last year, "our Ford" blessed me with a 1300$ tax refund. so I had high hopes for this year. I mean, Bush cant do any math at all and as a result has pushed his asinine tax cuts into law. so I thought for sure Id have another year of Spring wealth and be closer to my turbo. I DL'd the forms from the IRS website and used my year end pay stub for all the numbers. As I go thru the form, my heart starts to race and I get a little wood as I punch in the new higher standard deductions and credits. Im picturing my new flat screen TV and the engine parts. My tax liability is going WAY down, things are looking great. I get to the part where you look up your tax and there it is, I owe them 2296. Lets see, I paid in...........................................2291.
Yep, there's the Bush finance plan in action! I've been surprised with a big tax bill every year he's been in office. I keep reducing deductions on my W-4 and still end up owing. So this year, both the missus and I claim ZERO deductions on our W-4s AND I have them take out an extra $200 a month. So after all that I should finally get a big fat return right? Try $500. Thanks a pantload uncle sam-I-am-in-your-wallet-up-to-my-elbow.
Last edited on Wed Jan 19th, 2005 01:17 am by konaboy
Poor George. Everybody picks on him. He took "new math" when he was in high school, and learned that increased spending, and diminishing income is a good thing.
Hey! It makes perfect sense to me.
____________________ If you can't read this, you're illiterate.
As for the way taxes should work - The better you are at figuring taxes, the closer you come to breaking even. This is the truth. This way, Uncle Sam isn't earning interest off of YOUR money and you can benifit from the extra cash in your pocket.
Kona, If you find yourself paying, maybe you should try working with more charity donations or open a separate savings account for potential taxes owed money.
Just a thought.
I have no idea what I'm going to get hit with yet. My first year of filing as a Sole Proprietor and I've really not made any profits of any kind.
____________________ Get in, Sit down, Shut up and HANG ON!
Chelly's right. We usually try to hit it right on the head. Last year I got a $150 refund from the state, and I had to pay the feds $110, and owed the city about $80.
While it's nice to get a fat refund at tax time, it just means that you're paying to much during the year. Personally, I'd rather keep and invest my money, than to loan it to the tax collectors for a year interest free.
____________________ If you can't read this, you're illiterate.
I know its better to not overpay through the year but last year I got blessed with a child toward the end of the year and a 1000 dollar child bonus. so I got back almost everything I put in. just kinda hoping that would happen again.
yeah, well did you get blessed with another kid at the end of the year? If you answered no, then there's your problem. Start kicking out kids once a year and you'll get your return, I know all kinds of people who do that.
TXFO wrote: they took 20K from you!? damn dude, you are fucking rich!
and you told me you were lying to the girls about your income.....................
Umm, how many months are in your year? Works out to $2400 as I figure it, and that's just what's above what they usually take.
Yeah, charities are great so long as you itemize, if you don't you can't claim all additional exemptions, and if you don't own a home with mortgage interest to claim then it doesn't make sense to itemize, so there I am.
What changed from last year to this year? You should still receive the same $1000 child tax credit as you did having your little one last year. Did you decrease the witholdings from your paycheck at all last year? did you file jointly with your wife?
Last edited on Mon Jan 24th, 2005 01:19 pm by 03 white zx3
____________________ "Do not walk behind me, for I may not lead. Do not walk ahead of me, for I may not follow. Do not walk beside me either, just fuck off and leave me alone. "
so I had high hopes for this year. I mean, Bush cant do any math at all and as a result has pushed his asinine tax cuts into law. so I thought for sure Id have another year of Spring wealth and be closer to my turbo. I DL'd the forms from the IRS website and used my year end pay stub for all the numbers. As I go thru the form, my heart starts to race and I get a little wood as I punch in the new higher standard deductions and credits. Im picturing my new flat screen TV and the engine parts. My tax liability is going WAY down, things are looking great. I get to the part where you look up your tax and there it is, I owe them 2296. Lets see, I paid in...........................................2291.
