# Income Tax: + or -?



## blhowes (Mar 28, 2008)

This morning I took TaxCut out of the box and did my taxes. Turns out this year I'll just about break even between the Federal and State taxes. I owe a small amount for Federal, and I'll get back some from State. I'll probably file the State tax first, pay the Federal with that, and have around $100 left over.

How'd you do this year? Do you owe? Are you getting a refund?

Does your state have state taxes?

For those outside the US, what's your tax situation like? Do you have to file taxes yearly?


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## Semper Fidelis (Mar 28, 2008)

Texas has no income taxes. I don't want to share details but I expect I'll do pretty well especially with the stimulus package in the wings.


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## BobVigneault (Mar 28, 2008)

I discovered this year that my 3 foster children (soon to be adopted) are and have been considered dependents. Who knew? So by the time I listed them as exemptions AND filed a 1040X for last year AND get the rebate, I'm doing pretty darn well for a change.

In fact, everyone on the board is invited to the Puritan Pub - I'M BUYING!


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## Backwoods Presbyterian (Mar 28, 2008)

Having children was the best economic decision of my life(j/k). That money I receive for having kids rocks!!!


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## toddpedlar (Mar 28, 2008)

Backwoods Presbyterian said:


> Having children was the best economic decision of my life(j/k). That money I receive for having kids rocks!!!



enjoy it while it lasts.... when billary (or hussein) takes office, the benefits of having kids will change...


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## Backwoods Presbyterian (Mar 28, 2008)

Unfortunately you are correct Sir. Wonder if there are any open pulpits in Scotland?


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## Hippo (Mar 28, 2008)

In the UK only 1 in 10 or so have to file a tax return, we do not run a repayment based system.

I hate filling out tax returns. In my personal opinion the problems arise due to an unwillingness in both government and by the public at large to accept that taxation is there to raise revenue, not to provide rebates and to be "fair".


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## VirginiaHuguenot (Mar 28, 2008)

BobVigneault said:


> I discovered this year that my 3 foster children (soon to be adopted) are and have been considered dependents. Who knew? So by the time I listed them as exemptions AND filed a 1040X for last year AND get the rebate, I'm doing pretty darn well for a change.
> 
> In fact, everyone on the board is invited to the Puritan Pub - I'M BUYING!



You da man, Bob!


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## blhowes (Mar 28, 2008)

Semper Fidelis said:


> Texas has no income taxes. I don't want to share details but I expect I'll do pretty well especially with the stimulus package in the wings.


Good deal! I'm looking forward to getting the stimulus package, too. I think my wife wants to use it to stimulate the economy by having somebody build us a deck out back. Well, at least I'll be able to see the check before its history.


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## blhowes (Mar 28, 2008)

BobVigneault said:


> I discovered this year that my 3 foster children (soon to be adopted) are and have been considered dependents. Who knew? So by the time I listed them as exemptions AND filed a 1040X for last year AND get the rebate, I'm doing pretty darn well for a change.


Those little gems just continue to be a blessing. 

Claiming dependents is definitely a plus. I didn't have the SS# for my boys handy when I first did the taxes this morning, so I skipped that part and came back to it later. Without those deductions, I was looking at owing the FEDs a good chunk. After I found their SS#'s and entered it in, I was pleased to see what I'd owe get much closer to zero.


BobVigneault said:


> In fact, everyone on the board is invited to the Puritan Pub - I'M BUYING!


  He'd treat his friends to drinks! Bawb's the man!


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## SolaScriptura (Mar 28, 2008)

I got an unbelievable refund. I was so surprised that my bowels almost let loose.
They can keep robbing from the wealthiest 1% as long as they keep putting some of their ill-gotten gain in my pocket! Woo-hoo!


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## blhowes (Mar 28, 2008)

SolaScriptura said:


> I got an unbelievable refund. I was so surprised that my bowels almost let loose.






SolaScriptura said:


> They can keep robbing from the wealthiest 1% as long as they keep putting some of their ill-gotten gain in my pocket! Woo-hoo!


That part of the American dream I've yet to share in.


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## BJClark (Mar 28, 2008)

Florida doesn't have a State Tax (but I think they are looking to change that) but we are getting some back..with that and the economic stimulus package, we plan on stimulating our household economy by paying off a couple bills..

We figure paying those off will benefit not only those we are in debted to, but also our household long term than going out and spending it in the stores. 

There are many things I would love to use the money for towards home improvements, but if we pay off the bills first, we can then take the income that has been going to the bill's and use that to do the repairs..which will give longer term stimulus to the economy than a one time go out and spend it would.


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## Contra Marcion (Mar 28, 2008)

Being in the military, I don't pay state tax from Washington. I did recieve a refund for my Federal tax, but I wouldn't say that I paid nothing. I still loaned the government my money at no interest, money that was invested in ungodly programs and causes.


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## VictorBravo (Mar 28, 2008)

Contra Marcion said:


> Being in the military, I don't pay state tax from Washington. I did recieve a refund for my Federal tax, but I wouldn't say that I paid nothing. I still loaned the government my money at no interest, money that was invested in ungodly programs and causes.



Right, getting a refund for most people simply means they overpaid during the year. So even if you get something back, you paid, and the Fed essentially took that interest free loan from you and used it, in part, to lend at interest to banks bailing out banks. (It makes me feel good to do my part. )

Of course, I'm not talking about earned income credit or other rebates.

Washington has no income tax, but we've paid a fair sum to the state and local government in property tax and sales tax. (I figured it out and it amounts to a lot more than the 2001 Ford Ranger I bought this year).

And yes, we've paid quite a bit to the Feds.


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## Poimen (Mar 28, 2008)

For years I have suggested that some people let me adopt their children so I can claim more exemptions but all I get is strange looks. The nerve of some people...

I answered other: let's just say the government owes me big time and because I am a Dutch, nobody but my bank account is going to see this money.


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## py3ak (Mar 28, 2008)

I'm getting back about 1/7th of my last year's income. Now before anyone gets excited that I can therefore buy you the works of William Perkins, the total rebate from two states and the federal government should be right around $1000.00. Yes, if you do the math, that is actually correct.


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## Timothy William (Mar 28, 2008)

I will get a small refund from the federal income taxes paid during the year (we don't file until July though). Australia has no State income taxes.


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## Simply_Nikki (Mar 28, 2008)

I didn't work last year  lol. My parents said "school is my work" haha, but that won't fly for grad school, so I will be workin this year.


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## ColdSilverMoon (Mar 28, 2008)

I think my New York City taxes are higher than most of your state taxes. So that makes the trifecta of federal, state, and city. And no, the city definitely does not give refunds.


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## Bladestunner316 (Mar 28, 2008)

I've come to realize that you know I'm ok with paying a bi-weekly fee to my government to be allowed to work in it's country.



Not!!!!!


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## RamistThomist (Mar 28, 2008)

I laughed at this option:



> no, I owe...find me if you can, IRS


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## Ivan (Mar 28, 2008)

BobVigneault said:


> In fact, everyone on the board is invited to the Puritan Pub - I'M BUYING!



Address, please!


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## Ivan (Mar 28, 2008)

Ivanhoe said:


> I laughed at this option:
> 
> 
> 
> > no, I owe...find me if you can, IRS



I love the sentiment....and your avatar, Jacob.

Awesome movie!


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## Ivan (Mar 28, 2008)

Simply_Nikki said:


> I didn't work last year  lol. My parents said "school is my work" haha, but that won't fly for grad school, so I will be workin this year.



And where are you going to grad school? What degree are you seeking?


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## Gloria (Mar 28, 2008)

I owe state and federal.


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## Presbyterian Deacon (Mar 28, 2008)

joshua said:


> I don't _owe_ 'em anything. But when tax time rolls around in the future, and they send me the bill, I suppose I have to pay...or else, there's prison.



PRISON? 

That would mean our tax dollars would go to support you! Josh...In my humble opinion

"Thaat's a bad thing!"


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## Presbyterian Deacon (Mar 28, 2008)

Bladestunner316 said:


> I've come to realize that you know I'm ok with paying a bi-weekly fee to my government to be allowed to work in it's country.
> 
> 
> 
> Not!!!!!




Bladestunner, I like this quote:



> "Man is nothing: he hath a free will to go to hell, but none to go to heaven, till God worketh in him to will and to do his good pleasure"
> GEORGE WHITEFIELD TO JOHN WESLEY



Tell me, is that from Whitefield's letter to Wesley on Election, or is it from some other letter?


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## Presbyterian Deacon (Mar 28, 2008)

I get small refunds from both state and Fed this year. 

Of course, it goes right back into paying bills, so not really a big deal.


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## BertMulder (Mar 28, 2008)

In Canada we have to file by April 30. So we get an extra 15 days. (By June 15 if self employed).

As public accountant, doing tax returns is part of my trade. It is a good living, money wise, but not an easy living , and a poor choice for a family life from January to April.


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## Bladestunner316 (Mar 28, 2008)

Presbyterian Deacon said:


> Bladestunner316 said:
> 
> 
> > I've come to realize that you know I'm ok with paying a bi-weekly fee to my government to be allowed to work in it's country.
> ...




You know I dont remember where. But that would be a valid assumption-it would have to be from a letter.


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## bookslover (Mar 29, 2008)

toddpedlar said:


> enjoy it while it lasts.... when billary (or hussein) takes office, the benefits of having kids will change...



The first thing either of them will do is to put the "marriage penalty" back in. That should help O'Bama (he's Irish - didn't you know?), if he gets in, with his proposed $790 billion budget.


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## KMK (Mar 29, 2008)

Nothing Obama or Hillary can do to change the truth of God's Word. Children will always be a blessing from the Lord! God will always find a way to bless through children.


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## JonathanHunt (Mar 29, 2008)

Backwoods Presbyterian said:


> Unfortunately you are correct Sir. Wonder if there are any open pulpits in Scotland?



Many throughout the UK, but most churches cannot afford to pay adequately!


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## BJClark (Mar 29, 2008)

JonathanHunt;



> Many throughout the UK, but most churches cannot afford to pay adequately!



Most people say employers in general don't pay adequately, but I know here in the states, many employers DO pay adequately, but people want to live way beyond what they can afford.


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## Ivan (Mar 29, 2008)

JonathanHunt said:


> Backwoods Presbyterian said:
> 
> 
> > Unfortunately you are correct Sir. Wonder if there are any open pulpits in Scotland?
> ...



If I could "afford" it I'd love to preach in the UK.....I think....


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## Ivan (Mar 29, 2008)

BJClark said:


> JonathanHunt;
> 
> 
> 
> ...



That's an excellent point. It's surprising to some as to how much you really need to live. It's much less than people realize or are willing to live on.


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## matt01 (Mar 30, 2008)

Bladestunner316 said:


> I've come to realize that you know I'm ok with paying a bi-weekly fee to my government to be allowed to work in it's country.
> 
> Not!!!!!



I am okay with the amount that I have to pay. The benefits outweigh the expenses... I have not filed my state or federal taxes, nor have I filed my canadian taxes yet. Yes, taxes for two countries, it is great.


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## Kevin (Mar 31, 2008)

Backwoods Presbyterian said:


> Unfortunately you are correct Sir. Wonder if there are any open pulpits in Scotland?



Yes, in the AP.

APC | Associated Presbyterian Churches.

I heard today that they have 7 vacencies.


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## JasonGoodwin (Apr 1, 2008)

Something to think about... The best and worst states for taxes - MSN Money

I'm glad I don't live in my home state anymore.


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## VirginiaHuguenot (Apr 2, 2008)

IRS Announces Economic Stimulus Payment Schedules, Provides Online Payment Calculator


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## Dan.... (Apr 2, 2008)

As one of the 41% of Americans who have a negative tax liability (i.e., get back more than paid), I want to extend my appreciation to the rest of you who tipped a little extra! 

The Tax Foundation - Number of Americans Paying Zero Federal Income Tax Grows to 43.4 Million


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## Dan.... (Apr 2, 2008)

victorbravo said:


> Washington has no income tax, but we've paid a fair sum to the state and local government in property tax and sales tax. (I figured it out and it amounts to a lot more than the 2001 Ford Ranger I bought this year).
> 
> And yes, we've paid quite a bit to the Feds.



Speaking of the State sales tax vs. State Income tax... Is it really fair for residents who live in states where they pay both State income tax and State sales tax to have to choose which one is the larger amount, while those who pay only one gets to deduct the full amount of whichever they pay?

In Illinois, we have both, but the only time you would actually want to deduct sales tax is in years that you make large puchases such as automobiles.


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## VictorBravo (Apr 2, 2008)

Dan.... said:


> victorbravo said:
> 
> 
> > Washington has no income tax, but we've paid a fair sum to the state and local government in property tax and sales tax. (I figured it out and it amounts to a lot more than the 2001 Ford Ranger I bought this year).
> ...



Fair? The tax code? Sorry. 

Actually, it was only the past couple of years that sales tax could be deducted at all. That was from a push by the Washington delegation (and the other handful of sales-tax only states). Before that, only state income tax could be deducted. I'm sure they will jigger it yet again, but more likely not in anybody's favor.


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## tcalbrecht (Apr 2, 2008)

We owe some to the feds and to PA. 

We maxed out our dependent deductions many years ago and it has been going downhill ever since. We’ll loose another deduction this year when our 5th child gets married (DV), which will leave us with just two at home.

Plus, our home mortgage is almost paid off so we have little to show for deductable mortgage interest.

I guess we could adopt a few more kids, but, instead, I’ve thought about buying a big new expensive house just to get that deduction back.


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## Dan.... (Apr 2, 2008)

victorbravo said:


> Dan.... said:
> 
> 
> > victorbravo said:
> ...



Hey, it's that fair tax code that gives me a negative tax liability, so I won't complain too much. 

...but I hope they jigger it to include both.


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## KMK (Apr 2, 2008)

JasonGoodwin said:


> Something to think about... The best and worst states for taxes - MSN Money
> 
> I'm glad I don't live in my home state anymore.



Are there any good Reformed churches in Alaska?


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## tcalbrecht (Apr 2, 2008)

victorbravo said:


> Fair? The tax code? Sorry.
> 
> Actually, it was only the past couple of years that sales tax could be deducted at all. That was from a push by the Washington delegation (and the other handful of sales-tax only states). Before that, only state income tax could be deducted. I'm sure they will jigger it yet again, but more likely not in anybody's favor.



In a society where "natural law" prevails in the civil realm, any tax code is fair. No?


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## VictorBravo (Apr 2, 2008)

tcalbrecht said:


> victorbravo said:
> 
> 
> > Fair? The tax code? Sorry.
> ...



Well, without getting into a jillion qualifiers and definitions, I'd say that under the current view of tax policy by the "experts", they'd say no. The problem is, they can't figure out what they mean by "fair."

There's the concept of vertical equity: which seeks to have fairness over a range of different income. 

And then there's the concept of horizontal equity: it seeks to have similarly situated people treated similarly.

So the income tax deduction vs. the sales tax deduction issue mostly hits on horizontal equity: people in some states get more of a break than others.

But, taking your question in a positive law sense: what the ruler demos decrees (through their elected officials) is always right and fair.


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