Taxes?

[Alric]

@Sone

you dont have to repay the first time credit this year, you can divert a year, by then hopefully by then they pass the bill where you wont have to pay it back

My credit comes from the 2008 $7500 “must repay” credit, from what I understand. I missed the 2009 $8000 “no repay” credit

Edit: Looks like I misunderstood. I’ll have to check into that. Thanks for the tip.

[Bulldog1967]

Refund, Meh!

I am self employed and pay Uncle Sam 4 times a year. :mad:

[Alric]

@Bulldog1967

Refund, Meh!

I am self employed and pay Uncle Sam 4 times a year. :mad:

And you don’t even have someone to split FICA with

[Palmguy]

I don’t like surprises on taxes anymore…so I was not surprised when I did mine as I had already figured out what I’d owe for the year and adjusted accordingly. Had my first child last July and had already met my revised tax burden so I basically didn’t pay any income tax for the last third of the year and still got $2k back. Next year (this calendar year, 2010) I’m aiming for as close to zero as I can get. Assuming my income remains constant, I know what I’ll owe for the year and I know how much is coming out every two weeks.

I’m also in favor of eliminating automatic withholding and making everyone write out a check to Uncle Sam. Far too many people are oblivious to what they are paying, and when 4/15 comes around they think they are getting free money from Uncle Sam when really they’ve been overpaying all year long. If people knew what they were surrendering to Washington on a weekly basis, more people might wake up.

@JLSKIP

I would take a strong look at changes in your deductions as the reduced withholding is highly unlikely to account for the net change of $5,500 to $7,000 that you claim. For the withholding to impact you to the degree that you stated, the withholding would have had to be over $100 a week back into your pocket. I’m sure you would have noticed that kind of change. Unless you are making 6 figures a year, the withholding changes would have added $60 a month to the paycheck of you and your spouse. $120 * 10 months (changed in March) would be $1200. That’s how much your refund would have gone down.

Does this impact a lot of people that were unaware? Yes.
Did Obama kill your tax return to the tune of $5,500 to $7,000? No.

That was my thought as well.

[glockshooter]

@JLSKIP

I would take a strong look at changes in your deductions as the reduced withholding is highly unlikely to account for the net change of $5,500 to $7,000 that you claim. For the withholding to impact you to the degree that you stated, the withholding would have had to be over $100 a week back into your pocket. I’m sure you would have noticed that kind of change. Unless you are making 6 figures a year, the withholding changes would have added $60 a month to the paycheck of you and your spouse. $120 * 10 months (changed in March) would be $1200. That’s how much your refund would have gone down.

Does this impact a lot of people that were unaware? Yes.
Did Obama kill your tax return to the tune of $5,500 to $7,000? No.

Well here is the problem I noticed after doing my taxes. In 2008 we had over $8000 taken out for fed tax in 2009 we had less than $4000 taken out. The wierd thing is neither one of us changed anything in regards to our w-4. Hell mine has been the same since 1998. There are two problems in the case of noticing it in my take home. One is my insurance went up AGAIN and two my paycheck is never the same. I have a different amount of OT every pay day. Differences like 30 or 2 hours and always different. Add to that my lack of checking with holding amount and you can have my exact change.

Matt If anything is spelled wrong it’s the iPhones fault.

[larry0071]

Being that I have never been a saver… and I had been self employed for a few years prior to 2009… 2009 is my first year in a while that I actually worked at a company and did not run at least a side business. I am getting back $13,800!

So with this, I will buy me a BD Diesel full race 48RE transmission for my truck so I can sale the hunk of shit this summer, and I’m paying off a few (3) credit card ballances. That will leave me with a 3 grand buffer in my account for ammo and 2 uppers! I see an AR pistol in my near future!

I got a $1000 credit for each of my 3 children this year as well, that helped. I also file as “Married filing at single rate” and ZERO Dependants… this always helped when I was running a business and working as a contractor a few months a year. I may need to revisit this now that I am business free!

And the next big news for me… I found out that the company I work for may well be issueing a bonus in a couple months! So that will be thousands more! Maybe I can pay off my wifes Powerstroke with that!

What does kind of suck is that if you look at my tax return, you notice that I am paying about $541 extra in tax every 2 weeks… or $1082 extra per month. Thats equal to a new pistol and all the ammo I need for the month… every month!

I also did note that I paid in just under $21,000 in taxes this past year prior to the return. That is a lot!

[xfyrfiter]

Can everyone say flat sales tax . NO IRS would be the best thing all around, no paperwork, no H&R Block ,etc. best of all NO IRS!!!

[bjw182005]

I know im not gettin much back this year. I love that everyone was supposed to have been getting bigger paychecks as a part of this years stimulous plan…but what about us military folks…i didnt see any difference in my pay. Oh, except for the fact i wont be getting shit back this year in taxes.

[MarshallDodge]

@bjw182005

I know im not gettin much back this year. I love that everyone was supposed to have been getting bigger paychecks as a part of this years stimulous plan…but what about us military folks…i didnt see any difference in my pay. Oh, except for the fact i wont be getting shit back this year in taxes.

We weren’t getting bigger paychecks, just less was being taken which means folks may have to pay at the end of the year or their returns are less.

[littleshoe]

I dont think Ill be getting anything thing back since I spent most of the year in a tax free zone (Iraq).

I also would prefer to have us pay the govmt out of our own paychecks (maybe it would make us more responsible). I dont mind paying taxes, i just hate how I get taxed over and over. I would prefer either a flat tax or a national sales tax.

[mmike87]

My withholding never changed last year. I am actually getting money back - first time since 1995.