Members Super_Donut_Man Posted April 15, 2008 Members Share Posted April 15, 2008 1500 Due for the second year in a row. Link to comment Share on other sites More sharing options...
Members RSBro Posted April 15, 2008 Members Share Posted April 15, 2008 1500 Due for the second year in a row. Federal, SE or AMT? Link to comment Share on other sites More sharing options...
Members Emprov Posted April 15, 2008 Members Share Posted April 15, 2008 We got some back. As much as I hate using Uncle Sam as a no interest savings acct, I have to admit that it's good getting a bit back. Link to comment Share on other sites More sharing options...
Members Kakona Posted April 15, 2008 Members Share Posted April 15, 2008 ...yet! And people are finally waking up to the "Margins Tax" debacle- "What is this extra tax I'm paying??" It's fun trying to explain the calculations properly when the State Comptroller's Office can't even do it... Having recently moved to Texas I was happy about having no income tax, especially after living in California where the tax burden is pretty huge. But since moving here I've learned the real estate tax rates are more than double those in CA, sales taxes are larger in almost every part of the state, and there are all sorts of nickel and dime fees that add up, so while the overall tax burden here may be smaller, it's only by a slim margin. But Texans LOVE that we don't have any income tax! Link to comment Share on other sites More sharing options...
Members lug Posted April 15, 2008 Members Share Posted April 15, 2008 Having recently moved to Texas I was happy about having no income tax, especially after living in California where the tax burden is pretty huge. But since moving here I've learned the real estate tax rates are more than double those in CA, sales taxes are larger in almost every part of the state, and there are all sorts of nickel and dime fees that add up, so while the overall tax burden here may be smaller, it's only by a slim margin. But Texans LOVE that we don't have any income tax! Yep a property tax rate like the one in Texas would bankrupt Cali homeowners just on the property values they have out there in most urban areas. Link to comment Share on other sites More sharing options...
Members RSBro Posted April 15, 2008 Members Share Posted April 15, 2008 Having recently moved to Texas I was happy about having no income tax, especially after living in California where the tax burden is pretty huge. But since moving here I've learned the real estate tax rates are more than double those in CA, sales taxes are larger in almost every part of the state, and there are all sorts of nickel and dime fees that add up, so while the overall tax burden here may be smaller, it's only by a slim margin. But Texans LOVE that we don't have any income tax! Property tax = rape here for sure. Link to comment Share on other sites More sharing options...
Members fretless Posted April 15, 2008 Members Share Posted April 15, 2008 nicely , 1/2 of my Ric Link to comment Share on other sites More sharing options...
Members lug Posted April 15, 2008 Members Share Posted April 15, 2008 Property tax = rape here for sure. easiest way to tax the rich at much greater amounts than everyone else. Link to comment Share on other sites More sharing options...
Members RSBro Posted April 15, 2008 Members Share Posted April 15, 2008 easiest way to tax the rich at much greater amounts than everyone else. Yep! This is the only reason I've really not bought the house I've been living in the last almost 2 years, and just renting. It's not very high, but I saw taxes on THIS 3/2, where I live, and can't imagine what it's like most other places... Then again, yeah I can- Property tax writeoffs for people in the Woodlands area are sometimes double their mortgage interest statements. It's something to behold. Link to comment Share on other sites More sharing options...
Members lokidecat Posted April 15, 2008 Members Share Posted April 15, 2008 Don't remember. Did them back in January. Uhm.. Think i got $1500 from feds, $500 from state. *shrug* Link to comment Share on other sites More sharing options...
Moderators Kindness Posted April 15, 2008 Moderators Share Posted April 15, 2008 So far Tbroom is the winner. My stats would make people cry so I will generously not post them. Let's just saying, I'll be sending checks out today without the available funds to cover them in my accounts... Link to comment Share on other sites More sharing options...
Members lug Posted April 15, 2008 Members Share Posted April 15, 2008 Yep! This is the only reason I've really not bought the house I've been living in the last almost 2 years, and just renting. It's not very high, but I saw taxes on THIS 3/2, where I live, and can't imagine what it's like most other places... Then again, yeah I can- Property tax writeoffs for people in the Woodlands area are sometimes double their mortgage interest statements. It's something to behold. I bought my first house 20 years ago. The P&I was about $450 and the total payment back then was about $650. It's over $1000 today just from tax increases and up valuations over the years. They actually have reduced the tax rate a bit, I was paying $1200 a few years back. BTW, wanna buy a House in League City? ....cheap?....please? Link to comment Share on other sites More sharing options...
Members y-o-y Posted April 15, 2008 Members Share Posted April 15, 2008 not well. Almost $9,000 refund Fed+CA. I bought a house last year and haven't fine tuned my witholdings just yet to accommodate property tax and mortgage interest deductions. I'm with Broom though...not especially excited about loaning out so much money to the gov for free. I'd like to be the in the +/- $500 area in the next year or two. Link to comment Share on other sites More sharing options...
Members lug Posted April 15, 2008 Members Share Posted April 15, 2008 not well. Almost $9,000 refund Fed+CA. I bought a house last year and haven't fine tuned my witholdings just yet to accommodate property tax and mortgage interest deductions. I'm with Broom though...not especially excited about loaning out so much money to the gov for free. I'd like to be the in the +/- $500 area in the next year or two. You know you would have blown it all on booze and hookers. Now go out and celibrate that big windfall with booze and hookers! Link to comment Share on other sites More sharing options...
Members chunky-b Posted April 15, 2008 Members Share Posted April 15, 2008 Lug just gets the child tax credit x the 32 offspring... :poke: Federal: 1117 refundState: 460 owed Link to comment Share on other sites More sharing options...
Members slapthefunkyfour Posted April 15, 2008 Members Share Posted April 15, 2008 Federal: 120 refundState: 240 refund I think that's pretty good. I've got it balanced close enough for me. Link to comment Share on other sites More sharing options...
Members lug Posted April 15, 2008 Members Share Posted April 15, 2008 Lug just gets the child tax credit x the 32 offspring... :poke: Federal: 1117 refund State: 460 owed Tax credit is only good for kids under 17. I'm down to my last two and can't take them next year. They were born Dec 12th and didn't have the decency to wait 19 days so their poor father could claim them one extra year! Link to comment Share on other sites More sharing options...
Members Pickdust Posted April 15, 2008 Members Share Posted April 15, 2008 A little over $6k combined from the Fed and State. Of course half goes to the soon to be ex..........Mrs. Pickdust. Link to comment Share on other sites More sharing options...
Members RSBro Posted April 15, 2008 Members Share Posted April 15, 2008 So far Tbroom is the winner. My stats would make people cry so I will generously not post them. Let's just saying, I'll be sending checks out today without the available funds to cover them in my accounts... I hope you're not paying any SE tax my friend! If so, ya need to come see me! Link to comment Share on other sites More sharing options...
Members venturawest Posted April 15, 2008 Members Share Posted April 15, 2008 ...not especially excited about loaning out so much money to the gov for free. yep - every accountant i've ever met says that a refund > $1000 means you spent the entire year giving the federal government an interest-free loan. they all tell me make it +/- $500 and you're doing yourself a huge favour over time... Link to comment Share on other sites More sharing options...
Members Zamfir Posted April 15, 2008 Members Share Posted April 15, 2008 You mean *after* I had to redo my returns because I misplaced a 1099-DIV and because an employer had to correct a W-2 (shifting tax to a different state)? :mad: Feds: over 2100 owed Virginia: over 1000 owed Maryland: was a $267 refund until the W-2 got fixed, now a big fat 0. Visiting inlaws-from-overseas going with the spousal unit to NY and LA on my penny: $2600 before food and subways/gas. God I hate this April. Link to comment Share on other sites More sharing options...
Members J. Posted April 15, 2008 Members Share Posted April 15, 2008 I finished my taxes in January so I can't remember exact figures, but it worked out so I had a modest refund from the Feds and had to pay in like $8 bucks to the People's Republic of Minnesota. It would've been a lot more, but I was able to get a nice deduction for grad school tuition I pay. I'll be getting $500 back late this summer from Minnesota's Property Tax Refund program though. There's no withholding or anything for that. If you're a renter, your landlord gives you a 'certificate of rent paid' sheet at the end of the year with the amount you shelled over for 12 months worth of rent. You use your adjusted income and go by a chart to get your refund amount. The higher your rent and the lower your income, the greater your payment will be. The whole thing is based on the theory that someone shouldn't have to spend more than 30% of their income on housing, or something like that. Link to comment Share on other sites More sharing options...
Members jpark Posted April 15, 2008 Members Share Posted April 15, 2008 Got around $2k back from both. Already spent. Link to comment Share on other sites More sharing options...
Members pickinatit Posted April 15, 2008 Members Share Posted April 15, 2008 total of about $6500 back.i didn't change anything when missus stopped working outside the home, so we were getting withheld prtty steep.it's all good. i'd rather have the money in one big chunk and be able to kill a large bill or three with it, than to have it scattered throughout the year. That $ 6,500 bucks would have earned me between $250 - $300 in a C.D. if I had it instead of the Government. I try to withold with the goal being Govt. sends me $ 0. I send the Govt. $ 0Lots of people, like yourself, use the tax with-holding systems as a way to save money. But with the simple exercise of some self discipline, you are better off holding your own money than having the govt. hold it. That's not for everybody though, I guess. so I'm not being critical. Just giving food for thought from my own $ .02 Link to comment Share on other sites More sharing options...
Members bbl Posted April 15, 2008 Members Share Posted April 15, 2008 That $ 6,500 bucks would have earned me between $250 - $300 in a C.D. if I had it instead of the Government. Try half that. It's not as if the entire $6,500 would be retained by the taxpayer in a lump sum and sit in a CD for a full 12 months. I try to withold with the goal being Govt. sends me $ 0. I send the Govt. $ 0 Lots of people, like yourself, use the tax with-holding systems as a way to save money. But with the simple exercise of some self discipline, you are better off holding your own money than having the govt. hold it. That's not for everybody though, I guess. so I'm not being critical. Just giving food for thought from my own $ .02 Agreed. I'm getting $19 back! Link to comment Share on other sites More sharing options...
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