WOOHOO, Just did my taxes!!!

[Eos]

Your point is invalid. Money is money.

Why would you choose to belittle someone for making a valid point about the nature of income tax returns, anyway? It costs nothing to check the correct boxes. People, most of whom do not get it, should know that any tax refund amounts to a negative time value of money situation. Why shoot the messenger?

Aren't you supposed to set some sort of example here?

Because it's the same argument given when another person (usually liberal) calls an owner (usually fiscally or socially conservative) of a low mpg (Hummer, lifted 4WD pickup, etc) vehicle irresponsible when they use it for driving back and forth to the office. In southern California.

"Don't tell me what to do. It's my money! I'll buy twice as much fuel as you do if I feel like it!

Now the defenders of doing whatever the fuck they want to do (our fiscally conservative friends) are telling someone else (people who don't give a fuck if the government has $1800 extra for a year) what is wrong with their personal decisions. DECISIONS THAT EFFECT NO ONE ELSE.

How about we all let others do things that are legal without comment. Don't like what I do? Too fucking bad. STFU and move on.

 

[DrPizza]

Well, I suppose that if you work at Best Buy and have roughly the same income each year, and fill out a 1040EZ, then it's pretty simple to adjust your W-2's. Not everyone has a simple return to figure out. I'm not one to assume that things are that easy for the OP.

 

[DaTT]

Sorry. Getting that large of a refund is just bad financial planning. It's like you gave a total stranger an interest-free loan for a year.

Actually, the refund comes from contributing to retirement plans, tuition tax refund, and paying for daycare all year long.

I believe before i inputted those numbers, I owed $92.

So, if you can tell me a different way to not pay the income tax on those said costs and investments, I'm all ears......otherwise you can shove your "bad financial planning" directly up your ass.

 

[Corporate Thug]

5k for me (1st time homebuyer CA credit included).

 

[DaTT]

Real men don't take government handouts - regardless of whose money it is.

No worries, I'll find a way to piss it away into the wrong hands....just gimme time dammit.

Hookers?....Blow?......Anyone?

 

[Spike]

I had to pay $126... oh well. I changed my W-4 to aim for about a $200 return... guess I went a little overboard.

 

[WhoBeDaPlaya]

Got $5310 back, owe the state $622.

 

[Juked07]

I understand that, but he still shorted his take home pay for no reason. Instead of being excited about a refund taxpayers should try and figure out how not to let it happen again.

Totally agree monetarily, of course. But what if the utility he gains from being "pleasantly surprised" by a return is more than the utility he loses from losing $10?

 

[ProfJohn]

I got 4k between state and federal.

Most of it was due to buying a house though and next year should be back to normal. Had over $8k in one time write offs, was really surprised at how much I got back.

 

[jagec]

Last year: First-time homebuyer credit (carried back), moving expenses deduction, partial-year retirement savings credit, half-year resident in 2 states.

This year: Itemizing points and interest from initial mortgage, capital loss from investment sales for down payment (carry forward for next 3 yrs), taxes on rollover from SIMPLE to Roth IRA (carried forward next 2 years), interest income from IRS and Wells Fargo, partial-year below-market rental income from GF.

Next year: Itemizing more points and interest from refinance, continue capital loss carryover, continue IRA rollover tax carryover, more below-market rental income from GF, credit for solar installation (carry forward as needed), income from sale of renewable energy credits.

Yeah, they're getting more complicated these days. Still nothing compared to business taxes.

 

[dullard]

Actually, the refund comes from contributing to retirement plans, tuition tax refund, and paying for daycare all year long.

So, if you can tell me a different way to not pay the income tax on those said costs and investments, I'm all ears......otherwise you can shove your "bad financial planning" directly up your ass.

You probably had plenty of warning regarding your retirement plans, tuition expenses, and daycare expenses. You might not have contributed all of it, but you probably had at least SOME idea that you'd do those. If you think you will do them, then you can go to your human resources department, fill out a new W4, and there you have a "different" way not to pay the income tax on those said costs.

See page 2, line 1 and 4: put your estimated retirement contributions, tuition expenses, and daycare expenses. You are done. Alternatively, you could just use whatever number of allowances you used last year and add 2 (if you were in the 25% tax bracket, then they'll withhold $1850 less bringing your tax refund to near zero). You'll get about $154 more per month in your paychecks.

While you are at it, tell HR to automatically deposit $154 into a savings account for you. Bingo. You now get paid the exact same amount per month, but instead of loaning $154 to the government, you put $154 into savings each month. Your interest won't be a lot now, but it is a great idea to learn to do this so that you will get a lot of interest in the future when interest rates rise.

If your plans change from your original estimate, you can always file another W4.

 

[ScoobMaster]

*Sigh*

I really wish we could get back to pre-WWII days when there was NO "withholding" Not many people under 65 realize that it was a TEMPORARY measure to raise capital for the war. But then when is any extra "temporary" power the federal government is granted ever relinquished?

Anyway - Seeing people getting all gleeful and happy with their tax refund reminds me of an audience at a magic show. So focused on the misdirection of the master illusionist's trick that they miss completely what is going on right under their noses. Getting citizens to be happy about receiving $xx.xx when that is a mere fraction of THEIR money taken before they ever had it in hand was a fantastic act of trickery pulled off by your federal government. If all of us had to write that check for thousands of dollars on April 15 each year, don't you think there would be more of a call on the federal and state governments to be less wasteful and more fiscally responsible? Instead, most are so focused on the REBATE amount that the completely miss the fact of how much they actually PAID.

OK - I'll get off my soapbox now

 

[dullard]

OK - I'll get off my soapbox now

You only mentioned the first half. I'll jump on that soapbox. We also focus too much on the amount we paid, rather than the amount the government spends per person. As long as the government can get loans, people are happy to clamor for TEMPORARY lower taxes, pushing the payment problem into our future. The only way to get people to really clamor for truely lower government spending is for the taxes we pay now to match what is spent now.

The rebate issue is actually twice removed from the real problem of spending. Yet, as you said, people focus nearly solely on the rebate.

 

[Iron Woode]

You probably had plenty of warning regarding your retirement plans, tuition expenses, and daycare expenses. You might not have contributed all of it, but you probably had at least SOME idea that you'd do those. If you think you will do them, then you can go to your human resources department, fill out a new W4, and there you have a "different" way not to pay the income tax on those said costs.

See page 2, line 1 and 4: put your estimated retirement contributions, tuition expenses, and daycare expenses. You are done. Alternatively, you could just use whatever number of allowances you used last year and add 2 (if you were in the 25% tax bracket, then they'll withhold $1850 less bringing your tax refund to near zero). You'll get about $154 more per month in your paychecks.

While you are at it, tell HR to automatically deposit $154 into a savings account for you. Bingo. You now get paid the exact same amount per month, but instead of loaning $154 to the government, you put $154 into savings each month. Your interest won't be a lot now, but it is a great idea to learn to do this so that you will get a lot of interest in the future when interest rates rise.

If your plans change from your original estimate, you can always file another W4.

um, just to make something clear:

he lives in Burlington Ontario Canada.

we have the CRA (Canada Revenue Agency) and combined with the Ontario Liberal Government tax reforms, has made doing our taxes this year rather complex.

 

[dullard]

um, just to make something clear:

he lives in Burlington Ontario Canada.

we have the CRA (Canada Revenue Agency) and combined with the Ontario Liberal Government tax reforms, has made doing our taxes this year rather complex.

Oops. Missed that. There are a lot of Burlingtons in the US too and I didn't pay enough attention. Please disregard everything I posted in this thread.

 

[Iron Woode]

Oops. Missed that. There are a lot of Burlingtons in the US too and I didn't pay enough attention. Please disregard everything I posted in this thread.

that's ok.

There are a few Londons in the US, too.

its all good.

 

[chalmers]

CPA here. lol @ the uneducated people in this thread making fun of the OP for the classic 'interest free loan' argument. Until you get out of 1040EZ land and actually understand tax, don't post about it.

 

[moshquerade]

I am getting a $2100 return!!!......but the wife owes like $650.....boooo maternity leave.

Kinda crazy to loan your money to someone interest free for a year.

 

[ViviTheMage]

mine take a while, but I don't expect much back, if anything.

 

[chalmers]

Kinda crazy to loan your money to someone interest free for a year.

There's more to a tax liability than federal withholding on your W-2. That applies here. He made no such "loan".

 

[CPA]

CPA here. lol @ the uneducated people in this thread making fun of the OP for the classic 'interest free loan' argument. Until you get out of 1040EZ land and actually understand tax, don't post about it.

CPA here. If you're prudent with your finances, then you can easily plan to avoid the "interest free loan". It's not difficult. I will owe the IRS $2K and am happy with that.

 

[chalmers]

CPA here. If you're prudent with your finances, then you can easily plan to avoid the "interest free loan". It's not difficult. I will owe the IRS $2K and am happy with that.

Of course you can. No need for these people to make fun of the OP though.

 

[chalmers]

CPA here. If you're prudent with your finances, then you can easily plan to avoid the "interest free loan". It's not difficult. I will owe the IRS $2K and am happy with that.

And to your point of managing your finances, then as a CPA if you were doing the same you would've made estimated payments for 2010, unless you were happy with your tax projections. Everyone is different, and I highly doubt the OP is a tax planner. Non 1040EZ folks have all kinds of things going on, and without a tax advisor, he probably has as much chance of coming close to even as I do to repairing a blown motor in a car (no idea).

 

[CPA]

And to your point of managing your finances, then as a CPA if you were doing the same you would've made estimated payments for 2010, unless you were happy with your tax projections. Everyone is different, and I highly doubt the OP is a tax planner. Non 1040EZ folks have all kinds of things going on, and without a tax advisor, he probably has as much chance of coming close to even as I do to repairing a blown motor in a car (no idea).

Unless an unexpected huge tax law change is made, anyone should be able to sit down mid-year for about an hour or two and determine what their taxes are going to look like for the year. Then make an adjustment to the W-4 or submit estimated payments. Most people don't have huge life changes from year to year, but those that happen the most frequently - buying a home, having a baby, getting into a retirement plan are the simplest to plan for.

edit: in my case, there is no need to make estimated payments, as long as I'm within the tax withholding rules, which I always am.

 

[DrPizza]

And to your point of managing your finances, then as a CPA if you were doing the same you would've made estimated payments for 2010, unless you were happy with your tax projections. Everyone is different, and I highly doubt the OP is a tax planner. Non 1040EZ folks have all kinds of things going on, and without a tax advisor, he probably has as much chance of coming close to even as I do to repairing a blown motor in a car (no idea).

I've gotten to the point where I don't even trust myself to do our taxes - I like the comfort and safety given when I have an experienced tax preparer do my taxes for me. This past weekend, I was on a business related trip. I anticipated the trip. What I didn't anticipate was having to purchase tools and supplies to repair my vehicle so that I could return home. Those tools & supplies are a business related expense. Should I now revise my W-2 with my employer so that less is withheld in taxes?

3 of my goats did not have twins this year - they only gave birth to one kid each. That was a huge surprise and disappointment. It reflects a loss of income of roughly $1000. Hell, with as many goats as I raise, I'm happy if I estimate the income from selling them within $4000. More boys, less money. More girls, more money. All income that I have to declare.

During the past 4 years, with ZERO withholding changes, my return has varied by over $8000 from my largest return to smallest return. (Still waiting for my accountant to finish my taxes. Convinced my wife to let me purchase a tractor last year. That's a big write-off. With a large return this year, we're going to purchase a small RV or something because we travel so often to goat shows. I hope our accountant agrees that it would be a write-off.