Income Tax: + or -?

Will you be paying taxes this year?

  • Yes, I owe to both Federal and State

    Votes: 5 9.3%

  • Yes, I owe to Federal only

    Votes: 3 5.6%

  • No, I'm getting money back from Federal and State

    Votes: 21 38.9%

  • No, I'm getting money back from only Federal

    Votes: 13 24.1%

  • Yes and No, Paying one, getting money back the other

    Votes: 7 13.0%

  • No, my country doesn't have income taxes

    Votes: 0 0.0%

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

    Votes: 2 3.7%

  • Other

    Votes: 3 5.6%
  • Total voters
    54
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blhowes

blhowes

Puritan Board Professor
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?
 
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.
 
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!
 
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".
 
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!
Click to expand...

You da man, Bob! :cheers2:
 
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.
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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.
 
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.
Click to expand...
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!
Click to expand...
:wwbd: He'd treat his friends to drinks! Bawb's the man!
 
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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!
 
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.
 
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.
 
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.
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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.
 
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.
 
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.
 
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.
 
I didn't work last year :oops: lol. My parents said "school is my work" haha, but that won't fly for grad school, so I will be workin this year. :um:
 
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.
 
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!!!!!
 
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. :D
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PRISON?

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

"Thaat's a bad thing!":judge:
 
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!!!!!
Click to expand...

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