Tax Returns are coming soon!

When I was younger I had to pay in, don't even remember how much, just that I vowed to never work all year, while paying taxes and then gave to shell out more money. BIG KICK IN THE BALLS. Now, let the gov borrow my money while I live off what we bring home, the get a big fat thank you for working this year check. Which we yes to pay down bills and have some extra cash for a bit.

 

Probably bolt on sliders and rest for a rainy day

 

Pay bills. Yuck.

 

Getting some a/t tires on oem rims from @theHunter as soon as my job releases the damn W2s! Maybe if he's amenable to the sitiation, I can take now and pay later?!

 

Well from the looks of it, i will be paying almost 3 grand back in taxes I dont get how i owe this much, between me and my wife, we only made like 2100 more than we did last year. But i was short almost 3,000 dollars on taxes paid in. I dont freakin get it. I even had them hold out additional with holding so i was hoping to break even this year. I dunno how in the hell i ended up oweing so much. I mean i usually owe like 200-400, so i had them hold out an extra 20 a payday (get paid weekly) so that is 20x52=$1040. So i paid over 1000 more than i did last year, but im still short almost 3,000 in paying enough?

How did it change that freaking much....... Makesme want to just quit working and get on a freaking check......

 

Already filed and received! Weak return as we have no kids...but enough to support my 3 inch ToyTech lift purchase...and wheels and tires to match.

 

Did you do them yourself or did you pay for someone to do them? I think something is wrong with the key indicators bolded above.

I to usually pay ~ $400 to the feds every year and this year is no different $411.

I would have them double check all the math or do it yourself.

 

Yeah, something doesn't add up.

 

Get out your prior year tax return and compare the lines on the 1040. If one is significantly different, compare the related schedules. It won't take you too long to track down the issue. Based on the minimal change in income you most likely dropped a deduction or exemption. So figure out what that is and why.

 

I always do them myself, and they have always averaged around the same until this year. We have always made around the same every year, within 2500 of each year, up or down, and we usually know about where we stand on everything, the weird thing is i kinda just done them seperate, like just my income only, or her income only and with mine its like2,600 back and with just hers its like 1800 back, but together, plus an additional 1,040 pqid in and were still almost 3000 short?

I know doing them seperatly is different, but good gosh, were talking a huge jump from last year.

 

I doubt I'll be able to help you without being able to compare the returns, but do you take the standard deduction or itemize? Do you have kids? PM me if you want to get a little more in depth, we might be able to track down the difference at least.

 

It really shouldn't be though. If your taxable income only varies by $2100 from the previous year, your tax liability should be very close to the previous year. Either your taxable income is different or something happened to decrease your withholding by a significant amount.

 

Standard deduction and no kids. We both have pretty good jobs, and make pretty decent paychecks, but shew dang

 

I understand this, but with apr rates so low, I basically let my money sit in the bank earning almost no interest.

 

Hmm so the deductions and exemptions wouldn't be the difference. The next thing you will want to compare is your AGI, which is at the bottom of page 1 of the 1040. If that is close with the exception of the $2,100, you will next want to look at your credits/payments. They will be about half way down on page 2 of the 1040, staggered left of the main number column. Payments should be higher by the $1040 extra you had withheld. You could be also be missing a credit you had last year.

I would hunt this down before filing, it may be a mistake. If you only made $2,100 more the extra withholding should have more than covered it.

 

Or quite possibly it could have been a mistake on last years taxes. Either way, I'd want to figure it out before submitting as the tax tables really didn't change that much. Possibly used the wrong tables this year or last? Maybe you didn't make as much last year as you thought?

 

I actually looked at the payments that i paid in, and mine is roughly 1300 more than i paid in last year, and the wifes is about 250 or so more, she had a pay increase, and i actually made about 700 less this year than last.

 

Im going to search everything with a fine tooth comb, trust me. Today was just the first day that i had worked on them.

 

Last year's return was almost 4k, hoping this year is the same or close, much less debt to pay off this year and more goodies on the lisy. Gotta love those write offs!