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How much is your tax return? (or how much do you owe?)

How much is your tax return? (or how much do you owe?)

  • Total voters
    32
TheGirlNextDoor said:
They were waiting on the money I had to send them, to pay some other poor fool. Last I heard, they were 'delaying' some refunds. I fully suspect I wasn't the only poor slob that suddenly "owed" State this year. :? I don't make ****.. I really don't.
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Any thoughts on moving? I bet you could get a job any where. I would not want to live some place I didn't love and get taxed up the wazoo to be there. We pay high taxes here, but [insert snobby nose in the air here] it's freaking New England. It's worth every cent.
 
Getting back more than 5k, unfortunately. Nothing like giving the government an interest free loan for a year.
 
I paid close to 3k. I took some investment money that actually did well to make up for my partner not working all year.

I still don't understand how he didn't work a day in 2009 and still got over $2200 back from the feds. It just doesn't make sense to me. I suppose it was all education credits.
 
How the **** do people get so much money back??

I paid like $20k in taxes in 2008 and got about $600 back. **** you guys and your big ole tax returns. **** you straight to hell. :2razz:
 
rivrrat said:
How the **** do people get so much money back??

I paid like $20k in taxes in 2008 and got about $600 back. **** you guys and your big ole tax returns. **** you straight to hell. :2razz:
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Some people are getting around 5 figures, that is not with itemization.

It's pretty crazy.
 
jallman said:
I paid close to 3k. I took some investment money that actually did well to make up for my partner not working all year.

I still don't understand how he didn't work a day in 2009 and still got over $2200 back from the feds. It just doesn't make sense to me. I suppose it was all education credits.
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All education credits. My fiance finished about dead even but then added in college costs and textbook costs and it tacked on about 4000 for 5500 in costs.
 
jallman said:
I paid close to 3k. I took some investment money that actually did well to make up for my partner not working all year.

I still don't understand how he didn't work a day in 2009 and still got over $2200 back from the feds. It just doesn't make sense to me. I suppose it was all education credits.
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Did you guys have any section 1250 losses? What do his K-1s look like? There are a number of ways you can not have any earned income yet still get refunds. Or he simply didn't have taxable income and made $2200 in estimated payments. Or he didn't have taxable income and $2200 is a credit from last year. I keep going if you want on reasonable ways he got that kind of refund without working.
 
rivrrat said:
How the **** do people get so much money back??

I paid like $20k in taxes in 2008 and got about $600 back. **** you guys and your big ole tax returns. **** you straight to hell. :2razz:
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****, even $600 would seem like a big ole return to me! Hell, I'd almost consider it a return if that's all they wanted from me. :lol:
 
jallman said:
I still don't understand how he didn't work a day in 2009 and still got over $2200 back from the feds. It just doesn't make sense to me. I suppose it was all education credits.
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WTF?!?!?! I'm going to grad school and I still have to shell out a **** ton of cash at the end of the year. How does someone who doesn't work get money back, while I'm doing the same thing while working but I have to pay? :x
 
rivrrat said:
How the **** do people get so much money back??

I paid like $20k in taxes in 2008 and got about $600 back. **** you guys and your big ole tax returns. **** you straight to hell. :2razz:
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I'm an accountant. It's what I do. :2razz:
 
obvious Child said:
Did you guys have any section 1250 losses? What do his K-1s look like? There are a number of ways you can not have any earned income yet still get refunds. Or he simply didn't have taxable income and made $2200 in estimated payments. Or he didn't have taxable income and $2200 is a credit from last year. I keep going if you want on reasonable ways he got that kind of refund without working.
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I'm not a tax professional and I have no idea what any of that is. All I know is took a stack of papers to the lady that does my taxes and came home with a grin on his face. I went to the same lady with a stack of papers and came home crying.

I'm just generally bitter and hate him every time I think about it.:lol:
 
jallman said:
I'm not a tax professional and I have no idea what any of that is. All I know is took a stack of papers to the lady that does my taxes and came home with a grin on his face. I went to the same lady with a stack of papers and came home crying.

I'm just generally bitter and hate him every time I think about it.:lol:
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I don't even know him, and I'm generally bitter and hate him when I think about it. :lol:
 
I adore my CPA. That's where I think you guys are missing out. Get a good CPA and they look out for you. When you buy a house, make invvestments, put away money for retirement, you should be giving them a call and letting them know what you're doing and what are some of the tax implications. She works for my general interest and always looks for the most deductions to apply each year with the tax codes and changes. She even brought up royalties this year that I didn't receive, which I've had for the past 6 years and asked if I forgot to send them. Just for that, I sent a small thank you. These people are there for your benefit and will represent you if the IRS ever comes a knocking. You'd want to have a good relationship with your CPA in the future.
 
Ockham said:
I adore my CPA. That's where I think you guys are missing out. Get a good CPA and they look out for you. When you buy a house, make invvestments, put away money for retirement, you should be giving them a call and letting them know what you're doing and what are some of the tax implications. She works for my general interest and always looks for the most deductions to apply each year with the tax codes and changes. She even brought up royalties this year that I didn't receive, which I've had for the past 6 years and asked if I forgot to send them. Just for that, I sent a small thank you. These people are there for your benefit and will represent you if the IRS ever comes a knocking. You'd want to have a good relationship with your CPA in the future.
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Oh, I've got a good CPA. It's the unfair burden placed on the self-employed where I get slammed. If I was w-2ed, I'd be paying a good deal less than what I do even though I'd be making the same income. That's messed up, IMO.

I only take the legit deductions. I could probably do better if I "played the game", as one "conservative" recently put it, but that wouldn't sit well with me on a personal, moral level.
 
Tucker Case said:
Oh, I've got a good CPA. It's the unfair burden placed on the self-employed where I get slammed. If I was w-2ed, I'd be paying a good deal less than what I do even though I'd be making the same income. That's messed up, IMO.

I only take the legit deductions. I could probably do better if I "played the game", as one "conservative" recently put it, but that wouldn't sit well with me on a personal, moral level.
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As an aspiring CPA, it seems the system was designed to be played. Look at it as a strike against progressive taxation. :mrgreen:
 
Ad a zero to the top and you got my area..... :lol:



If I am owed money at the end of the year I feel cheated.
 
Kelzie said:
As an aspiring CPA, it seems the system was designed to be played. Look at it as a strike against progressive taxation. :mrgreen:
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That's my problem with the system. I see playing the game as a tacit approval of the system, not a strike against it.

I could see why CPA's would approve of the system though. It guarantees a steady supply of business. :lol:;)
 
Tucker Case said:
That's my problem with the system. I see playing the game as a tacit approval of the system, not a strike against it.

I could see why CPA's would approve of the system though. It guarantees a steady supply of business. :lol:;)
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Indeed. Probably my biggest fear with a flat tax!
 
State and Federal combined, about $25K.......paid, of course. We haven't had a refund in a long time....
 
UtahBill said:
State and Federal combined, about $25K.......paid, of course. We haven't had a refund in a long time....
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Damn! I was about to ask how that was even possible. :lol:
 
Kelzie said:
Damn! I was about to ask how that was even possible. :lol:
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6 figure retirement income, and taking out $54K from IRA to pay off the new house. Paying taxes is preferred to paying interest, believe it or not....
 
Tucker Case said:
When I told my accountant that I'd love to see a flat tax, he looked at me like I was an asshole and said "Why do you want my children to starve?" :lol:
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Eh, auditors would either totally love or totally hate a flat tax. The necessary auditing of businesses to ensure compliance would easily triple if not quadruple the demand for auditors. Auditors are already super busy with regular audits. doing flat tax audits would cause many of them to go insane. So maybe he should switch to that side of the profession?
 
Kelzie said:
Indeed. Probably my biggest fear with a flat tax!
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Eh. Never going to happen. The cost of compliance and enforcement of a flat tax would make the current system look like a drop in the bucket. Once businesses realize just how much compliance will cost, they will stand up against flat tax in epic numbers.
 
obvious Child said:
Eh. Never going to happen. The cost of compliance and enforcement of a flat tax would make the current system look like a drop in the bucket. Once businesses realize just how much compliance will cost, they will stand up against flat tax in epic numbers.
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You mean they will bribe congress in epic amounts of cash, right?
 
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