Tax Returns!!
Senior Member
Joined: Jun 2005
Posts: 125
Back ---------Did you say back ---::censored: :censored: Never got anything back ever -----always owe more . Wife works , I work ,with no kids. have a lot of toys thou for them to play with if i ever have any but never will now ,50yrs old+:wallbash:
Senior Member
Joined: Sep 2004
Posts: 1,095
From: Ft Wayne, IN
You guys do realize that its better to not get a refund.
Its your money anyway, you are giving Uncle Sam an interest free loan they just get to invest and gain interest on your money instead of you.
Best case scenario is having to pay a little, that way you gain interest on their money.
Its just that most people cant save money so getting a tax refund is like found money or a bonus check, when in actuality it was yours all along.
Its your money anyway, you are giving Uncle Sam an interest free loan they just get to invest and gain interest on your money instead of you.
Best case scenario is having to pay a little, that way you gain interest on their money.
Its just that most people cant save money so getting a tax refund is like found money or a bonus check, when in actuality it was yours all along.
jjtgiants
Joined: Jan 2005
Posts: 4,177
From: Dublin, CA
I think shambles really wanted to start this thread to remind everyone to spend their tax returns at...cough cough....Mustang Tuning! ha ha ha....I know I probably will be....maybe some nice Mach 1 floor mats or something
jjtgiants
Joined: Jan 2005
Posts: 4,177
From: Dublin, CA
Originally Posted by madmatt
LOL that manipulating a hole...
Everyday Im Hustlin
Joined: Jun 2005
Posts: 3,970
From: Ecorse, Michigan
Originally Posted by jjtgiants
ha ha ha.....yeah, it seemed like a nice innocent thread, but the hidden message is "spend your tax returns at Mustang Tuning". You didn't fool me Shambles! ha ha ha....just kidding man.
Senior Member
Joined: Jan 2005
Posts: 650
From: Iowa
Originally Posted by Rabbit
Someone might call BS, but I am getting $6,300 federal and $1,100 state.....just remember I have 3 kids and only my 2nd year in my new house!!!!!!
Oh, happy days! Bad thing is, this is gonna pay off the car, but hopefully I'll have about $1k to play with! Already started a new savings account since I got the car, putting $125 out of each check in it. Once enough is in there.......supercharger baby!!!!!!
Oh, happy days! Bad thing is, this is gonna pay off the car, but hopefully I'll have about $1k to play with! Already started a new savings account since I got the car, putting $125 out of each check in it. Once enough is in there.......supercharger baby!!!!!!
if you would have put that money into an account at 4% interest you would have an additional $130 now
Traitor...lol
Joined: Sep 2004
Posts: 7,939
From: Lexington, SC
Itd actually be more than that I think. I need to adjust mine, Ive never thought about it that way. Great point, Id much rather get more back and have it in a 4 percent account instead. Good call.
Administrator
Joined: Sep 2004
Posts: 6,613
I usually try to work things out so that I get about a $1500 refund...enough to cover my local income taxes which my employer does not withhold. But I have gotten back as much as $8000. I would guess it would be around $4,000 this year due to some extra deductions. Nope, the money won't go to mods. I own two houses that I have to pay property taxes on too, so that is generally what I due with the extra tax return money. You don't want to know what I have to pay in fed taxes each year
Senior Member
Joined: Feb 2005
Posts: 3,176
hey guys, I havent gotten my info from all 3 jobs yet, but my total income is around 20k and I have about 2k of that in donations(church tithe). Will that donation/tithe help my refund at all? And also, is there any way for me to tell ahead of time what I might get? I'm dependent living w/ my mom and attending college(she pays tuition and books)
Senior Member
Joined: Dec 2004
Posts: 10,237
Originally Posted by dannyb785
hey guys, I havent gotten my info from all 3 jobs yet, but my total income is around 20k and I have about 2k of that in donations(church tithe). Will that donation/tithe help my refund at all? And also, is there any way for me to tell ahead of time what I might get? I'm dependent living w/ my mom and attending college(she pays tuition and books)
Administrator
Joined: Sep 2004
Posts: 6,613
It is real simple...since you are a dependent, your Mom or Dad (or both) take you as a deduction, so you can not deduct yourself. This is the best option if your parents make more money then you.
Let's say they make 100k per year. That would put them in the 28% tax bracket (just a guess). I fyou make 20k, you would be in the 10% tax bracket, therefore it is better they have the deduction and not you.
Now, if you are over 18 and NOT a full-time college student (I don't know your situation) then I believe it is harder to prove that you are dependent on them for tax purposes.
Making donations simply reduces your taxible income. You $2000 donation might get you about $200 refund depending on your tax bracket.
It would be smarter to allow your parents to take the $2000 deduction and not you as they would most likely get a lot more back. Then, they could just give you the money.
Let's say they make 100k per year. That would put them in the 28% tax bracket (just a guess). I fyou make 20k, you would be in the 10% tax bracket, therefore it is better they have the deduction and not you.
Now, if you are over 18 and NOT a full-time college student (I don't know your situation) then I believe it is harder to prove that you are dependent on them for tax purposes.
Making donations simply reduces your taxible income. You $2000 donation might get you about $200 refund depending on your tax bracket.
It would be smarter to allow your parents to take the $2000 deduction and not you as they would most likely get a lot more back. Then, they could just give you the money.
More Cowbell
Joined: Oct 2004
Posts: 3,003
From: North Carolina
I think another thing you guys are forgetting is, we (the middle class type) have to pay the the most taxes vs. income. We gotta pay for all the dead beats. And if you look for ways to not pay as much tax. The government will raise taxes anyway.. I payed dearly in taxes this year. Nearly 10 grand when all said and done. ( thats the fica stuff and the other things they pull on us). But I'm happy to get back what i can. Like I said we are gonna pay for the Deadbeats in America one way or another. Any deadbeats near you?? If I could take home all the money i actually earned by working my *** off everyday. I would be buying a Cobra soon.. Unless my wife wants new furniture again LOL,,:helpsmili
Senior Member
Joined: Feb 2005
Posts: 3,176
Originally Posted by MT's#1Customer!
It would be smarter to allow your parents to take the $2000 deduction and not you as they would most likely get a lot more back. Then, they could just give you the money.
first off, its just my mom. but, if she declared the money that I donated, if we got audited(which she did when my parents were together a few years ago), would we get in trouble for that?
Jack Touched Me...I Cried
Joined: Aug 2005
Posts: 3,751
From: Tallahassee, FL/ Gaithersburg, MD
damnit my dad's in Hotlanta and hasn't gotten my mail back home yet...it should be somehwere in the neighborhood of 500 bucks though both State and Federal...Giggity...dunno what Ima get...Juice maybe???
