Taxes Done!!!!

[fish365]

Still have 5 more weeks before I have to write those thieving sob's a check.

^^^^This.

[Dixie-Raven]

Did the refund match what you paid in over the year?

I'm not following your meaning here?

[Highcentered]

long as I don't have to pay extra I'm happy.

[billnorman1]

Just turned my 1099's and other earnings statements over to my tax lady.

On another note my SIL had her identity compromised by a thief in New Yawk who claimed $60.000 in unemployment compensation and somehow stole her last year's $11,000 refund check. The I.R.S. won't give her a replacement yet. If somebody wants to steal my refund, they better get ready to pay instead.

[tajchauvin]

I'm not following your meaning here?

Are you self employed or receive a routine paycheck from an employer? If you receive a paycheck from and employer the income taxes are withheld each pay period.

Your post says you paid no taxes because you received a refund. I’m trying to understand how receiving a refund means you paid no taxes.

[MI bassassassin]

Are you self employed or receive a routine paycheck from an employer? If you receive a paycheck from and employer the income taxes are withheld each pay period.

Your post says you paid no taxes because you received a refund. I’m trying to understand how receiving a refund means you paid no taxes.

Around 50% of “tax payers” get more back than they paid in. In essence they receive welfare from the federal government.

[ThomasD]

Around 50% of “tax payers” get more back than they paid in. In essence they receive welfare from the federal government.

Actually they get welfare from actual tax payers

[davidsa]

I'm going to submit mine today, I owe a bit. A flat tax that I could compute in minutes would be appreciated. Doing my taxes and that of my children, I'm into several days of effort.

[MI bassassassin]

Actually they get welfare from actual tax payers

You are correct the feds are the intermediary.

[digthemup]

PNC is paying e 3.88% bot I bet most don't have enough money in savings to get that

Fidelity pays 4+% on their MMA and my local bank Five Star bank pays the same with minimum starting of only 5K

[basshammerwannabe]

I'm not following your meaning here?

Guess hes saying did you get refunded what you paid in taxes..

[basshammerwannabe]

Are you self employed or receive a routine paycheck from an employer? If you receive a paycheck from and employer the income taxes are withheld each pay period.

Your post says you paid no taxes because you received a refund. I’m trying to understand how receiving a refund means you paid no taxes.

LOL yeah i wish my refund matched what i paid in taxes .. but if it zeroed out.. would we even be paying taxes

[basshammerwannabe]

The benefit is more money in your pocket every paycheck or more money in your retirement account. Why would anyone want to pay more than they need to into what essentially is an an escrow account the government holds interest free!

If you get a $2400 “tax” (its really an overpayment refund) return refund…that’s two hundred a month you could have spent on spinnerbaits or entry fees!

right.. guess what im wondering is.. if you get more back each paycheck over the year does it equal more then what you get back by getting a refund instead

[MMyles]

How much are you being penalized for not having estimated your taxes? since owing $47,000.00 would carry a big penalty on state taxes alone in NYS. Congrats on being blessed with that much income though.

I am not being penalized at all, other than having to pay taxes...lol.

We follow what the accountant tells us to do throughout the year and once he completes the calculations, he lets us know how much we will owe or how much of a refund we get based on our personal tax burden since we are an "S" Corp.

We rarely get refunds because of what is mentioned above, why pay them in advance? Our accountant calculates the amount due for both my brother and I based on our individual tax burden and then send them a check, which is bonused out to each of us to pay the thieving pri*ks.

What a ponzi scheme......all to enrich the elite. They have it figured out to take as much as possible. A flat tax would be fair to all, and make sense, but [They] don't want that. It's easier to steal your money with smoke & mirrors.

M

[smokewagon]

Are you self employed or receive a routine paycheck from an employer? If you receive a paycheck from and employer the income taxes are withheld each pay period.

Your post says you paid no taxes because you received a refund. I’m trying to understand how receiving a refund means you paid no taxes.

He is saying he did not have to enclose a check with his tax return. His tax withholding was more than enough, since he is getting a refund.

[basshammerwannabe]

He is saying he did not have to enclose a check with his tax return. His tax withholding was more than enough, since he is getting a refund.

so you're put into the tax brackets depending on what you made... you get refunded off what was withheld? and that depends on what you claim/dependents etc?

[Dixie-Raven]

He is saying he did not have to enclose a check with his tax return. His tax withholding was more than enough, since he is getting a refund.

Correct or if they need further explanation....Read line 34 shown below from 1040 Form

1040 form.jpg

[n2ratfishin]

I think we can all agree our tax system is FUBAR! We pay one CPA who is also a tax attorney to file our schedule C biz to both the state and feds. We pay another to file our personal returns. If you file an EZ or live below the poverty line look up VITA or TCE programs in your area. They will file for you at no charge.

In my ideal world America would abolish income taxes and implement a flat sales tax. That would put folks on a level playing field. I know that is not the popular idea for at least half of America who pay almost nothing into the federal system yet draw all kinds of federal assistance. We need to quit penalizing citizens for earning a living while incentive are given to live in "poverty".

[rid 05 198]

I am not being penalized at all, other than having to pay taxes...lol.

We follow what the accountant tells us to do throughout the year and once he completes the calculations, he lets us know how much we will owe or how much of a refund we get based on our personal tax burden since we are an "S" Corp.

We rarely get refunds because of what is mentioned above, why pay them in advance? Our accountant calculates the amount due for both my brother and I based on our individual tax burden and then send them a check, which is bonused out to each of us to pay the thieving pri*ks.

What a ponzi scheme......all to enrich the elite. They have it figured out to take as much as possible. A flat tax would be fair to all, and make sense, but [They] don't want that. It's easier to steal your money with smoke & mirrors.

M

I flat tax would raise the income tax on over half of the people. There is a reason for the brackets. Just look at who pushes for the flat tax. It's not the low and middle income groups.

[davidsa]

I flat tax would raise the income tax on over half of the people. There is a reason for the brackets. Just look at who pushes for the flat tax. It's not the low and middle income groups.

I think it matters how such a simple tax would be applied and deep understanding of tax demographics today. for example, no one is taxed on the first 50k of earnings then a flat tax kicks in. I don't have a business or complex investments but I also hear that some of the wealthiest families in the US can legally hide income. Assume those exclusions were now taxed, generating revenue, such that the flat rate did not have to be super high.