Members willsellout Posted January 30, 2007 Members Share Posted January 30, 2007 I'm getting A lot back. Crazy what one kid will do for your return. I used Taxact...good thing cause they found something that bumped my return up by about a grand... Dan Link to comment Share on other sites More sharing options...
Members greenshag Posted January 30, 2007 Members Share Posted January 30, 2007 doing mine on the 10th of next month....should be getting back around $3000 or so with my deductions and what not (wife, kid, house, charitable donations, small business, etc...). Link to comment Share on other sites More sharing options...
Members willsellout Posted January 30, 2007 Author Members Share Posted January 30, 2007 doing mine on the 10th of next month....should be getting back around $3000 or so with my deductions and what not (wife, kid, house, charitable donations, small business, etc...). Yeah I don't own any houses but the kid bumped me up to 3500.00 and I got back around a hundred from Cali. My wife doesn't work and my taxable income isn't much as most of my income from the military is non taxable:D.There are definitely advantages to being in the military; even though I make around 65K a year my taxable income is only 32K. Dan Link to comment Share on other sites More sharing options...
Members RoboChrist Posted January 30, 2007 Members Share Posted January 30, 2007 I'm getting around $2000-$2500...Visa will be happy... Link to comment Share on other sites More sharing options...
Members bassplayer7770 Posted January 30, 2007 Members Share Posted January 30, 2007 My second little tax deduction won't come into effect until next year's return... Link to comment Share on other sites More sharing options...
Members y-o-y Posted January 30, 2007 Members Share Posted January 30, 2007 I'm getting around $2000-$2500...Visa will be happy... actually, they won't be happy Link to comment Share on other sites More sharing options...
Members takeout Posted January 30, 2007 Members Share Posted January 30, 2007 Time to update your withholding, y'all. You should ideally get nothing back and owe nothing. Means you kept that cash the entire time, rather than let Uncle Sam fondle it for a year. Link to comment Share on other sites More sharing options...
Members RSBro Posted January 30, 2007 Members Share Posted January 30, 2007 Time to update your withholding, y'all. You should ideally get nothing back and owe nothing. Means you kept that cash the entire time, rather than let Uncle Sam fondle it for a year. Or just get back your FICA and Withholding, all of it, unless as T-O said, you want the good 'ole US of A to use it as interest to pay back the FED... Link to comment Share on other sites More sharing options...
Members jonathan_matos5 Posted January 30, 2007 Members Share Posted January 30, 2007 here is my tax refund. im getting enough to pay off my credit cards and buy it. i might have to use a credit card to buy a cab though gbe-750 Link to comment Share on other sites More sharing options...
Members chubrocker Posted January 30, 2007 Members Share Posted January 30, 2007 I'm one of those "I REFUSE to allow the govt. to have that much of my money all year." We're getting back about $100. Actually, we prefer it when we owe less than a $100. Just the way I think tho. Link to comment Share on other sites More sharing options...
Members L-1329 Posted January 30, 2007 Members Share Posted January 30, 2007 Ok, so the real question is what bass gear are you going to spend it on! Link to comment Share on other sites More sharing options...
Members jonathan_matos5 Posted January 30, 2007 Members Share Posted January 30, 2007 Ok, so the real question is what bass gear are you going to spend it on! i just answered that:thu: Link to comment Share on other sites More sharing options...
Members justinbass Posted January 30, 2007 Members Share Posted January 30, 2007 I wonder how things will go this year. I payed around $200-300 the last few years. Link to comment Share on other sites More sharing options...
Members y-o-y Posted January 30, 2007 Members Share Posted January 30, 2007 I should be getting a bunch back. I switched jobs so my SS withholdings are all out of whack. I'll know next Friday when I visit my CPA. Link to comment Share on other sites More sharing options...
Members Bassin' 'Round Posted January 30, 2007 Members Share Posted January 30, 2007 Time to update your withholding, y'all. You should ideally get nothing back and owe nothing. Means you kept that cash the entire time, rather than let Uncle Sam fondle it for a year....this is right, almost...if you have the discipline (& this is the key, most people don't), it's best to have nothing withheld & to owe the entire amount...you then would have had this money earning a return for you throughout the year...you then pay what you owe but keep whatever return was earned...you MAKE money on the deal... ...actually it would be best for there to be no withholding at all...everyone would then owe lump sums at tax time...faced with the total amount being due at one time, people may begin to ask what in the world all that money is going toward & might begin to bring some force to bear in regard to so many of the crazy spending programs that get passed/renewed...the little-by-little withholding makes people not notice it so much...taxes should be painful...until they are, there's little chance for reining in silly spending... Link to comment Share on other sites More sharing options...
Members toolbar Posted January 30, 2007 Members Share Posted January 30, 2007 ...this is right, almost...if you have the discipline (& this is the key, most people don't), it's best to have nothing withheld & to owe the entire amount...you then would have had this money earning a return for you throughout the year...you then pay what you owe but keep whatever return was earned...you MAKE money on the deal... Possibly not... If you owe more than (inset IRS calculation here: last year's AGI - something ... etc. I forget the exact calculation but is a pain in the ass) then you will have to pay penalty and interest on taxes owed. Plus the taxes and possibly have to pay in quarterly this year with the first installment due on April 15. Best to try to calculate to neither owe uncle sam nor get a refund. If i can keep within $500, I'm happy. Link to comment Share on other sites More sharing options...
Members RSBro Posted January 30, 2007 Members Share Posted January 30, 2007 ...this is right, almost...if you have the discipline (& this is the key, most people don't), it's best to have nothing withheld & to owe the entire amount...you then would have had this money earning a return for you throughout the year...you then pay what you owe but keep whatever return was earned...you MAKE money on the deal... ...actually it would be best for there to be no withholding at all...everyone would then owe lump sums at tax time...faced with the total amount being due at one time, people may begin to ask what in the world all that money is going toward & might begin to bring some force to bear in regard to so many of the crazy spending programs that get passed/renewed...the little-by-little withholding makes people not notice it so much...taxes should be painful...until they are, there's little chance for reining in silly spending... or just find out if you have to withhold at all... ---------- http://www.originalintent.org/edu/empltax.php "Wages", "employee", and "employer" are the ones to look for here... Link to comment Share on other sites More sharing options...
Members willsellout Posted January 30, 2007 Author Members Share Posted January 30, 2007 Time to update your withholding, y'all. You should ideally get nothing back and owe nothing. Means you kept that cash the entire time, rather than let Uncle Sam fondle it for a year. Actually it's not. I updated mine when my daughter was born and I can do it from my home computer. Working for the government has it's disadvantages as well..they take out more than enough every year so no matter what I do, I still get money back. The idea of getting nothing back isn't a possibility for me and it never will be. Dan Link to comment Share on other sites More sharing options...
Members willsellout Posted January 30, 2007 Author Members Share Posted January 30, 2007 Ok, so the real question is what bass gear are you going to spend it on! absolutely nothing. We are getting a new fridge and I am going to talk my wife into letting me get some more brewing equipment (trying to go all grain) Dan Link to comment Share on other sites More sharing options...
Members picker13 Posted January 30, 2007 Members Share Posted January 30, 2007 I'm in a special situation where I control exactly how much is withheld from each check. I follow it all year and do a bit of over-withholding (paying too much). Then when my mutual funds have their big distrubtions, I have to make an estimated payment for the last quarter in January. This year my estimated payment was over $11K. I can't get exact because the funds don't publish how much of the dividends are qualified, and how much of the gains are tax-free until I get my 1099-DIV's at the end of Jan. Then when I filed I find I'm going to get a bit over $4K back. That's good as it means I held onto most of my money all year long, but gave only a short term (two weeks) loan to the gov't. I'm not going to tell you how much I paid in taxes -- it makes me sick! :cry: Link to comment Share on other sites More sharing options...
Members RSBro Posted January 30, 2007 Members Share Posted January 30, 2007 I'm in a special situation where I control exactly how much is withheld from each check. I follow it all year and do a bit of over-withholding (paying too much). Then when my mutual funds have their big distrubtions, I have to make an estimated payment for the last quarter in January. This year my estimated payment was over $11K. I can't get exact because the funds don't publish how much of the dividends are qualified, and how much of the gains are tax-free until I get my 1099-DIV's at the end of Jan. Then when I filed I find I'm going to get a bit over $4K back. That's good as it means I held onto most of my money all year long, but gave only a short term (two weeks) loan to the gov't. I'm not going to tell you how much I paid in taxes -- it makes me sick! :cry: Get a 1099 as payment or W2? If the former and you're filing on a Sch. C or all of it on a 1040, gimme a holler... If you want to get out of SS taxes that is! Link to comment Share on other sites More sharing options...
Members Tim in WV Posted January 30, 2007 Members Share Posted January 30, 2007 anybody knows what thousands in medical deductions will do for you? Im going to let my acct handle it this year - too complicated. I am also 100% certified disabled so I wonder how that will affect things. Link to comment Share on other sites More sharing options...
Members RSBro Posted January 30, 2007 Members Share Posted January 30, 2007 anybody knows what thousands in medical deductions will do for you? Im going to let my acct handle it this year - too complicated. I am also 100% certified disabled so I wonder how that will affect things. Medical sucks b/c you can only take 7.5% of your AGI, and that's IF you even qualify to itemize on Schedule A. You get ripped on that deal. Link to comment Share on other sites More sharing options...
Members Tim in WV Posted January 30, 2007 Members Share Posted January 30, 2007 I'll be married for the first time in a long time too. My acct is good, if he cant find it it aint there. Since my income was cut so drastically back in March I dont think I'll owe a dime. Link to comment Share on other sites More sharing options...
Members RyCLB Posted January 30, 2007 Members Share Posted January 30, 2007 Damn tax refunds. My wife already has plans for ours... No gear for me. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.