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Old 03-19-2005, 05:34 PM   #1
jaz
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Grrr I have to pay taxes for the first time


$300 which isnt much but still...I was looking forward to a nice little refund and when I was done I was owing $300. Now I cant buy that IPOD! LOL!!!
 
Old 03-19-2005, 06:36 PM   #2
williamwbishop
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Man, you have so far yet to fall. Wait til you get tax bills in the thousands. Best to break even, but when you change jobs or financial status quite rapidly, it can catch you by surprise.
 
Old 03-20-2005, 09:13 AM   #3
Hangdog42
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And just wait until the Alternative Minimum Tax threatens you.....Man, what a complete scam that one is!
 
Old 03-20-2005, 09:31 AM   #4
vharishankar
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Paying tax is good for your health.

That is, if you believe the advertisements of our Indian Income tax department
 
Old 03-20-2005, 10:32 PM   #5
trey85stang
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Re: Grrr I have to pay taxes for the first time

Quote:
Originally posted by jaz
$300 which isnt much but still...I was looking forward to a nice little refund and when I was done I was owing $300. Now I cant buy that IPOD! LOL!!!
Try being single making over 100k a year, without owning a home. (not me but I know a few who did) 21k in taxes they owe 11k

Now, I managed to rake in 100k plus last year, I own my home, I am married and have two kids. If.. I did not own my home I would be paying in over 5k this year... luckily. I managed to get about 300 back
 
Old 03-20-2005, 10:50 PM   #6
trickykid
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Re: Re: Grrr I have to pay taxes for the first time

Quote:
Originally posted by trey85stang
Now, I managed to rake in 100k plus last year, I own my home, I am married and have two kids. If.. I did not own my home I would be paying in over 5k this year... luckily. I managed to get about 300 back
Now unless your not paying taxes or their not being deducted from each of your paychecks.. how is it that your married, have two kids and only come up with a 300 dollar refund? If your doing your own taxes, you better take your W2 to H&R Block, cause your getting ripped off.

I'm single, no house, no kids and claimed 2 on my W2 earnings for the year and still came up with over 300 in refunds.. If I had claimed 0 instead of 2, I would have had well over 1k dollar refund.....
 
Old 03-21-2005, 09:18 AM   #7
williamwbishop
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Re: Re: Re: Grrr I have to pay taxes for the first time

Quote:
Originally posted by trickykid
Now unless your not paying taxes or their not being deducted from each of your paychecks.. how is it that your married, have two kids and only come up with a 300 dollar refund? If your doing your own taxes, you better take your W2 to H&R Block, cause your getting ripped off.

I'm single, no house, no kids and claimed 2 on my W2 earnings for the year and still came up with over 300 in refunds.. If I had claimed 0 instead of 2, I would have had well over 1k dollar refund.....
The problem is that the more you make, the more they take. His tax bracket could easily place him in that situation. And if you are getting thousands back, you're not being smart. You are giving them your money free of interest for a full year. Definately a bad idea.
 
Old 03-21-2005, 11:42 AM   #8
Padma
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Well, trickykid *does* claim 2 dependents on his W2, to reduce what they take out. The key is to tweak your automatic deductions until your refund comes out *close* to zero. Which he has done.

I have gotten back $6000 each of the last 4 years, because my daughter and 4 grandkids were living with me, and I was paying well over half their support, so was able to take them for deductions. I had tweaked my deductions so my refund would be near zero just before they moved back home.

They just moved into their own apartment (finally!), so next year I will see how close my tweaking remains....
 
Old 03-21-2005, 02:30 PM   #9
trickykid
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Re: Re: Re: Re: Grrr I have to pay taxes for the first time

Quote:
Originally posted by williamwbishop
The problem is that the more you make, the more they take. His tax bracket could easily place him in that situation. And if you are getting thousands back, you're not being smart. You are giving them your money free of interest for a full year. Definately a bad idea.
I understand this and totally agree with it but I know people who make similiar amounts with kids, wife, house and get very decent returns without claiming so much or too little on their tax returns.

This is in no way intended to pun anyone but my guess is according to his profile he's only 24, so his two kids are probably fairly young and his wife might still be living at home, with no job to stay home and take care of the kids, well I know I wouldn't make my wife work if I made 100k a year and had kids but anyways, that's 3 people he can claim on his return, along with him being married and head of household.. even making 100k a year and from what he's stated, he has taxes taken out of each check, unless he's claiming a large number or having money taken out, he should be getting a decent return and way more than 300 bucks back. Sounds more like he's making as much as I am, not 100k a year. Unless the bulk of his pay is from ebay auctions or side jobs and not from his main job...

I don't mind them taking huge chunks when claiming 0, its money I'll get in return as if the interest would make a large difference to me, I doubt it. Lets just say this, I know its not worth my time or effort to think about how much potential money I might make in interests with the money paid to the IRS out of each paycheck I get when I view it as a small savings account when I claim a whopping total of 0 each year on my W2 to get a decent return. I don't make interests on each pay check so I view it as an extra paycheck at the end of each year. Even a decent 1k return with a decent interest rate just might land 20 to 50 extra bucks in my pocket, which would be two gas tank fills each year.. which is not a big deal to me to worry about. I'd rather have that large chunk of a return in one lump sum instead of saving 15 bucks per paycheck which doesn't show a noticeable difference to me each week.
 
Old 03-23-2005, 07:42 PM   #10
williamwbishop
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It IS worth your time and money. You're thinking about money all wrong. Take that 20-50 dollars, move it into your companie's 401k(better yet, up your donation percentage, it's pre taxed, you could end up with more money on your check actually), that's 600 dollars a year. That may not sound like much, but I'll give you an example. I was donating less than 2% into my 401k my first year(and currently less than that). I use Fidelity, and they have a stock, Low Price. By moving it from LP to International(they used to be reverse of each other, one down, one up), I took 900 dollars and made 3000 dollars on it. You can't day trade, you have to hold each for 90 days, but you can come close. And you can now exchange into and out of Pimpco in 7 days. Week before last, I moved 10k out of low price and into pimco, sold back this week. Everybody that didn't move, lost well over a dollar a share(1.60 iirc), I lost 6 cents. I bled like everyone else, but mine wasn't a hemmorhage. Over the last 4 years, I've donated only 3,600 dollars into my 401k, but my balance is somewhere near 30,000. True, it's not much, but it's 20-40 dollars a month that created it. You can let them have your money interest free, but they wouldn't do the same, and anyone can tell you, a little bit adds up(unless you put it in the bank).
 
Old 03-25-2005, 11:53 PM   #11
stabile007
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And people like the current tax system.....
 
Old 03-29-2005, 07:52 AM   #12
williamwbishop
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No, they don't.
 
Old 03-29-2005, 08:21 AM   #13
rjcrews
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The Government(America) is like a black box where you insert a dollar and 28 cents rolls out the other side....

I also got to pay taxes for the first time this year...wasnt much but frustrating.
 
Old 03-29-2005, 02:18 PM   #14
stabile007
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Nah a lot of people must like it ebcause anytime anyone talks about a better tax system everyone freaks out.
 
Old 03-29-2005, 10:11 PM   #15
trey85stang
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Thumbs up Re: Re: Re: Grrr I have to pay taxes for the first time

Quote:
Originally posted by trickykid
Now unless your not paying taxes or their not being deducted from each of your paychecks.. how is it that your married, have two kids and only come up with a 300 dollar refund? If your doing your own taxes, you better take your W2 to H&R Block, cause your getting ripped off.

I'm single, no house, no kids and claimed 2 on my W2 earnings for the year and still came up with over 300 in refunds.. If I had claimed 0 instead of 2, I would have had well over 1k dollar refund.....
I actually ended up taking my taxes to a CPA, Im getting 1900 back now. (I did not know your could write off tuition that was reimbusrsed by an employer )

EDIT: just read your other post.. my wife does work, we just got thrown into the high class tax bracket this year. Its all good now.. Im backing to making a small amount of money again. No more getting ripped off on taxes.

Last edited by trey85stang; 03-29-2005 at 10:15 PM.
 
  


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