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Author Topic: Tax time  (Read 459 times)

Offline Ripsnort

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Tax time
« on: March 25, 2006, 07:44:12 PM »
Ya! I only owe the IRS $8,199 dollars. :(  Good thing I kept this $8000 of capital gains tax in a 1 year CD and earned money off their money. :D

I've not had got a dime on a tax return since I've been single... :(

So, you guys getting a tax return, make me jealous, what are you buying? :)
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Offline skernsk

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Tax time
« Reply #1 on: March 25, 2006, 07:54:34 PM »
I get enough back to completely re-carpet the garage:aok

J/K I am paying this year.......
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Offline Ripsnort

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« Reply #2 on: March 25, 2006, 07:55:36 PM »
Quote
Originally posted by skernsk
I get enough back to completely re-carpet the garage:aok

J/K I am paying this year.......
Are you married? Does Canada have a Marriage Penalty tax like the U.S. does?
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Offline skernsk

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« Reply #3 on: March 25, 2006, 09:08:58 PM »
Yeah, I'm married.  

Not sure how it works there, my wife and I must claim together - this bumps the 'household income' into the ... 'bend over and take it' bracket.
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storch

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Tax time
« Reply #4 on: March 26, 2006, 06:09:10 AM »
well Rip I beat you, I have to pony up $9,234.00 plus they will assess penalities no doubt.  I miscalculated my earnings for the last two quarters.  the hurricane season has been very very good to me. :D
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Offline Blooz

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« Reply #5 on: March 26, 2006, 07:27:17 AM »
First year ever I've had to pay in being single.

It's not much ($140) but I usually end up getting a little back.

Between Albany and the war I guess I can't complain much.
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Offline Gunslinger

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« Reply #6 on: March 26, 2006, 08:42:11 AM »
I bought a house.....



Well I used it for closing costs, earnest money, and house hunting trip.  Last year was probably the last year I take a standard deduction.  it was also my biggest return so far......oh yea my jeep got a soft top as well.

married, two kids, only half my income is taxable....  ;)
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Offline DREDIOCK

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« Reply #7 on: March 26, 2006, 08:57:46 AM »
Quote
Originally posted by storch
well Rip I beat you, I have to pony up $9,234.00 plus they will assess penalities no doubt.  I miscalculated my earnings for the last two quarters.  the hurricane season has been very very good to me. :D


A word to the wise.

"Accountant"

sometimes they are worth their weight in gold

Particularly the better you do. the more in handy they become.
and can help make sure you avoid those miscalculations and having to mail out that large check all at once

As for me. This was the first time I've had my taxes done well before the deadline (usually through procrastination)
this year I had everything done and in by the end of Jan.
Mainly cause of stuff we hadta get ready for the kids college

Just received our return  got a whopping $650 back from the Feds. Dont know about the state as the wife got hold of that one before I could see it.
No matter, I let her have both checks anyway.
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Offline Dago

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« Reply #8 on: March 26, 2006, 10:26:31 AM »
I am getting $200 back, got my taxes setup about the way they should be.  Most I ever got back was $4g, never ended up owing.
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Offline FUNKED1

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Tax time
« Reply #9 on: March 26, 2006, 10:46:19 AM »
Why would you be jealous of people who gave the IRS an interest free loan?
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Offline Maverick

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« Reply #10 on: March 26, 2006, 12:00:31 PM »
I'm getting the lowest return in several years, only $900.00 total from state and fed taxes. To be fair only a bit more than 1/3 of our income is taxable as my disability pension is tax free. Our investments really messed up the return this year with all the capital gains. Doggone it, with the worst economy in 70 years (I heard that somewhere in an election I think) I keep making money on my portfolio. sigh....
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Offline rpm

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« Reply #11 on: March 26, 2006, 12:16:22 PM »
I owed $463. I haven't had a refund in 10 years.
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Offline Meatwad

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« Reply #12 on: March 26, 2006, 01:41:59 PM »
I got back $670 from federal and $77 from the state. Bought 4 new tires and keeping the rest to fall back on just in case of money problems
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Offline MrRiplEy[H]

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Tax time
« Reply #13 on: March 26, 2006, 01:53:38 PM »
Just out of interest, how high percentage are you paying for your income?
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Offline Ripsnort

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« Reply #14 on: March 26, 2006, 02:52:44 PM »
Quote
Originally posted by MrRiplEy[H]
Just out of interest, how high percentage are you paying for your income?
Who? It varies in the U.S. The more money you make, the higher tax bracket you fall into.  Personally, I had to file AMT this year (Alternative Minimum Tax) which put me into the 28% bracket.

The alternative minimum tax (or AMT) is an extra tax some people have to pay on top of the regular income tax.
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