Tax returns

sidewayzS13 · #1 03-27-2005, 09:46 PM

i got a tax return when i was 16, its called income tax and when ur a dependent u always get money back. and if ur a dependent and dont make much money u get all of it back im still a dependent but i made to much so i only got half back

Hit_N_Run-player · #2 03-27-2005, 11:17 PM

are you a fulltime student? Fulltime students by federal law are tax exempt right?

XeVeNskyLiNE · #3 03-27-2005, 11:23 PM

Quote:

Originally Posted by Hit_N_Run-player

that silvrlude guy says he gets a tax return when he's only 16, bullshi*....wtf does he pay taxs on? nothing

i got $3 on my tax return. $3?!?!?!!!??? i cant even get a stick of gum for $3.....

Hit_N_Run-player · #4 03-27-2005, 11:24 PM

Quote:

Originally Posted by XeVeNskyLiNE

i got $3 on my tax return. $3?!?!?!!!??? i cant even get a stick of gum for $3.....

Well this guy said hes getting a 240sx and an RB26 with his great tax return at the age of only 16?

whtteg · #5 03-27-2005, 11:26 PM

Quote:

Originally Posted by XeVeNskyLiNE

i got $3 on my tax return. $3?!?!?!!!??? i cant even get a stick of gum for $3.....

Be happy I am paying almost $1000 this year.

nissanfanatic · #6 03-28-2005, 12:18 AM

Whatever dude. I'd get one of those big league chews. Tehy kick ass.

logik23 · #7 03-28-2005, 12:21 AM

Quote:

Originally Posted by whtteg

Be happy I am paying almost $1000 this year.

Yeah, but how much do you make? If you make 2 grand a year or half a million, paying a grand doesn't mean anything.

sidewayzS13 · #8 03-28-2005, 12:37 PM

im a full time student they took like 800 out for income tax and i got like 350 or something like that

whtteg · #9 03-28-2005, 03:26 PM

I have paid approx. $9000 so far this year and now I have to give up another $1000 so about $10000 total for the year. Which is close to 25% of my annual income, but 25% is about average though.

FatAlbert85 · #10 03-29-2005, 03:33 PM

If you guys want a bigger return next year, just do what I did. I get an extra $50 withheld from federal on every paycheck (2 weeks). When tax season comes around, tou gett all that money back because it's an overpayment. I started doing that in mid-June last year and I got back $1250 for my return. I'm only 19 and I only made $18000 last year. It does help that I'm independant, but if you do that, then you'll get back an extra $1200 on top of your normal return!

whtteg · #11 03-29-2005, 03:37 PM

Quote:

Originally Posted by FatAlbert85

If you guys want a bigger return next year, just do what I did. I get an extra $50 withheld from federal on every paycheck (2 weeks). When tax season comes around, tou gett all that money back because it's an overpayment. I started doing that in mid-June last year and I got back $1250 for my return. I'm only 19 and I only made $18000 last year. It does help that I'm independant, but if you do that, then you'll get back an extra $1200 on top of your normal return!

Or you could take that extra $50 a week and put it into a savings account or invest it somehow and earn interest on it. It is better to have to pay than get a refund in some cases, if you get a tax return than what you have done is give the government a interest free loan for the year.

FatAlbert85 · #12 03-29-2005, 04:03 PM

Quote:

Originally Posted by whtteg

Or you could take that extra $50 a week and put it into a savings account or invest it somehow and earn interest on it. It is better to have to pay than get a refund in some cases, if you get a tax return than what you have done is give the government a interest free loan for the year.

That's true, but I have a hard time saving money. If I have it in an account, I'm just gonna spend it, so this way, I can't touch it until I get the return.

slideways240 · #13 03-29-2005, 05:26 PM

thats actually not a half bad idea. i have a hard time saving up cash, plus with the baby. hmm, maybe since im workin 2 jobs, and i really dont need the second job i could hold more then $50 out of the second job. thanks for the suggestion, you just gave me a new light and a new road to the path of more goodies for my 240

93-240SX-COUPE · #14 03-29-2005, 06:01 PM

U guys should think about opening up a roth ira that doesnt charge anything for taking out what u put in. Thats what I do. They can take out directly from your checking account anywhere from 50-250 once per month without charging you anything. And you have the freedom to take out as much as you put in, but not the interest you have accumulated, without getting charged. I did that last year and got back a 12% increase. That's way better than any checking account or shoe box under your bed. I dont know but just letting u guys know that its never too early to open one up.

Chuki_breath · #15 03-29-2005, 10:28 PM

yea i get a measly 260 bux back this year.....o well i have a savings account. If you really want to save money just put pictures of everything your saving for around your room and what not. Thats what i do, then i think, what sounds better 100 dollars on shoes, or 100 dollars towards a bad ass turbo. i quickly leave the shoe store with my big toe still sticking out of my shoe.....not really but i wear the shoes till they cant be worn again, if you get what i mean. Iv found, that if i spend 5 dollars a week on a mcdonalds chicken nugget meal, that it adds up quick. Thats just partial of my spending. Every little dollar adds up fast. It may not seem you spend alot on little stuff like that, but write all your average spending habits down for one month, and see what it adds up to. I guarantee you stop doing some of the stuff as often. BEER is what kills me....so im a mooch now muhahahaha, i wait till my friends get drunk, then start asking lol. Or drink shots, gets the job done faster and everyone gives a shot or two for free so....

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