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Getting a refund from the feds - first time in 7 years
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Posted: 2/15/2012 6:07 AM
Getting a refund from the feds - first time in 7 years
 I don't get how it works sometimes. |
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Posted: 2/15/2012 6:30 AM
Re: Getting a refund from the feds - first time in 7 years
Add me to that list of not getting how it works. I was an E-4 in the Navy making maybe $10,000 a year and filed my taxes. The sent me a notice saying I owed them a dollar. $1 stinking dollar!!!! Can you imaginee??  Of course being in the military I had to pay up too. |
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Posted: 2/15/2012 6:37 AM
Re: Getting a refund from the feds - first time in 7 years
You probably paid more than your tax liability. Just a hunch.
Oh great, three talented first round picks and none of them with easy names. Get ready for "clever" Purple Thoughts nicknames like Sheriff/Cheri, CPat/CP/Cord, and XR/Rodes/Roads
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Posted: 2/15/2012 6:48 AM
Re: Getting a refund from the feds - first time in 7 years
If nothing changed income wise there were adjustments for inflation that would reduce your tax liability. The personal and dependent exemption went up $50 each and standard deduction went up. This reduced your taxable income. Then, tax brackets were adjusted up that would keep your tax rate lower.
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Posted: 2/15/2012 8:58 AM
Re: Getting a refund from the feds - first time in 7 years
You can send Obama a thank you letter. |
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Posted: 2/15/2012 9:01 AM
Re: Getting a refund from the feds - first time in 7 years
I wish I could receive a tax refund. My wife and I owe 28,000 this year. I don't get it. How the hell can the government justify taking 28k from us. And we don't make much money at all. It's very frustrating to owe Uncle Sam every year.
One of our problems is we don't own a house anymore. Claiming interest paid on a house helps lower your tax bill a lot. We should be in position to purchase another home within the next year or two, but for now we have to pay the piper.
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Posted: 2/15/2012 9:07 AM
RE: Getting a refund from the feds - first time in 7 years
^^^^ How do you owe $28,000 and not make much money? Do you own your own business? Something doesn't seem right there...
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Posted: 2/15/2012 9:14 AM
RE: Getting a refund from the feds - first time in 7 years
Yeah, that post made little sense. Wetlander wrote: ^^^^ How do you owe $28,000 and not make much money? Do you own your own business? Something doesn't seem right there... |
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Posted: 2/15/2012 9:30 AM
Re: Getting a refund from the feds - first time in 7 years
. . . but those were in effect last year, they don't explain what happened this yr. NCVikesFan wrote:
purplevein wrote:You can send Obama a thank you letter.
Actually the ythank you letter should go to GWB. It is the tax cuts he passed that aare still in effect. BHO wanted to let them expire and the republicans in the Congress held firm on extending them. |
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Posted: 2/15/2012 10:32 AM
RE: Getting a refund from the feds - first time in 7 years
My guess is he owns a business. You pay yourself a much smaller amount in payroll to try and avoid SS and Medicare taxes as much as possible (within reason). But, you still have to pay income tax on the money your corporation makes. We have run into some big sums of money we had to pay at the end of the year as my businss grew. You just have to start paying more in estimated taxes throughout the year. But, you are right if he is paying 28K then he must have 100K or more in income that he hasn't paid taxes on. viknet wrote: Yeah, that post made little sense.
Wetlander wrote: ^^^^ How do you owe $28,000 and not make much money? Do you own your own business? Something doesn't seem right there... |
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Posted: 2/15/2012 10:34 AM
Re: Getting a refund from the feds - first time in 7 years
C'mon Proud did you really get a refund? or did you simply have more money withheld than ended up being your tax liability.
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Posted: 2/15/2012 10:37 AM
Re: Getting a refund from the feds - first time in 7 years
taz24 wrote: C'mon Proud did you really get a refund? or did you simply have more money withheld than ended up being your tax liability. Yeah Fed and State. Usually pay the feds every year. Makes zero sense.
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Posted: 2/15/2012 10:40 AM
RE: Getting a refund from the feds - first time in 7 years
I own a business and so does my wife.
You are correct on the estimates and if you are underestimating regularly the IRS is going to require those be raised.
Sorry but when people say they don't make much money but have to pay a LOT of money they are not being completely forthright.
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Posted: 2/15/2012 10:42 AM
Re: Getting a refund from the feds - first time in 7 years
Yes but you did incur a tax liability for the year didn't you? I assume you had withholding from your check monthly or paid estimates and they ended up being more than your tax liability. Am I wrong?
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Posted: 2/15/2012 10:55 AM
Re: Getting a refund from the feds - first time in 7 years
Proud, the real question is, did you tweet or Facebook the fact that you were done filing? I used TurboTax and got mine done, then at the end, TT encouraged me to tweet the good news.  Or post it on FB, like anyone on FB is gonna have a clue what taxes are. Gotta love advertising sinking to the lowest common denominator.
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Posted: 2/15/2012 11:15 AM
Re: Getting a refund from the feds - first time in 7 years
yep and some they will take 4k out and give em 7 k back... Oh its earned income credit. Last year I had them take more money out than the year before and still ended up paying in an additional 3. It was 6k. I had them take out another250 a month more this year. I bet I will still get soaked additional. I would love for uncle Sam to call in and say I only had to pay a dollar more back. But I get the point. clarkboy wrote: I wish I could receive a tax refund. My wife and I owe 28,000 this year. I don't get it. How the hell can the government justify taking 28k from us. And we don't make much money at all. It's very frustrating to owe Uncle Sam every year.
One of our problems is we don't own a house anymore. Claiming interest paid on a house helps lower your tax bill a lot. We should be in position to purchase another home within the next year or two, but for now we have to pay the piper. Bama...Roll Tide... Back to Back Champs, 3 out of last four... Dynasty. To be the best you have to beat the best.
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Posted: 2/15/2012 2:07 PM
RE: Getting a refund from the feds - first time in 7 years
I wished I owned my a business. Our total tax bill is 28k. My wife claimed 0, and I claimed 1 all of last year and what they withheld wasn't enough to cover the taxes. So our out of pocket tax bill is 11k. Middle class families should not be taxed at this rate. And I claimed 3 kids. Wetlander wrote: ^^^^ How do you owe $28,000 and not make much money? Do you own your own business? Something doesn't seem right there... |
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Posted: 2/15/2012 5:59 PM
Re: Getting a refund from the feds - first time in 7 years
viknet wrote: . . . but those were in effect last year, they don't explain what happened this yr.
NCVikesFan wrote:
purplevein wrote:You can send Obama a thank you letter.
Actually the ythank you letter should go to GWB. It is the tax cuts he passed that aare still in effect. BHO wanted to let them expire and the republicans in the Congress held firm on extending them. Right. The Bush tax cuts were extended through 2011. That's the year we are talking about. Obama wanted to let the cuts expire 12/31/2010. |
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Posted: 2/15/2012 6:08 PM
Re: Getting a refund from the feds - first time in 7 years
clarkboy wrote: I wish I could receive a tax refund. My wife and I owe 28,000 this year. I don't get it. How the hell can the government justify taking 28k from us. And we don't make much money at all. It's very frustrating to owe Uncle Sam every year.
One of our problems is we don't own a house anymore. Claiming interest paid on a house helps lower your tax bill a lot. We should be in position to purchase another home within the next year or two, but for now we have to pay the piper. So you're making roughly $130K (easily within top 10% of all household incomes in the US), and you're soon looking to purchase another home, and you're hoping that we, presumably, sympathize with you? What's your next complaint? Your Porsche isn't getting the gas mileage you expected? |
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Posted: 2/16/2012 2:05 AM
Re: Getting a refund from the feds - first time in 7 years
StudioFiftyFour wrote:
clarkboy wrote: I wish I could receive a tax refund. My wife and I owe 28,000 this year. I don't get it. How the hell can the government justify taking 28k from us. And we don't make much money at all. It's very frustrating to owe Uncle Sam every year.
One of our problems is we don't own a house anymore. Claiming interest paid on a house helps lower your tax bill a lot. We should be in position to purchase another home within the next year or two, but for now we have to pay the piper.
So you're making roughly $130K (easily within top 10% of all household incomes in the US), and you're soon looking to purchase another home, and you're hoping that we, presumably, sympathize with you?
What's your next complaint? Your Porsche isn't getting the gas mileage you expected? He just said he has 3 kids and makes 130k and he is married. Thats 65k per person if they are a couple. Thats a pretty medicore middle class income. Our country spends recklessly on warfare & welfare, prints funny money causing out of control inflation and forces it's hardworking citizens to fund this crap and you sympathize with them over him? What the hell is wrong with you? |
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