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. #71
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by ksu_aviator View Post
    We get a refund at the end of the year...well...we used to. But, adding the sales tax to an itemized return will save you hundreds to thousands of dollars. Some years it is the difference between writing a check and getting a check.
    I itemize, but never thought of adding sales tax. I will be talking to my CPA about this. I keep every receipt I have for each year. Thanks for the tip.

  2. #72
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by soot View Post
    Yeah.

    If I were more "financially savvy" I probably would have put that money in the bank and taken the $2.20 APY (total) it would have earned me over the year.
    Yes. I had an accounting teacher that tried to tell us that it was dumb to get a tax refund. I just smiled and pretended that she was a genius. After all, her logic was sound but low interest rates really rips that logic to shreds.

    $1,000 for 12 months = $7.50
    $1,000 for 11 months = $6.88
    $1,000 for 10 months = $6.26
    $1,000 for 9 months = $5.63
    $1,000 for 8 months = $5.00
    $1,000 for 7 months = $4.38
    $1,000 for 6 months = $3.75
    $1,000 for 5 months = $3.13
    $1,000 for 4 months = $2.50
    $1,000 for 3 months = $1.88
    $1,000 for 2 months = $1.25
    $1,000 for 1 month = $0.63

    It probably would have been around $48.79 but that is a reasonable penalty to pay for a forced savings account in my opinion. Someone with more money and/or more discipline than me might disagree. I can see the logic either way but it is dependent upon the past spending habits of the individual.

    For most broke or undisciplined Americans it is a wise thing to use the federal government as a savings account. Most refunds aren't $12,000 so the argument becomes weaker if the person is getting a $6,000 refund.
    Last edited by vasuderatorrent; 04-18-14 at 02:25 PM.

  3. #73
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Dirt Racer View Post
    I itemize, but never thought of adding sales tax. I will be talking to my CPA about this. I keep every receipt I have for each year. Thanks for the tip.
    I call people who do this 'awesome' or 'dedicated'. It's very impressive to keep up with all of that mess. I have personally never been able to itemize because the standard deduction is around $12,000. My mortgage balance is only $19,260.33. The biggest deduction that I could get would be $1,155.62. I only donate around 10% of my income to charitable causes but sometimes I give that to individuals. That is less than $4,000. Even if I spent all $33,500 of my income (which I don't) the sales tax would only be $2,345. I am a long ways from reaching $12,000. I don't think it pays to itemize unless you have a really huge mortgage.

  4. #74
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Sababa View Post
    so you are part of Romney's 47% who need to get their life in order
    Why do you refuse to give me valuable input on how to get my life in order? Don't you want me to get my life in order?

    What was it that Romney said? That I wouldn't vote for him? Guess what? He was wrong and so are you.

    I voted for Mccain. I voted straight ticket Republican in 2008. I voted for Romney in 2012. I didn't vote straight ticket Republican in 2012 but that was because of some local RINO's at the county level. I voted for Richard Burr and Walter Jones. Both are Republicans. Romney was an idiot. I was an even bigger idiot for voting for a guy that insulted me by spreading lies about me.

    Surely you are smarter than Romney. Am I wrong?
    Last edited by vasuderatorrent; 04-18-14 at 02:36 PM.

  5. #75
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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
    For most broke or undisciplined Americans it is a wise thing to use the federal government as a savings account.
    I don't really consider myself to be broke or financially undisciplined and I still think it's a good idea (or I wouldn't do it).

    I've got to take into consideration any stock I may sell over the course of the year, how my and my wife's bonuses are taxed, and potential changes to the tax code.

    To me, the little bit I forgo in opportunity cost on over-withholding is more than made up for in terms of the time/effort I'd have to expend calculating every financial move I make down to the penny OR hiring an accountant to do that worrying for me.

    I like having that "padding" there to ensure that I'm not going to have to write a check at the end of the year. You never know what's going to happen over the course of the year and if my wife or I lose our job in, say, July of a given year we'd have to burn through a lot of savings to make ends meet (as we did this year, and though severance more than covered the spread this time the possibility exists that it wouldn't have, or might not at some point in the future). If I was counting on using savings in the event of a potential underpayment and I HAD to spend that savings over the course of the year on something else before tax day I could end up in a bit of a fix and then have to scramble to sell stock (and then have to pay capital gains on that) to pay the tax man.

    Too much trouble.

    If the $1000 a month overpayment was going to make or break me I'd look at it a lot harder. As it is I feel that I'm getting more than my money's worth in peace of mind.
    “Now it is not good for the Christian’s health to hustle the Aryan brown,
    For the Christian riles, and the Aryan smiles and he weareth the Christian down;
    And the end of the fight is a tombstone white with the name of the late deceased,
    And the epitaph drear: “A Fool lies here who tried to hustle the East.”

  6. #76
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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.
    Same here.
    Don't be a grammar nazi - Marcus Aurelius, Meditations, Book 1 #7

  7. #77
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by soot View Post
    As it is I feel that I'm getting more than my money's worth in peace of mind.
    I agree with you. I think $48.79 is a very small price to pay for peace of mind.

    I hear stories about the 'good ole days' when banks paid 10% interest and charged 35% to borrow money. I believe this was the 1900's through the 1920's or something like that. Now the banks pays 0.5% interest and charges 2% to borrow money. Lots of people pretend that people are irresponsible when they fail to save or spend too much. They do not take into consideration the changes to the money supply that has taken place in the last 100 years.

    Saving money can arguably be irresponsible. Refusing to use credit could arguably be irresponsible. It's not a slam dunk argument but it could easily be argued whereas it would have been impossible to make that argument when banks paid 10% and charged 35% to borrow.

    Does that make any sense? Some people love to hold on to the past even if it means they are screwing themselves over.

  8. #78
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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
    I call people who do this 'awesome' or 'dedicated'. It's very impressive to keep up with all of that mess. I have personally never been able to itemize because the standard deduction is around $12,000. My mortgage balance is only $19,260.33. The biggest deduction that I could get would be $1,155.62. I only donate around 10% of my income to charitable causes but sometimes I give that to individuals. That is less than $4,000. Even if I spent all $33,500 of my income (which I don't) the sales tax would only be $2,345. I am a long ways from reaching $12,000. I don't think it pays to itemize unless you have a really huge mortgage.
    I have a pretty healthy mortgage as well as a home based office. Not sure how much difference this will make but might as well give it a shot.

  9. #79
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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
    What am I doing wrong that I need to change?
    Quote Originally Posted by vasuderatorrent View Post
    Here is my personal situation:

    Income from all sources = $33,016.66
    Federal Income tax, Social Security taxes and Medicare taxes = $3,018.66
    Federal Refund = $5,116.00
    North Carolina Income tax = $1,133.16
    North Carolina refund = $456.00

    My federal taxes were at an effective rate of -6.35%
    My state taxes were at an effective rate of 2.05%
    My overall effective tax rate was -4.30%

    I voted for the 6th and the 8th option.
    Quote Originally Posted by Sababa View Post
    so you are part of Romney's 47% who need to get their life in order
    I think you forgot to answer my question. What do I need to do to get my life in order? Which part is out of order?

  10. #80
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    I paid $2x,xxx total in Federal, State, SS, and medicare for 2013. My gross was still only 5 figures as well...

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