So its that time of the year...TAX TIME!!!! Yayyyy.

[Heelfan71]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

It's a catch-22 on either side. There are people who don't owe but have more difficulties financially throughout the year.

Likening it to our company bonus, it's better if they would give us a better raise than a couple of thousand, then take half of that in taxes out which you don't get back anyhow.

that is what I used to try and explain to my wife when we were getting 2-3k back every year. I would rather have that money spread out during the year and get back nothing in taxes at tax time.

[23]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

that is what I used to try and explain to my wife when we were getting 2-3k back every year. I would rather have that money spread out during the year and get back nothing in taxes at tax time.

Does she understand that now?

You really don't even get back as much as you pay out anyhow.
This time of year can be good or bad depending on your financial status, but it's your year long status that affects you most of course.

[Heelfan71]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

yeah, she gets it now.

[fishepa]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

It all evens out in the end. Either you get more during the year or you get a check from the government.

[23]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

I know this stuff can be confusing until you sit down and realize what's really happening.

By the time you start making good money you need to own some property because they start coming after your money like they halfway believe in communism.

[Heelfan71]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

really seems something like a flat 10% tax for everyone would be much easier.

[caseyd]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

I've always wondered about how much difference there would actually be if I did set up my taxes to not get a refund. The thing is, we really like the big refund ($3600 for fed and state combined) because we plan our vacations with it. If I changed my settings to get more back on our checks, I wonder how much extra we'd get on the checks. We have a tendency to spend it if we had it on the regular checks, instead of socking it away in a savings account that draws no interest. We also give a lot (tithe to church, etc.) so it's hard to know how much to change our W-4 by anyway. Any thoughts?

[23]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

I've always wondered about how much difference there would actually be if I did set up my taxes to not get a refund. The thing is, we really like the big refund ($3600 for fed and state combined) because we plan our vacations with it. If I changed my settings to get more back on our checks, I wonder how much extra we'd get on the checks. We have a tendency to spend it if we had it on the regular checks, instead of socking it away in a savings account that draws no interest. We also give a lot (tithe to church, etc.) so it's hard to know how much to change our W-4 by anyway. Any thoughts?

Well speaking from experience, you wouldn't be able to do that for too many years because eventually you'll end up owing money back.

You'd get a little more on your checks but im not sure it would be worth it unless you have a very good tax guy to guide you through it all each year and give you advice on what to do year in and out.

[DTX3]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

H&R Block will do mine.

H&R Block is a huge no no. They rip you off big time, i went to school at H&R Block this past summer to get certified. They charge way too much to do taxes, and believe it or not...most of them have no clue what they're doing. Anyways since im officially certified i do my own and others.

[aukevin]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

I got my W-2 from work yesterday. I'll probably go through Turbo Tax real quick this weekend and see what my refund is.

[jujuhound]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

H&R Block is a huge no no. They rip you off big time, i went to school at H&R Block this past summer to get certified. They charge way too much to do taxes, and believe it or not...most of them have no clue what they're doing. Anyways since im officially certified i do my own and others.

Second this statement. Several years ago, they screwed up my wife's taxes (before we were married) and allowed all of her confidential information to be compromised. It was a headache for a while.

[DTX3]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

Yep, i mean for the prices they have they should actually do them right. I believe they charge 250 for long form and 150 for short, waaay too much.

[Chief Illinimac]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

H&R Block is like the McDonald's for taxes. No good can come of it.

[jpup]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

A couple of questions...

1. Why would anyone claim 0? You are just lending the government your money. I believe I could invest my money more wisely than the government. I would much rather get the most money possible from my payroll check. I hear people say, "I can't wait to get my refund so I can pay off my credit card." If you would have claimed 1, you may not ever have had to use a credit card. Credit cards are stupid anyway, but that's another issue.

2. Why would anyone that doesn't have any deductions pay someone to do their taxes? I can't believe anyone is so busy they can't go to the post office and get a 1040 and a booklet to do themselves. Unless you can't count and read, you should never pay someone to do your taxes. There isn't a magic formula to doing taxes legally.

I talk to people everyday that do both of those things and I will never understand it. It's my belief that tax preparing may be the largest ripoff in the US other than insurance.

[Chief Illinimac]

Re: So its that time of the year...TAX TIME!!!! Yayyyy.

A couple of questions...

1. Why would anyone claim 0? You are just lending the government your money. I believe I could invest my money more wisely than the government. I would much rather get the most money possible from my payroll check. I hear people say, "I can't wait to get my refund so I can pay off my credit card." If you would have claimed 1, you may not ever have had to use a credit card. Credit cards are stupid anyway, but that's another issue.

2. Why would anyone that doesn't have any deductions pay someone to do their taxes? I can't believe anyone is so busy they can't go to the post office and get a 1040 and a booklet to do themselves. Unless you can't count and read, you should never pay someone to do your taxes. There isn't a magic formula to doing taxes legally.

I talk to people everyday that do both of those things and I will never understand it. It's my belief that tax preparing may be the largest ripoff in the US other than insurance.

1. Because if you claim 1 and don't make estimated tax payments throughout the year, you can end up owing the government money, and depending on how much you owe (greater of $1000 or 10% of TI I believe, off the top of my head) you could be paying penalties and interest to the government in addition to your computed taxes. Either way, you have to make payments to the government, might as well make sure you aren't making more than you need to in penalties and interest. Now for a student with a part-time job who isn't making enough money to even pay taxes, this is totally irrelevant, or someone whose income is not large enough to even pay $1000 in tax.

2. Because when you have lots of income from lots of sources (i.e. the wealthy) it becomes well worth the money to have someone with the expertise take care of it rather than spend 30+ hours on it. It's the same reason why anyone pays anyone to do anything. Obviously if your return is not very complex, it is not worth it.