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post #1 of 51 (permalink) Old 01-25-2008, 08:59 AM Thread Starter
phil-osepher
 
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Angry Tax Time: WTF

Something isn't right.... seems like everyone I talk to gets a refund. Everyone but ME.

We don't itemize because it wouldn't be greater than our standard deduction. Both of us claim 0 Dependants/Exemptions on our W-4s.

We have a child tax credit of $1000 too.

And yet, EVERY year it comes back that we owe. I know people making less than us and MORE than us that are talking about their thousands in refunds. Last year we owed $1000, this year it says we owe $1400 .

I just don't effing get it.


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post #2 of 51 (permalink) Old 01-25-2008, 09:03 AM
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damn...i always claim 1 so i get a bit more cash in every check but i still get like 800 back. last year my buddy worked for 9 months at a scrap yard making like $10 an hour, anyways he had a kid in mid december and ended up claiming him for the whole year and got back 6k i was fuggin blown away...too bad hes an idiot and burnt that cash in 6mo and sold all the things he bought with that cash


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post #3 of 51 (permalink) Old 01-25-2008, 09:06 AM
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I never get any money back either, the general rule here is if you get money back, that means you over paid during the year.


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post #4 of 51 (permalink) Old 01-25-2008, 09:06 AM Thread Starter
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yea if you are making peanuts you can get the earned income tax credit, which really helps with the refund. When I first came in the Army as a private and was making like $1000 a month (lol) my refunds were like 3k and 4k


Still, I know my boss is yanking down a little more than 90k and he was talking about his refund of 4k last year WTF


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post #5 of 51 (permalink) Old 01-25-2008, 09:10 AM
 
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Hire an accountant to do it next year... you might be missing something...
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post #6 of 51 (permalink) Old 01-25-2008, 09:13 AM
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Quote:
Originally Posted by kneedragger77 View Post
Something isn't right.... seems like everyone I talk to gets a refund. Everyone but ME.

We don't itemize because it wouldn't be greater than our standard deduction. Both of us claim 0 Dependants/Exemptions on our W-4s.

We have a child tax credit of $1000 too.

And yet, EVERY year it comes back that we owe. I know people making less than us and MORE than us that are talking about their thousands in refunds. Last year we owed $1000, this year it says we owe $1400 .

I just don't effing get it.
If you don't have enough write off's to itemize then you won't be getting shit back. Taking the standard deduction is pretty rare for anyone that owns a home these days. Try it next year and with the interest on your new home you should be able to and therefore see a less amount of tax due. This is one of the benefits of owning a home and not renting.

If your both claiming 0 then you are doing something wrong too... that doesn't add up!



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post #7 of 51 (permalink) Old 01-25-2008, 09:14 AM
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Don't you guys dare to bitch about taxes

Come live in europe and then you will freak out
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post #8 of 51 (permalink) Old 01-25-2008, 09:16 AM
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Don't you guys dare to bitch about taxes

Come live in europe and then you will freak out
That's true lol



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post #9 of 51 (permalink) Old 01-25-2008, 09:53 AM
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You have dependents kids why aren't you claiming them?



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post #10 of 51 (permalink) Old 01-25-2008, 10:06 AM
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R1Lover is right on trust me, our taxes are a nightmare and we do our own with the help of an accountant. with a house and a child and no extra income you should get a refund by claiming zero. you need a new accountant.


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post #11 of 51 (permalink) Old 01-25-2008, 10:35 AM
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Well if it makes you feel any better I was supposed to get my return today and didn't! Looks like it's gonna be another week unless there's something wrong.

Sounds like you need to talk to your boss and have them take more out. Like someone said itemize and deduct your house interest and property taxes... that's where most of my return comes from.


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post #12 of 51 (permalink) Old 01-25-2008, 10:52 AM
 
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Seriously, hire a good accountant, they can get you all these little refunds here and there that you would never think of... not sure about the US, but I know in Canada there are so many refunds that you can claim the gov and the majority of the population doesn't know about those small things and it adds up...
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post #13 of 51 (permalink) Old 01-25-2008, 11:38 AM
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the wife and i get 6K back every year...i can't complain


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post #14 of 51 (permalink) Old 01-25-2008, 12:21 PM Thread Starter
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Quote:
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I never get any money back either, the general rule here is if you get money back, that means you over paid during the year.
I'd be happy with that. Zero back and zero owed is what I always shoot for.

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Originally Posted by R1LOVER View Post
If you don't have enough write off's to itemize then you won't be getting shit back. Taking the standard deduction is pretty rare for anyone that owns a home these days. Try it next year and with the interest on your new home you should be able to and therefore see a less amount of tax due. This is one of the benefits of owning a home and not renting.

If your both claiming 0 then you are doing something wrong too... that doesn't add up!
Our first payment wasn't until June this year, so we only had 7 months of payments and corresponding interest. So, claiming interest paid on the home still left us several thousand short of the standard deduction. Even though I could itemize other things, there is no way it would have eclipsed the standard deduction.... Like you said, next year should be a bit better since we'll have 12 full months of payments.

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Originally Posted by gsxcorey View Post
R1Lover is right on trust me, our taxes are a nightmare and we do our own with the help of an accountant. with a house and a child and no extra income you should get a refund by claiming zero. you need a new accountant.
That's the thing, it's pretty simple for us. However, we aren't alone, my wife's parents both work and both claim zero, they paid $3000 back last year. I just called a few other friends who paid back, apparently many people do.... Everyone says get an accountant, but #1 they are pricey and #2 for couples like us that don't own a business, have a couple W-2's and a few standard deductions it really is simple. You can't just make up deductions, and believe me I've been through the list and we either don't qualify or can't claim almost all of them. We don't have childcare expenses, don't have educational expenses, our retirement plans are factored in, we have the child tax credit and both are claiming zero..... We are both allowing the gov't to take as much as possible every check, and yet they still want more at the end of the year. Crazy if you ask me.


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post #15 of 51 (permalink) Old 01-25-2008, 12:29 PM
 
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I have an accountant and I still had to pay back $300 last year. I'm with ya Kneedrag, everyone I know gets money back... and I ended up paying more money...
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post #16 of 51 (permalink) Old 01-25-2008, 12:34 PM Thread Starter
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vindication!!! Thanks Cheez

*sigh*

Well, if this check from Bush's stimulation plan comes through then I'll just use that to pay back the tax I owe


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post #17 of 51 (permalink) Old 01-25-2008, 04:52 PM
The answer? Simple: 42
 
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If you get a refund, you're over paying. I used to think that if I didn't have to pay in, I was doing good. Until we started seeing how much they actually took out. Now, I pay quarterly estimated, corporate and personal income. I'd much rather do this than have them holding my money ransom and not get a penny of interest.

I agree though that if you're paying in high amounts as an employee, you're doing it wrong. Itemize the hell out of your deductions, even if you won't make them, it's shown. Also, hire an accountant.

All this being said, our tax system is totally effed the fook up. It's too complicated, and to quote Ronald Regan "Decidedly un-American." Flat tax. No deductions. No credits. Just a straight percentage of income earned. The fookers in Washington will always get a raise in taxes as people make more, and it'll be simplified as can be. Problem is though that it'll never happen.

BTW, I disagree with you MV. We Americans have every right to be pissed off and complain. This nation was founded on the principal of taxes without representation, and we broke away from Britain because of it. Now, we're going right back to where it was. Time for another Revolution IMO.
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post #18 of 51 (permalink) Old 01-25-2008, 05:02 PM
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honestly though phil if you truly do have to pay in then you're doing it right. When they give you money back they don't give you your money back plus interest. If you get to keep it then pay it to them you can get interest on that. The best is to not give them a dime and make money on it while you have it then pay it all to them. It takes discipline to save it though and invest it.


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post #19 of 51 (permalink) Old 01-25-2008, 05:09 PM
The answer? Simple: 42
 
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If you get to keep it then pay it to them you can get interest on that. The best is to not give them a dime and make money on it while you have it then pay it all to them. It takes discipline to save it though and invest it.
Exactly! I'm still in my first year as a business and it's a different change. We'll see how it all turns out once my taxes are done this year.
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post #20 of 51 (permalink) Old 01-25-2008, 06:25 PM Thread Starter
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honestly though phil if you truly do have to pay in then you're doing it right. When they give you money back they don't give you your money back plus interest. If you get to keep it then pay it to them you can get interest on that. The best is to not give them a dime and make money on it while you have it then pay it all to them. It takes discipline to save it though and invest it.
hmm

never thought of it like that, good point


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