April 15, It's Tax Day!

[Odin]

If you haven's sent your tax returns in you still have until midnight tonight. Fortunately, I sent mine in 2 months ago. I am getting PO'ed at the rediculous number of deductions and credits, there are so many that it seems every little special intrest has thier own deduction, distroying the whole purpose of deductions because eveyone has a special deduction made just for them.

[chequita guevara]

I finally got my tax return. Yay! I can pay my rent!

[Dauphin]

Re: April 15, It's Tax Day!

Originally posted by Odin
I am getting PO'ed at the rediculous number of deductions and credits, there are so many that it seems every little special intrest has thier own deduction, distroying the whole purpose of deductions because eveyone has a special deduction made just for them.

Flat taxes can resolve that problem.

Its probably the only good reason for them though.

[The diplomat]

I got my taxes in a couple days ago.

Fortunately, my taxes are very straightforward cause I am a single guy with a white collar job that earns 40,000$/year.

I basically just plug in my gross income from my W2, plug in the taxes withheld from my W2, look up in the table what taxes I owe, substract the appropriate numbers and voila, I get the taxes I need to pay or the refund I will get.

[Dauphin]

Do you have to fill out a return on an income that low and usual, given you are paying through a witholding scheme? Or is it that you want to check you aren't overpaying?

Here, I'd need to be earning over $150,000 through pay as you earn witholding before it became mandatory.

[JohnT]

Fed Income tax: Refund of $121
State Income tax: Pay $89

Federal Corporate Income Tax (for DSI, not CRG): $427
State Corporate Income Tax (for DSI, not CRG): $100

Not bad tax planning, I say!

[The diplomat]

Originally posted by Dauphin
Do you have to fill out a return on an income that low and usual, given you are paying through a witholding scheme? Or is it that you want to check you aren't overpaying?

Were you asking me?

In the past, I have gotten refunds because my employer was witholding too much. And this year, I got a raise but the amount they witheld was the same, so I ended owing about 135$ in taxes. In otherwords, they were not witholding enough.

And of course, there's the same issue with State and county taxes as well. My State has an income tax and my county has a tax too. So, I want to make sure that I pay those too.

[pchang]

In the US, you cannot rely upon the withholding rules to accurately withhold the proper amount of taxes. In the vast majority of cases, the default rules would withhold too much. The government does this on purpose (in effect a 0% interest loan). So, most people file to get a refund. If they did not file, the government would just keep the refund (dirty bastards).

[Lancer]

I get $800+ from federal and pay the state $700+.



Mailed em out yesterday. What a hassle, we need to change the sysyem.

[MRT144]

mailed mine today. 9 dollar return.

[chequita guevara]

I filed on Feb 3rd. Because BG has a bad student loan, I have to file an injured spouse claim so our entire return doesn't get snatched by the Feds to pay for her loan. I just got the return today, about $50 than I expected, so about $680 back.

After setting aside money for May's rent and BG's work shoes, we'll have $145 for the next week. Part of that goes to fixing my bike, part to getting a local phone number (we still have a Jax phone # cuz we use VoIP), part goes to laundry, part goes to food.

I had hoped to buy a $500 beater car, but BG's mom is coming down for the last week of April, and so the wife is taking a week off work.

Ah well. I had a great interview yesterday with a company I'd really like to work for downtown FtL, Autonation. It's a ten minute bikeride and it's downtown, bboth of which I like. Looks like easy work too. Which might be a problem as they are concerned I might be overqualified.

[rah]

My federal tax bill was around $32,000.
But we did get about 1500 back.

[chequita guevara]

I wish I had to pay $32000. It would mean I'm making so much more.

[MRT144]

Originally posted by rah
My federal tax bill was around $32,000.
But we did get about 1500 back.

its crazy that regular people pay more in taxes than have earned in the past 4 years combined.

[Kuciwalker]

Our federal tax bill was about 130k, give or take 10k.