what are you gonna do with your tax refund?

[dveit]

This is the first year ever that I owe money... $2,500. This shit sucks.

 

[corvetteguy78]

This is the first year ever that I owe money... $2,500. This shit sucks.

Just found out we owe $2500 to the Fed, but getting $1650 back from the State....never had to owe before.....we made $160,000+ last year and i guess not enough taxes were taken out so this morning i just changed my filing status to MJ0(from MJ2) and my Wife has done the same.

Sucks but o well. It's a net owe of $850.

Death and Taxes.....

 

[Bob Vila]

You need some more deductions. We had an AGI of almost $200k and were able to get to about $30k in deductions. Granted our 2 kids help but not that much considering our income. We file MJ0 from the get go though.

 

[corvetteguy78]

yeah we have no kids, we have 2 condos we claim loses on, and we deduct mortgage interest from 3 mortgages because we have the 2 condos, plus condo expenses, etc....I think we had 44,000 in deductions as we were taxed on 116,000

 

[Briansol]

did you do it yourself or go to an accountant (ie, not H&R block)?
with the real estate, and rent, and all that, you should be making out like a bandit

 

[reckedracing]

you were probably withheld individually in the 15% bracket for most of the year and then ended up in the 25% bracket with your combined income, if i had to guess what happened.

 

[corvetteguy78]

did you do it yourself or go to an accountant (ie, not H&R block)?
with the real estate, and rent, and all that, you should be making out like a bandit

Nope i have ex Regional Manager of HR Block and Jackson Hewitt who was a realy good friend of my dads do my taxes the past few years.

 

[DarkHand]

you were probably withheld individually in the 15% bracket for most of the year and then ended up in the 25% bracket with your combined income, if i had to guess what happened.

This is exactly what happened to us last year, we ended up owing $900.

 

[Briansol]

Have you ever sat down and added up ALL the taxes you pay in a year?
income,
state income,
sales,
property,
alcohol/smokes/vices,
gasoline,
highway tolls,
excise (concert tickets/etc),
tourism (ie, inflated rates for hotels,park admissions, etc)


That moment when you realize you live on like 1/8th of your pay a year and give the rest back.....

 

[BigJ]

Have you ever sat down and added up ALL the taxes you pay in a year?
income,
state income,
sales,
property,
alcohol/smokes/vices,
gasoline,
highway tolls,
excise (concert tickets/etc),
tourism (ie, inflated rates for hotels,park admissions, etc)


That moment when you realize you live on like 1/8th of your pay a year and give the rest back.....

It's all relative. When you look at your gross and your net and how much things cost it sucks. In my business we pay so many ungodly high surcharges/taxes its ridiculous but its all passed along the way. The capitalized costs go up all the way down to the end users. It's all relative. Cost of doing business. In this unfortunate case, Living.

 

[jamesA]

Have you ever sat down and added up ALL the taxes you pay in a year?
income,
state income,
sales,
property,
alcohol/smokes/vices,
gasoline,
highway tolls,
excise (concert tickets/etc),
tourism (ie, inflated rates for hotels,park admissions, etc)


That moment when you realize you live on like 1/8th of your pay a year and give the rest back.....

I did that math once. It annoyed me. 24.89%of my paycheck is gone before I even get it.

 

[Briansol]

That's it? You're lucky! lol

 

[jamesA]

Last time my dad gave me a raise I lowered it back. It would've bumped me into the next bracket.

 

[reckedracing]

Have you ever sat down and added up ALL the taxes you pay in a year?
income,
state income,
sales,
property,
alcohol/smokes/vices,
gasoline,
highway tolls,
excise (concert tickets/etc),
tourism (ie, inflated rates for hotels,park admissions, etc)


That moment when you realize you live on like 1/8th of your pay a year and give the rest back.....

i was just thinking about this again the other day.
we still live in a feudal system if you really think about it.
i think its safe to say we probably pay approx 60-80% if our wages back to the government in one tax or another.

 

[reckedracing]

Last time my dad gave me a raise I lowered it back. It would've bumped me into the next bracket.

thats pretty stupid...
you only pay a higher rate on the income thats actually in that higher bracket...
ie: 10% on the first 10k, then 15% on whats over 10K
and don't forget to take out your standard deduction/personal exemption/itemized deductions which all come out before your determine your actual effective rate.
so if your raise would have put $500 in the 25% bracket, you only pay 25% on that $500, not your total earnings.

 

[corvetteguy78]

Have you ever sat down and added up ALL the taxes you pay in a year?
income,
state income,
sales,
property,
alcohol/smokes/vices,
gasoline,
highway tolls,
excise (concert tickets/etc),
tourism (ie, inflated rates for hotels,park admissions, etc)


That moment when you realize you live on like 1/8th of your pay a year and give the rest back.....

i haven't but 34% goes too OASDI, Medicare, Fed Withholding, State Income, and House Property tax per pay check. All those other ones can be avoided and are by choice

 

[Briansol]

You have your property taxes come out of your paycheck? not your mortgage?

 

[corvetteguy78]

Last time my dad gave me a raise I lowered it back. It would've bumped me into the next bracket.

You could have just put the extra money in a pre-tax retirement account and paid yourself instead of letting the extra money be taxed

 

[Briansol]

yeah, roth IRA that shit

 

[corvetteguy78]

You have your property taxes come out of your paycheck? not your mortgage?

no i figured it seperalty lol