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Posted: 1/4/2012 8:18:16 AM EST
My wife started hammering out our taxes this year. We usually file ASAP. It looks like we are going to owe this year to both Federal and State, even though they have taken a huge chunk of our income out already. The .gov can support a couple of families with as much as they have taken out of our income, but we will still owe. We made about 15% more this year than last year, but our net income was maybe 5% more than last year. This year we are already on track to make about 15-20% more than 2011, maybe even 50% more if my wife gets recruited into a job she wants. But that will put us in a different tax bracket and our net income will probably only see a 3% boost.
Link Posted: 1/4/2012 8:18:49 AM EST
Refund. I have a very very good accountant.
Link Posted: 1/4/2012 8:20:19 AM EST
Owe... And I think I could probably buy a new HK MR556, a case of 223, and a nice optic for what the tax man is going to take. Sad, case I'd rather have the toys.
Link Posted: 1/4/2012 8:20:57 AM EST
Originally Posted By caduckgunner:
Refund. I have a very very good accountant.


Nah, he'd probably recommend you raise your withholding some if you continually get a refund (unless refund is $0-$500ish)
Link Posted: 1/4/2012 8:21:40 AM EST
I'm confident my wife and I underpaid for 2011.

We aren't idiots giving the government interest free loans.
Link Posted: 1/4/2012 8:24:22 AM EST
I'm assuming I'll be recieving what the hood rats have termed "phat bank," since I always get a decent refund, plus we have a son now and an in home business with a lot of start up costs and a new mortgage deduction.
Link Posted: 1/4/2012 8:26:02 AM EST
I will end up paying taxes, but if this year is like the last few I'll get a modest refund from the fed and write a check to the state.
Link Posted: 1/4/2012 8:27:20 AM EST
I set up my withholding to balance as close to 0 as possible. I should be within +/- $100.

My wife, a small business owner, should get a refund. She's meticulous about her records and usually does fairly well.
Link Posted: 1/4/2012 8:27:56 AM EST
I owe, I owe, so off to work I go.

Link Posted: 1/4/2012 8:28:39 AM EST
[Last Edit: 1/4/2012 8:30:34 AM EST by NUCdt04]
refund


we just bought a house


(I think..... )
Link Posted: 1/4/2012 8:29:15 AM EST
Originally Posted By TerribleTom:
I will end up paying taxes, but if this year is like the last few I'll get a modest refund from the fed and write a check to the state.


+1

I usually end up loaning the money I owe to the state to the Fed. for a short while.
Link Posted: 1/4/2012 8:29:38 AM EST
Originally Posted By PantherArms762:
I'm assuming I'll be recieving what the hood rats have termed "phat bank," since I always get a decent refund, plus we have a son now and an in home business with a lot of start up costs and a new mortgage deduction.


This should help your fed tax liability considerably. My wife's a non-practicing accountant and works this well.

Save every single receipt, from gas to food.
Link Posted: 1/4/2012 8:30:50 AM EST
Refund.

I don't make hardly money since I'm a full time student using the GI bill.
Link Posted: 1/4/2012 8:31:04 AM EST
Refund. We have lots of writeoffs this year and wife didnt work for 3 months out of the year. Should put us in another tax bracket.
bla bla bla....free loan to the government...bla bla bla. We do well enough with our finances and savings that we dont freak out about the few extra bucks we may overpay each month.
If you cant afford to do the same you probably shouldnt lecture me on how financially stupid it is to get a refund come tax time.
Link Posted: 1/4/2012 8:31:07 AM EST
Home-based biz and we had some unforseen expenses, so we'll probably end up getting money back.

If all you have is W2 income then calculating withholding is fairly easy. Unfortunately with a business it's a PITA, and if you owe FedGov too much at the end of the year they hit you with a penalty.
Link Posted: 1/4/2012 8:34:24 AM EST
Wife is self employed. The days of getting refunds are over.
Link Posted: 1/4/2012 8:36:37 AM EST
no idea
I haven't even gotten any of my 1099s and year end statements yet
Link Posted: 1/4/2012 8:36:43 AM EST
Looks like we will squeak by and get around $200. ish back..

Link Posted: 1/4/2012 8:37:20 AM EST

Originally Posted By PantherArms762:
I'm assuming I'll be recieving what the hood rats have termed "phat bank," since I always get a decent refund, plus we have a son now and an in home business with a lot of start up costs and a new mortgage deduction.
Same here minus the kid.

Link Posted: 1/4/2012 9:06:36 AM EST
I was going to get a small refund (I set up allowances so I loan as little money as possible to the .gov interest free).

But we had a really good year and with my bonus I guess I'll wind up having to write a pretty good sized check.
Link Posted: 1/4/2012 9:07:23 AM EST
Owe.















A lot.
Link Posted: 1/4/2012 9:08:39 AM EST
Originally Posted By Procyon:
I'm confident my wife and I underpaid for 2011.

We aren't idiots giving the government interest free loans.


Yup. I do my best to try and keep it between a $100 refund and owing $500 or so. A little off this year, and I will be sending a check for about $750 in on April 15th, but no worries.
Link Posted: 1/4/2012 9:13:38 AM EST
Big refund.
Link Posted: 1/4/2012 9:15:02 AM EST
Originally Posted By klinc:
Wife is self employed. The days of getting refunds are over.


I'm self-employed and have gotten a refund in 7 out of 10 years (9 of 10 we turned a profit).
Link Posted: 1/4/2012 9:15:19 AM EST
REFUND......but, that's because I always over pay. My bad.

Aloha, Mark

Link Posted: 1/4/2012 9:17:18 AM EST
We will probably get some back because I never adjusted my dependents after the birth of my son.

I am also married to a CPA, so that usually helps.
Link Posted: 1/4/2012 9:18:45 AM EST
I hope neither. I try to set my withholding correctly.
Link Posted: 1/4/2012 9:19:09 AM EST
We will finish about even with the house. Probably owe a few bucks on state and get a few bucks back on fed.
Link Posted: 1/4/2012 9:19:34 AM EST
Originally Posted By caduckgunner:
Refund. I have a very very good accountant.


Oh you think so?

Refund means govt was using your money, interest free. If you pay in, you were using the "gov't" money, interest free. Is this too deep for you? (sorry I'm trying to start a new thing where I delve down to the depths of the average arfcomer with borderline personal attacks where I ride just on the side of being COC #7 compliant).
Link Posted: 1/4/2012 9:19:47 AM EST
Originally Posted By rob78:
Originally Posted By PantherArms762:
I'm assuming I'll be recieving what the hood rats have termed "phat bank," since I always get a decent refund, plus we have a son now and an in home business with a lot of start up costs and a new mortgage deduction.


This should help your fed tax liability considerably. My wife's a non-practicing accountant and works this well.

Save every single receipt, from gas to food.


Yeah, we contacted our CPA before we started and got some good direction. Filed an LLC.

We started a daycare in our finished walk out basement. We download our monthly statements into Quicken and categorize everything. Plus save hardcopy receipts of course.

Plus the deductions for a percentage of our water/gas/trash/electricity/toilet paper/dish tabs/......

I don't want to steal from the government, but I don't wanna pay a dime I don't have to.

Link Posted: 1/4/2012 9:20:42 AM EST
Mostly likely we will be paying in since we didn't get the energy tax credit this year like last and my wife's boss doesn't withhold enough and won't tell us throughout the year what her withholding amounts are (no paystubs)

I have been putting $75/mo into an ING account so we have $900 to pay in if we have to. I hope we don't but I bet we will so that we can do our "fair share" in helping feed the welfare leaches of the world
Link Posted: 1/4/2012 9:21:51 AM EST
Originally Posted By SISUltra:
My wife started hammering out our taxes this year. We usually file ASAP. It looks like we are going to owe this year to both Federal and State, even though they have taken a huge chunk of our income out already. The .gov can support a couple of families with as much as they have taken out of our income, but we will still owe. We made about 15% more this year than last year, but our net income was maybe 5% more than last year. This year we are already on track to make about 15-20% more than 2011, maybe even 50% more if my wife gets recruited into a job she wants. But that will put us in a different tax bracket and our net income will probably only see a 3% boost.


Irrelevant.

The tax rate for a given bracket only applies to the dollars in that bracket. It's a marginal, not an absolute, rate. Your effective tax rate is always quite a bit lower than your marginal rate.
Link Posted: 1/4/2012 9:25:17 AM EST
Originally Posted By NUCdt04:
refund


we just bought a house


(I think..... )


That doesn't mean anything if you are married with no children and don't have a 30 year mortgage paying 6% interest so you pay $500+ in interest per month.

When I was single the mortgage interest thing was awesome but now that I am married and we refinanced down to a 15 year mortgage at 3.375% and we don't have medical bills it is impossible for me to meet the standard deductions.

I'm not even going to bother trying to itemize this year as it will just be a waste of time.
Link Posted: 1/4/2012 9:28:21 AM EST
Originally Posted By SISUltra:
My wife started hammering out our taxes this year. We usually file ASAP. It looks like we are going to owe this year to both Federal and State, even though they have taken a huge chunk of our income out already. The .gov can support a couple of families with as much as they have taken out of our income, but we will still owe. We made about 15% more this year than last year, but our net income was maybe 5% more than last year. This year we are already on track to make about 15-20% more than 2011, maybe even 50% more if my wife gets recruited into a job she wants. But that will put us in a different tax bracket and our net income will probably only see a 3% boost.


This doesn't make any sense.
Link Posted: 1/4/2012 9:30:18 AM EST

Originally Posted By MrYar:
Originally Posted By caduckgunner:
Refund. I have a very very good accountant.


Oh you think so?

Refund means govt was using your money, interest free. If you pay in, you were using the "gov't" money, interest free. Is this too deep for you? (sorry I'm trying to start a new thing where I delve down to the depths of the average arfcomer with borderline personal attacks where I ride just on the side of being COC #7 compliant).

Ya I know that, and don't really give to fucks. I could put that money in the bank and earn exactly how much interest right now? You can handle your money any way you want, I'll handle mine as I see fit.
Link Posted: 1/4/2012 9:32:37 AM EST
If I did it right, I will send them a check for $1.00.

Link Posted: 1/4/2012 9:34:46 AM EST
Originally Posted By SparticleBrane:
Originally Posted By SISUltra:
My wife started hammering out our taxes this year. We usually file ASAP. It looks like we are going to owe this year to both Federal and State, even though they have taken a huge chunk of our income out already. The .gov can support a couple of families with as much as they have taken out of our income, but we will still owe. We made about 15% more this year than last year, but our net income was maybe 5% more than last year. This year we are already on track to make about 15-20% more than 2011, maybe even 50% more if my wife gets recruited into a job she wants. But that will put us in a different tax bracket and our net income will probably only see a 3% boost.


This doesn't make any sense.


We punish the successful on a tiered scale in America.
Link Posted: 1/4/2012 9:40:36 AM EST
[Last Edit: 1/4/2012 9:41:16 AM EST by SparticleBrane]
Originally Posted By PantherArms762:
Originally Posted By SparticleBrane:
Originally Posted By SISUltra:
My wife started hammering out our taxes this year. We usually file ASAP. It looks like we are going to owe this year to both Federal and State, even though they have taken a huge chunk of our income out already. The .gov can support a couple of families with as much as they have taken out of our income, but we will still owe. We made about 15% more this year than last year, but our net income was maybe 5% more than last year. This year we are already on track to make about 15-20% more than 2011, maybe even 50% more if my wife gets recruited into a job she wants. But that will put us in a different tax bracket and our net income will probably only see a 3% boost.


This doesn't make any sense.


We punish the successful on a tiered scale in America.


Not quite what I meant.

I don't see any way that you can increase your family's income by so much (the OP said his wife is on track to make anywhere from 15%-50% more in 2012 than in 2011) but only net 3% more.

Even if you "move up" a tax bracket, only the income in that tax bracket is taxed at the new rate.
Link Posted: 1/4/2012 9:42:35 AM EST
Link Posted: 1/4/2012 9:43:56 AM EST
I have to write a check before the 15th to uncle sam for more money than an average family makes in a year.

so, no refund for me.
Link Posted: 1/4/2012 9:47:15 AM EST
Refund, but it won't be much. Maybe $200
Link Posted: 1/4/2012 9:48:48 AM EST
I should get a little bit back.
Link Posted: 1/4/2012 9:51:55 AM EST
I kinda wanted to start a thread about this, but this may be the best place to put it for tax advice:

I co-own an LLC, and get paid every three months from the company. Because of the way I get paid, the company doesn't pay taxes on my share. Instead, they send me a K-1 which gets filed every year. In addition, I own an apartment complex, in which I paid out a ton of money for repairs this year (about $7000 for new, efficient furnaces and $3000 for a new roof among other things - probably lost a little on rents vs. other expenses).

Additionally, my wife had a child late this year - we've had a ton of hospital bills for her that we're paying in cash. Any suggestions on making my tax burden as low as possible? I'm thinking I have a huge amount of deductions, but am unsure what I could do to minimize my tax burden.

Thanks!
Link Posted: 1/4/2012 9:54:36 AM EST
I always owe, somewhere between $200 and $1,500 depending on how money came in allowing me to meet my quarterlies (I'm self-employed) and the level at which I am able to contribute to my IRA.

I've thought for a long time that there would be a fucking revolution in this country if they did away with withholding and everyone had to write an out-of-pocket check at the end of the year for what they owe. Having several hundred bucks taken out each month before you even see it and having your employer pay half of your SS contribution is an entirely different planet compared to taking money out of your bank and giving it to the .gov.
Link Posted: 1/4/2012 9:56:48 AM EST
Refund? What is that?
Link Posted: 1/4/2012 9:57:57 AM EST
Originally Posted By Procyon:
I'm confident my wife and I underpaid for 2011.

We aren't idiots giving the government interest free loans.


This.



Link Posted: 1/4/2012 9:58:05 AM EST
Probably small refund. $100ish
Link Posted: 1/4/2012 9:59:48 AM EST
Originally Posted By SpaceGuy:
I kinda wanted to start a thread about this, but this may be the best place to put it for tax advice:

I co-own an LLC, and get paid every three months from the company. Because of the way I get paid, the company doesn't pay taxes on my share. Instead, they send me a K-1 which gets filed every year. In addition, I own an apartment complex, in which I paid out a ton of money for repairs this year (about $7000 for new, efficient furnaces and $3000 for a new roof among other things - probably lost a little on rents vs. other expenses).

Additionally, my wife had a child late this year - we've had a ton of hospital bills for her that we're paying in cash. Any suggestions on making my tax burden as low as possible? I'm thinking I have a huge amount of deductions, but am unsure what I could do to minimize my tax burden.

Thanks!


Posting this in the Business & Investing forum might get you a better response.
Link Posted: 1/4/2012 10:00:40 AM EST
Refund of maybe$2-3K

Our deductions up here are non-negotiable, so they take what they take without accounting for any charitable contributions or other write offs someone may make during the year.
Link Posted: 1/4/2012 10:00:43 AM EST
should have to pay the feds and get refund from the state - the net will be about 0.00 +/- 150.00
Link Posted: 1/4/2012 10:02:23 AM EST
[Last Edit: 1/4/2012 10:05:48 AM EST by Gyrene84]
Hoping to get around $3000 back due to claiming zero with zero deductions, and getting married.

Which is better than last year owing the Fed $150 and the State $750. Gotta pay the state Commies so the illegals can have better healthcare than me.
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