Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community - FT86CLUB
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Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community - FT86CLUB (https://www.ft86club.com/forums/index.php)
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-   -   Income Tax Return time! (https://www.ft86club.com/forums/showthread.php?t=56901)

Dingle049 01-28-2014 10:53 PM
Income Tax Return time!
 
It's that part of the year that I always look forward to... Income tax returns!! It's like Christmas for our cars lol. If you're like me your refund check is as good as spent, so what are you guys (and girls) planning on buying your car with your returns? I have to live vicariously through your posts until I finally pull the trigger on my own 86, don't let me down lol

Thornley 01-28-2014 10:55 PM
A front pipe is looking mighty fine :thumbsup:

humfrz 01-28-2014 11:06 PM
Quote:
Originally Posted by Dingle049 (Post 1487700)
It's that part of the year that I always look forward to... Income tax returns!! It's like Christmas for our cars lol. If you're like me your refund check is as good as spent, so what are you guys (and girls) planning on buying your car with your returns? I have to live vicariously through your posts until I finally pull the trigger on my own 86, don't let me down lol
Well, Dingle049, I can't help you out. I pay my taxes quarterly and never seem to pay quite enough .... :paddle:

Now, tell us how much you expect to get back on your return, after you get your 86, and we will advise you on how you can best spend it .... :D

m.box.design 01-28-2014 11:08 PM
i have a hard time saving for my children throughout the year, so my income tax goes to my childrens' savings acct.

i however spend accordingly (on my car) throughout the year. :D

Dustin 01-28-2014 11:10 PM
I'm stuck between Stg 2 Innovate supercharger with tune or Ohlins coil overs and brake upgrade. I've been telling myself all year to supercharge but now I'm second guessing.

jflogerzi 01-28-2014 11:11 PM
Tires, rims, and springs. Still 50-60% is going into the bank.

Frstorm 01-28-2014 11:43 PM
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

SP86 01-29-2014 12:12 AM
I may be investing in some aftermarket wheels if I can decide on one of the many I like.. if not though apr skirts/lip and a much larger turbo for the Starion (:

humfrz 01-29-2014 12:18 AM
Quote:
Originally Posted by Frstorm (Post 1487821)
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
Well, Frstorm, looks like you're just making too damn much money .... http://www.runemasterstudios.com/gra...ges/tongue.gif

:confused0068:

iag48st 01-29-2014 12:46 AM
Quote:
Originally Posted by Frstorm (Post 1487821)
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
I feel you bro, I pay around 12-13k in taxes. I hate this time of the year, its depressing. I guess being a waiter and not being married or having kids costs over 10k a year.

:mad0260::mad0259::thumbdown::cry::iono:

jflogerzi 01-29-2014 01:01 AM
Quote:
Originally Posted by iag48st (Post 1487956)
I feel you bro, I pay around 12-13k in taxes. I hate this time of the year, its depressing. I guess being a waiter and not being married or having kids costs over 10k a year.

:mad0260::mad0259::thumbdown::cry::iono:
Yikes. I always get a refund. It helps I always claim zero

Sent from my SGH-T999 using Tapatalk

iag48st 01-29-2014 01:04 AM
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!!

AznKirby 01-29-2014 01:13 AM
Nobody should complain until they have to pay Canadian income tax.

iag48st 01-29-2014 01:14 AM
lol is it that bad?

AznKirby 01-29-2014 01:22 AM
Quote:
Originally Posted by iag48st (Post 1488000)
lol is it that bad?
My provincial income brackets:

Taxable income Rate
$41,495 or less 16%
More than $41,495 but not more than $82,985 20%
More than $82,985 but not more than $100,970 24%
More than $100,970 25.75%

PLUS My federal income brackets:

15% on the first $43,953 of taxable income, +
22% on the next $43,954 of taxable income (up to $87,907), +
26% on the next $48,363 of taxable income (up to $136,270), +
29% of taxable income over $136,270.


So yeah. I'd say it's pretty bad. But maybe I'm just complaining for no reason.

iag48st 01-29-2014 01:23 AM
Quote:
Originally Posted by AznKirby (Post 1488008)
My provincial income brackets:

Taxable income Rate
$41,495 or less 16%
More than $41,495 but not more than $82,985 20%
More than $82,985 but not more than $100,970 24%
More than $100,970 25.75%

PLUS My federal income brackets:

15% on the first $43,953 of taxable income, +
22% on the next $43,954 of taxable income (up to $87,907), +
26% on the next $48,363 of taxable income (up to $136,270), +
29% of taxable income over $136,270.


So yeah. I'd say it's pretty bad. But maybe I'm just complaining for no reason.
OUCH!!

boxer 2.5 01-29-2014 01:34 AM
Quote:
Originally Posted by iag48st (Post 1487984)
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!!
70k as a waiter... Yeah I would just be thankful you're making between $30-35 an hour... As a waiter...:clap: What restaurant and where do I sign up?

m.box.design 01-29-2014 01:35 AM
Quote:
Originally Posted by AznKirby (Post 1488008)
My provincial income brackets:

Taxable income Rate
$41,495 or less 16%
More than $41,495 but not more than $82,985 20%
More than $82,985 but not more than $100,970 24%
More than $100,970 25.75%

PLUS My federal income brackets:

15% on the first $43,953 of taxable income, +
22% on the next $43,954 of taxable income (up to $87,907), +
26% on the next $48,363 of taxable income (up to $136,270), +
29% of taxable income over $136,270.


So yeah. I'd say it's pretty bad. But maybe I'm just complaining for no reason.
but you guys have better social services! health care in the USA is tanking. last year my employer switched over to a high deductible plan. my coworker's infant son had to undergo surgery this month, he's $4600 in the hole already. He hit the deductible and it's only 80/20 from that point on. Also, the deductible is per individual, so let's say he gets sick or another member of his family, well, they will have to pay 100% til they reach the individual deductibles.

iag48st 01-29-2014 01:39 AM
Quote:
Originally Posted by boxer 2.5 (Post 1488021)
70k as a waiter... Yeah I would just be thankful you're making between $30-35 an hour... As a waiter...:clap: What restaurant and where do I sign up?
Little Italian restaurant in NYC.

fistpoint 01-29-2014 01:46 AM
Thread not going the way OP intended...welcome to the real world :)

Dingle049 01-29-2014 02:13 AM
Quote:
Originally Posted by fistpoint (Post 1488036)
Thread not going the way OP intended...welcome to the real world :)
Wherever it goes is where it goes, I've been a member of car forums and the world long enough regardless of my post count here. Probably didn't help that I posted so late at night either.

I'm only expecting about 1,800 back and using it to pay off my current gas sipper before saving for a downpayment on an upper trim level frs hopefully in early 2016.

iag48st 01-29-2014 02:16 AM
Quote:
Originally Posted by Dingle049 (Post 1488063)
Wherever it goes is where it goes, I've been a member of car forums and the world long enough regardless of my post count here.
Sorry Dingle for going off topic.:bonk:

I don't get money back but I do want to get a cutback exhaust but don't want to spend a lot of $

OICU812 01-29-2014 02:29 AM
Quote:
Originally Posted by AznKirby (Post 1487998)
Nobody should complain until they have to pay Canadian income tax.
Exactly it's 3x our southern friends but give and take and good and bad.

On topic come tax time if there's a small chance of any return I'm sure I'll figure out something for car within 5 minutes it'll be gone. Lol :)

Tgionet 01-29-2014 02:29 AM
Quote:
Originally Posted by indesign (Post 1488023)
but you guys have better social services! health care in the USA is tanking. last year my employer switched over to a high deductible plan. my coworker's infant son had to undergo surgery this month, he's $4600 in the hole already. He hit the deductible and it's only 80/20 from that point on. Also, the deductible is per individual, so let's say he gets sick or another member of his family, well, they will have to pay 100% til they reach the individual deductibles.
QFT, before my dad passed he was paying 2700/mo for health insurance for himself, myself and my mother. I, alone, was quoted at something around 1700/mo (20 at the time, pre-existing condition) when he looked into retiring. Our out-of-pocket expenses for the 2 months he was sick (cancer, 1 chemo treatment) were almost 50k. I can't fathom how the average family can cope with costs like that.

Knickstape 01-29-2014 02:41 AM
Quote:
Originally Posted by iag48st (Post 1487956)
I feel you bro, I pay around 12-13k in taxes. I hate this time of the year, its depressing. I guess being a waiter and not being married or having kids costs over 10k a year.

:mad0260::mad0259::thumbdown::cry::iono:
Off topic still but Got damn! I've been serving tables for 5 years now and always get at least $2000 back, and i show $50,000 on paper. I sure as hell wouldn't serve if I had to give 15-20% back every year! :confused0068:

AznKirby 01-29-2014 02:42 AM
Quote:
Originally Posted by indesign (Post 1488023)
but you guys have better social services! health care in the USA is tanking. last year my employer switched over to a high deductible plan. my coworker's infant son had to undergo surgery this month, he's $4600 in the hole already. He hit the deductible and it's only 80/20 from that point on. Also, the deductible is per individual, so let's say he gets sick or another member of his family, well, they will have to pay 100% til they reach the individual deductibles.
Quote:
Originally Posted by OICU812 (Post 1488076)
Exactly it's 3x our southern friends but give and take and good and bad.

On topic come tax time if there's a small chance of any return I'm sure I'll figure out something for car within 5 minutes it'll be gone. Lol :)
Yeah, that's why I said maybe I'm complaining for no reason.
Although sometimes I have egotistical passes, and wish I could pay 25k for a BRZ, instead of our 30k+.

serith 01-29-2014 08:13 AM
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.

Frstorm 01-29-2014 08:19 AM
I claim zero dependents and my wife does the same. Always have to have the 10k put away for taxes and next year we will probably hit 20k in taxes due to big raises for both recently

PoorMansRacing 01-29-2014 08:30 AM
Quote:
Originally Posted by Frstorm (Post 1487821)
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 :mad0260:

DarkSunrise 01-29-2014 08:37 AM
FT86SF catted UEL header
or
OFH + OFT

Haven't decided which yet.

frslee 01-29-2014 09:05 AM
what should i do... buy more chocolate.

Prog 01-29-2014 10:11 AM
Quote:
Originally Posted by serith (Post 1488267)
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 01-29-2014 10:17 AM
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 01-29-2014 11:09 AM
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 01-29-2014 11:53 AM
Quote:
Originally Posted by iag48st (Post 1487984)
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.

Quote:
Originally Posted by wlwarfield (Post 1488452)
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 01-29-2014 11:57 AM
openflash tablet, wheels, tires, red out my tails, 4th brake light install, detail it myself

Mister 01-29-2014 12:01 PM
Quote:
Originally Posted by Gen (Post 1488690)
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 01-29-2014 12:03 PM
Quote:
Originally Posted by Mister (Post 1488716)
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 01-29-2014 12:10 PM
Quote:
Originally Posted by Gen (Post 1488725)
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 01-29-2014 12:15 PM
Quote:
Originally Posted by Mister (Post 1488750)
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.


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