View Poll Results: How did you come out for the 2013 tax year?

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  • Overall I paid in more than 50% in taxes.

    2 6.90%
  • Overall I paid in more than 20% but less than 50%.

    13 44.83%
  • Overall I paid less than 20% but more than 10%.

    4 13.79%
  • Overall I paid less than 10% but more than 5%

    2 6.90%
  • Overall I paid less than 5% but more than 0%

    1 3.45%
  • Overal I didn't pay any taxes.

    7 24.14%
  • I am just guessing. I didn't calculate it. I could be lying.

    1 3.45%
  • I calculated it my answer. My answer is true.

    3 10.34%
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Thread: April 15th is over. How did you come out for the 2013 tax year?

  1. #31
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Gipper View Post
    He's a CPA. He knows all about it.
    That's reasonable. He was too busy doing taxes for others to have time to do his own.

  2. #32
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by vasuderatorrent View Post
    In most cases it is more beneficial to be married. There is an exception. It seems like you are somewhat familiar with tax returns. Maybe you will understand what I am talking about.

    Two people live together for 10 years but never get married but have two kids. They make about $20,000 each. They are both eligible for EIC and Child Tax Credit. One claims one kid. The other claims the other kid.

    If they were married they would make $40,000 and be ineligible for EIC.

    There are a few unmarried people that would lose out if they were married. It's just a fluke or a "sweet spot". It's not really something to plan your life around because you could have a larger or smaller income in subsequent years and screw yourself.

    Does this make any sense?
    I've actually seen that several times but doing that is likely to get you in trouble.

    Under the scenario you cite only one person would be eligible for Head of Household filing status. On of the requirements for HOH is that the individual pays more than half the cost of maintaining the home. If two people are living in the home then only one can possibly meet that test. The other would have to file as single.

    Do people do it? Yep.
    Does the IRS check on it? Occasionally.

  3. #33
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Lutherf View Post
    I've actually seen that several times but doing that is likely to get you in trouble.

    Under the scenario you cite only one person would be eligible for Head of Household filing status. .
    You are right. Are single filers eligible for EIC? If not, then you are right. You would have to commit fraud to execute it properly.

    To be legal about it, the higher income person would probably file head of household thus both kids. The lower income person would probably file single and no kids.

  4. #34
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by vasuderatorrent View Post
    That's reasonable. He was too busy doing taxes for others to have time to do his own.
    I'd say that in my industry 80% or more of us file extensions. We figure out how much we'll owe and send that in ahead of time so there are no penalties to deal with.

    If you were paying me to do your tax return wouldn't you prefer that I spent my time working on your stuff to the best of my ability instead of working on my own stuff and just jamming yours together?

  5. #35
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Lutherf View Post
    I'd say that in my industry 80% or more of us file extensions.
    You really think so? Why would your tax return be any more complicated than your clients? This is something I never considered. Is the 2nd and 3rd week of March slow enough to do your own tax return?
    Last edited by vasuderatorrent; 04-16-14 at 07:28 PM.

  6. #36
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by vasuderatorrent View Post
    You are right. Are single filers eligible for EIC? If not, then you are right. You would have to commit fraud to execute it properly.

    To be legal about it, the higher income person would probably file head of household thus both kids. The lower income person would probably file single and no kids.
    Single people can get EIC but the income threshold is pretty low. This year it was $14,340. The amount of credit you get is also pretty small. A single person with no dependents making $12k would only get $177 in EIC.

  7. #37
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Lutherf View Post
    Unknown. Ask again on Oct 15th.
    This poll will be closed by then.

  8. #38
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    I got a refund, which will be going towards a new Army Service Uniform so that I can take a respectable DA Photo for my Warrant Officer packet.

  9. #39
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by vasuderatorrent View Post
    You really think so? Why would your tax return being any more complicated than your clients? This is something I never considered. Is the 2nd and 3rd week of March slow enough to do your own tax return?

    LOL!!

    My tax season starts in November with getting my corporate clients squared away. Beginning in January I've got 4th Quarter payroll reports that have to go out, 1099's that need to get filed and finalization of corporate financial statements. Corporate returns are due March 15th and get mixed in with individuals who need to file early so they can get the information they need for their kids FAFSA applications. That basically leaves me 4 weeks to get the bulk of the individual returns done. Interspersed with all of that is answering correspondence from the IRS and state tax agencies as well as at least one person who comes in with an audit issue. You also have to keep in mind that whatever Congress changed in Nov and Dec means that both the IRS and the software companies have to get those changes into the system so filing ANY return before the middle of February is pretty much a shot in the dark....if it's even possible.

    As far as the complexity of my return...well, I've got two corporate returns that need to be done before I can do my personal which isn't really complicated but it sure is time consuming.

  10. #40
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Luckily we only have to file one return - the one for Uncle Sam. God bless New Hampshire, the Live Free or Die state. No income taxes here.

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