Poll of the Day > So jealous of people who get lots of money back from their taxes

(+) Yeah! (+)

This year I owe $54 for federal and Im getting back a whopping $44 from the state.

\_()_/
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That's what you get for paying close to the correct amount of taxes
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I was going to make a joke about the American Tax system.... but that would be a tautology.
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...they get more back because they pay more in, and often overpay at that. Well, unless they're below the poverty line, at which point they get *everything* back except their social security, etc, payments.
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They were giving the government an interest-free loan on that amount throughout the prior year.
They're the suckers, you did well.

I usually end up owing a lot and yeah it sucks, but better to have had it accruing bank interest at least. Though a significant amount of what I owe is from bank interest since that's added in last, and then taxed massively itself since the standard deduction and lowest tier of the tax range are gone by then....

I deduct an extra $10 from my paycheck just in the interest of getting something back at the end of the year.
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Last few years weve owed like two grand its BS property taxes should be illegal
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Mead posted...

Last few years weve owed like two grand its BS property taxes should be illegal

That's how much I paid in property tax last year because my mother died the previous year and I never figured out how to properly take control of her house.
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Mead posted...

Last few years weve owed like two grand its BS property taxes should be illegal

Lol property taxes on my old house were 3K a year. It sucked every year.

Estate taxes are where it should be happening more
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As people mentioned, you only get back money if you overpaid. Sometimes its inevitable (if you have massive deductions, kids, special situations, etc), sometimes you can make up for it by just paying more with every paycheck.

In many other countries, if you're financially adept, you usually DONT want that. You want to pay as little as humanly possible on each paycheck, invest the money, and then do a lump sum payment as late as possible. You'll make way more money that way. The US is kind of special here where they charge interests on the taxes you didn't pay throughout the year (though even then, the interest rate is usually lower than what you'd make investing the money).

I'm not that good with investments (or rather, I don't have enough time to look into it), so I just pay as much as I can on my paychecks.

Even then, I'm looking at owing 30-40k this year when I file my taxes (well, for my wife and I together). That's going to sting.

i don't get anything back, maybe a hundred dollars if i'm lucky.

going to buy a clothing set and maybe lego dimensions if i have anything left over.
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Zeus posted...

...they get more back because they pay more in, and often overpay at that. Well, unless they're below the poverty line, at which point they get *everything* back except their social security, etc, payments.

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In previous years I use to owe the state of California like $1,200. Sure I was broke all the time just getting by but then I still owed them.
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Doctor Foxx posted...

Mead posted...

Last few years weve owed like two grand its BS property taxes should be illegal

Lol property taxes on my old house were 3K a year. It sucked every year.

Estate taxes are where it should be happening more

You are complaining about $3K? I pay twice that on a house worth only $150K, and that is on the low end in my area. Most people are paying $8K - $10K a year.
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I can't comment on this because I don't know your situation of anyone else you re referring to. It's a great thing that you owe just a little bit.
I would rather owe a little bit then get a huge refund. It's possible they paid way more in taxes than you, but you don't know how much they contributed throughout the year. How much taxes did you actually pay?
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streamofthesky posted...

They were giving the government an interest-free loan on that amount throughout the prior year.
They're the suckers, you did well.

I usually end up owing a lot and yeah it sucks, but better to have had it accruing bank interest at least. Though a significant amount of what I owe is from bank interest since that's added in last, and then taxed massively itself since the standard deduction and lowest tier of the tax range are gone by then....

How much interest did you make? I seriously doubt it exceeds inflation. I never did understand the premise or mentality of owing the IRS money, just boggles my mind.
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I owed money during tax season before and I could pay it snail mail or online. I didn't want to risk the check getting lost, stolen, or not delivered so I chose online which had a 10% fee. So unless I could make 10% a year on my taxes over paying and getting it back later is a better option
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soon to be getting a return instead of paying in for the first time in years

thanks trump
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HitomiKagewaki posted...

streamofthesky posted...

They were giving the government an interest-free loan on that amount throughout the prior year.
They're the suckers, you did well.

I usually end up owing a lot and yeah it sucks, but better to have had it accruing bank interest at least. Though a significant amount of what I owe is from bank interest since that's added in last, and then taxed massively itself since the standard deduction and lowest tier of the tax range are gone by then....

How much interest did you make? I seriously doubt it exceeds inflation. I never did understand the premise or mentality of owing the IRS money, just boggles my mind.

0.5%, roughly

Not much, but more than $0.
Besides, owing some money means identity thieves can't file a fake return in my name and get money.

Troll_Police_ posted...

soon to be getting a return instead of paying in for the first time in years

thanks trump

If by "soon" you mean in 12 months. Filing now is for last year's taxes...

Krazy_Kirby posted...

Zeus posted...

...they get more back because they pay more in, and often overpay at that. Well, unless they're below the poverty line, at which point they get *everything* back except their social security, etc, payments.

This is true! I almost forgot that lol. But yeah I guess it is better this way. Id rather have most of my own money and have to pay a little bit back.
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JOExHIGASHI posted...

I owed money during tax season before and I could pay it snail mail or online. I didn't want to risk the check getting lost, stolen, or not delivered so I chose online which had a 10% fee. So unless I could make 10% a year on my taxes over paying and getting it back later is a better option

i always hated when they charge money just to pay online but it's worth it i suppose to make sure that it gets to its destination.

to pay a phone bill, it costs 1$ to pay online :(.
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streamofthesky posted...

HitomiKagewaki posted...

streamofthesky posted...

They were giving the government an interest-free loan on that amount throughout the prior year.
They're the suckers, you did well.

I usually end up owing a lot and yeah it sucks, but better to have had it accruing bank interest at least. Though a significant amount of what I owe is from bank interest since that's added in last, and then taxed massively itself since the standard deduction and lowest tier of the tax range are gone by then....

How much interest did you make? I seriously doubt it exceeds inflation. I never did understand the premise or mentality of owing the IRS money, just boggles my mind.

0.5%, roughly

Not much, but more than $0.
Besides, owing some money means identity thieves can't file a fake return in my name and get money.

Troll_Police_ posted...

soon to be getting a return instead of paying in for the first time in years

thanks trump

If by "soon" you mean in 12 months. Filing now is for last year's taxes...

yeah... thats exactly what i mean. i already filed this year. who the fuck hasnt?
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Last year I got about $500 for federal (it was like $484 or somwthing)

But then I owed the state $84

This year my federal seems to be around $1010 but I don't know about what I'm gonna possibly owe the state. I need a form from the IRS before I can finish my stuff.
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Don't be jealous. Tax refunds are simply the result of you giving a no-interest loan to the government and them paying it back.

They may be getting a bigger sum now, but you get more per paycheck.
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Rule of 72:

Years to double= 72 divided by your interest rate.

So if you somehow made 6% on your savings it would take 12 years to double. Don't forget your interest is taxed. I rather have a qualifying dividend than interest.

By 0.50 did you mean 0.05 or 50%?
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