Income Taxes suck

[EliteConcept]

i got my w2 on friday and did my taxes.
I suspected that i would get very little back, but it turned out i owed $52.
I wasn't too suprised though because i claim 1 on my taxes....oh well.

anyone eles done theirs yet? i wanted to get it done and out of the way..

[flipped 98x]

I will be doing mine today and mail out on monday.
I should get back about the same as last year,
$5,800
Taxes are great!!!!!!!!!!!!!!!!!!!!!!!

[JDraper]

I'm done mine. Get about $1700 back

[AlaskanJack]

last 2 yrs I owed $2500 then $3500

[A Wise Guy]

Originally posted by flipped 98x
I will be doing mine today and mail out on monday.
I should get back about the same as last year,
$5,800
Taxes are great!!!!!!!!!!!!!!!!!!!!!!!

You better change how much they steal from you every paycheck. Wouldn't you rather have your $5800.00 all year at least making you interest instead of the government?

As for doing mine I'm still waiting for a handful of W2's.

[EliteConcept]

A_wise_guy
you just stated the exact reason that i claim 1 on my taxes. I much rather owe $52, than not have like $300 or so that i could make intrest on all year in my bank account

i'm not gonna let the gov borrow money from me allyear intrest free...screw that

if i got a lump sum of money i'd end up blowing it on something stupid

[flipped 98x]

If I change how much they steal from me I will have extra money to blow on stupid $h!t I don't need.
If I get it all in a lump sum I cansave it or pay off some bills.
This year I will be using it to pay off one of our cars.

[A Wise Guy]

Originally posted by flipped 98x
If I change how much they steal from me I will have extra money to blow on stupid $h!t I don't need.
If I get it all in a lump sum I cansave it or pay off some bills.
This year I will be using it to pay off one of our cars.

If you would have paid an extra $483.33 all year the car would be paid for already and you would not have been paying the interest all year.

[Derrick C.]

I should get the usual back....a whomping $2K back. New rims and tires and thats spent.

[EliteConcept]

i hate all you guys that are getting killer refunds...

[aldive]

I owe Uncle too much to have mine done until the deadline.

[rydinhigh]

Thanks to my son i will get about 2g's back and my girl will get about 1500

[AlaskanJack]

Now UNcle same can be better than a bank if you work it right. Here are my two examples.


One year when i was 19 and in the army I was to et a refund but didn't file that year. 8 yrs later during a business audit the IRS caught up with me. I had to go find old forms and crap and file my 1040EZ for that year. here's what happened I was due a refund of like 250 bucks and they even paid me interest at like 9% for the 8 yrs.

When you own a business you get a K-1 from accountant which is profit and loss essentially. Well our accountant was so far behind that we just filed extensions and didn't get our K-1's until April the following tax year. I filed the previous year without my k-1 and in APril just filed an AMENDED tax return. Since I had a net loss in income from the business I got a refund of 100% of the taxes my wife and I paid during the year, plus 9% interest on the money.

[williecume]

i have always claimed 0 on my w-4's. then when i do my taxes i claim myself, now with wife and kids i get to claim them also. two years ago we ended up getting $5k back. we used that to moved out of our old apartment into the one we are in now. i can't remember what we got last year. this year we are hoping for $5k-7k back, with that we will try to buy a house.

i like getting the getting the big check back because we usually end up needing it for something major, that and i dont want to have to pay.

[jimbo74]

i did mine last week.... $374 federal back and $44 state back.... i claimed 1

[lonestar]

I agree, they suck....I think a started a thread on this about this time last year.

WE both claimed 0, and still had to pay like $100.

Just got married last year, so I was assuming we would get some back by claiming more dependants, but since we both work and the combined income raises our income braket we actually owed more than if we both filed seperate.

I can't find the thread, but I think it was something like this

Ex
$20000 owe $2400 = 12% 1 dependant
$30000 owe $3750 = 12.5% 1 dependant

$50000 owe $7500 = 15% w/ 2 dependants

Thats why I vote for a FLAT TAX..

We just bought a house this year, so hopefully next year I will get a decent return. Too bad it wasn't before the 1st.

[trooper113]

Actually, income taxes don't suck. They enable us to live in relative safety and like royalty compared to much of the rest of the world. What sucks is the complexity of the tax system, doing taxes if using other than the easiest forms and choosing to way over-withhold thinking this is a great savings method. It isn't. It's the worst known and most inefficient way to "save" money.

A consistent refund of $2K to $7K???? Nothing like increasing your effective tax load by $120 to as much as $700 per year, depending on how would have chosen to save or invest that overpayed money! You say you can't save the money any way other than over-withholding? Hmmmmm......that's a problem I don't understand or have an answer for.

T113

[NOTAJP]

Your refund has many determining factors. One of which you all have talked about is claiming exemptions. Obviously it depends on adjusted gross income, married, kids, etc.

If any have any questions, let me know. I may be able to help. I am a tax advisor for the military. This is actually a side job (though I don't get paid for it). The IRS comes to our base and trains a handfull of us for doing taxes and in return we do taxes for military memebers for free. Just a little benefit for GIs.

I have all the tax software from last year and this year along with most of the states. After today I should have all the states and their current versions. If you have any questions I'd more than happy to help fellow board memebers.

[EBInterceptor]

I got about $500 back total last year. It's nice because I blew all my money when I wasn't working at school, and then held out as long as I could until I got my refund, and then I didn't feel so worried about being broke. If I had that $500 I certainly would have blown all that too. I'd rather not have the money because I have spending issues. My spending has pretty much come to a halt with only pennies in my pocket.

[Charlie's_93EB]

i did mine a week ago. $211

Hey Charlie are you going to invest any of it??
Hummmmmmmmmm,........................

H#LL YA!!! I am going to invest all of it into a brush gaurd!!