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Posted: 1/14/2006 2:27:55 PM EDT
I just estimate my tax refund! And I am actually getting a refund!

About $20. So I am getting a porno mag and some powdered sugar instead of the usual hookers and blow!

Actually I dont know about this year. The hospital changed the classification of some of our income and its going to hurt.
Link Posted: 1/14/2006 2:31:13 PM EDT
Odds are about the same as your getting, someone on welfare needs some new 22" rims
Link Posted: 1/14/2006 2:33:31 PM EDT
I might find out if I ever get my damn W2s
Link Posted: 1/14/2006 2:33:45 PM EDT
About enough to take the 5-day rifle/carbine class at Blackwater
Link Posted: 1/14/2006 2:35:45 PM EDT
Uncle Sam says:

All Your Moneys Belongs To Us

Link Posted: 1/14/2006 2:36:27 PM EDT

Originally Posted By TheRedHorseman:
I might find out if I ever get my damn W2s


If you do the EZ you don't need a W2 just use the last paycheck of the year for the numbers .
Link Posted: 1/14/2006 2:37:04 PM EDT
But on the bright side we could be paying euro taxes or taxes in canadia!
Link Posted: 1/14/2006 2:38:47 PM EDT
I will be paying in around $1000 fed and about $500 state.....again.


I really hate the tax system.

Link Posted: 1/14/2006 2:39:41 PM EDT
I hate the government.
Link Posted: 1/14/2006 2:42:22 PM EDT

Originally Posted By Kodiak-AK:

Originally Posted By TheRedHorseman:
I might find out if I ever get my damn W2s


If you do the EZ you don't need a W2 just use the last paycheck of the year for the numbers .



problem being that the new idiots that I work for(contract was sold to securitas) had the last pay period go from the 22nd of december to the 5th of this month, so that pay stub is not going to be much help- and I havent gotten it yet.
Link Posted: 1/14/2006 2:43:38 PM EDT

About $20.

You did a very good job estimating how much in taxes to pay. Congratulations.

I do several hundred returns a year. Too often I see the people that didn't deduct enough and aren't prepared to pay what they owe, or the other group that lets the government keep their money for free until they get their refund since they overpaid. You've done it the right way.z
Link Posted: 1/14/2006 2:45:33 PM EDT
Congrats Doc!

Geez...I wish I was getting a refund. My accountant tells me I'm going to owe about $15k.
Link Posted: 1/14/2006 2:45:39 PM EDT
A

­

Tax






Refund!!!

Link Posted: 1/14/2006 2:50:34 PM EDT
You had to bring this up didnt you..............


They screwed up my fairly simple taxes last year, and have insisted I owed them money. They actually owed me $400+, and are demanding $100, and its growing interest & penalties.




This year they owe me a grand+, and damnit I want my money.



$1400 motherfuckers tax theives, and you need to be giving me my damn money back.



Now if only I can lose my job...........




Oh yeah, I missed the obvious. I'd need glasses.
Link Posted: 1/14/2006 2:59:40 PM EDT
congrats on your $20 windfall !
i've been advised that AMT (alternative minimum tax) will hit us this year...this was Bush's way of stealing more tax dollars from the middle class without DECLARING a tax increase...watch your back, AMT will affect the majority of the middle class in a few years
Link Posted: 1/14/2006 3:02:51 PM EDT
I heard that too. That the AMT will rock a lot of people in the middle of the tax bracket.
Link Posted: 1/14/2006 3:03:24 PM EDT

Originally Posted By TheRedHorseman:

Originally Posted By Kodiak-AK:

Originally Posted By TheRedHorseman:
I might find out if I ever get my damn W2s


If you do the EZ you don't need a W2 just use the last paycheck of the year for the numbers .



problem being that the new idiots that I work for(contract was sold to securitas) had the last pay period go from the 22nd of december to the 5th of this month, so that pay stub is not going to be much help- and I havent gotten it yet.

What a bunch of tardos .

I am in the group of over paying on purpose . Don't fuck with the IRS they will shoot your house and reposes your dog man .
Link Posted: 1/14/2006 3:11:39 PM EDT

Originally Posted By out-a-ammo:
A

Tax


Refund!!!

­



No shit.

Except I'm not laughing.
Link Posted: 1/14/2006 3:16:05 PM EDT
I am getting about $300. reason? I was a student and made under 10K for the year. I am told that i will get it all back.
Link Posted: 1/14/2006 3:20:57 PM EDT

Originally Posted By C-4:
Uncle Sam says:

All Your Moneys Belongs To Us




+1
Link Posted: 1/14/2006 3:45:19 PM EDT
Glock 20 10 millimeter automatic!
Link Posted: 1/14/2006 4:20:40 PM EDT
I owe $6400. Woohooooo!!!!!
Link Posted: 1/14/2006 4:31:37 PM EDT
I'll be getting about $700 again this year, and it will be going to pay some more principal on my truck loan. One of these days it might actually be profitable to be me....
Link Posted: 1/14/2006 4:33:44 PM EDT
My income tax return is mostly going to pay my county property taxes.
Link Posted: 1/14/2006 4:45:12 PM EDT
I usually get about 1k back.

Maybe an M1 carbine.
Link Posted: 1/14/2006 4:48:36 PM EDT

Originally Posted By mjohn3006:
I usually get about 1k back.

Maybe an M1 carbine.



Uncle Sam thanks you for the interest free loan.
Link Posted: 1/14/2006 4:49:34 PM EDT
Pay off credit cards.
Link Posted: 1/14/2006 4:52:15 PM EDT
I dont know how much is coming back to me, but it is all going into the ".50 cal. fund".
Link Posted: 1/14/2006 4:52:16 PM EDT
I owe the feds roughly $33,000 with a bit of coin in there for penalties (I'm supposed to file quarterly). Being self employed sucks sometimes
Link Posted: 1/14/2006 4:54:15 PM EDT

Originally Posted By LWilde:
Geez...I wish I was getting a refund. My accountant tells me I'm going to owe about $15k.



I believe your accountant should be terminated.

Owing $15k at tax time means he/she wasn't paying attention to your finances DURING the year.
Link Posted: 1/14/2006 4:55:22 PM EDT
Its better to "owe" the government at the end of the year then to let them have an interest free loan. I believe that every American should have to wright a check and know how much the government is screwing them. Might get a few more right thinking people out there.
Link Posted: 1/14/2006 5:03:13 PM EDT

Originally Posted By SHIVAN:

Originally Posted By LWilde:
Geez...I wish I was getting a refund. My accountant tells me I'm going to owe about $15k.



I believe your accountant should be terminated.

Owing $15k at tax time means he/she wasn't paying attention to your finances DURING the year.



Pretty broad statement....for all we know he has been paying $5000/ month and had an exceptional month in Dec.


Or maybe LWilde knew all along that the liability was growing.....
Link Posted: 1/14/2006 5:05:54 PM EDT

Originally Posted By krpind:

Originally Posted By SHIVAN:

Originally Posted By LWilde:
Geez...I wish I was getting a refund. My accountant tells me I'm going to owe about $15k.



I believe your accountant should be terminated.

Owing $15k at tax time means he/she wasn't paying attention to your finances DURING the year.



Pretty broad statement....for all we know he has been paying $5000/ month and had an exceptional month in Dec.


Or maybe LWilde knew all along that the liability was growing.....



Yeah, maybe. Judging by his reaction to it -- this smilie: -- I'm doubting it.
Link Posted: 1/14/2006 5:07:01 PM EDT

Originally Posted By SHIVAN:

Originally Posted By LWilde:
Geez...I wish I was getting a refund. My accountant tells me I'm going to owe about $15k.



I believe your accountant should be terminated.

Owing $15k at tax time means he/she wasn't paying attention to your finances DURING the year.



I've been through 3 in the past 12 years. They have all aired on the side of loaning my money to the gov for free.
Link Posted: 1/14/2006 5:08:37 PM EDT
I owe.

I hate taxes.

I want a new system based on purchases, not individual incomes.

Link Posted: 1/14/2006 5:10:28 PM EDT

Originally Posted By SHIVAN:

Originally Posted By krpind:

Originally Posted By SHIVAN:

Originally Posted By LWilde:
Geez...I wish I was getting a refund. My accountant tells me I'm going to owe about $15k.



I believe your accountant should be terminated.

Owing $15k at tax time means he/she wasn't paying attention to your finances DURING the year.



Pretty broad statement....for all we know he has been paying $5000/ month and had an exceptional month in Dec.


Or maybe LWilde knew all along that the liability was growing.....



Yeah, maybe. Judging by his reaction to it -- this smilie: -- I'm doubting it.



You may be right....but it isn't your CPA's fault you have a tax liability at the end of the year, unless you were paying all along and expected to be pretty close to even.

Link Posted: 1/14/2006 5:15:13 PM EDT

Originally Posted By WaMag:
Its better to "owe" the government at the end of the year then to let them have an interest free loan. I believe that every American should have to wright a check and know how much the government is screwing them. Might get a few more right thinking people out there.



Agreed. Thanks to witholding, most people fall into the "ignorance is bliss" category.

Link Posted: 1/14/2006 5:19:11 PM EDT
[Last Edit: 1/14/2006 5:21:32 PM EDT by SHIVAN]

Originally Posted By krpind:
You may be right....but it isn't your CPA's fault you have a tax liability at the end of the year, unless you were paying all along and expected to be pretty close to even.



...

Maybe we have different concepts of "accountants". A CPA, or tax preparer, you go to in order to prepare taxes doesn't have any fault in the matter.

An accountant who analyzes your financial transactions all year, and advises you all year long certainly has some culpability for your tax liability at tax time.

Someone who has potential for an excess liability of $15k+++, at tax time, should be using an accountact that does more than prepare taxes for you.

At least my family does.
Link Posted: 1/14/2006 5:24:26 PM EDT
[Last Edit: 1/14/2006 5:27:58 PM EDT by krpind]

Originally Posted By SHIVAN:

Originally Posted By krpind:
You may be right....but it isn't your CPA's fault you have a tax liability at the end of the year, unless you were payingincome tax all along and expected to be pretty close to even. due to planning and discussions



...

Maybe we have different concepts of "accountants". A CPA, or tax preparer, you go to in order to prepare taxes doesn't have any fault in the matter.

An accountant who analyzes your financial transactions all year, and advises you all year long certainly has some culpability for your tax liability at tax time.



Sure.....but you have to figure either he makes pretty good money or he sold something or has something unusual this year. ( WE both are spouting off without enough info to say for sure)

BTW, not everyone listens to their cpa/accountant. Cash flow often dictates these things when a small business is involved.


EDIT
Link Posted: 1/14/2006 5:24:34 PM EDT
Last year we got around 5k back if I remember right. Should be a bit less this year, unless the new tax laws decide to take a chunk of it.
Link Posted: 1/14/2006 5:26:34 PM EDT

Originally Posted By krpind:
WE both are spouting off without enough info to say for sure)



...agreed.
Link Posted: 1/14/2006 5:31:42 PM EDT
My wife and I are getting back around 2k, I'm going to pay off our carpet that was installed this year.
Link Posted: 1/14/2006 5:32:15 PM EDT
I claim exempt this past year.
Link Posted: 1/14/2006 5:45:54 PM EDT
I've been afraid to do any estimating. Made a decent amount of change during the disaster recovery season.... Could be interesting...


Woody
Link Posted: 1/14/2006 5:46:54 PM EDT

Originally Posted By SHIVAN:


...agreed.



Link Posted: 1/14/2006 5:48:32 PM EDT

Originally Posted By PeteCO:

Originally Posted By mjohn3006:
I usually get about 1k back.

Maybe an M1 carbine.



Uncle Sam thanks you for the interest free loan.



Anything for my country.
Link Posted: 1/14/2006 6:06:31 PM EDT

Originally Posted By SHIVAN:

Originally Posted By LWilde:
Geez...I wish I was getting a refund. My accountant tells me I'm going to owe about $15k.



I believe your accountant should be terminated.

Owing $15k at tax time means he/she wasn't paying attention to your finances DURING the year.



No...if it was his fault, I'd can him. In this case I need only look in the mirror.

Miz LWilde and I had some monstrous medical and dental bills this year. When I left my last gig at the university, I took part of my 403b in cash...(I KNOW...I KNOW ) to pay them and pay off all of our substantial debt. I even paid off my truck two years early. I made sure the brokerage firm took out a lot in taxes...BUT by taking out that much $$$, I nearly doubled my annual income...soooo...I'm in a higher bracket. We ended up with only our house payment and one car payment.

When I told my accountant what I'd done he had a FIT!

My bad...but I was more worried about the nearly $38k expenses staring us in the face at the time.

Choices...choices.

Bad part is that I've been autdited already because of a screw up by an old employer. When that dummy got done the IRS came after me and wanted over $15k that time too. My accountant fixed it and I ended up owning them $37.00 total. I'm sure that since they chased me last year, they'll be looking over my shoulder again.

Anyway, we are planning on worst case of $15k. It may be lower...but at this point its a crap shoot. I did some restructuing of accounts and heavy withholding this CY to reduce the penalty but it won't be enough.

Hell...its only money.
Link Posted: 1/14/2006 6:08:06 PM EDT

Originally Posted By LWilde:
No...if it was his fault, I'd can him. In this case I need only look in the mirror.

Miz LWilde and I had some monstrous medical and dental bills this year. When I left my last gig at the university, I took part of my 403b in cash...(I KNOW...I KNOW ) to pay them and pay off all of our substantial debt. I even paid off my truck two years early. I made sure the brokerage firm took out a lot in taxes...BUT by taking out that much $$$, I nearly doubled my annual income...soooo...I'm in a higher bracket. We ended up with only our house payment and one car payment.

When I told my accountant what I'd done he had a FIT!

My bad...but I was more worried about the nearly $38k expenses staring us in the face at the time.

Choices...choices.

Bad part is that I've been autdited already because of a screw up by an old employer. When that dummy got done the IRS came after me and wanted over $15k that time too. My accountant fixed it and I ended up owning them $37.00 total. I'm sure that since they chased me last year, they'll be looking over my shoulder again.

Anyway, we are planning on worst case of $15k. It may be lower...but at this point its a crap shoot. I did some restructuing of accounts and heavy withholding this CY to reduce the penalty but it won't be enough.

Hell...its only money.



That sucks!

Sorry to hear you are gonna get hammered.
Link Posted: 1/14/2006 6:21:23 PM EDT
[Last Edit: 1/14/2006 6:23:44 PM EDT by VoodooChile]
Pay off wife's Minivan and possible pay off student loan...we got our first house 2 years ago and we cranked out 3 babies in the past 5 years so the refunds have shot from nothing to $4000+ despite having adjusted our withholding . I've been in the position of owing thousands on back to back years so I'd rather err on the side of getting money.
Link Posted: 1/14/2006 6:41:50 PM EDT
I just estimated my refund on the IRS website. $750 bucks! It's going to be used for a Nightforce scope for the .50
Link Posted: 1/14/2006 6:48:22 PM EDT
Refunds are going into my IRA.
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