Timewaster's Guide Archive
General => Rants and Stuff => Topic started by: Spriggan on February 27, 2006, 06:00:37 AM
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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!
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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.
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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.
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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.
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you owe? Were you doing a crap load of free-lance work?
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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!
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I never get money back for taxes.
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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
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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.
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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.
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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.
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well, that's your own fault, isn't it?
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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.
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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.
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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*
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Most tax software programs are good for doing a simple Form 1040. Even though you've have 4 jobs and moved between states, your Federal tax return won't be that complex but State taxes is another issues. if you are going to use tax software, I would still get a set of instructions and forms so that you can follow along. Another suggestion, (if taxes really confuse you) is find a VITA (Volutare Income Tax Assistance) program site were you can have your taxes done for free or just suck it up and pay H&R block (or some other tax preparer) to do your taxes for you.
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Thanks, Lost One. Maybe I'll try the TurboTax out and print out locate a set of good instructions & forms. But you're right about the state taxes being more of a pain. Those are what I was mainly worried about.
Oh, and there are groups that do your taxes for FREE? Wow. How can that be? It's like finding the proverbial money tree.
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Taxes made me happy this year because I didn't have to do the part-year resident thing in two states for the first time in a long time. Also, I already got my return! Go me!
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Taxes made me happy this year because I didn't have to do the part-year resident thing in two states for the first time in a long time. Also, I already got my return! Go me!
Fish can be so cruel! *sob*
Well, back to my confusing pile of tax stuff.
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Thanks, Lost One. Maybe I'll try the TurboTax out and print out locate a set of good instructions & forms. But you're right about the state taxes being more of a pain. Those are what I was mainly worried about.
Oh, and there are groups that do your taxes for FREE? Wow. How can that be? It's like finding the proverbial money tree.
Actually if you make under a certain amount of money a year online sites are required by law to do them for free.
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Sprigg, that's cool. What's the cut off amount, do you know? How little do you have to make?
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On the site that I used, it said if you made under $50,000/year (with a few other stipulations, which I'm not sure what they are) then it was free. But the one I did only let me do my federal taxes free. I paid $9.95 to get my state done free, but I figured with the convenience, and the fact I was getting back over $500, it was worth it. Especially since it was all online and really easy to fill out and submit. No hard copies to send in the mail and no forms to get. It filled it out for you and made it into a PDF when you were done (so you could download them and print them out for your records). Also, you can have your money deposited directly into your bank account so that you don't have to worry about the check being lost in the mail and you get it faster.
Once I'm making normal amounts of money (i.e. over 50,000) I think I'm going to get an accountant to do my taxes. I hear it's only like $100 and I figure if my taxes are really complicated by then, with mortgage interest, investments, etc., it will be easier and worth the money.
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I think it's really cute when people think over 50,000 is "real money."
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Yeah, well when you used to making $10,000 as a student, it sure feels like it. Plus, when I am making that much I figure my taxes will be a lot more complicated cause we'll likely own a house and what not.
And I didn't say it was "real" money. I said it was "normal amounts" of money. In my mind there is a difference.
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ok, fair enough
I used to think I'd be doing well and/or owning when I made $50k too
now I do. my poverty makes me giggle
of course, if you live in Utah, it's probably much more likely that you can buy/live on that.
Stupid utahns.
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ya 50k is a lot of money out here. I live comfortably off of 15k.
As for the amount for the free tax filing, it depends on all sort of things but a single person in their 20s it's 10k or less.
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if you didn't have room mate, living on 15k would be much more difficult. Especially if you also had a woman and/or kids you were supporting on it.
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No arguing that, I just made the point that if 15k could comfortably support me then 50k could handle a much more expensive situation.
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/me shakes his fist and curses you mormons some more.
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I remember a time when 50k seemed like a lot, too. It's still a lot more than I make, but now that gap has lessened, especially because of student loan payments, cost of living in all the places I can ever get a job, etc. I mourn the days I used to pay $175 a month including utilities for my own room. Ah, those were the days. Though, Utah is very unfriendly to pets, so I'd never have been able to have my cat, which was one of the things I really hated about living in Utah so long. (I moved to Utah with a cat, who died because my cousin's wife wouldn't let me keep her in the house--a fact she didn't tell me till I'd already flown the cat out to Utah--and was never able to get another cat again till now.)
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So, I tried to file and realized that we never got a social security number for Sam (my 6 month old). I don't know if it got lost in the mail or what, but we never got it. Now I'm going to have to go stand in freaking line for hours.
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Posted by: Luck O the Spriggan Posted on: Today at 12:47pm
No arguing that, I just made the point that if 15k could comfortably support me then 50k could handle a much more expensive situation.
Posted by: Luck-E Charms Posted on: Today at 12:53pm
* Luck-E Charms shakes his fist and curses you mormons some more.
Posted by: stacer Posted on: Today at 1:04pm
I remember a time when 50k seemed like a lot, too. It's still a lot more than I make, but now that gap has lessened, especially because of student loan payments, cost of living in all the places I can ever get a job, etc. I mourn the days I used to pay $175 a month including utilities for my own room. Ah, those were the days. Though, Utah is very unfriendly to pets, so I'd never have been able to have my cat, which was one of the things I really hated about living in Utah so long. (I moved to Utah with a cat, who died because my cousin's wife wouldn't let me keep her in the house--a fact she didn't tell me till I'd already flown the cat out to Utah--and was never able to get another cat again till now.)
Don't knock making 50K a year. That is more than the national average, but with inflation (particularly in the real estate sector) and real wage going down, it seems like less and less.
As far as e-filing for those who make less then 50K, the IRS will actually help taxpayers find a free e-filier. Go to http://www.irs.gov/efile/article/0,,id=118986,00.html. Don't worry, this is one of a very few nice things that the IRS will do (many becasue the IRS think it will help them collect more). Never, ever start thinking the IRS is nice and avoid talking to their agents.
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Also if you e-file you have an extra week to do so over mailing in your taxes.
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Thanks for the tips, guys! My goal is to file my taxes this weekend. No school next week, hooray! So if I get my taxes done, I can focus on some bk design homework (font hunting) and writing my novel. Cool.
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Posted by: Luck O the Spriggan Posted on: Feb 28th, 2006, 8:50pm
Also if you e-file you have an extra week to do so over mailing in your taxes.
Where did you hear that? The filing deadline statutes don't say that e-filers have an extra week and I've never heard this. I really don't think there is an special extention for e-filing taxes.
Unless I'm wrong, I would strongly recommend that all taxes returns be filed by the April 15 deadline without filing for an extention. And make sure you have proof that you filed because even if you are one day late, the the IRS will tack on a whole months worth of interest and penalties. Did I mention that the IRS is mean.
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Actually, because this year April 15 is on a Saturday, April 17 is the deadline (or at least I got an email from the Web site I used to e-file my taxes that said if I owed the government money, I had to have it sent by April 17 to avoid penalties. I am assuming that the 15th being a Saturday is the reason).
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That's true. Anytime a tax deadline falls on a weekend or a federal holiday (meaning a holiday in D.C.) then the deadline is automatically extended to the following monday or next business day.
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We got our federal refund direct deposited this week. Probably the last year we'll get such a big refund, but oh well. There will be other compensation when my husband begins his job this summer.
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Well, it took an hour and a half at the stupid Social Security office, but I got Sammy a SS# -- and then I did my taxes and got the biggest return I've ever had!! I love America!
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Well, it took an hour and a half at the stupid Social Security office, but I got Sammy a SS# -- and then I did my taxes and got the biggest return I've ever had!! I love America!
U!S!A! U!S!A!
It brings a tear to my eye.
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Children and tax returns, one of the few financial blessing that children provide. Isn't having kids wonderful.
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Where did you hear that? The filing deadline statutes don't say that e-filers have an extra week and I've never heard this. I really don't think there is an special extention for e-filing taxes.
It started either last year or two years ago, can't remember which, but it was everywhere. You could no turn on the news last April without hearing about it.
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Printing! My taxes are printing as we speak. YAY! I was able to efile my fed tax return but had to print out my state returns because of the part-resident form thingies. Oh, well.
The *best* news, though, is that I didn't end up owing any MA state tax even though I didn't have my employer take any taxes out. Plus I get $69 back from UT and $670 back from Uncle Sam. Phew. How sweet it is to be done!
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Well, it took an hour and a half at the stupid Social Security office, but I got Sammy a SS# -- and then I did my taxes and got the biggest return I've ever had!! I love America!
Don't you owe me money?
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Oh you.
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He owes me money first.
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I got my state tax return back. I had it direct deposited and so it is in my account as we speak. It came back really quick. I'm so glad I'm done and I don't have to worry about it!
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I got my return about 3 weeks ago. Spent it about 2 1/2 weeks ago. :) It went in a hurry, but it was really nice to be able to pay for things I had needed to do for a while, like take Mogget to the vet, etc.
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I'm buying a copy of Vegas DVD from a friend and a nice microphone with mine.
http://www.sonymediasoftware.com/Products/ShowProduct.asp?PID=967
It's basically the best PC audio and video editor you can get under a grand.
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I heard that the demo version of vegas lets you do everything but save your projects.
Yeah, that's right, what happens in Vegsa stays in Vegas.
*hides from the tomatoes*
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* The Lost One give tomato to Ninja Monkey which then returns to its master, Lucky-E Charms, and throws tomato at Lucky-E Charms *
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One of my former DMs is an IRS agent.
Fortunately, my father is a CPA. He does my taxes.
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* The Lost One give tomato to Ninja Monkey which then returns to its master, Lucky-E Charms, and throws tomato at Lucky-E Charms *
foolish mortal. Ninja monkeys don't use tomatoes, or turn on me.
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The Ninja monkey was not turning on you but merely helping you to face the tomato. And I agree that Ninja monkeys don't normally use tomatoes but I was called for in this circumstance (by you actually) and the Ninja Monkey did in fact use a tomato on March 3rd, 2006. Further, denial of the situation is not helpful (as the record clearly shows that you where hit by a tomato thrown by a Ninja Monkey on March 3, 2006). Evidence to the contrary has not been presented.
Finally, pointing out my mortality (while failing to recognize your own) serves no purposes.
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So, Jade, were you going to explain to us what your name means? I'm assuming it's in some language I can't pronounce.
Just curious.
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Silly Lawyer. The "record" you so fling around is an easily faked documentation. It holds little to no weight in court.
As for being mortal, I will point you to my forum title. I have no mortality to recognize. Thus while you are fallible, the likelihood is that I am not.
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e, you show you're ignorance of the US court system. The courts do not easily find the truth. Even if the "record" has been faked, unless there is evidence to show that it has been, in facted, faked, the record will stand solid and uncontridicted. Possibility of being faked is not enough. There is nothing to imbeach the record's credibility. Thus, if this matter would be litigated (which it can't be) I would be in a position to easily slaughter you in a preliminary motion for summary judgment. In addition, your fallibility has now also been proven and a ninja monkey hit you with a tomato.
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it's really not all that difficult to cast doubts on the record being solid. Not *this* record anyway.
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It's Welsh. I'm celebrating St. David's Day (Cymru am Byth!), which was March 1.
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Ah! Thank you.
Now you just need to translate 'Y Marchog Jed' for me. ;D
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For those that havn't done their taxes yet here's how to get your e-file for free via tha IRS if you make less the 50k a year.
http://www.irs.gov/efile/article/0,,id=118986,00.html
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I can't wait for tax season to end... people in santa barbara don't know how to file anything! and it takes a hundred times longer to do their taxes then it should...I mean come on people I'm 17! I have places to go, is it so much to ask that you do a little more than dump recipts in a shoebox!?