ty_ger07
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My taxes are filed. This year, I am getting back over $25,000. I had to brag. Anyone else blessed with a hefty return?
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kram36
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Re: Anyone want to brag about their tax return?
2019/02/09 06:39:03
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Congratulations, you gave the Government a free $25,000 loan for a year.
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ty_ger07
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Re: Anyone want to brag about their tax return?
2019/02/09 06:46:06
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kram36 Congratulations, you gave the Government a free $25,000 loan for a year.
It's not always so easy to make that determination. You can't be sure, until looking back, whether you will be tax-exempt for the year; or for which portion(s) of the year. Or what your deductions will be. Etcetera. Don't simplify things too much. The rules which made me 86% tax exempt weren't published until the end of 2018.
post edited by ty_ger07 - 2019/02/09 06:59:36
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Delirious
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Re: Anyone want to brag about their tax return?
2019/02/09 08:11:59
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I'd rather pay than have them sit on my money and earn interest. But I have job in which I can put back money for taxes. To me, a tax return is't free money. It's my money and I just don't go and buy stuff because something showed up in the mail. But everyone is different and it's ok. My employees like getting checks in the mail to go and blow. That's their business. But I ask them if they want the Gov keeping their money or do they want more money in their paycheck
post edited by Delirious - 2019/02/09 08:13:56
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revenantx02
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Re: Anyone want to brag about their tax return?
2019/02/09 11:45:18
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I changed jobs half way through the year.. made a few thousands more than the previous job and bumped myself into the next bracket, halving my tax return for the year. Not much to brag about lol.
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Nereus
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Re: Anyone want to brag about their tax return?
2019/02/09 13:16:18
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We have always received a couple of thousand in Fed tax refunds, until this year. This year we had to pay $3,500 plus a small amount of penalty. This is primarily a result of living in a high-tax State (NY State + NY City taxes) and the $10k SALT limitation. Most of America are better off from these tax changes in a net perspective (even if your refund is a bit lower, you got more in the hand during the year), but many income earners with slightly above average incomes in high tax States like NY and CA are taking a hit unfortunately. I don't blame Trump for that, I blame State legislators and their increasingly high tax rates on everything.
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XrayMan
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Re: Anyone want to brag about their tax return?
2019/02/09 15:20:48
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We usually get about $3,000 back in total. Can't complain too much.
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JGLuxe
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Re: Anyone want to brag about their tax return?
2019/02/09 16:54:12
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What tax return? I go Single-99 the whole year and pay less at the end of the year, than the amount of money they would've taken to begin with. Delirious I'd rather pay than have them sit on my money and earn interest. But I have job in which I can put back money for taxes. To me, a tax return is't free money. It's my money and I just don't go and buy stuff because something showed up in the mail. But everyone is different and it's ok. My employees like getting checks in the mail to go and blow. That's their business. But I ask them if they want the Gov keeping their money or do they want more money in their paycheck
Exactly. That's the big reason why tax queens exist, to them it's free money and they use it for extravagant things they can't upkeep and end up losing or re-selling them a couple months later for half the price because they now need that money lol
post edited by RushXTC - 2019/02/09 16:56:04
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ty_ger07
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Re: Anyone want to brag about their tax return?
2019/02/09 17:42:38
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Delirious I'd rather pay than have them sit on my money and earn interest. But I have job in which I can put back money for taxes. To me, a tax return is't free money. It's my money and I just don't go and buy stuff because something showed up in the mail. But everyone is different and it's ok. My employees like getting checks in the mail to go and blow. That's their business. But I ask them if they want the Gov keeping their money or do they want more money in their paycheck
I agree. Usually I end up paying to some states and get back from others and maybe I get some from federal or pay in to federal and it all ends up being a wash. This year was special, for sure! Thanks Trump! I didn't change my IRS dependents claim or file differently or anything. It was simply a fortunate change in IRS rules at the end of 2018 for foreign earned tax exemption. I felt blessed.
post edited by ty_ger07 - 2019/02/09 18:25:50
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Tyver
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Re: Anyone want to brag about their tax return?
2019/02/09 18:24:55
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The wonderful state of Illinios gave me the very very large sum of $51......I claim one deduciton (or exemption, whatever its called) too so if that doesnt tell you not to move to IL, I dont know what does. Federal wasnt too bad though. Enough to pay for my upgrades I did a few months ago and then some. $1500, not what Id like but better than owning money. Only bad thing was I worked too many days in the field (we get a bonus if we are in the field longer than 15 consecutive days) and it put me in a new tax bracket by a couple grand. Also put me out of the range of being able claim student loan payments as a deduction. I played myself this year.
post edited by Tyver - 2019/02/09 18:28:19
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kaninja
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Re: Anyone want to brag about their tax return?
2019/02/09 20:23:09
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Return? lol I haven't filed in 2 years. Maybe next year.
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kram36
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Re: Anyone want to brag about their tax return?
2019/02/09 20:59:23
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ty_ger07
Delirious I'd rather pay than have them sit on my money and earn interest. But I have job in which I can put back money for taxes. To me, a tax return is't free money. It's my money and I just don't go and buy stuff because something showed up in the mail. But everyone is different and it's ok. My employees like getting checks in the mail to go and blow. That's their business. But I ask them if they want the Gov keeping their money or do they want more money in their paycheck
I agree. Usually I end up paying to some states and get back from others and maybe I get some from federal or pay in to federal and it all ends up being a wash. This year was special, for sure! Thanks Trump! I didn't change my IRS dependents claim or file differently or anything. It was simply a fortunate change in IRS rules at the end of 2018 for foreign earned tax exemption. I felt blessed.
My bad, the tax code changes made the unexpected difference. That's great to hear. Seriously, congrats!
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Holdolin
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Re: Anyone want to brag about their tax return?
2019/02/09 21:08:04
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Well, I actually got a refund this year. The wife and I try to keep it at bout break even and are usually pretty close. My sister in law said there were some tax changes at the federal level that affected us. Thankfully we don't have state income tax.
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Nereus
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Re: Anyone want to brag about their tax return?
2019/02/09 21:47:49
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kaninja Return? lol I haven't filed in 2 years. Maybe next year.
Not smart. You know they can (and usually do) tack on huge penalties and interest to non-filers, right? Unless you know you have no tax owing, that's a really really dumb move.
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Holdolin
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Re: Anyone want to brag about their tax return?
2019/02/09 21:49:53
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Nereus
kaninja Return? lol I haven't filed in 2 years. Maybe next year.
Not smart. You know they can (and usually do) tack on huge penalties and interest to non-filers, right? Unless you know you have no tax owing, that's a really really dumb move.
Only if you actually owed taxes. If you have a situation where you have no taxes due you do not have to file. Being a disabled vet, we didn't file taxes for over a decade until my wife started working and was now have a tax liability.
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Nereus
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Re: Anyone want to brag about their tax return?
2019/02/09 22:07:36
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Holdolin
Nereus
kaninja Return? lol I haven't filed in 2 years. Maybe next year.
Not smart. You know they can (and usually do) tack on huge penalties and interest to non-filers, right? Unless you know you have no tax owing, that's a really really dumb move.
Only if you actually owed taxes. If you have a situation where you have no taxes due you do not have to file. Being a disabled vet, we didn't file taxes for over a decade until my wife started working and was now have a tax liability.
Well yeah, as highlighted. :) - It's still a good idea to file anyway - I filed when I was a student and had no taxable income for a couple of years, partly because I got a small refundable credit on my State return even with no income, and also because if you need a loan or something like that, they will sometimes ask to see your last few years tax returns, even if it's a zero return. Also means you don't go through the hassle 'proving' you had no taxable income if you are randomly audited for not filing, even though you owe nothing. As it happens, filing those returns back when I was a student made a difference in getting the job I have now been working at for nearly a decade. Thank you for your service and your sacrifice.
post edited by Nereus - 2019/02/09 22:09:46
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Holdolin
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Re: Anyone want to brag about their tax return?
2019/02/09 22:09:38
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Nereus
Holdolin
Nereus
kaninja Return? lol I haven't filed in 2 years. Maybe next year.
Not smart. You know they can (and usually do) tack on huge penalties and interest to non-filers, right? Unless you know you have no tax owing, that's a really really dumb move.
Only if you actually owed taxes. If you have a situation where you have no taxes due you do not have to file. Being a disabled vet, we didn't file taxes for over a decade until my wife started working and was now have a tax liability.
Well yeah, as highlighted. :) - It's still a good idea to file anyway - I filed when I was a student and had no taxable income for a couple of years, partly because I got a small refundable credit on my State return even with no income, and also because if you need a loan or something like that, they will sometimes ask to see your last few years tax returns, even if it's a zero return. Also means you don't go through the hassle 'proving' you had no taxable income if you are randomly audited for not filing, even though you owe nothing. Thank you for your service and your sacrifice.
Ok ya, totally right there, better to file in any case, and you are quite welcome. It was an honor to serve
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Nereus
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Re: Anyone want to brag about their tax return?
2019/02/09 22:11:53
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Holdolin
Nereus
Holdolin
Nereus
kaninja Return? lol I haven't filed in 2 years. Maybe next year.
Not smart. You know they can (and usually do) tack on huge penalties and interest to non-filers, right? Unless you know you have no tax owing, that's a really really dumb move.
Only if you actually owed taxes. If you have a situation where you have no taxes due you do not have to file. Being a disabled vet, we didn't file taxes for over a decade until my wife started working and was now have a tax liability.
Well yeah, as highlighted. :) - It's still a good idea to file anyway - I filed when I was a student and had no taxable income for a couple of years, partly because I got a small refundable credit on my State return even with no income, and also because if you need a loan or something like that, they will sometimes ask to see your last few years tax returns, even if it's a zero return. Also means you don't go through the hassle 'proving' you had no taxable income if you are randomly audited for not filing, even though you owe nothing. Thank you for your service and your sacrifice.
Ok ya, totally right there, better to file in any case, and you are quite welcome. It was an honor to serve
My Dad was a LCDR, 25 years with the US Navy (Naval Aviator). I have huge respect for anyone who served.
post edited by Nereus - 2019/02/09 22:13:00
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Holdolin
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Re: Anyone want to brag about their tax return?
2019/02/09 22:16:59
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Nereus
Holdolin
Nereus
Holdolin
Nereus
kaninja Return? lol I haven't filed in 2 years. Maybe next year.
Not smart. You know they can (and usually do) tack on huge penalties and interest to non-filers, right? Unless you know you have no tax owing, that's a really really dumb move.
Only if you actually owed taxes. If you have a situation where you have no taxes due you do not have to file. Being a disabled vet, we didn't file taxes for over a decade until my wife started working and was now have a tax liability.
Well yeah, as highlighted. :) - It's still a good idea to file anyway - I filed when I was a student and had no taxable income for a couple of years, partly because I got a small refundable credit on my State return even with no income, and also because if you need a loan or something like that, they will sometimes ask to see your last few years tax returns, even if it's a zero return. Also means you don't go through the hassle 'proving' you had no taxable income if you are randomly audited for not filing, even though you owe nothing. Thank you for your service and your sacrifice.
Ok ya, totally right there, better to file in any case, and you are quite welcome. It was an honor to serve
My Dad was a LCDR, 25 years with the US Navy (Naval Aviator). I have huge respect for anyone who served.
Awesome. I wanted to be an Aviator but without my glasses I can't read a billboard lol. /salute for your Dad.
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Nereus
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Re: Anyone want to brag about their tax return?
2019/02/09 22:24:31
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Holdolin
Nereus
Holdolin
Nereus
Holdolin
Nereus
kaninja Return? lol I haven't filed in 2 years. Maybe next year.
Not smart. You know they can (and usually do) tack on huge penalties and interest to non-filers, right? Unless you know you have no tax owing, that's a really really dumb move.
Only if you actually owed taxes. If you have a situation where you have no taxes due you do not have to file. Being a disabled vet, we didn't file taxes for over a decade until my wife started working and was now have a tax liability.
Well yeah, as highlighted. :) - It's still a good idea to file anyway - I filed when I was a student and had no taxable income for a couple of years, partly because I got a small refundable credit on my State return even with no income, and also because if you need a loan or something like that, they will sometimes ask to see your last few years tax returns, even if it's a zero return. Also means you don't go through the hassle 'proving' you had no taxable income if you are randomly audited for not filing, even though you owe nothing. Thank you for your service and your sacrifice.
Ok ya, totally right there, better to file in any case, and you are quite welcome. It was an honor to serve
My Dad was a LCDR, 25 years with the US Navy (Naval Aviator). I have huge respect for anyone who served.
Awesome. I wanted to be an Aviator but without my glasses I can't read a billboard lol. /salute for your Dad.
LOL yeah that could be a problem. :D Cheers.
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kaninja
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Re: Anyone want to brag about their tax return?
2019/02/10 04:19:13
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Nereus
kaninja Return? lol I haven't filed in 2 years. Maybe next year.
Not smart. You know they can (and usually do) tack on huge penalties and interest to non-filers, right? Unless you know you have no tax owing, that's a really really dumb move.
I probably don't owe. I mean I haven't owed a dime in 24 straight years.....I am sure I will be fine. Did one of those quick on-line estimates and says my return should be ~$125 for last year.
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Tyver
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Re: Anyone want to brag about their tax return?
2019/02/10 11:48:01
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Holdolin Thankfully we don't have state income tax.
Must be nice
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Nereus
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Re: Anyone want to brag about their tax return?
2019/02/10 11:59:59
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Tyver
Holdolin Thankfully we don't have state income tax.
Must be nice
+1 on that! With NY State and NY City taxes combined, we're hitting around another 10% in taxes on our income on top of Federal tax. :/
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HaywireHaywood
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Re: Anyone want to brag about their tax return?
2019/02/10 13:58:40
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I usually get 12 or 1300 back combined and use about half of it to pay my auto insurance for the year.
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Tyver
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Re: Anyone want to brag about their tax return?
2019/02/10 14:40:39
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Nereus
Tyver
Holdolin Thankfully we don't have state income tax.
Must be nice
+1 on that! With NY State and NY City taxes combined, we're hitting around another 10% in taxes on our income on top of Federal tax. :/
Im living in Illinios, I know your pain. haha
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toyking22
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Re: Anyone want to brag about their tax return?
2019/02/11 05:52:31
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I am getting around 400 less then last year. and i made more this year?
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ehabash1
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Re: Anyone want to brag about their tax return?
2019/02/11 06:37:57
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return? I make too much money to think about getting anything back. When my S Corp claims some profit...ouch. this year should be better though under the new tax law
post edited by ehabash1 - 2019/02/11 07:03:00
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Nereus
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Re: Anyone want to brag about their tax return?
2019/02/11 06:48:51
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ehabash1 lol at tax return. I make way too much money to even think about getting anything back. When my S Corp claims some profit...ouch. this year should be better though under the new tax law
S-Corp gains are just flow-through income to your personal tax anyway, and get hit at personal income tax rates, but if you're running it at a loss it's great for reducing your personal income tax liability. There are some changes in the S-Corp laws for 2018 onward where you can deduct 20% of qualified S-Corp business income, so effectively you only pay tax on 80% of the income, which is great for small business owners. With the corp tax rate dropped to 21% now, you might want to review whether it's worth switching it to a C-Corp in the future though - if you start turning a profit from it.
post edited by Nereus - 2019/02/11 06:52:28
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_AlanT
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Re: Anyone want to brag about their tax return?
2019/02/12 05:13:47
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