Tax season

[Spriggan]

So I forgot about how great school is Tax wise, even though I paid tuition via loans and Grants Uncle Sam decided to give me $500 back since I'm in school and spent my own money on school supplies (even though that only amount to about $250).  Yea for teachers including external hard drives as required materials for class!

[JP Dogberry]

I can't wait for Tax Returns.

I have worked a holiday job at a high rate. If I earned that rate the whole year, I would breach $36000 a year.

Australia has a system called HECS-HELP for university. The government loans you the money for university interest free. When you earn over that amount, you get additionall tax which goes to paying back the loan.

Because I look like I'm earning that much but won't earn that much over the whole year, although I'm being taxed extra, I get it all back.

[The Holy Saint, Grand High Poobah, Master of Monkeys, Ehlers]

I got about a grand back from the Feds and the Commonwealth put together. That's the lowest return I've had in a long time.

[Gemm: Rock & Roll Star; Born to Rock]

I owe the God-"Blessed" state of NY about $200+ after my fed. return. I'm in all sorts of love for hating every little thing.

[Spriggan]

you owe?  Were you doing a crap load of free-lance work?

[Gemm: Rock & Roll Star; Born to Rock]

I was doing a crap-load of nothing but working my freaking ass off thats what. Taxes are complete bull, that's what. And you know what else what? What!

[Tage]

I never get money back for taxes.

[JenaRey]

Better tax returns was one of those reasons I bought a house.  There were a lot of other reasons, but seeing a number in the 'money you get back column' the last three years has been reason for happiness and joy.  This year I think it'll be enough to repaint the kitchen and still have some left over for pizza money.  

~J

[The Holy Saint, Grand High Poobah, Master of Monkeys, Ehlers]

It's better to get your employer not to withhold it in the first place. Then you've had that money all along to invest and do with as you need/please.

[Sigyn]

I don't even want to think about taxes. We are going to owe over $900 in federal and about $200 in state. Why? I have no freakin' idea. Every other year we've gotten returns.

[Shrain]

It's better to get your employer not to withhold it in the first place. Then you've had that money all along to invest and do with as you need/please.

Uh-huh. Unless you spend it all as you please, thus dooming yourself.

[The Holy Saint, Grand High Poobah, Master of Monkeys, Ehlers]

well, that's your own fault, isn't it?

[Shrain]

Them. Their fault. 'Cuz I wasn't speaking of myself. But many a person has had every good intention of investing $ not withheld and then, well, not.

[The Lost One]

on Today at 10:54am, Luck-E Charms wrote:
It's better to get your employer not to withhold it in the first place. Then you've had that money all along to invest and do with as you need/please.

Uh-huh. Unless you spend it all as you please, thus dooming yourself.

You should still have you employer withhold the minimum amout of tax. If your getting a large tax refund back, it means you just gave the government a free loan. However, don't have your employer withhold no tax because under withholder can subject you to penalties (thus increasing you total tax liability).

Posted by: Spriggan      Posted on: Today at 3:00am
So I forgot about how great school is Tax wise, even though I paid tuition via loans and Grants Uncle Sam decided to give me $500 back since I'm in school and spent my own money on school supplies (even though that only amount to about $250).  Yea for teachers including external hard drives as required materials for class!

Remember that loan money is your money. You have to pay back and it will cost you dearly. That's way Uncle Sam dedicided to be so generious and gives you some money back, because he knows that you'll be backing back those student loans so he counts it as tuition that you've paid. And if you didn't count your loan money as tuition paid, I suggest you file an amended return and include it.

[Shrain]

My problem this year is a) I've had four jobs this year, two in UT, two in MA and b) I accidentally (yes, I'm clueless sometimes) claimed myself "exempt" for my jobs here in MA!! So they didn't take anything out for my scholarships and my one 10/hr/wk job. Suck.

Oh, and I've had loans and scholarships and moving expenses and such. So I'm worried that I'll owe money and that I won't know what they heck I'm doing. I usually use TurboTax. But I'm afraid I'll screw even that up. *sigh*