Tax Time

[Spriggan]

So this is the last time in the poor as dirt tax bracket for me, probably going to double how much I earned this year, though the only reason I got more then $400 back is because of school (yea school!).

So what is everyone doing with their returns?  my grand is going into savings for that possible worldcon trip, not all that exciting I know.

[stacer]

I paid the electric bill. Also very exciting. But my last electric bill was four times what it should have been, and there was no arguing with the electric company.

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

I am buying a computer and putting the rest toward a major chunk of debt.

[42]

My tax refund is going towards multiple personal debt relief funds.

[Spriggan]

Guess I'm lucky since I can save it instead of paying off debt, but I was there only a few years ago myself so I know how it feels.

[FirstMateJack]

I will never have a tax refund again.

And I am very happy about it because now I get to invest it and make the money on the interest, instead of the government doing that and giving it back after a year.

[WriterDan]

FirstMate:  Um... I tried this once, and I found out that you get penalized at tax time for not paying taxes as the year goes along.  The fine is proportional to how underpaid you are.  Do you know about this?  And if so, how are you avoiding it?  Just curious.

Tell you what all, kids are a great way to get a refund.  That and going to school.  I'm actually getting everything that I already paid back plus a bundle.  Not looking forward to next year though.  No more school and my income bracket is going to about triple.  All that money... gone.

Good luck on your taxes all.

[Spriggan]

it's because he's self employed so he gets to invest all that cash he's earning for a year before having to pay taxes (if any since he can write off all losses for a few years as a new business).

[FirstMateJack]

Spriggan is amazing, but you already knew that.

I do have to pay my own Social Security and insurance though. Health Insurance is a nightmare for the self-employed.

[Tink]

FirstMate:  Um... I tried this once, and I found out that you get penalized at tax time for not paying taxes as the year goes along.  The fine is proportional to how underpaid you are.  Do you know about this?  And if so, how are you avoiding it?  Just curious.

Tell you what all, kids are a great way to get a refund.  That and going to school.  I'm actually getting everything that I already paid back plus a bundle.  Not looking forward to next year though.  No more school and my income bracket is going to about triple.  All that money... gone.

Good luck on your taxes all.

I hope you're being sarcastic. I think not getting taxes back is worth making three times as much!

[WriterDan]

Ah the perks and pains of the self-employed.  Don't have too much experience in that arena, but kudos to you for doing it.

And Tink:  I was thinking more about the sheer amount of money in taxes that I'm going to have to fork over once my pay increases.  Yes, more dough will be nice.  And for that I'll be incredibly grateful.

[Spriggan]

Ya this year I'm going to have doubled what I made last year so I don't mind the possibility of less taxes back.

[Shrain]

whew. Taxes, done! A good-sized federal and state tax refund. Not as much as I'd hoped, but still plenty to cover the new mattress I bought and pay off some debt. whoohoo!

Now I just need to fill out my renewal FAFSA. bah.

[The Lost One]

I got my biggest tax refund ever. Although to say it is a refund would be a little misleading because there wasn't much withholding during the year. Thus, I got a large refund and didn't give the government a interest free loan. So with my large refund, I'm saving half in a high interest account, paying of some debt and then using the remainder to get new cabinets for the kitchen, new flooring in the family and dinning room, painting half the house, new dishwasher, etc... I'm happy that Uncle Sam can be so generous with tax credits.

Of course, future years may not be so good (particularly with the expected tax changes being discussed in Congress) but with a little planning, I atticipate being able to least keep my withholdings down and still get a small refund at the end of the year.