So do you owe, or do you get a refund this year? - Page 2 - Miata Turbo Forum - Boost cars, acquire cats.

Welcome to Miataturbo.net   Members
 


Insert BS here A place to discuss anything you want

Reply
 
 
 
LinkBack Thread Tools Search this Thread
Old 01-16-2009, 11:09 AM   #21
Moderator
iTrader: (11)
 
sixshooter's Avatar
 
Join Date: Nov 2008
Location: Tampa, Florida
Posts: 15,637
Total Cats: 1,559
Default

Texans are liable for federal taxes just like the rest. He's got some personal exemptions to claim I suspect. Texas and Florida do not have state income tax, though.
sixshooter is online now   Reply With Quote
Old 01-16-2009, 11:11 AM   #22
Moderator
iTrader: (11)
 
sixshooter's Avatar
 
Join Date: Nov 2008
Location: Tampa, Florida
Posts: 15,637
Total Cats: 1,559
Default

Quote:
Originally Posted by y8s View Post

last time i checked, the government doesn't pay interest on your money.
+1
sixshooter is online now   Reply With Quote
Old 01-16-2009, 11:13 AM   #23
Senior Member
iTrader: (14)
 
Join Date: Aug 2007
Location: Buffalo, NY
Posts: 734
Total Cats: 1
Default

Quote:
Originally Posted by y8s View Post
if you get back more than $250, you're a dumbass.

last time I checked, the government doesn't pay interest on your money.



oh hello penalty!
I'm with y8s on this one. I spend 20 minutes with a spreadsheet twice a year to ensure that my w4 deductions are right.

I adjust them as necessary, based on my expectations (early in the year) and actual circumstances (september/october) to ensure that I get or owe as close to zero as possible.

Giving interest-free loans to uncle sam is for suckers.
deliverator is offline   Reply With Quote
Old 01-16-2009, 11:32 AM   #24
Junior Member
iTrader: (3)
 
Join Date: Jul 2005
Location: AL
Posts: 200
Total Cats: 0
Default

Quote:
Originally Posted by y8s View Post
if you get back more than $250, you're a dumbass.

last time I checked, the government doesn't pay interest on your money.



oh hello penalty!
You are correct, I always try to get the minimum taken out without having to pay penalties.
mx5roadster is offline   Reply With Quote
Old 01-16-2009, 11:40 AM   #25
Elite Member
iTrader: (2)
 
Join Date: Jun 2006
Location: ABQ, NM
Posts: 1,850
Total Cats: -8
Default

Quote:
Originally Posted by deliverator View Post
Giving interest-free loans to uncle sam is for suckers.


Yup, Econ101 a dollar today is worth more than a dollar tomorrow.

I typically owe about $100
BenR is offline   Reply With Quote
Old 01-16-2009, 11:41 AM   #26
Elite Member
iTrader: (15)
 
patsmx5's Avatar
 
Join Date: Aug 2007
Location: Houston, TX
Posts: 8,793
Total Cats: 247
Default

I'll take my money when I earn it and pay my taxes when I have to. Money in my pocket now is better than money in my pocket later. I usually owe 1K or so every year from my summer job.
patsmx5 is offline   Reply With Quote
Old 01-16-2009, 11:47 AM   #27
Moderator
iTrader: (11)
 
sixshooter's Avatar
 
Join Date: Nov 2008
Location: Tampa, Florida
Posts: 15,637
Total Cats: 1,559
Default

Withholding sucks. People don't really feel how bad the feds are giving it to them.
If you had to write a check for it all at the end of the year, you wouldn't stand for it.
Withholding was supposed to be temporary. It was started during WWII.
Income tax was supposed to be temporary. It was started during WWI.
In 1950 it was 3%.

P.S. We threw England out and had a revolution over a 3% tax.
sixshooter is online now   Reply With Quote
Old 01-16-2009, 12:08 PM   #28
Elite Member
iTrader: (46)
 
Stein's Avatar
 
Join Date: Dec 2007
Location: Nebraska
Posts: 4,812
Total Cats: 138
Default

Quote:
Originally Posted by y8s View Post
if you get back more than $250, you're a dumbass.

last time I checked, the government doesn't pay interest on your money.
Agreed. If I net out at zero or owe a bit, that is about right.


Quote:
Originally Posted by y8s View Post
oh hello penalty!
I wouldn't automatically add the penalty. Just pay the tax when you file. If you received a refund the previous year, they oftentimes will let it go because it just doesn't throw up a red flag. Make them come back to ask for the penalty. If that is the case, they send you a bill and you just pay it. If you paid in last year and owe more than $700 this year, they may ask for the penalty.

This was the advice for me from my preparer who used to be an IRA auditor. One year I owed more than the "limit" and technically owed the penalty. I just paid the tax and they never came back to me.
Stein is offline   Reply With Quote
Old 01-16-2009, 12:28 PM   #29
Elite Member
iTrader: (5)
 
Atlanta93LE's Avatar
 
Join Date: Sep 2006
Location: Marietta, GA
Posts: 2,198
Total Cats: 1
Default

I spend the time each year to get my withholding "right," but I like to find extra deductions. In that case, a refund is just a bonus!
Atlanta93LE is offline   Reply With Quote
Old 01-16-2009, 12:52 PM   #30
Boost Pope
iTrader: (8)
 
Joe Perez's Avatar
 
Join Date: Sep 2005
Location: Chicago (Over two miles from Wrigley Field. Fuck the Cubs. Fuck them in their smarmy goat-hole.)
Posts: 26,315
Total Cats: 1,913
Default

In the past, I've always owed at least $5k and been exempted from past stimulus packages. Even though I have to pay underpayment penalties, it's still a profitable interest-free loan. This year, I took some significant losses in Q4, so I'll probably be getting a refund. Suck.
Joe Perez is offline   Reply With Quote
Old 01-16-2009, 12:58 PM   #31
y8s
2 Props,3 Dildos,& 1 Cat
iTrader: (8)
 
y8s's Avatar
 
Join Date: Jun 2005
Location: Fake Virginia
Posts: 19,038
Total Cats: 406
Default

speaking of interest free loans, I'm looking forward to the $7500 tax credit for new home buyers. granted it's gotta be paid back, but without interest and over 15 years. sweet.
y8s is online now   Reply With Quote
Old 01-16-2009, 02:30 PM   #32
Senior Member
iTrader: (2)
 
Join Date: Jun 2007
Location: Shalimar, FL
Posts: 965
Total Cats: 7
Default

Getting $1600 back. I can be claimed as a dependent by my parents for '08...idk if that makes the difference. I'm debating using the $$ towards a begi-s kit.
messiahx is offline   Reply With Quote
Old 01-16-2009, 05:21 PM   #33
Elite Member
iTrader: (6)
 
Join Date: Sep 2007
Location: CA
Posts: 1,990
Total Cats: 9
Default

Quote:
Originally Posted by pdexta View Post
Is that 22k in interest you paid this year? I'm fairly certain that's the only part of the loan you can deduct (unless I'm seriously screwing up my returns).
I really doubt this is correct. I have over 200k in loans and you can barely even deduct interest (there's a limit obviously). Had a CPA do my taxes and I did it again on my own in TurboTax. Same results. Audit FTL.
kenzo42 is offline   Reply With Quote
Old 01-16-2009, 05:34 PM   #34
Senior Member
iTrader: (19)
 
Join Date: Oct 2007
Location: MoCo, MD
Posts: 703
Total Cats: 0
Default

If anyone wants a copy of Turbotax Deluxe, email me at ptschmidt @ gmail.com
pschmidt is offline   Reply With Quote
Old 01-16-2009, 05:41 PM   #35
meatbag
iTrader: (50)
 
gospeed81's Avatar
 
Join Date: Nov 2008
Location: Houston, TX
Posts: 7,357
Total Cats: 26
Default

I get the best of both hustler and levnubhin's...I'm a college student with a 2yr old.

Student deductibles + child + lots payed in = big friggin return

How else did you guys think this newb's turbo project was gonna happen?
gospeed81 is offline   Reply With Quote
Old 01-16-2009, 05:51 PM   #36
Elite Member
iTrader: (2)
 
Join Date: Jun 2006
Location: ABQ, NM
Posts: 1,850
Total Cats: -8
Default

I also wait as long as possible to send them my money.
BenR is offline   Reply With Quote
Old 01-16-2009, 05:57 PM   #37
Junior Member
iTrader: (3)
 
Join Date: Mar 2008
Location: Murphy, Tx
Posts: 182
Total Cats: 6
Default

I agree with sixshooter. If everyone had to write a check at the end of the year they would be livid about the government waste. It's way more tangible whenever the government rips the money out of my hands. Oh well, at least some of it's going for a good cause... wouldn't want poorly manged banks and auto makers to suffer.

BTW I have to pay out every year and this year it will be close to $6,000
Fidgitk is offline   Reply With Quote
Old 01-16-2009, 06:17 PM   #38
mkturbo.com
iTrader: (24)
 
shuiend's Avatar
 
Join Date: May 2006
Location: Charleston SC
Posts: 13,775
Total Cats: 1,106
Default

I am getting about $500 back. It will all go straight to my credit card.
shuiend is online now   Reply With Quote
Old 01-16-2009, 07:49 PM   #39
Elite Member
iTrader: (17)
 
Join Date: Aug 2007
Location: Fort Myers, FL
Posts: 2,790
Total Cats: 128
Default

Quote:
Originally Posted by kenzo42 View Post
I really doubt this is correct. I have over 200k in loans and you can barely even deduct interest (there's a limit obviously). Had a CPA do my taxes and I did it again on my own in TurboTax. Same results. Audit FTL.
At higher incomes the student interest deduction is phased out. If you weren't making so much damn money you wouldn't have this problem. Poor guy.
pdexta is offline   Reply With Quote
Old 01-16-2009, 11:06 PM   #40
Elite Member
iTrader: (1)
 
Join Date: Jun 2005
Location: Charleston, SC
Posts: 2,980
Total Cats: 14
Default

Did my fed taxes yesterday ($600 back). Tried to do my state taxes but shitty South Carolina doesn't even have the forms online yet (still have 2007 tax year posted). How hard is it to change the date on the top of the form? Anyway, using the tax tables from last year it looks like I am getting $1000 back from SC. So, $1600 back this year. Same as last year. I thought I had changed my withholding but I guess I didn't :(

For those of you who WANT to get money back at the end of the year, you really ought to think about the financial repercussions of that. Using the federal govt as a Zero interest bank is not the best you can do. I don't really want to have to write a big check at the end of the year (although financially it makes sense but emotionally it would screw with my head) but breaking even would be fine with me.

(Did I actually just type that paying $20,000 in taxes is breaking even???)
rmcelwee is offline   Reply With Quote
 
 
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
Project Gemini - Turbo Civic on the Cheap Full_Tilt_Boogie Build Threads 57 07-19-2017 05:11 PM
Changing from 460cc to flow force 610cc in diypnp 90 Turbo MEGAsquirt 19 10-19-2015 04:23 PM
Back to Stock Part Out!! Turbo Parts, MS2 Enhanced 01-05, Suspension, and MOAR! StratoBlue1109 Miata parts for sale/trade 16 10-02-2015 10:39 AM
Noob to Miataturbo from MA JxPhan Meet and Greet 3 10-02-2015 03:17 AM
Odd Steering issue interestedofold Suspension, Brakes, Drivetrain 5 09-29-2015 02:42 PM


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -4. The time now is 11:37 AM.