Income Tax Return time!

[PoorMansRacing]

Originally Posted by Frstorm

Man, I guess I'm not poor enough I always owe between 5k-10k and that's with the most taken out each paycheck and 401k maxed out

You and I are in the same boat. Felt like I got screwed by taxes this year

[DarkSunrise]

FT86SF catted UEL header
or
OFH + OFT

Haven't decided which yet.

[frslee]

what should i do... buy more chocolate.

[Prog]

Originally Posted by serith

A) Not everyone gives the government an interest free loan. It's better to try and break even come time to file.

B) If you are due a refund and your car isn't paid off, I'd suggest throwing the money at the loan instead of over-priced accessories that you'll never see a return on.

^ This guy knows what's up. If you're due a refund, pay toward your car loan. Unless you can invest that money somewhere that it makes higher interest than your loan.

[wlwarfield]

This is the first year my wife & I will owe the government. We both claim 0 and max put 401K but I guess we still make too much money. The more you make the more they take.

[Mister]

I'm expecting about $1k back, I claimed 0 so I'm surprised I am getting that much.
With SS/Medicare/Medicaid I paid almost 25% of my income in taxes this year, even with another 10% going into a 401k. I am finding the more I make, the less I feel like I take home :-P

I am planning on splitting mine, I am getting PRK (kind of like Lasik) and the rest will go into my car loan. I have it financed at 72 months but I am shooting to pay off in about 28.

[Gen]

Originally Posted by iag48st

The restaurant where I work at 95% customers pay in credit cards so everything is documented. Last year I made 70k and paid 12k. Not being ungrateful but damn!!

How in the hell did you only pay 12k on 70k in reported income? Is that strictly federal? If I scaled my income back to 70k and the associated tax, my total burden is something like 25k-ish and I still owe money this year.

Originally Posted by wlwarfield

This is the first year my wife & I will owe the government. We both claim 0 and max put 401K but I guess we still make too much money. The more you make the more they take.

I'm guessing you had a good amount of capital gains?

[BRZerk]

openflash tablet, wheels, tires, red out my tails, 4th brake light install, detail it myself

[Mister]

Originally Posted by Gen

How in the hell did you only pay 12k on 70k in reported income? Is that strictly federal? If I scaled my income back to 70k and the associated tax, my total burden is something like 25k-ish and I still owe money this year.




I'm guessing you had a good amount of capital gains?

He could also be married, or have kids, or mortgage interest, student loan interest, or any other number of deductions that reduce his tax obligation beyond the standard deduction.

I make about 70k as well, I am single, rent, and strictly federal about about 10-11k, including SS/MM it is a bit over 15k. I also put 10% to my 401k, which helps to reduce my total obligation.

[Gen]

Originally Posted by Mister

He could also be married, or have kids, or mortgage interest, student loan interest, or any other number of deductions that reduce his tax obligation beyond the standard deduction.

I make about 70k as well, I am single, rent, and strictly federal about about 10-11k, including SS/MM it is a bit over 15k. I also put 10% to my 401k, which helps to reduce my total obligation.

Don't ever move to California. I paid 33% this year and I am by no means rich by California standards. Single / No kids.

[Mister]

Originally Posted by Gen

Don't ever move to California. I paid 33% this year and I am by no means rich by California standards. Single / No kids.

It is all relative, in my field (Software Engineering) I could make a lot more $$ in CA. However homes out there are just not affordable, much more reasonable over here.

That being said in NH no income tax, no sales tax, property taxes are not cheap, but relative to many high tax states it is not completely unreasonable. Vehicle registration is a little steep ($550 for the first year for the FR-S), but that has never really bothered me.

[Prog]

Originally Posted by Mister

It is all relative, in my field (Software Engineering) I could make a lot more $$ in CA. However homes out there are just not affordable, much more reasonable over here.

That being said in NH no income tax, no sales tax, property taxes are not cheap, but relative to many high tax states it is not completely unreasonable. Vehicle registration is a little steep ($550 for the first year for the FR-S), but that has never really bothered me.

You also have some of the lowest car insurance rates in the country. Pity that tint is illegal there, though. Still can't figure that one out.

[Mister]

Originally Posted by Prog

You also have some of the lowest car insurance rates in the country. Pity that tint is illegal there, though. Still can't figure that one out.

My insurance is not that cheap right now...$1200/yr 1k deductible but also single and early 20's will jack it up no matter where you are.

Window tint they *claim* is a matter of safety of police, so they can see what is happening inside the vehicle as they approach. I just find it annoying, I would love to tint, it looks nice and is extremely functional.

Southern NH is a bit of a sweet spot. You have the rest of NH pulling the cost of living down a little, but I am within 40 minutes of Boston which tends to pull salaries up :-)

[Gen]

Originally Posted by Mister

It is all relative, in my field (Software Engineering) I could make a lot more $$ in CA. However homes out there are just not affordable, much more reasonable over here.

That being said in NH no income tax, no sales tax, property taxes are not cheap, but relative to many high tax states it is not completely unreasonable. Vehicle registration is a little steep ($550 for the first year for the FR-S), but that has never really bothered me.

Definitely true. In my experience, however, the extra income does not offset the increase in cost of living and tax. Guess ya pay for the sunshine. When buying a car, we don't even get to deduct the trade in value from the tax owed!