Tax Time

[ekdkdk1]

last year the wife and I had to pay a little over 2k.. this year i am sure i will owe a bit more. i hate tax season. i pay all year then they tell me I owe more.. then i have to read how others get refunds. GAH!!!!! I have a guy at my shop got 5600.00 back because he has a kid.. he did not even come close to paying in a third of that to federal...

new rule.. you can never get back more than what you paid.. you may not have to pay any taxes. but never get back more than you ever paid..

 

[1shott]

I must be doing something wrong, still over a week since my federal was accepted, but wont get my refund for 21 days..

Owe the state $20, that is set to be paid the 15th.

 

[n8thegr8]

last year the wife and I had to pay a little over 2k.. this year i am sure i will owe a bit more. i hate tax season. i pay all year then they tell me I owe more.. then i have to read how others get refunds. GAH!!!!! I have a guy at my shop got 5600.00 back because he has a kid.. he did not even come close to paying in a third of that to federal...

new rule.. you can never get back more than what you paid.. you may not have to pay any taxes. but never get back more than you ever paid..

Do you own a small business or something? I don't get how all these people keep saying they pay all year and then have to pay more. Maybe your withholdings are the culprit?

I'm getting $3000 back this year, but I paid in about $8500.

 

[lilboots]

Have a friend with 2 kids. Getting $10000 grand back from the feds, and didnt pay anywhere near that much. I dont get how you can get back more than you paid in. Just another example of how screwed up this country is.

 

[1shott]

Have a friend with 2 kids. Getting $10000 grand back from the feds, and didnt pay anywhere near that much. I dont get how you can get back more than you paid in. Just another example of how screwed up this country is.

EIC, or earned income tax credits, aka wealth redistribution, we cant have folks feeling not equal to others now can we. more free **** army crap we have to put up with.

 

[cowzrul]

What is everyone else's timeline like?

Take all papers to my CPA in a few weeks. End of March he has me come look it over. I shed a few tears. Middle of April I'll mail in the balance of my taxes.

I'll make my payment in April.

And at least 3 other times during the year.

 

[SoonerP226]

Do you own a small business or something? I don't get how all these people keep saying they pay all year and then have to pay more. Maybe your withholdings are the culprit?

It's likely the withholding. Financially speaking, you want to end up paying, because if you get money back, you've effectively given Uncle Sam a 0% interest loan, and you could've invested it in something that gave you an actual return.

That said, I usually get my money back from them when I file my return. It may be a 0% loan to a bunch of nitwits who make drunken teenagers look downright responsible, but it's a small price to pay to keep the KGB, err, IRS off my back...

 

[n8thegr8]

but it's a small price to pay to keep the KGB, err, IRS off my back...

Agreed. Also, I know myself too well to trust myself to invest that money, lol.

 

[ripnbst]

Federal was pending to my account today. Filled them out exactly a week ago today. So my federal came in 7 days...

 

[Buddhaman]

Well, mailed everything off on the 4th and yesterday realized I made a mistake on my student loan interest deduction of the federal. So now I gotta file a 1040X, wait for it to go through and then file a 511X for the state. Funny thing is the state already cashed the check I sent them and I get to send them another check whenever the feds get back to me on the 1040X situation, which could take "8-12 weeks". Lesson learned, always triple check everything before you get stuck with another headache.