WooHoo TAXES BACK!

[MonzaRacer]

Isnt it wonderful when you get your refund?
:bananna2::6gears::firefire::cool:

[ChevelleNV]

Yes it is, used my refund to buy a 2 post lift....

[spacepirate]

I'm still waiting for one of my W2 to arrive. Arggh!

[shmoov69]

It just means you payed too much to the government in the first place!!
We need another Boston Tea Party!!




But yes, it is nice to have a little bonus! What are you doing with it?

[Damn True]

I just keep thinking of the ~46% of Americans that pay no taxes at all....and then I want to throw up.

[MonzaRacer]

You know I dont see how that many could not pay taxes unless that many are on welfare. Cause I am definitely no where near the average income of USA and I still pay better part of 2k in taxes. And yes them taking more out for me has always been a simple way of NOT seeing it and letting me have a sort of bonus at beginning of year, always seems to come when I need it too.
I mean it aint much but I am paying in. Heck I can remember the same being said of people not making big money when I lived with my mom.
She never made over $10k a year ever till she had some investment in family farm after grandfather died, and I sure cant see her making huge money on it in the beginning.
And I can remember watching her do her taxes and always paid in something even with small amount she made,,,and she never took welfare,food stamps, assistance of any kind and kept us in water ,heat , food, a car for her to drive and always had enough to by stuff like a nice camera(well it took pictures at least) got family pics developed, if I was good maybe get me something good.
Never rich but always alive and healthy and heck I had more fun playing with broken toys I got from her job at local 5 and 10 that some expensive stuff.
But I always got good stuff for Christmas/b day and such so I never feel bad, in fact I am proud of her and where I am going in my life.
May never be rich but heck I have fun!
Oh and now Ican pay off home finally and start on one of my cars if not both!

[wmhjr]

Lee, there are absolutely that many who don't pay taxes (federal). What's worse is that many actually not only get back every penny they paid, but they actually get more than that back. Last year my 20 yr old son filed on his own for the first time. He didn't make a fortune, but he did work construction and did ok. He made money from federal taxes. He got back significantly more than he paid in total. He actually felt very guilty.

Unfortunately, not only do I not get a refund - I have to write another big check to pay more.

[Damn True]

Lee,

First things first. Get your withholding fixed such that you either just break even at the end of the year or have to write a small check. I know it's hard to do if your income isn't very consistent what with hourly pay and overtime and such but if you are getting a refund you are simply getting back a loan you made to the government that paid 0% intrest. That was your money, that they took from you and kept for a year. You could have been using that money for the last 12mos. Instead, Nancy Pelosi was using it.

At any rate, the number hasn't been this high for very long. Ton's of tax credits, rebates and other populist changes have made it so. Your Mother probably did pay a small amount back then, she wouldn't now.

A family of four making as much as $50k or less can easily, and legally eliminate their income tax liability.

The family is entitled to a standard deduction of ~$11,400 and four personal exemptions of $3,650 apiece, leaving a taxable income of $24,000. The federal income tax on $24,000 is ~$2,769.

With two children younger than 17, the family qualifies for two $1,000 child tax credits. Its "Making Work Pay" credit is $800 because if parents are married filing jointly.

The $2,800 in credits exceeds the $2,769 in taxes, so the family makes a $31 profit from the federal income tax and that just barely scratches the surface of the available tax credits.

If the family makes less than that, has an extra kid or two, single parent who owns a home etc etc

Strangely, a 2010 Gallup poll found that 48% of Americans think the amount of taxes they pay is "just about right". Hmmm

[Flash68]

Please punch me in the face if I ever get a tax refund from any governing body.

[sniper]

Please punch me in the face if I ever get a tax refund from any governing body.

That mad me laugh. But I agree. I don't do free loans to the government either just so that I can get money, that I don't have the discipline to save on my own, back without interest.

The more trouble the fed and states get into, the longer your "refund" will be held. And maybe an IOU handed out instead of your money back would wake people up.

[twosaturns]

A family of four making as much as $50k or less can easily, and legally eliminate their income tax liability.

The family is entitled to a standard deduction of ~$11,400 and four personal exemptions of $3,650 apiece, leaving a taxable income of $24,000. The federal income tax on $24,000 is ~$2,769.

With two children younger than 17, the family qualifies for two $1,000 child tax credits. Its "Making Work Pay" credit is $800 because if parents are married filing jointly.

The $2,800 in credits exceeds the $2,769 in taxes, so the family makes a $31 profit from the federal income tax and that just barely scratches the surface of the available tax credits.

If the family makes less than that, has an extra kid or two, single parent who owns a home etc etc

and all these complicated deductions/credits/exemptions hasn't had the desired result of reducing poverty, yet they continue.
owning a home and having kids seems to be what the gov't wants people to do, because they pay them to do it.
it really does hep some people though; guy I work with, he probably makes $50K+, but he has 5 young kids and his wife left him! so he lost her income, and now has to pay for child care. he's doing all he can to keep providing for his kids, so in his case, a lower tax burden really helps.
remember too, a family may have zero tax liability, but if they have a home, there is no getting around school and property taxes, which keep going up. my taxes have more than tripled in the last 15 years.

[69cortezsilver]

without taxes...who would pay for schools, police officers,firefighters and the numerous other great benifits that our tax dollars support! oh ya, and we would not have one of the worlds biggest militaries either!

[moreHP]

Refund? You guys get refunds?!!

[greycamaro]

not against paying taxes, just against the goverment giving money to people who don't want to work as in earned income credit. i know a guy who is getting 10 grand. will not get a better job, because he will lose money from the gov. on the refund.
this is the part that I hate

[Bow Tie 67]

without taxes...who would pay for schools, police officers,firefighters and the numerous other great benifits that our tax dollars support! oh ya, and we would not have one of the worlds biggest militaries either!

Yep, lets pay more, after all if life is so great at this tax burden level, then more can only make it better.

[twosaturns]

not against paying taxes, just against the goverment giving money to people who don't want to work as in earned income credit. i know a guy who is getting 10 grand. will not get a better job, because he will lose money from the gov. on the refund.
this is the part that I hate
yes, the system is so asinine, because for some, getting a raise results in LESS income when they enter a higher tax bracket. for instance, a single parent, to get a higher paying job, perhaps would then need to pay for child care, resulting in a net loss of income.
there are also quite a few 'working poor' families in this country, hard working men and women doing all they can w/ the jobs that they have, but may still qualify for benefits and have zero tax liability. should we hate them because the law as it is allows this?
there are no easy answers, only many complicated situations.

[69cortezsilver]

I wonder how much of our taxes pay for illegals to birth children in the united states? And yes, a person that sucks of the government tit in my book is useless, but in this economy, i also imagine alot of those people cant find work and are forced to rely on welfare to survive..maybe the united states should go to a flat tax on everyone? eliminate the tax loopholes that encourage massive corporations to send jobs overseas etc, instead force them to hire these "welfare mommas", and pay them a decent wage to be able to afford healthcare,childcare etc, and if they cant hold that job..well then all assistance would be cut off from them, and left to fend for themselves!!!!

[FMG CAMARO]

This is why I am in favor of a federal sales tax and no income tax. It will cut down on the scamming in this country. All of the criminals making illegimate money and people who work off the books who do not pay any taxes will now pay their part like everyone else. Plus no IRS. All of the IRS can go into welfare fraud which is rampant in all states.

[69cortezsilver]

could not agree more

[Flash68]

The more trouble the fed and states get into, the longer your "refund" will be held. And maybe an IOU handed out instead of your money back would wake people up.

Very good point. Another great reason to not pay so much up front that you qualify for a refund. Esp in Calif.


Refund? You guys get refunds?!!

Only the ones who aren't doing it right. :D

[SLO_Z28]

I was happy to get $400 back of the $5267 I paid in. It sucks only seeing 60% of your paycheck :( .

[shmoov69]

Congrats Trey! Awesome that you are getting out from "under" your house!! I can't wait for the day I can!

Taxes........oh my!! I could go on for hours!! LOL.

Don't forget about the leeches that have a good job but always seem to get "sick" when they have a certian amount of hours. So they can stay home and not work that day and mooch off me and you!

[wmhjr]

It's simple. Nobody. Nobody. Nobody should have a zero tax
Liability. And I won't even mention the perversion of people getting more back than they paid in. Taxes are not charity. They are not welfare. They are to pay for essential services. You can't bring in school and property taxes in as they are a separate subject.

[BonzoHansen]

Very good point. Another great reason to not pay so much up front that you qualify for a refund. Esp in Calif.



Only the ones who aren't doing it right. :D

i must be doing it really right. I owed way too much. had to adjust the w4.

[Flash68]

i must be doing it really right. I owed way too much. had to adjust the w4.

Well, you're on the right side of the fence at least. I'd much rather owe and then pay them back on my time, then the other way around.

Also, it's cheap to file an extension (I think $35 to file) to get until October to pay any taxes owed. The interest rate/penalty on what is owed is a reasonable rate as well IMO. I am not condoning everyone do it, but for many situations it is appropriate.

I don't give zero interest loans to anyone. Esp not our government.

[MonzaRacer]

Well dont get me wrong I KNOW its a loan but also I at least dont HAVE to come up with money in the time of the year for mechanics where jobs are slower so I dont have to borrow money to pay something back. Kind of like a Christmas club but no interest, but then no interest on borrowing to PAY taxes, heck that last few years I had to pay state and H&R Block takes it out and pays that all for my small fee.
I am just doing same thing as if I took cash out and hid it at home.
As for messing with my taxes I am happy they way it goes even if you guys have issues it works for me and helps in spring, now I have almost $1300 from my paycheck that I havent seen and its now paying bills, and getting tools and parts and such.
And now this time its gonna help me get trailer paid off early!
so now I must go figure out which set of connecting rods I am getting,,,,,$$$$$$$$$$!