View Full Version : Yay - Taxes are finally finished
tokenuser
04-01-2007, 04:35 PM
OK, so its not a subject everyone is excited about, but getting taxes done is a pain every year.
I am just happy that we owned a little to the Feds, and the state gave us something back (but not quite as much as we owed). I used to get excited over the big tax return, but came to realise that it was NOT like a savings account, I got no benefit from them having more money from me - so the money might as well be earning me a little extra interest, than them having it as an interest free loan.
The only downside is that the days of blowing the tax return (which many people treat like a bonus check) on a non-essential item are gone :(
decemberfall
04-01-2007, 04:37 PM
OK, so its not a subject everyone is excited about, but getting taxes done is a pain every year.
I am just happy that we owned a little to the Feds, and the state gave us something back (but not quite as much as we owed). I used to get excited over the big tax return, but came to realise that it was NOT like a savings account, I got no benefit from them having more money from me - so the money might as well be earning me a little extra interest, than them having it as an interest free loan.
The only downside is that the days of blowing the tax return (which many people treat like a bonus check) on a non-essential item are gone :(
i just had mine done last week, i figured that I wouldn't get very much back, so was pleasantly suprised to be getting quite a bit back, but it is all going into savings :)
masherscf
04-01-2007, 05:09 PM
I'm not sure why anyone would be happy with a large refund. It just means that the fed has been using your money for six months.
Of course, you'll pay a small penalty if you owe too much. That sucks too.
electricalburn
04-01-2007, 05:40 PM
i got my check about 3 and a half weeks ago :rolleyes:
rhett803
04-01-2007, 05:49 PM
As a contractor, I hate you all. Luckily I had enough write offs that I only owe the Feds around $4500, and State about $250.
ariastar
04-01-2007, 11:02 PM
I used to get excited over the big tax return, but came to realise that it was NOT like a savings account, I got no benefit from them having more money from me - so the money might as well be earning me a little extra interest, than them having it as an interest free loan.
You just gave them too much money to hold onto, so you're just getting back what's yours...after it earned them interest. I think people should get the interest back as well.
tokenuser
04-01-2007, 11:18 PM
You just gave them too much money to hold onto, so you're just getting back what's yours...after it earned them interest.And that is the point. They get an interest free loan. I don't mind paying taxes (I come from a predominantly socialist taxation systme anyway), but I don't like over paying (and letting them have my money interest free), or under paying (and scrambling to make the tax bill).
Luckily, I still have access to the best tax deduction in the US - interest from a mortgage. Not as much as last year, and it will (thankfully) be paid out in 6 years time, but it is the one thing that brings my tax bill back to about $0 each year, so for that I am thankful.
rabidbadger
04-01-2007, 11:25 PM
flat tax ftw!
rabidbadger
04-01-2007, 11:37 PM
Death and Taxes poster (http://thebudgetgraph.com/view/)
phatlip12
04-02-2007, 04:04 AM
My parents income tax check got lost in the mail. The government isn't going to lift a finger until 4 MORE weeks pass. There not happy campers at the moment...
tokenuser
04-02-2007, 04:06 AM
My parents income tax check got lost in the mail. The government isn't going to lift a finger until 4 MORE weeks pass. There not happy campers at the moment...eFiling and ePay are awesome. I have what I owe coming out on April 17, and what I am owed coming ... when it gets here. Straight in/out of my checking account. Too easy.
I love TurboTax Online :)
ariastar
04-02-2007, 04:32 AM
My parents income tax check got lost in the mail. The government isn't going to lift a finger until 4 MORE weeks pass. There not happy campers at the moment...
Of course the gov. won't step in yet. Every day that the check is not cashed is another day they're getting the interest.
phatlip12
04-02-2007, 06:07 AM
Of course the gov. won't step in yet. Every day that the check is not cashed is another day they're getting the interest.
How would the government get interest from my parents not cashing their check?
yashar
04-02-2007, 06:14 AM
As a contractor, I hate you all. Luckily I had enough write offs that I only owe the Feds around $4500, and State about $250.My dad is a contractor and owes $25,000
ariastar
04-02-2007, 08:21 AM
How would the government get interest from my parents not cashing their check?
The money is still sitting the the gov's bank account. And I can guarantee you that it's an interest-bearing account. If you owed me some money and wrote me a check that got lost, you still have the money. If it's in an interest-bearing account, you're making interest. Same thing.
ariastar
04-02-2007, 08:22 AM
My dad is a contractor and owes $25,000
My mom's boyfriend owes about $150k. Don't now whether to pity him or to envy him because he makes the kind of money to have that kind of liability.
ariastar
04-02-2007, 08:22 AM
My dad is a contractor and owes $25,000
Oh, and I'm a contractor too, but I itemize like all hell. I itemize right down to zero.
ericjosepi
04-02-2007, 09:13 AM
Strange American system... I'm getting b/w $900-$1000 back...
ariastar
04-02-2007, 10:17 AM
Strange American system... I'm getting b/w $900-$1000 back...
How is the American system any stranger than Canadian?
tokenuser
04-02-2007, 02:20 PM
My dad is a contractor and owes $25,000Listening to NPR Weekend Money last night, and they said that the average US resident gets a return of $2500 per year. Thats one hell of a lot of interest free loanage there.
I guess it is cheaper to use citizens money to fund the "war on terrror" than loans from the world bank and international monetory funds. Oh the irony of the governemt going form being one of the world largest lenders to being one of the worlds largest borrowers. It goes along with the mentality that debt is good for your credit rating.
ericjosepi
04-02-2007, 06:29 PM
How is the American system any stranger than Canadian?
Your central bank is a 90% private organization. To me, that's pretty odd. Also it seems like more people end up owing as opposed to getting some form of return. I don't know if that's strange or not but I don't think I've met someone who's had to give up that kind of money. Then again, I don't know too many people pulling anything beyond five figures.
jjallday
04-05-2007, 06:28 PM
Having a wife who's an accountant comes in pretty handy at this time of year!
tokenuser
04-05-2007, 06:30 PM
Having a wife who's an accountant comes in pretty handy at this time of year!So she already filed your extension :)
masherscf
04-05-2007, 08:33 PM
So she already filed your extension :)
My wife files my extension a half a dozen times a week.
rabidbadger
04-05-2007, 09:24 PM
Now cut that out....
Oh wait, that's me sayin' that.
masherscf
04-05-2007, 09:35 PM
Now cut that out....
Oh wait, that's me sayin' that.
Are we taxing you, Badgerman?
rabidbadger
04-05-2007, 10:05 PM
Are we taxing you, Badgerman?
A man who was called to testify at the IRS, asked his accountant for advice on what to wear. "Wear your shabbiest clothing. Let him think you are a pauper," the accountant replied.
Then he asked his lawyer the same question, but got the opposite advice. "Do not let them intimidate you. Wear your most elegant suit and tie."
Confused, the man went to his Rabbi, told him of the conflicting advice, and requested some resolution of the dilemma.
"Let me tell you a story," replied the Rabbi. "A woman, about to be married, asked her mother what to wear on her wedding night. 'Wear a heavy, long, flannel nightgown that goes right up to your neck.' But when she asked her best friend, she got conflicting advice. Wear your most sexy negligee, with a v-neck right down to your navel."
The man protested: "What does all this have to do with my problem with the IRS?"
The Rabbi replied, "No matter what you wear, you are going to get screwed."