Taxes.

[RACER X]

The govt luvs us

We make good incomes
So much so that we get very few deductions only really are house taxes

Have recordable 9 to 5 jobs and no investments to hide the money

So we get bent

 

[Saltyag2010]

Taxes are a sad time. I'm never getting shit back.

 

[Mexican_Hippie]

The govt luvs us

We make good incomes
So much so that we get very few deductions only really are house taxes

Have recordable 9 to 5 jobs and no investments to hide the money

So we get bent

I hear you. My wife stays at home but I still get phased out of almost all the deductions and credits.

I need to open a business again.

 

[RACER X]

When we went with tax person they said we need to buy a house just to write stuff off

 

[TheDan]

Also if youre paying $50 that means you did damn near perfect on the witholdings.

This... If you're getting a refund that means you lent the government money at zero interest all year.

 

[AustinN4]

This may or may not be good advice. Just ask the folks that had to sell out at a loss during the last downturn.
One size does not fit all.

 

[Bozz10mm]

When we went with tax person they said we need to buy a house just to write stuff off

Not really good advice. Unless you have other deductions, or buy a really expensive house, the tax and interest deductions are not enough where you come out better than the standard deduction. At least that is my case. I think it's a good idea to buy a house, just not for that reason alone.

I was able to deduct taxes and interest for only the first 3 years. The interest you pay gets less each year and the standard deduction increases.

 

[xcrazydx]

This.

I owed $105 last year and I'm getting $301 back this year. I consider that I'm keeping my withholding tolerably close to where it should be. Somebody that misses the mark by just $50 is doing far better than the overwhelming majority of taxpayers.

That's true but some people look forward to getting money back for whatever reason.

 

[ray22]

What's commonly overlooked is if you aren't getting back as much is there was change in the S.S. withholdings in pass couple years. If you didn't pay in enough you'll come up short.

 

[ed308]

Taxes are a sad time. I'm never getting shit back.

Same here. But at least we're keeping our money in our pocket until the we absolutely have to give it up. Hate tax time. Alway a stressfull period.

 

[RACER X]

Not really good advice. Unless you have other deductions, or buy a really expensive house, the tax and interest deductions are not enough where you come out better than the standard deduction. At least that is my case. I think it's a good idea to buy a house, just not for that reason alone.

I was able to deduct taxes and interest for only the first 3 years. The interest you pay gets less each year and the standard deduction increases.

He meant a 2nd house.

We already have an exp house by avg people standard at over 250

 

[xcrazydx]

Same here. But at least we're keeping our money in our pocket until the we absolutely have to give it up. Hate tax time. Alway a stressfull period.

No free loan for government

 

[Whisky]

.
I use taxes as a non-interest paying savings (now-a-days normal savings accts don't pay anyway..)

using Turbo Tax (as I do each year) I submitted my return to the irs, via the internet, on 4 Feb and just this morning, 10 Feb, was advised that my refund has been deposited into my checking acct - I call that "fast" (about 1 week) - the latest shake-up at the irs must have done some good.....?

as an add : we have almost exactly the same deductions each year - but our return keeps getting smaller and smaller each year - ah yes, they find a way to stick it to ya each year, don't they (rhetorical)

 

[Younggun]

I've noticed the same.

 

[Rebel]

Last year, while working the same position for the same company, my status changed 3 times and as a result I have 3 different tax forms. And since I lived in CA most of last year, I get to file everything twice (state and fed). By comparison, I'm actually looking forward to next year's taxes.

Independent Contractor -> Temp -> Employee

Nothing but fun.

 

[AustinN4]

as an add : we have almost exactly the same deductions each year - but our return keeps getting smaller and smaller each year - ah yes, they find a way to stick it to ya each year, don't they (rhetorical)

Not sure how that is unless your income went substantially up as the tax brackets are higher in 2014 than 2013, meaning you can have a somewhat higher taxable income in 2014 and still be in the same tax bracket: Compare 2014 v. 2013 IRS Tax Rates Before It's Too Late - Forbes

 

[HandgunHTR]

No free loan for government

Exactly. I am not sure why people are so exited to get THEIR money back from the .gov who just held it, interest free, for a year.

I will try to simplify what a couple people have eluded to:

The goal with taxes is to get your withholdings (the amount taken out of each check) to equal the amount you actually owe. My goal each year to be within +-$100. That way, I am not having to write a big check or getting a bunch back (interest free loan for the Feds to spend on social programs).

So, to the OP, if you are only writing a $52 check, you win as that means that you got to keep your money and invest it in you instead of giving the .gov a $1000 interest free loan, that when they pay back you will most likely blow on something you don't really need (not saying you would, I am basing this assumption on visual observation of the majority of the people that I know that get tax returns).

 

[Younggun]

What's wrong with blowing money on things we don't need?

 

[xcrazydx]

What's wrong with blowing money on things we don't need?

Everything

 

[breakingcontact]

I have a big tax gripe! Took a different job last year. Didnt move brackets but all of that raise is taxed at the higher rate as it is "excess over X amount".