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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: tax time - how did everyone do this year?
A little less than last year but still money back 
And my CPA told me to continue doing what we are doing.
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Posted 3/11/12 4:19 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
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Re: tax time - how did everyone do this year?
Posted by DiamondGirl
We did well but we knew we would, we both claim zero.
Pissed we didn't get the $1000 child credit, we make too much, we thought it was automatic.
Same for us. I had no clue the child tax credit went by income. It's BS!
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| Posted 3/11/12 9:06 PM |
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MrsS1976
LIF Adolescent
Member since 5/11 534 total posts
Name:
M
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Re: tax time - how did everyone do this year?
Posted by Xelindrya
last year I paid because I didnt realize Obama's make america work crap meant there would be less taxes taken out. So I owed money back 
Thank god that stupid thing expired.
This year I owe because I used the system. Because I owed money for taxes I maxed out my W4 (we can do this online at work without much trouble) so that I had NO FEDERAL taxes withheld at all. I had to so that I had money to pay for taxes (ironic, eh?)
Then I had other things pop up and so I left it adjusted to 9 dependents. I used the irs.gov to figure out the number. As a result, 6 and a half months last year I paid nothing to the federal government. I made an extra $200 a paycheck. So over 6months that was $400 per month = $2400. I owe back $650. I consider that a fair deal. I obviously corrected my W4 back to zero when I could.
Thanks to a class action lawsuit settled against my company I have the funds to pay for the taxes this year, without adjustment.
Ironically this is the first year I qualified to deduct my mortgage interests etc with my home.
Since I'm not as bad off I'm leaving my W4 at zero for now. Maybe in November I'll go back to 9 so I have extra money for xmas.
Best of all... Texas has no state tax 
Maybe I mis-read this post, but unless you have 9 kids- declaring 9 dependents on your W4 is illegal....?
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| Posted 3/11/12 9:56 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: tax time - how did everyone do this year?
Posted by MrsS1976
Posted by Xelindrya
last year I paid because I didnt realize Obama's make america work crap meant there would be less taxes taken out. So I owed money back
Thank god that stupid thing expired.
This year I owe because I used the system. Because I owed money for taxes I maxed out my W4 (we can do this online at work without much trouble) so that I had NO FEDERAL taxes withheld at all. I had to so that I had money to pay for taxes (ironic, eh?)
Then I had other things pop up and so I left it adjusted to 9 dependents. I used the irs.gov to figure out the number. As a result, 6 and a half months last year I paid nothing to the federal government. I made an extra $200 a paycheck. So over 6months that was $400 per month = $2400. I owe back $650. I consider that a fair deal. I obviously corrected my W4 back to zero when I could.
Thanks to a class action lawsuit settled against my company I have the funds to pay for the taxes this year, without adjustment.
Ironically this is the first year I qualified to deduct my mortgage interests etc with my home.
Since I'm not as bad off I'm leaving my W4 at zero for now. Maybe in November I'll go back to 9 so I have extra money for xmas.
Best of all... Texas has no state tax
Maybe I mis-read this post, but unless you have 9 kids- declaring 9 dependents on your W4 is illegal....?
you can claim a lot more then 9 on a w4. deductions do not mean "people" ....for example a head of household could "deduct 2" ...Then if you make less then say ( total example off top of head) $50K it will say deduct 2, then will say deduct 1 for each kid. Deduct 1 if you are IDK...disabled...etc. A family of 5 could in reality deduct like 13 if the situation warrents it.
People get deductions confused with dependents.
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| Posted 3/11/12 10:41 PM |
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NewLeaf2012
LIF Adult
Member since 1/11 2741 total posts
Name:
....
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Re: tax time - how did everyone do this year?
Posted by Blazesyth
Posted by NewLeaf2012
No where near what we use to get... Retirement sucks!
I think I'd rather be retired and get money back....
instead of working 60+ hours a week AND having to pay.
Retirement isn't all that.. You get use to a really good paycheck and doing pretty good during tax time. Now we are barely scraping by and got almost half of what we were getting. We got stopped in our tracks this year with the little we got back and it totally screwed us for buying a house anytime in the near future..
My brother works 60+ hours a week too and has to pay every year... It sucks no matter which way you look at it!!
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| Posted 3/12/12 5:11 AM |
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VanderZwang
LIF Adolescent
Member since 2/11 740 total posts
Name:
Gail
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Re: tax time - how did everyone do this year?
Posted by maymama
pretty much even, as it should be I guess!
As it should be.
OUr taxes arent done till October. But it will be even, as it always is.
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| Posted 3/12/12 10:37 AM |
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VanderZwang
LIF Adolescent
Member since 2/11 740 total posts
Name:
Gail
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Re: tax time - how did everyone do this year?
Posted by MrsS1976
Posted by Xelindrya
last year I paid because I didnt realize Obama's make america work crap meant there would be less taxes taken out. So I owed money back
Thank god that stupid thing expired.
This year I owe because I used the system. Because I owed money for taxes I maxed out my W4 (we can do this online at work without much trouble) so that I had NO FEDERAL taxes withheld at all. I had to so that I had money to pay for taxes (ironic, eh?)
Then I had other things pop up and so I left it adjusted to 9 dependents. I used the irs.gov to figure out the number. As a result, 6 and a half months last year I paid nothing to the federal government. I made an extra $200 a paycheck. So over 6months that was $400 per month = $2400. I owe back $650. I consider that a fair deal. I obviously corrected my W4 back to zero when I could.
Thanks to a class action lawsuit settled against my company I have the funds to pay for the taxes this year, without adjustment.
Ironically this is the first year I qualified to deduct my mortgage interests etc with my home.
Since I'm not as bad off I'm leaving my W4 at zero for now. Maybe in November I'll go back to 9 so I have extra money for xmas.
Best of all... Texas has no state tax
Maybe I mis-read this post, but unless you have 9 kids- declaring 9 dependents on your W4 is illegal....?
I dont think its illegal. If you have 9 dependants (or even deductions ie: head of household) just to have less taxes taken out I think thats your business.
I think it all comes down to how you declare on your 1040.
One thing to keep in mind, for my limited tax knowledge, is that if you UNDERPAY taxes it can bite you in the a$$ too.
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| Posted 3/12/12 10:40 AM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: tax time - how did everyone do this year?
Posted by MrsS1976
We have to pay a lot..last year we also paid but not as much as this year. I work as a 1099 so I have to save up for taxes each year. Sucks.
I work as 1099 as well and I make sure to take 20% of my checks and put it aside. Each and every time. No matter what! It always winds up I'm saving too much bc of write offs and I usually get to keep a lot of whatever I saved.
Maybe try that this year?
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| Posted 3/12/12 11:24 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: tax time - how did everyone do this year?
Posted by PhyllisNJoe
Posted by MrsS1976
We have to pay a lot..last year we also paid but not as much as this year. I work as a 1099 so I have to save up for taxes each year. Sucks.
I work as 1099 as well and I make sure to take 20% of my checks and put it aside. Each and every time. No matter what! It always winds up I'm saving too much bc of write offs and I usually get to keep a lot of whatever I saved.
Maybe try that this year?
I have heard 15% is more than enough to save but it all depends on your write-offs I guess.
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| Posted 3/12/12 11:29 AM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: tax time - how did everyone do this year?
Posted by hazeleyes33
Posted by PhyllisNJoe
Posted by MrsS1976
We have to pay a lot..last year we also paid but not as much as this year. I work as a 1099 so I have to save up for taxes each year. Sucks.
I work as 1099 as well and I make sure to take 20% of my checks and put it aside. Each and every time. No matter what! It always winds up I'm saving too much bc of write offs and I usually get to keep a lot of whatever I saved.
Maybe try that this year?
I have heard 15% is more than enough to save but it all depends on your write-offs I guess.
yes 15% is the usual but I'm always extra cautious - you never know what surprises can come up plus this way you almost ALWAYS at least "get something back" (even though it's just that you saved too much)
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| Posted 3/12/12 11:31 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: tax time - how did everyone do this year?
Posted by PhyllisNJoe
Posted by hazeleyes33
Posted by PhyllisNJoe
Posted by MrsS1976
We have to pay a lot..last year we also paid but not as much as this year. I work as a 1099 so I have to save up for taxes each year. Sucks.
I work as 1099 as well and I make sure to take 20% of my checks and put it aside. Each and every time. No matter what! It always winds up I'm saving too much bc of write offs and I usually get to keep a lot of whatever I saved.
Maybe try that this year?
I have heard 15% is more than enough to save but it all depends on your write-offs I guess.
yes 15% is the usual but I'm always extra cautious - you never know what surprises can come up plus this way you almost ALWAYS at least "get something back" (even though it's just that you saved too much)
True.
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| Posted 3/12/12 11:52 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: tax time - how did everyone do this year?
Posted by ItsTime2011
Havent filed yet. Too scared. We owed a lot last year.
Same
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| Posted 3/12/12 12:07 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: tax time - how did everyone do this year?
Haven't filed yet. I can't file until I get a Schedule K-1 from a trust and that never comes before April 1st. It's so annoying.
The last 2 years we have owed but I'm hoping that because we now have a house, it won't be as bad.
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| Posted 3/12/12 12:31 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: tax time - how did everyone do this year?
ugh still didn't get my stuff together. I meant to do dit already but haven't.
I really need to focus.
I have a lot of schedules.
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| Posted 3/12/12 12:58 PM |
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Andrewz00
Look! I changed it!
Member since 4/10 1789 total posts
Name:
Andrew
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Re: tax time - how did everyone do this year?
we passed 
new fridge and vacation is booked... not to shabby over all...
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| Posted 3/12/12 2:24 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: tax time - how did everyone do this year?
we are very happy with the return on our small scale govt loan.
I hope they made a TON of money in interest on all of our overpaid taxes and therefore will not have to supplement that income any further.
I LOVE BEING A PATRIOT!  
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| Posted 3/12/12 2:53 PM |
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drpepper318
MIR MIR MIR!
Member since 6/07 8274 total posts
Name:
me
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Re: tax time - how did everyone do this year?
Posted by jacquig
Posted by ItsTime2011
Havent filed yet. Too scared. We owed a lot last year.
Same
Yeah same here, hoping to get a return (even very small) rather than have to pay this year.
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| Posted 3/12/12 7:41 PM |
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mrsh2010
To travel is to live.
Member since 7/09 1679 total posts
Name:
Celia
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Re: tax time - how did everyone do this year?
We got some back from federal but had to pay double that for state/city.
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| Posted 3/13/12 8:54 AM |
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Alli06
Baby #3 coming this June
Member since 8/05 6721 total posts
Name:
A
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Re: tax time - how did everyone do this year?
We did great! Very happy!
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| Posted 3/13/12 10:18 AM |
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Faithx2
All good things in 2016!!
Member since 8/05 20181 total posts
Name:
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Re: tax time - how did everyone do this year?
GREAT!
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| Posted 3/14/12 11:09 PM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: tax time - how did everyone do this year?
we are getting back in state but owe MORE in federal.
reason being we dont own anything... we make a decent amount of money but live in a VERY expensive area...
cest la vie
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| Posted 3/14/12 11:10 PM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: tax time - how did everyone do this year?
I have also enrolled in a taxation course this semester so I can finally UNDERSTAND THIS CRAP!!!!
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| Posted 3/14/12 11:13 PM |
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BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
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Re: tax time - how did everyone do this year?
We usually do very well and this year we have a dependent!! My tax guy is great!! I am just too busy to send him my stuff. I just looked at my w2 and dh's w2 and the total income tax paid is more than 1/4 of our gross, craziness!!
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| Posted 3/15/12 12:34 AM |
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MrsRivera
2 under 2...whew!!
Member since 2/07 9876 total posts
Name:
Beth
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Re: tax time - how did everyone do this year?
FAAAAANTASTIC!!! Best year ever!
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| Posted 3/15/12 1:10 AM |
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