handicap almost 2 points and from April 15th, 2012 to August 1st ( 3-1/2 mths ) I have lowered it a total of 4.3 points.

New Handicap

 

Smart Golf must be working

As of July 15th after posting my scores from the previous two weeks my handicap has gone down another notch.  NEW HANDICAP

I also played a game today in the rain at my home course, I shot a 110…  Never have shot that low before there, had a 52 on front nine and a 58 on back nine.

Some of the problems I encounter today was first off,  rain for the first 3/4 holes and very humid rest of game.  Several of my drives were very short ( I’m thinking the high humidity or something was causing that) and I had one pop up of about 40 feet.  Another problem was on 5th hole I hit 3 toppers in a row, once on my drive and then the following two shots. 

Overall I feel like I’m getting use to my new clubs I bought earlier in season and playing much, much better and smarter…  We shall see how far I’ve come, come this Saturday when I play in another Senior tournament at an away golf course that I have never, ever played…

Remember to check out my Kindle golf book – ‘Smart Golf for Everyday Golfers” on Amazon –  http://www.amazon.com/dp/B008H8I79I   or click on my Golf Book tab at top…

Thanks…