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Question about taxes

Discussion in 'Off-Topic Discussion' started by rawdog, Mar 18, 2013.

  1. Mar 18, 2013 at 8:59 PM
    #1
    rawdog

    rawdog [OP] Well-Known Member

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    What happens when..

    The amount of tax write offs that I have is greater than my total income for the year?

    I realize i will get all the tax I paid back.. but then what about all those extra tax credits, do they just go away?
     
  2. Mar 18, 2013 at 9:01 PM
    #2
    OZ-T

    OZ-T All of those moments....will be lost.....in time

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  3. Mar 18, 2013 at 9:05 PM
    #3
    rawdog

    rawdog [OP] Well-Known Member

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    whatever I'm sure its probably the same..its pretty general
     
  4. Mar 18, 2013 at 9:06 PM
    #4
    OZ-T

    OZ-T All of those moments....will be lost.....in time

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    Oh ya , taxes are exactly the same in both countries :rolleyes:
     
  5. Mar 18, 2013 at 9:13 PM
    #5
    rawdog

    rawdog [OP] Well-Known Member

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    I realize they aren't but are more likely to be on this subject. I re posted in the Canadian forum.
     
  6. Mar 18, 2013 at 9:15 PM
    #6
    OZ-T

    OZ-T All of those moments....will be lost.....in time

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    Good luck
     
  7. Mar 18, 2013 at 11:39 PM
    #7
    AWorthyOpponent

    AWorthyOpponent Member Caught Off Road

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    In America, you get a free phone...

    http://www.youtube.com/watch?v=tpAOwJvTOio

    No, really tho we just get all the taxes we paid back. Credits above the tax you paid that are eligible to be dispersed are stated as such otherwise they dont really matter. You dont get more money back here....
     
  8. Mar 19, 2013 at 3:00 AM
    #8
    coffeesnob

    coffeesnob Well-Known Member

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    How can I get one of these freebies?
     
  9. Mar 19, 2013 at 3:20 AM
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    bluedust

    bluedust Well-Known Member

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    I have been volunteering doing taxes for lower income individuals, and families with a non-profit group, here this tax season.

    In the US the complexity of the tax code makes this service very helpful to get people their entire refund, which is improtant when you don't have a lot to begin with.

    But up north I believe the code is simpler? You just need to check with your tax people.
     
  10. Mar 19, 2013 at 3:35 AM
    #10
    joneill03

    joneill03 Look away, I'm hideous!

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    Ugh. That video makes me sick.
     
  11. Mar 19, 2013 at 6:40 AM
    #11
    Evil Monkey

    Evil Monkey There's an evil monkey in my truck

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    In the US, there are deductions and credits. Deductions will just take your tax to zero, even if you have more deductions than taxes. Credits can give you money beyond what you paid in taxes but they're pretty rare (e.g Earned income credit for low income with kids, student loan interest credit).
     
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