How much is your tax return

[camaro_speedemon]

Originally posted by 96RS Alex:
Taxes, taxes, taxes....an issue that raises my blood pressure lol but I have a basic question.

Reporting medical tax deductions only apply before or after you paid the doctor's bill?

I am a little bit confused about reporting certain bills I already paid versus the one I have sitting on the table collecting dust. It was my very first' medical claim since I was 5.

A 20 minute consultation with a walk-in clinician in Dec '05 cost me $80 and I saved the receipt. However in the same month I became unemployed before this and the follow up medical procedure costs was a whopping $1500. Due to the perfect timing, my job loss stuck me with no health insurance and I am curious what my next step is as far as reporting this as a tax deduction. Even confusing for me is should I have paid for it in December to qualify for the tax deduction now or pay in 2006 and report it before April 15th, 2007?
Just my first time asking an elusive medical bill tax question.

Anyways in the State of Connecticut, it was nice to learn that you can only take 1 of your most expensive vehicle property taxes as a deduction in 2005. I own 3 F-bodies and naturally chose my 4th Gen Camaro to offset my tax liability. I took lengthy visits with the IRS and my CT Dept of Revenue Income to reclaim other taxes since 2002 also. Depending on your state, IRS guidelines stipulate that you can claim vehicle property taxes up to 3 yrs! So if you qualify and didn't know about this particular refund, call & ask your town hall municipal office and get back some tax money you PAID for back from our greedy government!

Well, if your medical bills are less then $10k you're better off claiming a standard exemption.

And BTW, this is my first year filing as married and I didn't realize I would be tax exempt. I also expect to be exempt again next year, so I will be changing my W4 to exempt so they don't take any taxes out.

The sickening part is, My wife only made 5k this year. If she hadnt worked at all, I would have gotten 6k back.

[KBeezy]

how the hell do ya'll have your tax returns already?!?

[camaro_speedemon]

Originally posted by KBeezy:
how the hell do ya'll have your tax returns already?!?

I dont have it yet.

You use all the information from you last paycheck from 05, and punch it into the calculator and it figures how much you should get back. It's not 100% accurate, but it's close

[red93camaro]

yeah im with him^ i didnt even get anything yet...had 3 jobs this year didnt get a paper sayin wat i made although i have all my pay slips...made over 10k with the job i have now the other 2 prolly not 4k put together.....last year i didnt even get papers till like the end of jan. so im not even thinking of that as of yet

[bret_xi]

lol i think i got somethin sayin i was getting around 11$ back... but thats gotta be wrong cause i've made like 5k this year

[SpeedingFirebird]

Originally posted by fbird01:
Actually it is better to get close to $0 back on your tax return. The more money you keep during the year the more you can earn.

Yes, banks do take your money because they suck, go to a credit union, theyre much better.

Get into a 90 or 180 day Certificate of Deposit (CD) at about 3.5-4% and earn some money. If you had 5k in the cd you would earn about $200 in interest a year, which is much better than $0 your getting from the government. Your actually losing money by giving the govt more cuz everyday your dollar is worth less than they day before.

If your good at saving money exempt yourself and take out no taxes, invest the extra money and pay at the end of the year.

The only guarantee your getting from the govt is that their using your money to make more for themselves, while you get back the minimum amount.

This is one of the top tips of saving money. INVEST your money - stock market, bonds, something. Having the government hold $xk of your money return free for a year is a waste.

Some funds are making 20% right now. 20% on 1K is $200. Use your money to make you money. As just stated, that's what the gov is using your money for.

[Mogobs30th]

Originally posted by SpeedingFirebird:
</font><blockquote>quote:</font><hr />Originally posted by fbird01:
Actually it is better to get close to $0 back on your tax return. The more money you keep during the year the more you can earn.

Yes, banks do take your money because they suck, go to a credit union, theyre much better.

Get into a 90 or 180 day Certificate of Deposit (CD) at about 3.5-4% and earn some money. If you had 5k in the cd you would earn about $200 in interest a year, which is much better than $0 your getting from the government. Your actually losing money by giving the govt more cuz everyday your dollar is worth less than they day before.

If your good at saving money exempt yourself and take out no taxes, invest the extra money and pay at the end of the year.

The only guarantee your getting from the govt is that their using your money to make more for themselves, while you get back the minimum amount.

This is one of the top tips of saving money. INVEST your money - stock market, bonds, something. Having the government hold $xk of your money return free for a year is a waste.

Some funds are making 20% right now. 20% on 1K is $200. Use your money to make you money. As just stated, that's what the gov is using your money for. </font>[/QUOTE]The only way that works is if you have that large lump sum of money right there to invest. Now what I can do is take what I get on the tax return and completely reinvest it into a CD, but personally I am a fairly aggressive investor. I will buy sh**** stocks, and look for a small return over a short time. Long term is completely out of the question, anything over 1 year is pointless to me. I have other investments for that, and with the money I have taken out additionally that is to pay off stuff I have done during the holiday season, and get things geared up for the upcoming spring/summer months.

[SpeedingFirebird]

Originally posted by Mogobs30th:
[The only way that works is if you have that large lump sum of money right there to invest.

Not neccessarily. Take the extra money per month that you would have paid in taxes and put that into an interest bearing account until you have enough to invest. This way you are still making a small percentage (better than nothing) until you have a large lump sum to invest in CDs or what not.

[TucsonBird]

Returns slipped my mind until just now. I have no idea what I'm going to get but hopefully I get lucky. Moving out soon and could use the help :D

2004 returns got me $300 or $400.

I did quit a job in June and started at another place, shortly after that the place I used to work for went out of business. I don't know how that will affect anything but I hope I get the papers soon so I can get my returns right away ;)

[ThatsMeGC]

Last year I owed around $400 between state and federal. Due to horrible advice on how to fill the paper out when I started my job. I changed that and would assume I will get around $400 this year...but who knows.

[Everglades W68]

Originally posted by TucsonBird:
I did quit a job in June and started at another place, shortly after that the place I used to work for went out of business. I don't know how that will affect anything but I hope I get the papers soon so I can get my returns right away ;)

You'd better look for your paystubs from that place - you might not get a W-2 from them. Plus, you have to wonder if they were remitting the withheld taxes like they were supposed to (if it happens they were not, contact the IRS immediately - the owners or managers can be held personally liable).

[MTMike]

Originally posted by Everglades W68:
</font><blockquote>quote:</font><hr />Originally posted by TucsonBird:
I did quit a job in June and started at another place, shortly after that the place I used to work for went out of business. I don't know how that will affect anything but I hope I get the papers soon so I can get my returns right away ;)

You'd better look for your paystubs from that place - you might not get a W-2 from them. Plus, you have to wonder if they were remitting the withheld taxes like they were supposed to (if it happens they were not, contact the IRS immediately - the owners or managers can be held personally liable). </font>[/QUOTE]Yeah, the owner(s) of that company can be in some deep sh*t if they don't get their stuff together.

[mjparme]

I will get around $0 back and maybe pay in a bit, and I am perfectly happy with that. I would rather pay in than get a refund because then I got my money during the year and don't have to wait on the Government to give me my money back with NO INTEREST. Hope you all enjoy giving out interest free loans.

The money you are getting back is money you have OVERPAID throughout the year. Its not like the Gov. is giving you free money...it is already yours!

[camaro_speedemon]

Originally posted by mjparme:
I will get around $0 back and maybe pay in a bit, and I am perfectly happy with that. I would rather pay in than get a refund because then I got my money during the year and don't have to wait on the Government to give me my money back with NO INTEREST. Hope you all enjoy giving out interest free loans.

The money you are getting back is money you have OVERPAID throughout the year. Its not like the Gov. is giving you free money...it is already yours!

Actually, about$2000 of the money I'm getting back get back is an earned income credit from having a kid ;) We only paid out around $3k, so the gov't is giving me free money.

[V6Bob]

"The money you are getting back is money you have OVERPAID throughout the year. Its not like the Gov. is giving you free money...it is already yours!"

"Actually, about $2000 of the money I'm getting back get back is an earned income credit from having a kid [Wink] We only paid out around $3k, so the gov't is giving me free money."

Call me stupid, but I can't tell if you're being humorous or you're possibly missing the point. At some point in the year you knew you would have a kid. You could have roughly figured your taxes and adjusted your witholding.