I never got a huge incom tax return

[651akathepaul]

I'm just wondering what will happen when I get audited and they notice the 7k incoming wire I got from sports betting.

 

[gutta bob]

Isn't the chance of getting audited is less than 1% for individual income? there are bigger fish to fry.

 

[651akathepaul]

That's what I heard, but I don't know for sure.

 

[pharelfor3]

trying to find my friends kids to claim. its about that time

 

[gutta bob]

Yeah you never know.. there are 300 million americans... 1% of that is 3 mill... that's a lot of audits. but I wouldn't lose sleep tho.

 

[classy freshman]

can someone school me on money used to gamble at the casino?

 

[polorico]

My dad use to do all sorts of shady stuff back in the day.

Feds showed up at my house 1 time...... when i was like 12.

My pops use to get paid under the table ,never pay nothing . Was making guap.

We sold My old house that i grew up in , and the feds took all the money...

 

[ruxxx]

Originally Posted by Pushak513

Originally Posted by FlipnKraut

If you're not getting a huge tax return, that means you're doing it right. Everyone who gets more than $200 for their tax return is doing it WRONG. Why would you want to let the government hold your money interest free for a year?

at everyone thats happy about getting a huge tax return.

I know there is a way to make it so the end of the year you get nothing and owe nothing.

 

[mikykr20]

I been averaging about 6k for the pat three years. I'm also married and went to school that I paid with out of pocket. This year I'll prolly get more due to having a kid.

 

[cuffy]

Claiming 0 and you get MORE money ....in what world?

 

[atlien seeko]

Originally Posted by polorico

My dad use to do all sorts of shady stuff back in the day.

Feds showed up at my house 1 time...... when i was like 12.

My pops use to get paid under the table ,never pay nothing . Was making guap.

We sold My old house that i grew up in , and the feds took all the money...

Happened to my dad too, but before I was born. Pops used to have a big @!* crib, BMW's, Porsches'... All off the money he was making from his salon, but he didn't file taxes.

 

[4u2c]

Originally Posted by a55a5in11

Originally Posted by 4U2C

1st. If your in school and you didnt have to pay any taxes when you did you last year return or this year return then you know you can select on employment tax form a option not to have FED taxes taking out of your check. You can claim exemption from tax withholding since you always get back the taxes you pay.

2nd Claiming 0 doesn't help any. All that does is take more taxes out of your check. IF your claiming a kid or house ro what not your not going to see a big difference from claiming 0 to claiming 3.

If you pay your tuition that is is tax deductible. Its called the hope credit and lifetime credit I think. Something like that

3. Donating is not going to save you any money Your just going to get back the money you donated.

When i was in school and working I claimed exemption from Federal taxes because when I always did my income tax I never had to pay taxes and got it all back.

your number 2 is wrong. claiming 0 means they take out more, which means you get a higher return
and your number 3 basically supports what i said. you get that money back which is more money that what you would get with out the donations. dude asked for a way to get high returns. your acting like their is a way to get free money.

once again your wrong  , but you know what., my dad havent been a cpa accountant for 15 years for nothing. Im not even going to argue with you. You think you know it all and always get proved wrong.

free money. So only making 6k in 1 year and getting back $7500 income x return isnt free money? Get out of here. i wish it was a ignore button.

Its like you just pick fights on this board just because and just spew BS out your mouth just because to see yourself type

 

[4u2c]

Originally Posted by GUTTA BOB

What happens if you go to school but get financial aid?

Isn't the interest from loans tax deductible?

What else is deductible from a student standpoint?

read the links I posted above. Books, housing, supplies , tution and a few others is a tax deductible.  Actually its not a deductible, its  called a TAX CREDIT

Originally Posted by ShoeHead117

Anyone ever get back more if they have a dependent?

2 years ago I claimed my son and stepdaughter and I got back $7500

Last year when i bought a house I claimed the house credit, and my son/stepdaughter and I got back around $14,000

 

[4u2c]

Originally Posted by All Ready

Originally Posted by FlipnKraut

If you're not getting a huge tax return, that means you're doing it right. Everyone who gets more than $200 for their tax return is doing it WRONG. Why would you want to let the government hold your money interest free for a year?

at everyone thats happy about getting a huge tax return.

whether it's better or not, seeing your friend holding a check for 8k while you twirl your 200 dollar check can be a tad bit disheartening

it's like valentines day and you don't have a significant other, you may have been fine the whole year but that one day is a sad sight to see

You guys are young it seems like. No matter if you claim 0 or claim 5 your never going to see 8k on a return. If you make 40k a year and claim 0 the most you will see back is around $2500 give or take.

[color= rgb(255, 0, 0)]The only reason people get alot of money back is because of kids (earned income credit)and even if they get alot back that means they aint making no money throughout the year. people who usually get alot of tax money back usually dont make no more then 40k unless they claim a special tax credit like the credit for buying a home or something[/color]

 

[DownByLaw]

Originally Posted by polorico

My dad use to do all sorts of shady stuff back in the day.

Feds showed up at my house 1 time...... when i was like 12.

My pops use to get paid under the table ,never pay nothing . Was making guap.

We sold My old house that i grew up in , and the feds took all the money...

Damn that's crazy.

 

[yvespo3]

Originally Posted by PharelFor3

trying to find my friends kids to claim. its about that time

I'm doing the same. My friend did that last year with a 1 year old and got back like 7k & gave the mom 2k.

 

[witnesskb24]

My school was completely paid for this year (like 13 or 14k) so I don't think I'll be getting as much back, good and bad at the same time

 

[young street86]

Originally Posted by yvespo3

Originally Posted by PharelFor3

trying to find my friends kids to claim. its about that time

I'm doing the same. My friend did that last year with a 1 year old and got back like 7k & gave the mom 2k.

How do u claim someone else's kid? Wouldnt the IRS find it suspicious when like 4 returns have the same kids SSN on it

 

[4u2c]

Originally Posted by Coolidge Effect

1. Get a good job
2. Claim 0 on everything (unless you have dependents)
3. Reap the rewards.

Why would you claim 0. You might as well claim 2 which you can and put the little money your saving in a high interest bank account then at the end of your take it out and you will have more then what your tax refund would be.

When you claim 0 all your doing is back what you paid in it. claiming 0 doesnt make you get any more back, you just get back what you over paid. And if you dont have any deductions or credits then you wont get back most of what you paid

cats kill me with this claiming 0 thing

If you claim 2 you will probably get $50  or so more on your paycheck everyweek. Throw that $50 in a good interest bank account every week or even a 401k or roth ira or even a CD account snf you will bank at the end of the year. Claiming 0 all your doing is letting the government hold your money and make money off it.

I use to claim 3 and still had 4k tax refunds

 

[westhellthug]

Originally Posted by yvespo3

Originally Posted by PharelFor3

trying to find my friends kids to claim. its about that time

I'm doing the same. My friend did that last year with a 1 year old and got back like 7k & gave the mom 2k.

this

 

[pinoy805jays]

Do people here actually go to h&r block? They a say you get a full refund but i think its bull. They do the bare minimum to get you a big refund. Going to family/private owned tax services ftw.

 

[fedexciter]

FlipnKraut wrote:

---

If you're not getting a huge tax return, that means you're doing it right. Everyone who gets more than $200 for their tax return is doing it WRONG. Why would you want to let the government hold your money interest free for a year?

at everyone thats happy about getting a huge tax return.

u obviously don't know what you're talking about son

Last year was the first year I claimed my son and I found out about the eic, or earn income credit

I got an automatic 3500 credit for claiming my son, if you claim 2 kids its something like 5500 and 6500 for 3 or more

keep in mind that 3500 credit was on top of what i would of got back regularly

until you have kids and actually own a home, you have no idea about the benefits of tax season
  

 

[4u2c]

Originally Posted by piNoy805jAys

Do people here actually go to h&r block? They a say you get a full refund but i think its bull. They do the bare minimum to get you a big refund. Going to family/private owned tax services ftw.

Do it your self with tax turbo software. Its very easy. Those tax places arent/cant get you back anymore then what you can do your self

And also people give moms around here $500 for letting them claim kids

 

[6 Rings G.O.A.T.]

*checking in*

 

[4u2c]

Originally Posted by FedExciter

FlipnKraut wrote:

---

If you're not getting a huge tax return, that means you're doing it right. Everyone who gets more than $200 for their tax return is doing it WRONG. Why would you want to let the government hold your money interest free for a year?

at everyone thats happy about getting a huge tax return.

u obviously don't know what you're talking about son

Last year was the first year I claimed my son and I found out about the eic, or earn income credit

I got an automatic 3500 credit for claiming my son, if you claim 2 kids its something like 5500 and 6500 for 3 or more

keep in mind that 3500 credit was on top of what i would of got back regularly

until you have kids and actually own a home, you have no idea about the benefits of tax season
  

Same thing I was thinking.  But the credit EIC is based on how much you made. To get the most credit usually you have to have made around $18,000 then it goes down from there both ways. there is a EIC chart somewhere that tells you based on your income made how much the credit will be.