Im screwed.. Taxes...
scottsee
03-03-2006, 09:22 PM
Fuck Me, I just used Taxcut software from H&R block.... I knew I was going to owe $$ this year.. Last year I wrote a check for $1200, so I've been dreading this year becasue I made more...
Fileing Single, $4000 in non-cash chartiable deduction, and will owe $2300.... FUCK
Fileing Single, $4000 in non-cash chartiable deduction, and will owe $2300.... FUCK
blk_srt
03-03-2006, 09:31 PM
Damn that sucks, I got only got $60 back but I guess I only made minimum
Thor06
03-03-2006, 09:37 PM
Damn. Last year I made a little over 1.5 times one of my friends and they got a pretty nice refund, around $400. I get all excited for mine because I had so much more taken out and I thought I would get it all back like he did. I got like $225 back. What a great tax system :rolleyes:.
blk_srt
03-03-2006, 09:39 PM
My buddy made like 4 times what I did and hes getting $2200 back and his girlfriend made twice what he did and shes getting $70 lol, damn tax brackets
Blackcrow64
03-03-2006, 09:54 PM
I don't understand how that shit works... What makes it vary so much?
DragonofBC
03-03-2006, 10:44 PM
It all depends on tax bracketing. I'm an accountant so I can give you guys advice if you want. If you send me PMs, I can try to offer advice on a 1 by 1 basis. I'm sure you guys don't want your tax info put up all over the internet.
Make sure, those of you in school, that you are a) claiming any tuition paid as a deduction b) claiming any interest payments. Most times it's wise to let your parents claim you as a dependent if you can.
I'm getting >$2000 back :)
Make sure, those of you in school, that you are a) claiming any tuition paid as a deduction b) claiming any interest payments. Most times it's wise to let your parents claim you as a dependent if you can.
I'm getting >$2000 back :)
blk_srt
03-03-2006, 10:45 PM
I have the advantage of my stepdad being an accountant :)(not that it helped me any :lol:)
Thor06
03-03-2006, 10:48 PM
What are the tax brackets?
Blackcrow64
03-03-2006, 10:55 PM
Wait... So since I was in college last year and paying for my classes, then I graduated in September, I can use everything up to September as a deductable?...
I hope I get a ton of money back to finish the Talon! lol :) :) :)
I hope I get a ton of money back to finish the Talon! lol :) :) :)
EDMUND65
03-03-2006, 10:56 PM
i got 411 back and i hardly worked 5 months...
DragonofBC
03-03-2006, 11:19 PM
Wait... So since I was in college last year and paying for my classes, then I graduated in September, I can use everything up to September as a deductable?...
I hope I get a ton of money back to finish the Talon! lol :) :) :)
You should have gotten something from the school telling you what to claim. You can claim any tuition (not room, board, or books) on your tax return.
To explain tax brackets: Our tax system is a progressive tax system. That means, the more money you make, the more you get taxed. I don't remember the exact brackets offhhand but if you make something like up to $24,000, you get taxed at 15% whereas if you make like $129,000 you get taxed at 35%.
The reason that a lot of people get screwed on taxes is that you get bumped into a higher tax bracket toward the end of the year. Typically, you get your state and federal taxes withheld from your pay each paycheck. The taxes that get taken out are calculated to cover your federal taxable amount at the end of the year. If you start the year in a lower tax bracket and end in a higher tax bracket, the taxes that were taken out during the year when you were in a lower bracket aren't sufficient to pay the higher tax that you owe. Therefore...you owe taxes. The trick to taxes is to know if you are earning enough money to be on the borderline of a tax threshold and make sure to defer any income that will put you over to the next year.
I hope I get a ton of money back to finish the Talon! lol :) :) :)
You should have gotten something from the school telling you what to claim. You can claim any tuition (not room, board, or books) on your tax return.
To explain tax brackets: Our tax system is a progressive tax system. That means, the more money you make, the more you get taxed. I don't remember the exact brackets offhhand but if you make something like up to $24,000, you get taxed at 15% whereas if you make like $129,000 you get taxed at 35%.
The reason that a lot of people get screwed on taxes is that you get bumped into a higher tax bracket toward the end of the year. Typically, you get your state and federal taxes withheld from your pay each paycheck. The taxes that get taken out are calculated to cover your federal taxable amount at the end of the year. If you start the year in a lower tax bracket and end in a higher tax bracket, the taxes that were taken out during the year when you were in a lower bracket aren't sufficient to pay the higher tax that you owe. Therefore...you owe taxes. The trick to taxes is to know if you are earning enough money to be on the borderline of a tax threshold and make sure to defer any income that will put you over to the next year.
Blackcrow64
03-03-2006, 11:48 PM
Ohhh thats sweet. So since I worked a part time job and made practically no money, but yet spent a ton on my schooling (I didn't have to pay for room and board and all that stuff) then in theory I should get a lot back... If I'm understanding correctly. Wow... Now I'm really excited. lol
AbsoluteGTR
03-04-2006, 12:27 AM
ummmm. I havent even filed yet. How much is it when I go to H&R Block?
I am just 18 years old, so my taxes (I would assume) should be very easy.
I am just 18 years old, so my taxes (I would assume) should be very easy.
Talon69
03-04-2006, 12:55 AM
I went to h&r block and they charged me $180 to get it the next day. I got $3200 back this year and made more than last year ;). And i only make $16 and hour. Oh i also i have my beautiful daughter to claim, single head of household.
scottsee
03-04-2006, 01:05 AM
Fuck all ye'all...
Nayr747
03-04-2006, 01:27 AM
H&R Block got caught defrauding the govmnt. when it did its taxes incorrectly. LOL. http://taxes.about.com/gi/dynamic/offsite.htm?site=http://www.accountingobserver.com/blog/2006/02/hr%2Dblock%2Dslips%2Dinto%2Dthe%2Dbizarro%2Duniver se/
That bracketing system seems like a flawed one. Someone should probably fix it.
That bracketing system seems like a flawed one. Someone should probably fix it.
scottsee
03-04-2006, 01:31 AM
what's flawed is the top 5% of the nations welthy pay an exceptionly less tax percent if not any taxes due to political contirbution campain money..
Gsx_hooptie
03-04-2006, 11:57 AM
Dragon is my new accountant :).
Like Dragon said, you're progressively screwed. 10% of 10,000 is different from 10% of 50,000. But, then you're also paying a higher percentage as you make more, meaning you owe even more money. Then figure out that the interest per bracket expands non-arithmatically. Now you can be really screwed.
The people who make a little don't owe much. The people who make a lot can afford lawyers and accountants. The middle class feel the sqeeze. Ok, that's just my opinion :).
Oh my father hasn't filled for taxes in years, maybe he has the right idea. I'm kidding, he's dumb.
Tax brackets Here (http://www.moneychimp.com/features/tax_brackets.htm)
Edit>> Bring back cap gains taxes.
Like Dragon said, you're progressively screwed. 10% of 10,000 is different from 10% of 50,000. But, then you're also paying a higher percentage as you make more, meaning you owe even more money. Then figure out that the interest per bracket expands non-arithmatically. Now you can be really screwed.
The people who make a little don't owe much. The people who make a lot can afford lawyers and accountants. The middle class feel the sqeeze. Ok, that's just my opinion :).
Oh my father hasn't filled for taxes in years, maybe he has the right idea. I'm kidding, he's dumb.
Tax brackets Here (http://www.moneychimp.com/features/tax_brackets.htm)
Edit>> Bring back cap gains taxes.
DragonofBC
03-04-2006, 04:57 PM
Dragon is my new accountant :).
Like Dragon said, you're progressively screwed. 10% of 10,000 is different from 10% of 50,000. But, then you're also paying a higher percentage as you make more, meaning you owe even more money. Then figure out that the interest per bracket expands non-arithmatically. Now you can be really screwed.
The people who make a little don't owe much. The people who make a lot can afford lawyers and accountants. The middle class feel the sqeeze. Ok, that's just my opinion :).
Oh my father hasn't filled for taxes in years, maybe he has the right idea. I'm kidding, he's dumb.
Tax brackets Here (http://www.moneychimp.com/features/tax_brackets.htm)
Edit>> Bring back cap gains taxes.
Oh there are cap gains taxes but they have been pretty low in the past few years to stimulate investment. It's true that the rich can afford the people that find the way to "tax plan" the best but you have to keep in mind that the "rich" pay over 90% of the total taxes collected in a year. I read a study at school. I tried do a quick search but couldn't find it to show you guys.
You can get a deduction on tuition paid (no room, board, or books) but it gets offset by any tuition gifts you receive from your school. You usually get a statement showing which lines to fill in.
I personally used TurboTax Online. It allows you to free file if you make less than 50,000. It did me well :).
If you can claim dependents, you should definitely look into filing head of household. It gives you bigger tax brackets. Plus you get a deduction for your dependents.
There are two tax credits available to you (Hope Credit and Lifetime Learning Credit) if you are in your first or second year of college. Make sure you look into them. I think you can only claim one of them based on qualifications but it can credit you either $500 or $750 (I don't remember which).
If you are in college out of state and work out of state, you only pay taxes to the state you live in. For example, I worked in MA in 2004 but was techinically a FL resident. MA took out state taxes from my paychecks but since FL has no state tax, I got all my MA taxes back ($310). It does count as income though in the next taxable year.
I'm just trying to throw out some knowledge based what I think applies to most people in this forum. Definitely PM me if you want to know something specific for your case.
Like Dragon said, you're progressively screwed. 10% of 10,000 is different from 10% of 50,000. But, then you're also paying a higher percentage as you make more, meaning you owe even more money. Then figure out that the interest per bracket expands non-arithmatically. Now you can be really screwed.
The people who make a little don't owe much. The people who make a lot can afford lawyers and accountants. The middle class feel the sqeeze. Ok, that's just my opinion :).
Oh my father hasn't filled for taxes in years, maybe he has the right idea. I'm kidding, he's dumb.
Tax brackets Here (http://www.moneychimp.com/features/tax_brackets.htm)
Edit>> Bring back cap gains taxes.
Oh there are cap gains taxes but they have been pretty low in the past few years to stimulate investment. It's true that the rich can afford the people that find the way to "tax plan" the best but you have to keep in mind that the "rich" pay over 90% of the total taxes collected in a year. I read a study at school. I tried do a quick search but couldn't find it to show you guys.
You can get a deduction on tuition paid (no room, board, or books) but it gets offset by any tuition gifts you receive from your school. You usually get a statement showing which lines to fill in.
I personally used TurboTax Online. It allows you to free file if you make less than 50,000. It did me well :).
If you can claim dependents, you should definitely look into filing head of household. It gives you bigger tax brackets. Plus you get a deduction for your dependents.
There are two tax credits available to you (Hope Credit and Lifetime Learning Credit) if you are in your first or second year of college. Make sure you look into them. I think you can only claim one of them based on qualifications but it can credit you either $500 or $750 (I don't remember which).
If you are in college out of state and work out of state, you only pay taxes to the state you live in. For example, I worked in MA in 2004 but was techinically a FL resident. MA took out state taxes from my paychecks but since FL has no state tax, I got all my MA taxes back ($310). It does count as income though in the next taxable year.
I'm just trying to throw out some knowledge based what I think applies to most people in this forum. Definitely PM me if you want to know something specific for your case.
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