Just got done filing my 2006 Tax return

[AgentJean]

Originally posted by: Engineer

Originally posted by: AgentJean


I just hate the fact that the fed gets the overpayment intrest free, but I have to pay intrest if I'm short by a few bucks. :|

That I agree with 100%. Why should I have to pay interest/penalties if something cause me to owe over a certain amount and yet they pay zero interest if they owe me a refund. It's time for a change! :Q

Yup. I agree it's time for change.

Like doing away with the Income tax, SSI and Medicare and replacing it with a national sales tax. Then every month or quarter give people a refund check for the tax money spend of necessities. This would of course be standarized where every family of 4 gets the same refund, be it if you eat beans and rice every night or you spend money on prime steak and potatos.

I've done the math, I would have more spendable money under the national tax system.

 

[Eos]

If I had not closed on a house last year and bought the tons of stuff to move in, my total sales tax outlay would have been in the $500 range. No state income tax in WA, so that's good for me. I reject your national sales tax.

 

[thehstrybean]

I've got all but my last W2...not lookin good so far

 

[illusion88]

I haven't even gottne my W2s yet!
Stupid lazy accountants!

 

[KrillBee]

i had to call my work to get the W2 info, because they hadnt published it yet. and then I had to do my taxes ASAP so I could get my payment in by the 18th or whatever day it was


What sucked is that this year I had to do a 1099, since I did contract work this last year. So Basically my bank account took a much bigger hit since nothing was being withheld when i was getting my paycheck. I hate the dang lazy companies, who wont just hire me as a short term employee, but rather contract me. Not only do they not with-hold anything, but I have to remember to make my own payments quartery, and I'm paying 7.65% EXTRA TAX in FICA!
dumb 1099 BS.

 

[Davegod75]

this would end all these threads....http://www.fairtax.org/

 

[TallBill]

My taxes on deployment years are always weird, because income over here isn't taxable, (except social security). And my housing and food allowance are completely tax free year round. So I only had like $12,000 taxable income from my job this here, and being married, all get my $1200 right back.

Btw, I hate social security. Thats way to much money to pay that I'll never see.

 

[AmigaMan]

I'm getting $410 back this year from Fed, not sure about state. I remember when I got married we got something like $5,000 back since we also had a lot of charitable contributions and I had forgotten to change my withholding. Paid for our honeymoon though. Next year the wife and I will have two other deductions, yay twins!

 

[JoPh]

i didnt even get my w2s yet

 

[CTrain]

The reason why I hate these nazis so much because we have heard this "government interest free" thing over and over and over.
Every year , every thread with someone happy about getting a refund, someone has to say it over again and again.

The problem I see here is that most people get less than $1K back every year.
So let me ask you, how many of them can actually put aside that extra $50-$80 per month in an interest bearing account and earn that interest of $20-$30 for the year ??
I'd say not too many.
Considering alot of Americans are in debt, I can hardly see them doing so.

Now if people are getting back $5K back every year, then yeah, that would make a difference.
Every single refund I've seen, its always been people getting $1K or less back.
I'll say it again, let people enjoy their refund and STFU about the interest free already.

 

[Engineer]

Originally posted by: CTrain
The reason why I hate these nazis so much because we have heard this "government interest free" thing over and over and over.
Every year , every thread with someone happy about getting a refund, someone has to say it over again and again.

The problem I see here is that most people get less than $1K back every year.
So let me ask you, how many of them can actually put aside that extra $50-$80 per month in an interest bearing account and earn that interest of $20-$30 for the year ??
I'd say not too many.
Considering alot of Americans are in debt, I can hardly see them doing so.

Now if people are getting back $5K back every year, then yeah, that would make a difference.
Every single refund I've seen, its always been people getting $1K or less back.
I'll say it again, let people enjoy their refund and STFU about the interest free already.

Automatic deposits for the win (not hard to have a savings account with automatic withdrawls). 2nd point is if they are in debt, especially credit card debt, the faster it's paid (including monthly payments), the better. Regardless, people have a right to express their feelings (alternative view) on the subject (untill the AT mods declare otherwise) just as you have your right to express your feelings on the subject.

 

[AmigaMan]

Originally posted by: Engineer

Originally posted by: CTrain
The reason why I hate these nazis so much because we have heard this "government interest free" thing over and over and over.
Every year , every thread with someone happy about getting a refund, someone has to say it over again and again.

The problem I see here is that most people get less than $1K back every year.
So let me ask you, how many of them can actually put aside that extra $50-$80 per month in an interest bearing account and earn that interest of $20-$30 for the year ??
I'd say not too many.
Considering alot of Americans are in debt, I can hardly see them doing so.

Now if people are getting back $5K back every year, then yeah, that would make a difference.
Every single refund I've seen, its always been people getting $1K or less back.
I'll say it again, let people enjoy their refund and STFU about the interest free already.

Automatic deposits for the win (not hard to have a savings account with automatic withdrawls). 2nd point is if they are in debt, especially credit card debt, the faster it's paid (including monthly payments), the better. Regardless, people have a right to express their feelings (alternative view) on the subject (untill the AT mods declare otherwise) just as you have your right to express your feelings on the subject.

While I generally agree with you on principle, in practice it's a little harder. I contribute regularly to charity, and sometimes I get a burr in my butt and contribute a lot at one time to a charity (Katrina, earthquake in Pakistan, tsunami in Asia, etc). As a result I end up getting a bit more back from the gubment. Should I be criticized for getting money back? That's why people get bent out of shape when you tell them they've done something wrong by getting more than a couple pennies on their return.

 

[Engineer]

Originally posted by: AmigaMan

Originally posted by: Engineer

Originally posted by: CTrain
The reason why I hate these nazis so much because we have heard this "government interest free" thing over and over and over.
Every year , every thread with someone happy about getting a refund, someone has to say it over again and again.

The problem I see here is that most people get less than $1K back every year.
So let me ask you, how many of them can actually put aside that extra $50-$80 per month in an interest bearing account and earn that interest of $20-$30 for the year ??
I'd say not too many.
Considering alot of Americans are in debt, I can hardly see them doing so.

Now if people are getting back $5K back every year, then yeah, that would make a difference.
Every single refund I've seen, its always been people getting $1K or less back.
I'll say it again, let people enjoy their refund and STFU about the interest free already.

Automatic deposits for the win (not hard to have a savings account with automatic withdrawls). 2nd point is if they are in debt, especially credit card debt, the faster it's paid (including monthly payments), the better. Regardless, people have a right to express their feelings (alternative view) on the subject (untill the AT mods declare otherwise) just as you have your right to express your feelings on the subject.

While I generally agree with you on principle, in practice it's a little harder. I contribute regularly to charity, and sometimes I get a burr in my butt and contribute a lot at one time to a charity (Katrina, earthquake in Pakistan, tsunami in Asia, etc). As a result I end up getting a bit more back from the gubment. Should I be criticized for getting money back? That's why people get bent out of shape when you tell them they've done something wrong by getting more than a couple pennies on their return.

Hopefully not directed at me as I've not mentioned it in this thead. Also, I understand that taxes throughout the year aren't linear and that situations cans cause bigger refunds or larger tax burdens (like mine did this year! ).

I tend to agree that if you're getting large (greater than $1,000) refunds back each year, you should check into why are you getting those and possibly look at getting more back each check. However, I'm not calling anyone stupid for not doing so.

Not to mention that a wrong move can cause one to owe more than $1,000 in taxes, at which point the government charges you a penalty. That's the reason that I think that the government should pay interest on larger refunds. Of coure that's not going to happen!

(although I filed a 1040X form many years ago for a year several ahead of that filing. I was owed more of a tax refund than what I received originally. The government gave me the tax refund and nearly 11% interest (1985 - 1986 tax years))

 

[Indolent]

For the people talking about free money... Wouldn't it be best to withhold nothing and put everything that would have been withheld into a money market account, thus earning interest on all of it. Then just pay what you owe when you file. Is it possible to do this?

 

[b0mbrman]

Originally posted by: SSP

Originally posted by: LukFilm
Yet another ret... um, slow person who thinks that having a large tax refund is a good thing. :roll:

but.. but... its free money! :laugh:

 

[Engineer]

Originally posted by: Indolent
For the people talking about free money... Wouldn't it be best to withhold nothing and put everything that would have been withheld into a money market account, thus earning interest on all of it. Then just pay what you owe when you file. Is it possible to do this?

No. The government will penalized you if you owe over a certain amount ($1,000) in a year or if you attempt to withold nothing and end up owing. The penalties would more than offset any gains not to mention the greater possibility of being audited.

 

[b0mbrman]

Originally posted by: CTrain
LOL, I have yet to see a tax refund thread without the "government kept your money interest free" nazis come in here and preach about it.

STFU already and let people enjoy their refund.

The problem is that "refund" sounds so pleasant. Almost as if the government's doing us a favor.

 

[Mackie2k]

My job broke completely even, but my investments cost me $600.

I'm happy!

TurboTax FTW!! SO Dang easy!

 

[Svnla]

Just received my W2 last week, still have to wait for the 1099INT forms from banks/stock and investment firms.

 

[Pocatello]

Originally posted by: CTrain
The reason why I hate these nazis so much because we have heard this "government interest free" thing over and over and over.
Every year , every thread with someone happy about getting a refund, someone has to say it over again and again.

The problem I see here is that most people get less than $1K back every year.
So let me ask you, how many of them can actually put aside that extra $50-$80 per month in an interest bearing account and earn that interest of $20-$30 for the year ??
I'd say not too many.
Considering alot of Americans are in debt, I can hardly see them doing so.

Now if people are getting back $5K back every year, then yeah, that would make a difference.
Every single refund I've seen, its always been people getting $1K or less back.
I'll say it again, let people enjoy their refund and STFU about the interest free already.

Just the way it is around here. If you're happy about something, they like to put you down a bit. Perhaps it make them feel better.

 

[b0mbrman]

Originally posted by: Pocatello

Originally posted by: CTrain
The reason why I hate these nazis so much because we have heard this "government interest free" thing over and over and over.
Every year , every thread with someone happy about getting a refund, someone has to say it over again and again.

The problem I see here is that most people get less than $1K back every year.
So let me ask you, how many of them can actually put aside that extra $50-$80 per month in an interest bearing account and earn that interest of $20-$30 for the year ??
I'd say not too many.
Considering alot of Americans are in debt, I can hardly see them doing so.

Now if people are getting back $5K back every year, then yeah, that would make a difference.
Every single refund I've seen, its always been people getting $1K or less back.
I'll say it again, let people enjoy their refund and STFU about the interest free already.

Just the way it is around here. If you're happy about something, they like to put you down a bit. Perhaps it make them feel better.

I wouldn't put down anyone who was happy about withholding as little as possible, then paying as close to 15 April as possible.

 

[potoba]

Originally posted by: griffis

Originally posted by: monk3y
I still haven't gotten my W-2 yet

 

[senseamp]

I am waiting till last second for sure. Lots of capital gains, probably will have to pay $3K more at least.

 

[ShotgunSteven]

Still waiting for my W-2. :| They could have sent it out today, but they decided to wait until the middle of next week.

 

[animalia]

I e-filed mine for the first time....really easy suprisingly. only got 40 back from the state and owned Uncle Sam 57$. that's only because my primary employer frigged it up