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Is it a big difference in return between TT and actually going to like a Jackson Hewitt or Tax Professional?
I never got a huge incom tax return
- Thread in 'General' Thread starter Started by atlien seeko,
- Start date
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I get back enough no dependents and just school. And I get around 2k and just throw that in the bank and save it. Kills me when dudes look forward to just burning there money. Like come on your giving it right back make it work for you
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Originally Posted by 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.
Not here in connecticut, to get the highest EIC you have to make under 42k , people who make 18k get about 1.5k for the first child
and for the person who asked, 4 people cant claim the the same child. If that social security number shows up 4 times, it might go thru but they are going to stop it before the check is even printed.
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Home ownership doesn't help that much. But, I am single without kids so they credit I get for owning a home and the interest paid and property taxes is nice, but not enough. Big tax returns are over rated, think about it. You are letting the Government use your money for a year and you collect no interest. Would you loan anyone you know money for a year and not expect a little bump for helping out, try to get a interest free loan, let me know how that works out for you.
4u2c
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Actually your wrong. I posted the chart below and irs law dont vary per state. The credit was designed for low income people, if you make 42k you are not low income.
For a person who made between $9,100 AND $16,700 they would get $3,094 and that is the max for 1 child, 2 kids it would be $5100 and 3 kids it would be $5700 and it goes down from there both ways.
If you made between 36k and 42k as you stated your EIC would be $0. That why you notice some women with kids will only work temp jobs or whatever until they hit the 9k-17k mark because they know they will get the max. With 2 kids a women will get around 7k back or more. I hope they stop EIC, too may people purposely dont work and abuse it. I know tax like the back of my hand. My dad was a tax accountant for 21 years. Get your facts right homie
Proof--> EIC Chart http://www.your-tax-help-...files/2011-eic-table.pdf
4u2c
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No I just posted that,. Only difference is they charging you $400 to prepare your taxes. They use the same software but its probably rebranded. They cannot claim any more deductions or credits then what you can by yourself
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probably because you don't make a lot of money?
At the end of the day, once you've maxed out loop holes and trick...it's a % of income.
At the end of the day, once you've maxed out loop holes and trick...it's a % of income.
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you actually have to be spending money to get money back. aka car loans, student loans, home mortgages, etc. the less assets you have, the less you get back. the more assets you have, the more money you spend, which means the more you get back. having children and claiming other individuals "who depend on you for income" such as your spouse, uncle, mom dad, etc., gets you an even bigger return.
my homie from the office claims his girlfriends 3 kids, smh, lmao. but each year he gets back like 8-9k in tax return, including the w2 that was filed. Me on the other hand, i have a car loan, with no other assets. no kids, no spouse, i just claim myself. I get back around 1,500 a year. netting about 27k after taxes.
"it just all depends"
my homie from the office claims his girlfriends 3 kids, smh, lmao. but each year he gets back like 8-9k in tax return, including the w2 that was filed. Me on the other hand, i have a car loan, with no other assets. no kids, no spouse, i just claim myself. I get back around 1,500 a year. netting about 27k after taxes.
"it just all depends"
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i am getting 4.2k back this year between state and federal, but i also donated to church/charity over 14k this year and paid 10k in mortgage interest.
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I'm confused about this whole claiming zero thing i made just under 10k this year have no kids and claimed zero how is it looking for me?
I'm in NYC btw.
I'm in NYC btw.
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I have 3 kids, I claim 2 and get back around 9k! My father inlaw claims my other child and gives us 2500! So all together We get back around 11k
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Hey, NT!
Yep, looks like it's that time of year again! I love you guys and definitely appreciate your interest in this matter, but a lot of you need to review some of the basic concepts of taxation in order to understand your situations. Here's some general information below.
Your REFUND is the amount of money that you get. Your tax RETURN is the form that you fill out to get it.
When you start working for an employer they have you fill out a form called a W-4.( http://www.irs.gov/pub/irs-pdf/fw4.pdf ) The purpose of the W-4 is to let your employer know how much money they are supposed to withhold from your paycheck. Because of the way our current tax system works, an individual that is married, with children, and owns a house ends up having less of a tax liability compared to somebody that is single, with no kids, and no house. Employers are required to use the information on the W-4 to determine which table they need to be using to figure out how much money to withhold from your paycheck. So even if you claimed "MARRIED" and "5" on your W-4 your employer doesn't actually care whether or not you're actually married or whether or not you have 5 exemptions. It's just a code that tells them how to figure out how much money to withhold from your check. The correct way to participate in our tax system is to truthfully and honestly describe your life circumstances so that when you put "SINGLE" and "1" on your W-4 you will have the exact correct amount taken out of your paycheck to pay enough taxes for somebody who is single and does not have any children.
-On the W-4 if you were to claim "1", this basically identifies you as a self supporting individual that is not being supported by somebody else. In this situation for tax purposes, you would get to claim yourself when you filed your own taxes.
-On the W-4 if you were to claim "0", this basically identifies you as somebody that is being supported by somebody else. In this situation, for tax purposes, you would be considered somebody else's "dependent" and would not get to claim yourself when you file your own taxes (because you are claimed as a dependent on somebody else's tax forms).
-On the W-4 the HIGHER the "number" is that you claim means that your employer will withhold LESS. SINGLE 1 will have MORE withheld than SINGLE 4.
-On the W-4 if you claim "EXEMPT" you are telling your employer that they do not need to withhold any money from your paycheck at all because your situation is such that you will not have ANY tax liability when you go to file your tax return forms for that year.
What does all of this mean? Well, if you want to get a large REFUND, just tell your employer to withhold MORE money from your paycheck. Your paycheck will go down during the year because more money is being withheld, and then you will get your larger REFUND when you go to file your tax RETURN forms for that year. I 100% agree with everybody that indicates that it is not a good idea to get a large refund. Individuals should strive to owe a little, have the perfect amount withheld, or get back a little. Owing a lot (not having enough withheld) can lead to additional penalties, and getting a huge refund (having too much withheld) basically means that you could have been using that money DURING the year and earning interest on it DURING the year.
Want to change what's going on with your paycheck? Simply fill out a new W-4 and your next paycheck will reflect the new information on it. Ask your employer or HR department where to submit it, then fill it out and submit it. That's all you have to do!
I will attempt to provide answers to further questions. Feel free to post in this thread, or to PM me if there's something that you would like to discuss.
Yep, looks like it's that time of year again! I love you guys and definitely appreciate your interest in this matter, but a lot of you need to review some of the basic concepts of taxation in order to understand your situations. Here's some general information below.
Your REFUND is the amount of money that you get. Your tax RETURN is the form that you fill out to get it.
When you start working for an employer they have you fill out a form called a W-4.( http://www.irs.gov/pub/irs-pdf/fw4.pdf ) The purpose of the W-4 is to let your employer know how much money they are supposed to withhold from your paycheck. Because of the way our current tax system works, an individual that is married, with children, and owns a house ends up having less of a tax liability compared to somebody that is single, with no kids, and no house. Employers are required to use the information on the W-4 to determine which table they need to be using to figure out how much money to withhold from your paycheck. So even if you claimed "MARRIED" and "5" on your W-4 your employer doesn't actually care whether or not you're actually married or whether or not you have 5 exemptions. It's just a code that tells them how to figure out how much money to withhold from your check. The correct way to participate in our tax system is to truthfully and honestly describe your life circumstances so that when you put "SINGLE" and "1" on your W-4 you will have the exact correct amount taken out of your paycheck to pay enough taxes for somebody who is single and does not have any children.
-On the W-4 if you were to claim "1", this basically identifies you as a self supporting individual that is not being supported by somebody else. In this situation for tax purposes, you would get to claim yourself when you filed your own taxes.
-On the W-4 if you were to claim "0", this basically identifies you as somebody that is being supported by somebody else. In this situation, for tax purposes, you would be considered somebody else's "dependent" and would not get to claim yourself when you file your own taxes (because you are claimed as a dependent on somebody else's tax forms).
-On the W-4 the HIGHER the "number" is that you claim means that your employer will withhold LESS. SINGLE 1 will have MORE withheld than SINGLE 4.
-On the W-4 if you claim "EXEMPT" you are telling your employer that they do not need to withhold any money from your paycheck at all because your situation is such that you will not have ANY tax liability when you go to file your tax return forms for that year.
What does all of this mean? Well, if you want to get a large REFUND, just tell your employer to withhold MORE money from your paycheck. Your paycheck will go down during the year because more money is being withheld, and then you will get your larger REFUND when you go to file your tax RETURN forms for that year. I 100% agree with everybody that indicates that it is not a good idea to get a large refund. Individuals should strive to owe a little, have the perfect amount withheld, or get back a little. Owing a lot (not having enough withheld) can lead to additional penalties, and getting a huge refund (having too much withheld) basically means that you could have been using that money DURING the year and earning interest on it DURING the year.
Want to change what's going on with your paycheck? Simply fill out a new W-4 and your next paycheck will reflect the new information on it. Ask your employer or HR department where to submit it, then fill it out and submit it. That's all you have to do!
I will attempt to provide answers to further questions. Feel free to post in this thread, or to PM me if there's something that you would like to discuss.
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By the way, regarding my previous post about the W-4....
All of that information is essentially for individuals that are working ONE job. If you have MULTIPLE employers, you may need to make adjustments to at least one of your W-4's in order to be having the correct amounts withheld. Essentially, when your employer is looking up how much money to withhold from your paycheck, they are basing it on the W-4 information and also the amount of money that you earned. If you work for multiple employers, they will not be aware of exactly how much you are making at your other jobs, so they might not know exactly how much you would need to have withheld.
All of that information is essentially for individuals that are working ONE job. If you have MULTIPLE employers, you may need to make adjustments to at least one of your W-4's in order to be having the correct amounts withheld. Essentially, when your employer is looking up how much money to withhold from your paycheck, they are basing it on the W-4 information and also the amount of money that you earned. If you work for multiple employers, they will not be aware of exactly how much you are making at your other jobs, so they might not know exactly how much you would need to have withheld.
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quit posting about your dad like you have his brain in your head.
but tell me how do you recieve $7500 refund after making $6000
and son all you been doing is picking fights on this topic quit being stupid
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Yeah, I use Turbo Tax every year. Its so easy to use.
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4u2c
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In order for him to get back 9k , he had to make next to nothing, like 20k or less,..LMAO and how can get back money off the w2 he filed???
Alot of you young people are missing out on good deduction sand credits.
If you pay for your books tuition housing or food, that is all a write on your taxes. I never owed taxes while in school, every dime I paid I got back.
And let me tell you just because u claim 0 doesnt mean your going to get every dime you put in back. all depends on your situation. Kids, houses etc
4u2c
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no, the brain isnt in my head but basically my brain is a clone of his. He taught me everything and I worked with him side to side day in and day out. I claimed 3 kids for EIC and I claimed the hope credit and lifetime credit which is when you pay your own tuition that is a tax write off and I also had bought a house during that time. So that is how I got back 7500k after making 6k.
When i was in college i was charging people $50 to do their taxes since hr block and others was charging $400.
ALSO let me state this very important:
Now HR block CANNOT get your money back any faster then you doing it yourself electronically. Now HR black sometimes gives loans out so you get it faster but they charge so much.
Basically the IRS is on a DEPOSIT schedule. They payout just like employers do. Man HR block been scamming cats for years.
Here is a sample of their schedule with the full link below. wake up guys! See it takes 24 hours once you file electronically for it to be accepted by irs so allow time. so if you filed and was accepted on 25th you will be paid within 7 days
[table][tr][th=""]
Tax Return Transmission and
IRS Acceptance Dates
[/th][th=""]
Tax Refund Direct Bank Deposit by IRS
Deposit Date
[/th][th=""]
Tax Refund Paper Check by IRS
Mail Date
[/th][/tr][tr][td]Jan 17 and Jan 18, 2012 (by 11am)[/td][td]Jan 25, 2012 [/td][td]Jan 27, 2012 [/td][/tr][tr][td]Jan 19 and Jan 25, 2012 (by 11am)[/td][td]Feb 1, 2012 [/td][td]Feb 3, 2012 [/td][/tr][tr][td]Jan 26 and Feb 1, 2012 (by 11am)[/td][td]Feb 8, 2012 [/td][td]Feb 10, 2012 [/td][/tr][/table]
http://www.efile.com/tax-refund/where-is-my-refund/
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what u said doesn't work for normal dudes like most of NT. we can't buy a house of $6000 yearly income and not all of us have 3 kids to claim. how does one decide he is financially stable to cop a house off that income confuses me
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4u2c
Banned
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I'm just curious...
Were you a licensed tax preparer?
Did you report that as taxable income?
As I stated I didnt have to pay taxes for 2 whole years straight because I was exempt, as with alot of you here in school. So my job that I had never took out federal taxes because I was exempt
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i've never gotten over 1k
back
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Me either the most I have ever got back was $450.Originally Posted by Spidermachine916
i've never gotten over 1kback
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hopefully i get a fat refnd. we bought a house last jan. we got married dec. we habe two kids and both made less than 35k each.
