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. #81
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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
    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.
    Since savings in a form that is fast to withdrawal are rather low interest rates, it isn't much when looking at it in that aspect. However, when inflation is high, your money lent to the government has lost a rather high degree of spending power.

    I target my paycheck deduction to be as close as possible, and err on the low side. This year, after already paying more than $10k in federal taxes, i also wrote them a check for $53. I wrote state a check for $11.

  2. #82
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Lord of Planar View Post
    However, when inflation is high, your money lent to the government has lost a rather high degree of spending power.
    Yeah. That hasn't happened since the late 70's. I was born in 1979. I have no recollection of seeing that type of problem. Our past experiences influence our future behavior.

    I have never seen high inflation in my entire life and the early part of my life I wasn't even paying attention to things like that. Would I be stupid to expect high inflation? Yes.

    Your experience my be different than mine. I would say that 40 years without high inflation kind of sets a precedent to the fanatical and thorough observer.

  3. #83
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Lord of Planar View Post
    i also wrote them a check for $53. I wrote state a check for $11.
    This is referred to as two perfect tax returns.

    A perfect tax return is one where you get back less than $100 or you owe less than $100. I'm just saying that the benefit of doing this is diminished with the low interest rates paid by banks. Investing in stocks, mutual funds or even CD's isn't aviseable if the time frame is less than a year. The only loss on capital is what you would have gained in a savings account.

    In the late 90's banks were paying 3.0% on savings accounts and 5.0% on CD's.

    It is arguable that it is no longer entirely disadvantageous to loan your money to the government. If you live paycheck to paycheck chances are, you will spend the money that you don't pre-pay in taxes. This is the only way some people can save $5,000. You can't make a very strong argument that they are getting screwed if the bank is only paying 0.75%.

    Surely that makes sense.

  4. #84
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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 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.
    Do you know anybody that has claimed a home based office? It can be a huge headache if you close the business or move. It could also cost you a lot of tax-free money if you ever sold your house.

    Talk to others before claiming a home based office. Consider the short-term benefits versus the long-term drawbacks.

  5. #85
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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'm pretty sure they did away with it this year.
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  6. #86
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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
    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.
    I dunno. I made some money (about 80k). Paid some money (i dunno, never looked at it). I have enough to live on so I am happy. Next year my deductions will be better and I should have more money coming into the house hold. Which is nice, I would like to do some travelling.

  7. #87
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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
    Do you know anybody that has claimed a home based office? It can be a huge headache if you close the business or move. It could also cost you a lot of tax-free money if you ever sold your house.

    Talk to others before claiming a home based office. Consider the short-term benefits versus the long-term drawbacks.
    Just sold my previous home and bought a new one in another state. We are moving at the end of May. We are not closing the business but the move will disrupt business for about a week. As far as Tax implications, I guess I will find out this Coming January.

  8. #88
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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
    I'm pretty sure they did away with it this year.
    That figures! I will at least try to do it next tax season. All they can tell me is no.

  9. #89
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Did better than expected with investments so ended up having to write a pretty big check to Uncle Sam. Boooooo!
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    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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