Welcome Guest [Log In] [Register]
Posted ImageWelcome to the all new Geo Metro Forum. We hope you enjoy your visit.

You're currently viewing our forum as a guest. This means you are limited to certain areas of the board and there are features you can't use and images you can't see. Registration is simple, fast, and completely free. If you're already a member please log in to your account to access all of our features:

Join our community!




Username:   Password:
Add Reply
Tax advice thread?; We got any tax experts here?
Topic Started: Jan 10 2013, 05:39 PM (1,542 Views)
Cobb
BANNED

:popcorn I dont really understand the tax law, I just try to play by it and take full advantage of it.

Its my experience that all employers take out tax and most young people and non us citizens get em back when they file.

The other guys get part back depending on how much is deducted and what other things they do with their money. I have my deductions reduced by stating on my state and fed withholdings 6 and 4. Some co workers of mines have nothing withheld and just pay it next April what they owe. I like mines so what little I get from fed goes to state. After a few years of this I got a notice I need to start prepaying my taxes so the government could get an interest free loan from me as there werent making enough money off of me. :D

Since I got my home, 401k, etc I have been getting a bigger refund, including my property tax I pay. Last year when I moved I gave a lot of stuff to goodwill vs just tossing it and get a quarter of the estimate value back from the irs. :cheers

Now with the renting of my condo I want to take full advantage of it so when anything needs replacing I can get the latest and greatest as well as maybe a new computer or ipad. :thumb I thought the washer/dryer was going to fail and had my eyes on a nice energy efficient one. Next up was a hot water heater that uses a heat pump to make hot water. :whistle
Offline Profile Quote Post Goto Top
 
Horn


Cobb, noone fully understands. Just try to take advantage...
Offline Profile Quote Post Goto Top
 
z34-5speed
Member Avatar
Formerly "Tech Certified"

I guess I'm just screwed then.

23yr old making $65k+ a year. Guess ill go ahead and bend over...
Online Profile Quote Post Goto Top
 
Horn


Z34 what do you do?
Offline Profile Quote Post Goto Top
 
Coche Blanco
Member Avatar
Troll Certified

He's a poor little assembly line worker.


;)


(this is an inside joke guys, hold your horses)
Offline Profile Quote Post Goto Top
 
z34-5speed
Member Avatar
Formerly "Tech Certified"

I do some hooking on the side...

Online Profile Quote Post Goto Top
 
Cobb
BANNED

Well, z34-5speed that puts you inthe 25% bracket assuming you are single and filing as head of house hold. If you are married and filingjointly that bumps you to the 15%. This is where deductions can help out to reduce your "income". I use my 401k to stay under 35 grand 350 so I stay in the 15% bracket. Anything that comes out before taxes helps to reduce this like a health savings plan.

Now if you are doing this on the side, why are you reporting it? :whistle
Offline Profile Quote Post Goto Top
 
Horn


Yea, don't report side or cash jobs. That is just dumb. Hiding your income to pay less taxes is the American way. Americans have been trying not to pay taxes since we became a country (and before).

I'm in the $3k to $5k per year tax bracket. They pretty much tell me I'm a poor piece of shit. Its all good.
Offline Profile Quote Post Goto Top
 
z34-5speed
Member Avatar
Formerly "Tech Certified"

I file as single - 0 deductions. I'm totally screwed. Most likely going to make close to $80k this year with all the OT I'm going to be forced to work. Guess I should just expect not to get anything back?
Online Profile Quote Post Goto Top
 
Horn


z34-5speed
Jan 14 2013, 04:18 PM
I file as single - 0 deductions. I'm totally screwed. Most likely going to make close to $80k this year with all the OT I'm going to be forced to work. Guess I should just expect not to get anything back?
I will gladly trade you if not getting a refund is that big of a deal :thumb

If you made $80k, you made about $30k more than the average household income.....which includes 2 people working. You are only 23, you are set. IDK what you do, but you are doing better than most families.

Just make sure you set some aside just in case you were to lose your job or something bad was to happen.
Offline Profile Quote Post Goto Top
 
Cobb
BANNED

80 gs? :drool Since you are in Aler-abama that makes you a millionaire. :rocker :rocker :rocker Id at least get a 401k and use a stable investment fund unless you know the stocks you want. At least then if needed you can borrow against it or take an early distribution if times get hard.

Depending on the area 3-5k is a hell of a lot of money. :D
Offline Profile Quote Post Goto Top
 
t3ragtop
Member Avatar
Turbo3 and Twincam Tweaker

cobb, be careful with the deal on your condo. since it is no longer your primary residence, the tax allowances are different. also, since you are renting it out, the real property takes a much different aspect as far as taxes go.

the turbo tax premium edition is really pretty good at integrating federal and state taxes. i just let the application import my tax records every year and it will even go back and check past years' data which helps to keep you off the hook with the alternative minimum tax monster.

all the things you spend money on for your job when you itemize has to exceed 10% of your gross before you ever see a tax benefit. it's the same with health care expenses, sales tax itemization, and some other odd things. they have never been of any benefit to me so i always take the standard deduction allowance for those.

my mortgage interest, property taxes, and charitable expenses are the golden nuggets in my federal income tax burden. i still pay through the nose but i usually get something back on my federal taxes paid in. state taxes are what kills me. i never get anything back from them and every other year i owe them.
Offline Profile Quote Post Goto Top
 
Horn


I would rather come out even. You don't earn interest when the government holds your money.
Offline Profile Quote Post Goto Top
 
z34-5speed
Member Avatar
Formerly "Tech Certified"

I've always had to pay the State something. Usually between $50-100. Which was a lot for me when I was only making ~$12k a year. I'm aftammraid of how bad it's going to be in the years to come.

This country's tax code is so rediculous.
Online Profile Quote Post Goto Top
 
Horn


z34-5speed
Jan 14 2013, 06:37 PM

This country's tax code is so rediculous.
Its so ridiculous, that you had to emphasize the RE.....lol
Offline Profile Quote Post Goto Top
 
1 user reading this topic (1 Guest and 0 Anonymous)
ZetaBoards - Free Forum Hosting
Free Forums with no limits on posts or members.
Go to Next Page
« Previous Topic · The Geo Metro Lounge · Next Topic »
Add Reply