Aces High Bulletin Board
General Forums => The O' Club => Topic started by: Ripsnort on March 25, 2006, 07:44:12 PM
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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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I get enough back to completely re-carpet the garage:aok
J/K I am paying this year.......
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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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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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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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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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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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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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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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Why would you be jealous of people who gave the IRS an interest free loan?
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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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I owed $463. I haven't had a refund in 10 years.
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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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Just out of interest, how high percentage are you paying for your income?
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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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I hear you dred the thing is I dislike bean counters and usually do just fine with turbotax. my problem this year was laziness combined with a much higher than average amount of work, therefore income. frau storch wishes i'd hire an accountant though.
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for some reason the feds think i should pay them about 22k this year.
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being young friggin rocks.
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You might want to ask your tax preparer about Benford's Law. If he/she can't do it instantly, then you might want to get someone else.
The IRS has been using it for years to flag audit candidates. Automated returns make it easier.
Audits increased 21% last year over the year before. The overall odds of audit may be low, but if an itemized return does meet Beford's Law, your odds of scrutiny go up sharply.
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Originally posted by Rolex
You might want to ask your tax preparer about Benford's Law. If he/she can't do it instantly, then you might want to get someone else.
The IRS has been using it for years to flag audit candidates. Automated returns make it easier.
Audits increased 21% last year over the year before. The overall odds of audit may be low, but if an itemized return does meet Beford's Law, your odds of scrutiny go up sharply.
many years ago I was audited three years consecutively. I prepared my personal returns on turbotax. back when it was first introduced, no penalties were assessed and I had a good time annoying the IRS agent on his own turf. one year I got kicked upstairs to the top guy here for ignoring the vietnamese agent I was assigned in the first place. please, do tell about "benford's law" as I google it directly.
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5 Red Audit flags (http://money.cnn.com/2006/02/14/pf/taxes/audit_redflags/index.htm)[/b]
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heh we're good for four out of five. we donate generously, we deduct aggressively, collectively we make six figures and we're both self employed. thanks for posting that rip.