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Who Else Is Getting The Big Stiff One On Tax "Returns" This Year?

Discussion in 'Off-Topic Discussion' started by 12TRDTacoma, Feb 13, 2016.

  1. Feb 13, 2016 at 3:55 PM
    #41
    markc6606

    markc6606 Well-Known Member

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    I'm in my50's my income has gone up and down over my life so far, mostly up. I've been "self employed" and 1099'ed. My deductions have changed, kids ,mortgage interest ,itemizations and more. When self employed I paid quarterly.
    Every other year the person that does my taxes estimates my withholdings on my w-4 for the following year based on what I realistically expect to earn. I've changed my w4 more than a few times. Everyone should have an idea of what they will make. Break even or a small refund is all I want.
    I always laugh when friends brag about getting a 4000.00$ refund, not realizing they are screwing themselves all year long with smaller pay checks by having too much withheld on top of giving the Govt your cash to use. Talk to the right people ahead of time, the previous year,and no one should get fucked by the gov more than we already do
     
  2. Feb 13, 2016 at 3:56 PM
    #42
    CAM37

    CAM37 Well-Known Member

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    When I talk to young people, my kid or coworkers, the advice I give is... if you have other forms of savings, then your goal should be to break even on your tax return. If you are so dumb that you don't have a mutual fund, a 401K or some other form of saving for the future, then claim 0 exemptions all year and get back a huge refund and put that into a retirement account.
     
  3. Feb 13, 2016 at 3:56 PM
    #43
    SC2SC

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    Then you pay again when you buy anything, heat your home, use your phone, or license your car, or even drink water!

    We even have to pay to catch a fish! o_O
     
  4. Feb 13, 2016 at 3:58 PM
    #44
    CAM37

    CAM37 Well-Known Member

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    Yeah... and the more you make, the more you pay. Socialism at it's best, funding those that earn less.
     
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  5. Feb 13, 2016 at 3:59 PM
    #45
    Mush Mouse

    Mush Mouse Club Soda Not Seals

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    its a Toyota truck and that's all the modifications needed
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  6. Feb 13, 2016 at 3:59 PM
    #46
    12TRDTacoma

    12TRDTacoma [OP] Powered by Ford, GM, VW, and Mercedes

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    I like how that works. We get taxed on the work we do, yet we still pay taxes on the goods we purchase using the money we earned from that work which we were taxed on already, only to end up paying extra money for the money we earned (and worked damn hard for) at the end of the year!

    Don't cheat, lie, or steal. The government hates competition.
     
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  7. Feb 13, 2016 at 4:01 PM
    #47
    12TRDTacoma

    12TRDTacoma [OP] Powered by Ford, GM, VW, and Mercedes

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    I am highly considering dropping everything and just attending school to get my Bachelors for electrical engineering just so I don't have to deal with taxes and crap for the next few years and still get paid for it, then once I get out, I can hit the ground running.
     
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  8. Feb 13, 2016 at 4:03 PM
    #48
    CAM37

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    And that degree will lead you to a high paying job so they can get even more of your money.

    I worked my ass off while serving in the military, earned my degree while working long days and being a single parent. As a reward, the government taxes me to death on my miitary pension and my paycheck.
     
  9. Feb 13, 2016 at 4:05 PM
    #49
    utroda

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    This year we decided to pay in each quarter, which we did and still short 10k. I hate taxes.
     
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  10. Feb 13, 2016 at 4:05 PM
    #50
    SC2SC

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    Watch out for any potential federal student loan debt. It never goes away- ever! Until you pay it. Handle tour stuff when it comes to this!

    That being said- from a first gen college grad in my family- DO IT!!
     
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  11. Feb 13, 2016 at 4:07 PM
    #51
    Joe D

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    I bet you're only counting payroll taxes too....

    I'm at +/- $34k and owe another $?k...same as last year.
     
    Last edited: Feb 13, 2016
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  12. Feb 13, 2016 at 4:08 PM
    #52
    syswalla

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    If you work for a company, your options are:
    1) Don't withhold as much, saving some money while earning interest on it (not much these days) and paying in when taxes are due.
    2) Have more withheld and let the Gov't use your money and possibly get some back.
    The trick to both of these is figuring out the right deductions on your W4 'cus the IRS has the descriptions jacked up.

    If you work for yourself generally you're paying in every quarter. No refund for you!
     
  13. Feb 13, 2016 at 4:08 PM
    #53
    12TRDTacoma

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    See, that's where it makes no sense to me. It's like… there is essentially no winning. Unless of course you own some part of the government. Hint hint.. 1%

    Or we just move out of the country and go somewhere else. Lol.
     
  14. Feb 13, 2016 at 4:09 PM
    #54
    CAM37

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    Yeah, not even counting sales taxes, property taxes, or anything else. It's insane.
     
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  15. Feb 13, 2016 at 4:09 PM
    #55
    kgarrett11

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    I'm saying what happens if you lost your home or job and had a 3k bill from uncle Sam? You think they're gunna "cut you some slack". Hell no. Sure u can defer and pay interest then youre stuck in a huge hole the rest of your life trying to get out. Dont fuck with the IRS, hell they are the ones who got Capone. Like I said everyone has their own opinion. I'd rather just have an ace in the hole.
     
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  16. Feb 13, 2016 at 4:12 PM
    #56
    12TRDTacoma

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    It's not a federal student loan debt though. You serve 3 years of active duty military in order to get 100% of your Basic Allowance and Housing (BAH) paid for as an E5 (Sergeant) with dependents (roughly $3200/ month) regardless of what rank you were. They pay 100% of your schooling for up to 36 months which gives you ample time to work on getting your bachelors and if you fast track correctly, possibly even obtain your masters.
     
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  17. Feb 13, 2016 at 4:14 PM
    #57
    SC2SC

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    ^^This.

    Everyone needs to forecast, based on previous years income and total taxes paid (payroll deductions -/+ any "refund" or payment due.

    Then adjust tou deducrions (withholding amount) appropriatly. Between payroll deductions and amount you save- goal is to be close to zero "refund".

    If you are like me- I want as little as possible withheld. I know what I need to pay.
     
  18. Feb 13, 2016 at 4:14 PM
    #58
    JWROSE4

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    6 figure salary...what you do?


    Edit- Nevermind didn't read far enough...just saw it.
     
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  19. Feb 13, 2016 at 4:18 PM
    #59
    12TRDTacoma

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    He is a civil engineer in oil and gas apparently.
     
  20. Feb 13, 2016 at 4:18 PM
    #60
    JWROSE4

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    Yea I just saw that....I edited my post
     

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