TAX RETURN APPRECIATION Vol: Lets get this $$$

[gaseousfashion]

I'm used to getting four digits back but this year it will only be three digits.

 

[bilbo07]

Originally Posted by LazyJ10

Ah, I see that it's now time for my annual public announcement.

My first disclaimer - I know it's some of your preferences to have the US Gov't be your personal savings account (but paying you no interest) so you get a big check at 1 point in time....

But - the goal should be to get $1 or owe $1 (even better would be zero, obviously) and have more money per pay check, thus not giving interest free loans to our gov't.

Again, I understand some of you have no will power or discipline to not save more money per paycheck if you were to adjust your withholdings...just giving my annual speech.

is this possible working part time? im in school, but work a pretty set schedule. 

 

[thenewjs23]

Originally Posted by LazyJ10

Ah, I see that it's now time for my annual public announcement.

My first disclaimer - I know it's some of your preferences to have the US Gov't be your personal savings account (but paying you no interest) so you get a big check at 1 point in time....

But - the goal should be to get $1 or owe $1 (even better would be zero, obviously) and have more money per pay check, thus not giving interest free loans to our gov't.

Again, I understand some of you have no will power or discipline to not save more money per paycheck if you were to adjust your withholdings...just giving my annual speech.

This is only good if you know exactly what you will be doing during the year. I need flexibility. So I claim "0" throughout the year. I rather be owed than trying to find deductions so I dont owe. I will take your advice and others once I graduate.

  

 

[lazyj10]

I appologize for any confusion in regards to my previous statement.

I'll elaborate - generally for those of you claiming 0 - 2, any refund you get is because you didn't work a whole lot or have some tax credits that result in actually returning more to you than you may have paid in. Those are a nice luxury, but won't last as you get older.

For those of you who move on from college into your professional careers, there may be the oppurtunity to itemize your deductions versus taking the standard. If your life conditions warrants itemizing your deductions, then changing your withholdings (simple form, every employer has them) may help you paycheck to paycheck versus in the form of a tax refund.

The underlying theme I want to emphasize is that huge refund you receive isn't doing anything for you (i.e - interest free) versus the opportunities you may have if you were able to save more per paycheck (versus just spending it, anyway).

 

[datpiff110]

i only got 1300

officially

 

[teeoh owens]

Originally Posted by LazyJ10

I appologize for any confusion in regards to my previous statement.

I'll elaborate - generally for those of you claiming 0 - 2, any refund you get is because you didn't work a whole lot or have some tax credits that result in actually returning more to you than you may have paid in. Those are a nice luxury, but won't last as you get older.

For those of you who move on from college into your professional careers, there may be the oppurtunity to itemize your deductions versus taking the standard. If your life conditions warrants itemizing your deductions, then changing your withholdings (simple form, every employer has them) may help you paycheck to paycheck versus in the form of a tax refund.

The underlying theme I want to emphasize is that huge refund you receive isn't doing anything for you (i.e - interest free) versus the opportunities you may have if you were able to save more per paycheck (versus just spending it, anyway).

i got almost 5g's taken from me in taxes, and im only getting 1,800 back

. What adjustments do i need to make to get less taxes taken out, but still not have to owe too much to the irs at the end of the year?

 

[kingtre]

Originally Posted by TeeOh Owens

Originally Posted by LazyJ10

I appologize for any confusion in regards to my previous statement.

I'll elaborate - generally for those of you claiming 0 - 2, any refund you get is because you didn't work a whole lot or have some tax credits that result in actually returning more to you than you may have paid in. Those are a nice luxury, but won't last as you get older.

For those of you who move on from college into your professional careers, there may be the oppurtunity to itemize your deductions versus taking the standard. If your life conditions warrants itemizing your deductions, then changing your withholdings (simple form, every employer has them) may help you paycheck to paycheck versus in the form of a tax refund.

The underlying theme I want to emphasize is that huge refund you receive isn't doing anything for you (i.e - interest free) versus the opportunities you may have if you were able to save more per paycheck (versus just spending it, anyway).

i got almost 5g's taken from me in taxes, and im only getting 1,800 back

. What adjustments do i need to make to get less taxes taken out, but still not have to owe too much to the irs at the end of the year?

i really cant grasp how people dont seem to understand the tax system - or even bother to research it

if you have a basic return, no kids no house no extra deductions then your 1800 is the amount your paid OVER what is owed...if they take out less during the year that doesnt change your liability...

so the only way to owe less and pay less is to start getting deductions...have some kids, buy some houses, lose some money in stocks, find some tax shelters etc etc

and Lazy i know you and others preach that every year but nothing will change...esp in these times where if the people had the money what vehicle would they use to get some kind of return? unless they are financially savvy they wouldn't invest it so it would either sit in a savings account for .00000232 interest or something would come up and they would find a reason to chip away at it

alot of people use it as sort of a "forced" savings....but then most blow it all at once between feb and march so it doesn't make a difference

schools need to do a better job with personal finances...there should be mandatory classes EARLY that teach about credit, saving, investing, taxes etc

 

[bjm5295]

so many facepalm comments in here.

to those wondering how much you owe, google IRS 2011 tax tables, look up how much you owe (federally) by the amount of money pre-tax that you made, and check your W2 to see how much you paid in. subract A from B and you'll get roughly what you owe before figuring deductions, credits, etc.

most of you will be taking the standard deduction i assume, so subtract 5800 from your income before looking up your tax liability.

 

[ispeakjewleo]

Originally Posted by mustbefire

Originally Posted by emmmmy

The American Opportunity Credit

- This credit can be up to $2500 per eligible student
- It is available for the first four years of post-secondary education
- 40% of this credit is refundable, which means that you may be able to receive up to $1000, even if you owe no taxes
- The student must be pursuing an undergraduate degree or other recognized educational credential
- The student must be enrolled at least half time for at least one academic period
- Qualified expenses include tuition and fees, coarse related book supplies and equipment
- The full credit is generally available to eligible taxpayers who make less than $80000 or $160000 for married couples filling a joint return

You have to be 24

 

  

 

[cicero avenue dopeman]

cant wait till these cluckers n hypes start spendin they returns gonna cop a c5 targa top

for tha summer

 

[dok]

Originally Posted by mustbefire

Originally Posted by emmmmy

The American Opportunity Credit

- This credit can be up to $2500 per eligible student
- It is available for the first four years of post-secondary education
- 40% of this credit is refundable, which means that you may be able to receive up to $1000, even if you owe no taxes
- The student must be pursuing an undergraduate degree or other recognized educational credential
- The student must be enrolled at least half time for at least one academic period
- Qualified expenses include tuition and fees, coarse related book supplies and equipment
- The full credit is generally available to eligible taxpayers who make less than $80000 or $160000 for married couples filling a joint return

You have to be 24

 

[blacklion23]

Was suppose to receive my refund today but it's been pushed backed to Feb. 7 due a mistake made by Turbotax. Seems to be affecting a lot of people that filed early with them. My lady tried filing last night but can't complete it til Feb. 9 due to a new form that's not yet available. Was really looking forward to them 7 stacks showing up on my account. All this fraud is messing it up for a lot people.

 

[yung flip image]

Tried TurboTax for the first time yesterday and I was real disappointed in my state refund on there.
So I'm going back to how I used to do it...letting mom's accountant handle it, lol.

I know I should be grateful I'm getting anything back, but I need the most I can get right now. 

 

[mdwst9]

can anyone answer my question......i owe like $1000 or watever and all of my jobs are legit how do I owe this much money? this may be the wrong place to ask lol but im tryna figure out some info before I speak with a professional and have to pay them.

 

[430AM]

I owe this year bros... Might be alot too.  I started The Champion$ League last year and my business has exceeded all expectations. I just hope my accountant can factor in ALL my expenses properly. 

 

[dnycemodel]

Originally Posted by Cfranchise26

got back $9000 last year, hoping to get over $10000 this year.

damn. what type of job do you have? You got kids?

 

[grimey]

Originally Posted by Dok

Originally Posted by mustbefire

Originally Posted by emmmmy

The American Opportunity Credit

- This credit can be up to $2500 per eligible student
- It is available for the first four years of post-secondary education
- 40% of this credit is refundable, which means that you may be able to receive up to $1000, even if you owe no taxes
- The student must be pursuing an undergraduate degree or other recognized educational credential
- The student must be enrolled at least half time for at least one academic period
- Qualified expenses include tuition and fees, coarse related book supplies and equipment
- The full credit is generally available to eligible taxpayers who make less than $80000 or $160000 for married couples filling a joint return

You have to be 24

pardon my ignorance, but what does being 24 have anything to do with being a student?

 

[kingtre]

Originally Posted by mdwst9

can anyone answer my question......i owe like $1000 or watever and all of my jobs are legit how do I owe this much money? this may be the wrong place to ask lol but im tryna figure out some info before I speak with a professional and have to pay them.

what does legit mean? sounds like you werent getting enough taken out so now you owe...go see a pro if you want but unless theres deductions for you or you are doing something wrong its not gonna help

 

[Mark Antony]

Huh? It means you gotta be a student over the age of 24.

 

[grimey]

Thanks

 

[jthagreat]

Any help/guides/tips on claiming expenses due to a move for a new job and multi-state w-2's?

 

[hollywoodjose]

Originally Posted by TeeOh Owens

Originally Posted by LazyJ10

I appologize for any confusion in regards to my previous statement.

I'll elaborate - generally for those of you claiming 0 - 2, any refund you get is because you didn't work a whole lot or have some tax credits that result in actually returning more to you than you may have paid in. Those are a nice luxury, but won't last as you get older.

For those of you who move on from college into your professional careers, there may be the oppurtunity to itemize your deductions versus taking the standard. If your life conditions warrants itemizing your deductions, then changing your withholdings (simple form, every employer has them) may help you paycheck to paycheck versus in the form of a tax refund.

The underlying theme I want to emphasize is that huge refund you receive isn't doing anything for you (i.e - interest free) versus the opportunities you may have if you were able to save more per paycheck (versus just spending it, anyway).

i got almost 5g's taken from me in taxes, and im only getting 1,800 back

. What adjustments do i need to make to get less taxes taken out, but still not have to owe too much to the irs at the end of the year?

You're lucky, I paid 8200 in taxes and my wife paid 1400 and were getting back 3Gs's. Probly going to Vegas for our anniversary after this quarter is over.

 

[mikykr20]

Getting back $6200. Paid for college my self and I have a kid

 

[teeoh owens]

Originally Posted by Kingtre

Originally Posted by TeeOh Owens

Originally Posted by LazyJ10

I appologize for any confusion in regards to my previous statement.

I'll elaborate - generally for those of you claiming 0 - 2, any refund you get is because you didn't work a whole lot or have some tax credits that result in actually returning more to you than you may have paid in. Those are a nice luxury, but won't last as you get older.

For those of you who move on from college into your professional careers, there may be the oppurtunity to itemize your deductions versus taking the standard. If your life conditions warrants itemizing your deductions, then changing your withholdings (simple form, every employer has them) may help you paycheck to paycheck versus in the form of a tax refund.

The underlying theme I want to emphasize is that huge refund you receive isn't doing anything for you (i.e - interest free) versus the opportunities you may have if you were able to save more per paycheck (versus just spending it, anyway).

i got almost 5g's taken from me in taxes, and im only getting 1,800 back

. What adjustments do i need to make to get less taxes taken out, but still not have to owe too much to the irs at the end of the year?

i really cant grasp how people dont seem to understand the tax system - or even bother to research it

if you have a basic return, no kids no house no extra deductions then your 1800 is the amount your paid OVER what is owed...if they take out less during the year that doesnt change your liability...

so the only way to owe less and pay less is to start getting deductions...have some kids, buy some houses, lose some money in stocks, find some tax shelters etc etc

and Lazy i know you and others preach that every year but nothing will change...esp in these times where if the people had the money what vehicle would they use to get some kind of return? unless they are financially savvy they wouldn't invest it so it would either sit in a savings account for .00000232 interest or something would come up and they would find a reason to chip away at it

alot of people use it as sort of a "forced" savings....but then most blow it all at once between feb and march so it doesn't make a difference

schools need to do a better job with personal finances...there should be mandatory classes EARLY that teach about credit, saving, investing, taxes etc

man ive tried reading up on this but it gives me tired head. 

 

[proper english]

I hate tax season.. This year takes the cake. ^%<]^]% this