chutem 0 #1 April 8, 2010 I'll start, I got back more than I paid in for the last two years on Fed income tax. I'm by no means poor. I bought a home last year, but would still have gotten back more than I paid in if I did not buy the home. I'd like to thank all of you who contributed Fed income tax dollars so that I could get back more than I paid. I'd like to really thank all of you for the $8000 check I got two day ago. (1st time home buyer) Maybe I'll be able to fly more this year. Thanks Again, James Quote Share this post Link to post Share on other sites
billvon 2,998 #2 April 8, 2010 >I'd like to really thank all of you for the $8000 check I got two day ago. No problem. Buy me a beer and we'll call it even. Quote Share this post Link to post Share on other sites
chutem 0 #3 April 8, 2010 With any luck we'll have a better year this year. In 2007 I paid in more to Fed income tax than my total income for 2009. It's tuff out there in a recreation based business. I very much hope to be shouldering the burden again in the near future.James Quote Share this post Link to post Share on other sites
Rookie120 0 #4 April 9, 2010 QuoteI'd like to really thank all of you for the $8000 check I got two day ago. (1st time home buyer) Maybe I'll be able to fly more this year. This is such a sore subject for me at the moment. Last year I worked my ass off along with my wife. We made more but are paying off all off our debt which will be done in about 6 more months. We do not own a home, or kids, so when it came down I had to send a check for $5,000! FUCK ME! I have never owed before but for some reason I had to send in this year. I am still fucking pissed about that!If you find yourself in a fair fight, your tactics suck! Quote Share this post Link to post Share on other sites
jimmytavino 16 #5 April 9, 2010 Adjust ( upward) the dollar amounts which are withheld from your gross pay, as witholding taxes.... NOT doing so, might give ya' a bigger net paycheck,,,each week,,, But that CAN become a problem. ..because you wind up having more money each week,,,or each pay period,,, to use to INCREASE your debt.... and then, come up short, at the end of the year to cover your tax obligations... better to skimp and live more cheaply throughout the year, ( cause of a SMALLER net paycheck) and then GET a tax refund.... House or no house... I favor the tax 'bonus' for first time home buyers, since My Daughter was able to qualify this past summer...... But DO be careful about the "Mtg. Interest deduction, incentive"... Ya' still have to PAY all that interest,,,and sometimes,,,, ( like if you take the standard deduction, instead of itemizing...) the tax benefit is NOT as great, as some real estate agents might have us believe.... good luck jt Quote Share this post Link to post Share on other sites
Rookie120 0 #6 April 9, 2010 Quotebetter to skimp and live more cheaply throughout the year, ( cause of a SMALLER net paycheck) and then GET a tax refund.... Why? And give the Govt a interest free loan? I was trying to break even but $4000 was a tough hit to the wallet. As for a house there is no way we can afford one in Jersey so hopefully we will be moving back to Colorado soon.If you find yourself in a fair fight, your tactics suck! Quote Share this post Link to post Share on other sites
jimmytavino 16 #7 April 9, 2010 it's NOT really an interest free loan,,, UNLESS... you PUT the money away and YOU earn the interest instead.. BUT if you're ( or ANYone else is ) spending that $$$$ on credit card debt....THOSE interest Charges can KILL ya' .... Better to be a bit "poorer" during the year.... cause that means you won't HAVE the money... to make frivolous purchases..... ( Not accusing you of doing so,,, but sometimes consumer debt can be tough to avoid ...again,,, good luck.. jmy Quote Share this post Link to post Share on other sites
mnealtx 0 #8 April 9, 2010 Quoteit's NOT really an interest free loan,,, UNLESS... you PUT the money away and YOU earn the interest instead.. How do you figure? You're giving Uncle Sam the extra money and getting no interest when Uncle Sam gives it back. QuoteBUT if you're ( or ANYone else is ) spending that $$$$ on credit card debt....THOSE interest Charges can KILL ya' .... Paying down a credit card sounds like a MUCH better use, to me. QuoteBetter to be a bit "poorer" during the year.... cause that means you won't HAVE the money... to make frivolous purchases..... ( Not accusing you of doing so,,, but sometimes consumer debt can be tough to avoid ...again,,, good luck.. jmy If they don't have the discipline to keep from spending the extra on crap, what's to prevent them from running up the credit card mentioned above?Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
jimmytavino 16 #9 April 9, 2010 re: getting no interest when U sam gives it back... true enough.... But getting that priciple BACK... sure beats spending those dollars on consumable goods, ( which are used and then GONE ) .. interest or no interest... Also when i mentioned using the extra net pay , by spending it on credit card DEBT... I was Unclear... I did not mean using it to "pay down debt".. I was referring to using the $ to create MORE debt... should have said, "credit card purchases" which to me,, are basically the same as saying, spending it on credit card debt...since ANY C C purchase IS a debt,,,, until you make the payment, and If the payment is Not in fulll, then it's even MORE debt...( interest) thanks for helping to clarify. jmy Quote Share this post Link to post Share on other sites
mnealtx 0 #10 April 9, 2010 Quotere: getting no interest when U sam gives it back... true enough.... But getting that priciple BACK... sure beats spending those dollars on consumable goods, ( which are used and then GONE ) .. interest or no interest... You're making the assumption that the money would be 'blown' during the year, and not 'blown' when received in a lump sum at the end of the year (which would be MORE likely to result in a 'spending spree'). QuoteAlso when i mentioned using the extra net pay , by spending it on credit card DEBT... I was Unclear... I did not mean using it to "pay down debt".. I was referring to using the $ to create MORE debt... should have said, "credit card purchases" which to me,, are basically the same as saying, spending it on credit card debt...since ANY C C purchase IS a debt,,,, until you make the payment, and If the payment is Not in fulll, then it's even MORE debt...( interest) I understood what you meant, and again, you're making the assumption I detail above. Quotethanks for helping to clarify. jmy de nada!Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Lucky... 0 #11 April 9, 2010 QuoteWe do not own a home, or kids, so when it came down I had to send a check for $5,000! Right, that's why you had to pay. The tax code is BS and the last dumbshit just gave a tax benefit to married people as well as Clinton gave more for having kids. The trend in this moral toilet is to punish being single w/o kids. Quote Share this post Link to post Share on other sites
Darius11 12 #12 April 9, 2010 Good for you man, i have never had a refund that big not even close. We ended up having to pay and we did not make much money at all this year. Worst year income wise. No home, No Kids, and not married i think that may be why. No complaints either. I like the standard of living my taxes and the taxes of others enable us to have.I'd rather be hated for who I am, than loved for who I am not." - Kurt Cobain Quote Share this post Link to post Share on other sites
jimmytavino 16 #13 April 9, 2010 yes i see what you mean as regards a spending spree. which certainly could occur,, and often does, Although , i try not to think that way...it comes down to the financial discipline of each individual person... years ago before credit cards and the "natural assumption in this country", to " buy now, pay later"...I and lots of folk You probably know,,, went with a "save now, buy later"....sort of a game plan.... want to know why??? simple,, because it usually took a helluva an effort , to save the money...and when it came time to SPEND it,,,, the item of desire sometimes wouldn't seem so needed,,, after all!!!....or the need for some other item, would have taken priority... The Instant Purchase Syndrome,,, wasn't yet it play.... That seemed to happen in the 80's and 90s and look where it's gotten us... today. Any tax refund check shouldn't be looked at as a 'bonus' or excuse to go and buy something.. it should be recognized as the return of your own money earned during the previous year,,, and YES... without any increase in value.... for the time it was unavailable to you., Saving a good damn bit of it,,or using it to cover insurance premiums, Home, auto, life for the upcoming year or applying it to a savings account plan, maybe with regular quarterly deposits, is a good idea and carefully stretching the rest is always sensible... As for paying or not paying federal income taxes...IF you're working.. you're very likely paying, (and don't forget Soc Security tax...) receiving a refund every year doesn't mean you paid no tax...only that you paid too much....right? damn sure that i pay fed income tax every year...as well as NY state income tax... good luck to anyone who gets a refund check. think hard, about how to use it.. jmy.... out. Quote Share this post Link to post Share on other sites
pirana 0 #14 April 9, 2010 Quote >I'd like to really thank all of you for the $8000 check I got two day ago. No problem. Buy me a beer and we'll call it even. Just using round numbers; he owes 4000 beers. " . . . the lust for power can be just as completely satisfied by suggesting people into loving their servitude as by flogging them and kicking them into obedience." -- Aldous Huxley Quote Share this post Link to post Share on other sites
billvon 2,998 #15 April 9, 2010 >Just using round numbers; he owes 4000 beers. I'll take just one. Say, a 2007 Utopias or a 2005 Angel's Share. Quote Share this post Link to post Share on other sites
rehmwa 2 #16 April 9, 2010 are you talking about not paying anything (getting ALL or more back)? or just getting a refund because you overpaid? completely different things ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
rehmwa 2 #17 April 9, 2010 Quote>I'd like to really thank all of you for the $8000 check I got two day ago. No problem. Buy me a beer and we'll call it even. typical right wing position, you want some poor guy to buy your beer while you wallow around on big piles of money with lingerie models... - once that money went to the government, you ceased to have any claim on it ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
billvon 2,998 #18 April 9, 2010 >typical right wing position, you want some poor guy to buy your beer >while you wallow around on big piles of money with lingerie models Heck yeah! Now where those lingerie models at? Maybe they're in Bonfire . . . Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #19 April 9, 2010 QuoteQuoteWe do not own a home, or kids, so when it came down I had to send a check for $5,000! Right, that's why you had to pay. The tax code is BS and the last dumbshit just gave a tax benefit to married people as well as Clinton gave more for having kids. The trend in this moral toilet is to punish being single w/o kids. Working married couples are penalized. For married couples the starting point of tax brackets higher than 15% isn't double single people's. Lower earning spouses become ineligible for earned income, education, and other credits. Partners of a high earning spouse with a employer provided retirement plan cannot deduct their IRA contributions. The capital loss application to normal income is the same for a single person and a married couple. Historically, the itemized deduction and personal exemption phase-out was not doubled for married couples. It cost my wife and I $1500 annually in increased taxes when we stopped living in sin and her children became ineligible for thousands of dollars in education credits. The CBO studied this in 1997 and found an average marriage penalty of $1380. You need to be more like Ward & June Cleaver than a modern working couple for marriage to provide a tax benefit. Quote Share this post Link to post Share on other sites
Remster 30 #20 April 9, 2010 Quote >typical right wing position, you want some poor guy to buy your beer >while you wallow around on big piles of money with lingerie models Heck yeah! Now where those lingerie models at? Maybe they're in Bonfire . . . Asks the guy married to the latex calendar girl... Remster Quote Share this post Link to post Share on other sites
Rstanley0312 1 #21 April 9, 2010 Quote >typical right wing position, you want some poor guy to buy your beer >while you wallow around on big piles of money with lingerie models Heck yeah! Now where those lingerie models at? Maybe they're in Bonfire . . . I like this idea.... as a conservative I will favor a tax increase if someone who benefited from my high taxes buys me a beer (a real beer not a Bud!) and brings me some sexy lingerie models! I'm sure we can get this in to a bill some how..... Life is all about ass....either you're kicking it, kissing it, working it off, or trying to get a piece of it. Muff Brother #4382 Dudeist Skydiver #000 www.fundraiseadventure.com Quote Share this post Link to post Share on other sites
kelpdiver 2 #22 April 9, 2010 Quote simple,, because it usually took a helluva an effort , to save the money...and when it came time to SPEND it,,,, the item of desire sometimes wouldn't seem so needed,,, after all!!!....or the need for some other item, would have taken priority... Financial discipline does require...discipline. Presuming it exists, one is much better off keeping more money throughout the year rather than getting a lump sum at the end. Right now, the notion of the interest free loan barely applies, with savings paying a piddling 1% or less, but the high cash flow is still better. for those who would use the money to fund an ira - better to have the money auto siphoned every month rather than make a lump contribution in March or April. Likewise, any savings account will allow you to set up an auto transfer so that "extra" money is never seen and spent frivilously. Quote Share this post Link to post Share on other sites
kallend 2,027 #23 April 9, 2010 QuoteQuoteQuoteWe do not own a home, or kids, so when it came down I had to send a check for $5,000! Right, that's why you had to pay. The tax code is BS and the last dumbshit just gave a tax benefit to married people as well as Clinton gave more for having kids. The trend in this moral toilet is to punish being single w/o kids. Working married couples are penalized. That is my experience too.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
chutem 0 #24 April 9, 2010 Quoteare you talking about not paying anything (getting ALL or more back)? or just getting a refund because you overpaid? completely different things I was talking about getting more back than you paid in.(not paying anything for the year) The last two years I have gotten back more than I paid in to Fed income tax. That is without counting the $8000 1st time home buyer tax credit I got for buying a home in Nov 2009. I most likely would not have bought the home without the $8000 tax credit. James Quote Share this post Link to post Share on other sites
Rstanley0312 1 #25 April 9, 2010 Quote Quote are you talking about not paying anything (getting ALL or more back)? or just getting a refund because you overpaid? completely different things I was talking about getting more back than you paid in.(not paying anything for the year) The last two years I have gotten back more than I paid in to Fed income tax. That is without counting the $8000 1st time home buyer tax credit I got for buying a home in Nov 2009. I most likely would not have bought the home without the $8000 tax credit. James You are welcome I did not get the credit bc I have owned 2 homes before and I did not get the other credit for buying a new home because I was only in my last home for 3 yrs. That pissed me off ..... I was not given the credit because I contributed to the Real Estate market and ecom=nomy before the crash and apparently did not time my previous purchase just right Life is all about ass....either you're kicking it, kissing it, working it off, or trying to get a piece of it. Muff Brother #4382 Dudeist Skydiver #000 www.fundraiseadventure.com Quote Share this post Link to post Share on other sites
