How much is your tax return

[camaro_speedemon]

http://www.hrblock.com/taxes/tools/taxcal.html

Just did mine, and it looks like I'm gonna get 5k back this year :eek: [img]graemlins/rock.gif[/img] Being married with children, and loosing 3k on my business this year is a good thing.

Wife already agreed that 1k of that going to a nitrous setup. [img]graemlins/naughty.gif[/img] [img]graemlins/dj.gif[/img]

[L32Projekt]

Won't know how much we will be PAYING this year. Damn state of CO. Let's see how well tax evasion works out. :D

[shenanigans]

Doubt mine will be anything excited, I broke $10k this year woohoo!!!

But I do have a few deductions with medical bills [img]graemlins/naughty.gif[/img]

[Fredless]

lol I only broke 11k approx. I'll be taking home a whopping 268 dollars according to that thing.

Better than last year, I ended up having to pay them $40 because I sold a ****load of stock.

[Everglades W68]

ME: No shirt, no shoes, no taxes - NO MONEY!!!!

Actually, I've already sent boxes full of money to Uncle Sam. A refund, if any, will go straight into an IRA.

[12secondv6]

no idea

[Mogobs30th]

Im expecting anywhere from $1200 to $2000. I also have no kids and am not married.

I have never had a tax return under $1000 since I was 16. I have taken additionals out of $25 per week federal and $15 per week for state taxes. Unless I owe, which has never happened, I am guaranteed back $1300 from federal taxes. Now state on the other hand is a different story. I take the additions out because most everyone in the state of Indiana making what I make usually owes a few dollars at the end of the year, but with the additionals taken out, I usually get back about $200 from state taxes.

My plan is cutting the tax return into thirds, 1/3 going to pay for the Firebird, 1/3 towards the Monte Carlo, and 1/3 to the set of rods and pistons I have been wanting for about 5 months now.

[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!

[ January 02, 2006, 11:59 AM: Message edited by: 96RS Alex ]

[V6Bob]

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

The deduction is for the year you paid the bill. Getting the bill and April 15th doesn't matter here.

I know people find it hard to save and they like getting a chunk of money back from taxes, but I trust everyone realizes they've used the government as a savings bank that pays no interest. I try to set my witholding close so that I get back just a small amount every year.

I also know everyone likes to b**** about taxes. But I must express an unpopular view. When I look at everything I get from living where I do, taxes are the best bargain I'll ever get in my life. And did you know that among advanced countries, the US has some of the lowest taxes?

http://www.nationmaster.com/graph-T/...ax_wed_sin_wor

[Mogobs30th]

Originally posted by V6Bob:

I know people find it hard to save and they like getting a chunk of money back from taxes, but I trust everyone realizes they've used the government as a savings bank that pays no interest. I try to set my witholding close so that I get back just a small amount every year.

Well, I can't get a savings account. And besides, the interest accrued on only $2000 a year is extremely insignificant. For the amount stated above, you might see about $50. And lets not also forget that some banks will charge you for not having a certain amount in the bank during a period of time, in turn you may actually end up paying money out than what you thought you would save or accrue from interest. What I do with these taxes is GUARANTEE myself a certain amount back, no fluctuations in that amount that would be smaller than what I calculate. Its actually a pretty reliable system.

Honestly, I hate banks, they are quick to take your money, and slow to tell you about it. If I really have a desperate need for a debit card or such, I will go get Visa gift cards or something.

[96RS Alex]

Thanks for clarifying my tax dilemma.

Someone once said...

"Paying taxes is like a cheap benefit to pay for in life to enjoy living in the good 'ol USA"

I have to agree with that! :D

[MTMike]

I need someone to LTP (Lube Transfer Protocol) me some Vasaline this year....

I grossed more with the business than I did at my job (>$30k) :eek:

I just hope I did my writeoffs (AKA $44k truck) OK... I'll know in a couple weeks

[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.

[V6Bob]

"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."

Anyone who tries this needs to be very familiar with the rules and penalties for underwitholding.

[Copperhead]

$9500...i'm rich biyatch!!