Income Tax Refund!

George Grand

I did my taxes this afternoon, and it appears we'll be realizing a nice fat check from the federales, and a smaller sum from Zoo Jersey. I think I'll buy.........

Nothing! I love the look on my wife's face, the stately countenance of the former Theresa Talamonti of course, when I hand her each years refund. It's a good feeling, and one night a year I don't get calibrated in my sleep.

Vivaaa Las Taxes!

George Grand (of the Jersey Grands)

dragon1952

Hey! Congrats.....maybe you won't have to sell that Tosh now after all!

Ron-P

Myself, $782 back from Arnold and $3,762 back from the feds.

Good news, that gets better. I'm now only $4,062.00 away from being 100% debt free. No more mortgage, no car payments, no CC's...nothing. I will owe no one.

George Grand

Whoa. HOUSE PAID OFF? You're not that old.

George

disneyjoe7

Well a sour subject last year $1807 back this year $1914 owe. WTF

Shizelbs

I'd rather have the money and owe than get money back.

RuSsMaN

Same here. I let my $ work FOR me all year long.

Cheers,
Russ

Ron-P

Whoa. HOUSE PAID OFF? You're not that old.

Actually, it's all ready paid off. That 4k is on my wifes Toyota van. I plan on 2 - 2k payments over the next month or so to pay it off.

Let me add that we have never moved (still living in our first house) and have never taken out a 2nd, 3rd...etc. Makes it quick and easy to pay off. Also, making extra payments and making payments twice a month makes a huge difference in the long term.

disneyjoe7

Originally posted by Shizelbs
I'd rather have the money and owe than get money back.

But the **** is I didn't change anything, so I don't even know what next year will bring.

George Grand

I have never taken out a 2nd or 3rd mortgage as well, and also live in the first house I bought (in 1987). I'm not done until 2009 at present rate of payment. My mortgage company does not allow bi-weekly payments either.

More power to you.

George Grand (of the Jersey Grands)

Steve,

Re-do your stuff. Unless you made a boatload more money, or lost a dependant or two during the year, there's very little to explain that kind of difference over only one year. Or maybe you did it wrong last year and they'll be inviting you in sooner or later.

Jstas

Originally posted by Ron-P
Actually, it's all ready paid off. That 4k is on my wifes Toyota van. I plan on 2 - 2k payments over the next month or so to pay it off.

I'm getting to that point too. I have 1 credit card left and I have to pay off my truck and my wife's car (gonna happen with my hefty tax return) and then I have school loans. Once I l kill off the rest of my debt, I can run through the school loans in roughly a year and a half. It feels good to finally see the light at the end of this suck-**** tunnel. I just wish I was able to find a decent job sooner than I did while I was in school. Interest builds up quick when you gotta over extend yourself to beable to go to school and get the education you need to be able to get the job you need to pay off teh bills you incur getting that education...what a vicious cycle!

George Grand

By the time my house is paid off in 2009 (or sooner), the quarterly property tax payment will be equal to or greater than three months of old mortgage payments.

Zoo Jersey!

George Grand (of the Jersey Grands)

shack

I usually try to make sure my payroll deductions keep me in a position pay the govt. something less than $500. Due to some unforseen events (changing jobs and having to exercise a bunch of stock options on the last day of the year) I will have to write the IRS a check that will bring more than a tear to my eyes. Oh well....it looked good sitting in the bank for 3 months.....

Airplay355

im a dependant

ohskigod

Originally posted by disneyjoe7
But the **** is I didn't change anything, so I don't even know what next year will bring.

wow, something had to change to go from a close to 2000 refund to owing close to 2000. not as much your total income, but the breakdown of it. maybe more 1099 income (without witholding) like bank income, contract jobs. check your paystub from this year and last, are they witholding less?
perhaps you had deductions you took in 03 that you did not or could not take in 04. who preps your taxes, if not you, then have a nice conversation with the person that does, i.e. WHY???

long story short, with that drastic of a change, you really want to dial down the reason for the drastic change in scenario so you can plan ahead (more witholding from paycheck, adjust estimated payments if applicable).

just my .02

beardog03

the taxman commeth...
the taxman taketh away...

DAMN YOU TAXMAN..!

I think when I`m done writing the fat check, and crying like a girl, I`ll include some "paperwork" that I was just workin on in the can...

Sorry Ms. Frizz look away...!!
Not a pretty picture...

This house will not be paid off in this lifetime..
I had to refinance 2 yrs ago to do some must do work on the house...
I know am buying my own house at almost 2/3rds more than I bought it for the first time...

with all the taxes I have to pay, you think they would actually fill a couple pot-holes around here just for GP...:rolleyes:

shack

DJ7FS - Steve - It's a pretty simple process. Just take last years return and compare each line....look for differences. Check the math. The number one mistake on returns is the simple additon and subtraction. Do you itemize...if so compare the deductions? More income...less withholding....forget a dependent...tax calculated correctly? Something had to change or one or the other return is wrong.

beardog03

did your state add any new taxes, or up any taxes last year
DMV, property,etc...?

Make money on cd`s,stocks,investments, etc..?

disneyjoe7

Thanks all,

Some new data for you all,

I use Turbo Tax, been doing my own taxes for ever. Differences between 03 and 04 less deductions (closing cost vs. none) $10k higher pay vs. 03, I made $2k more but looks like they took $2k less out , my wife made $8k more.

I have my W2 at Married 2 my wife is Married 0 so I think I need to change mine. I re mortgaged house this year for a Pool, I'm under 80% loan to value so it's like all interest now. So at least I can deduct all of this next year. :cool:

What I need to do is figure out the Interest on new loan vs. tax and taxes withheld. What worries me I'm just under the $107,025 on line 41 1040, and I'm thinking about starting a side business being incorporated. What this will do to my bottom line, not really sure just who I need to talk too

shack

I made $2k more but looks like they took $2k less out , my wife made $8k more.

Bush's tax cut. If you did nothing they lowered the witholding because of the cut.

I'm thinking about starting a side business being incorporated. What this will do to my bottom line, not really sure just who I need to talk too

You will need some legal help to incorporate. Make sure you have all your tax issues in order. Side businesses are one of the IRS audit triggers. If you do the Inc. thing it may be time to hang up the Turbo Tax and hire a good CPA.

Final note - make sure about those closing costs Steve. Unlike when you buy a home where all the points are decuctable in the year you purchased the home....on a refinance the points must be amorized over the life of the loan. Ie: 30 year mortgage...1/30th of any points may be deducted in that year and so forth. When you refinance you mortgage any remaining points from a prior "refinance" may be deducted in the year of the new refinance...maybe that is what you are talking about. Ordinary closing costs like appraisals, title work, recording fees are not tax deductable.

HBombToo

I bought a Marantz 8 tube amp and through the rest of the cash at an 2005 Bonneville GXP. Just picked it up on Wednesday and she sure looks nice in the driveway. It is fully loaded and only increased my monthly by 100 bucks. Fast as hell and probably too much engine for me at 275 ponies.

I'm not sure if paying off the house would be a good idea for me. Its really the only deduction off of gross I have. I'm just keeping everything invested now and if **** hits the fan for me economically at least I know I can pay the house off and keep my kids warm and dry.

We even racked up some out of pocket health expenses with the birth of my boy but my income was high enough that I could not even wright that down. I at a loss as what the best thing to do is but I'll keep plowing money into the 401k and IRA's. Even though IRA's aint worth a **** at least it comes off of gross.

I wish I knew more about finance and spelling thats for sure.

Oh well thats what Coors light is for anyway.

I'm just drinken a cold one on another **** day in KC but at least the tubes are keeping me warm.

HBomb

danger boy

i'm not real smart when it comes to filing fed taxes.. but I just can't see how anyone would ever have to pay taxes... instead of getting something back? It just boggles my mind.

I've never had to pay anything to the IRS. Knock on wood. Knock, Knock! Who's there? the IRS.... not gonna pay you *^%!+$ IRS. ha ha ha

shack

Originally posted by danger boy
but I just can't see how anyone would ever have to pay taxes... instead of getting something back? It just boggles my mind.

If that's the case, just go down to your bank when you get your refund and tell them they can keep it for a year and you don't expect them to pay you any interest...they can use it for free...your treat. Same the with the govt/IRS. It's bad enough I have to give them as much as I do....I'm sure not going to let them use the few $ I get to keep for free!

disneyjoe7

The most before I had ever paid the IRS was like $200 bucks before I own a house like my first one 10 years ago. So $2k this year is killing me.

danger boy

wow Steve, that's sad. Sorry you have to pay so much this time. Maybe you need a new CPA to do your taxes.

Jstas

disneyjoe7, an accountant friend of mine said that you should look into filing jointly as a married couple for next year because there are deductions available to you if filing jointly that wouldn't be available to you if you were filing your wife as a dependant. In many cases, it is quite worth it to do it that way.

disneyjoe7

Jstas,

Good idea I will redo as married filing separately to see if this would help. I done this before for fun and I always was better as married filing jointly. I haven't filed yet so no harm done.

wodom1

I owe $777. First time in my life that I will have to pay too. In college I relied on my refund to pay for Spring Break, but I guess those days are over. I've got to pay because I somehow claimed "2" when I should have claimed "0" so not enough was taken out of my paychecks.

swerve

Originally posted by wodom1
I owe $777. First time in my life that I will have to pay too. In college I relied on my refund to pay for Spring Break, but I guess those days are over. I've got to pay because I somehow claimed "2" when I should have claimed "0" so not enough was taken out of my paychecks.

:mad: I was going to claim 1 but I'm glad I didn't because I barely got anything back. I most likely would have owed alot. It was all good and I was looking at a fat check but then I started entering all the info from my 2nd job and it went to hell.

-adam

jdhdiggs

Both my wife and I do the 0 exemption, married, but witholding at the single rate and still had to pay $2k last year. I added $50/ paycheck be addded to witholding and now we are about right. Getting a refund this year.

disneyjoe7

Originally posted by jdhdiggs
Both my wife and I do the 0 exemption, married, but witholding at the single rate and still had to pay $2k last year. I added $50/ paycheck be addded to witholding and now we are about right. Getting a refund this year.

I'm thinking that if you claim "Single 0" you're married no kids, and live in an apartment.