Moneymoney

Sun Apr 17, 2016, 09:12 AM

Well its that time of the year!

Wondering how many of us made money on taxes this year or did you have to pay a little?

26 replies, 1517 views

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Arrow 26 replies Author Time Post
Reply Well its that time of the year! (Original post)
DDKick Apr 2016 OP
Myriel Apr 2016 #1
DDKick Apr 2016 #4
Juan Rico Apr 2016 #2
DDKick Apr 2016 #5
Juan Rico Apr 2016 #8
DDKick Apr 2016 #11
Juan Rico Apr 2016 #14
travelman90069 Apr 2016 #21
Juan Rico Apr 2016 #22
travelman90069 Apr 2016 #23
BuzzClik Apr 2016 #3
DDKick Apr 2016 #6
BuzzClik Apr 2016 #15
Myriel Apr 2016 #20
fszwfnj Apr 2016 #7
Magyar Heidinn Apr 2016 #9
Duke Lacrosse Apr 2016 #10
DDKick Apr 2016 #13
DDKick Apr 2016 #12
Fine Kettle Of Fish Apr 2016 #16
TexMex Apr 2016 #17
marmot84 Apr 2016 #18
exindy Apr 2016 #19
KAT Apr 2016 #24
Hades Apr 2016 #25
Bubba Apr 2016 #26

Response to DDKick (Original post)

Sun Apr 17, 2016, 09:23 AM

1. Made money?

Do you mean how many of us got a rebate of the taxes we overpaid during the year? Or are you asking about people with an overall negative federal income tax rate?

I filed in February. I owed a little. I usually make an estimate in May of how my taxes are going to look and then adjust my withholding rate so that it comes out close to even. I file early both to get it over with and to get ahead of the refund scammers.

For me, property taxes are the big check every year. Either in December or January of each year, I have to write a single large (by my standards) check to cover the year's property taxes. I'd prefer to pay it monthly, but they aren't set up for that. Instead, I have money transferred from checking to savings each month and then pull it all back into checking when I write the check. I alternate between paying it in January and December of one year and then not all the all the following year as a way to maximize my federal income tax deductions.

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Response to Myriel (Reply #1)

Sun Apr 17, 2016, 09:34 AM

4. Yes having to write a check for taxes makes it real doesn't it.

When its taken out every payday it doesn't seem like a whole lot and you get compliant with the rates. I don't have a huge property in the state I live in. I do have a personal property tax on my Cars boat and camper that stings each year. Writing that check hits the bank account hard each year. It makes me pay attention more when they talk about the personal property tax rates. There is a small upside I don't pay a % sales tax upfront when buying these types of things. In the long run though I probably end up paying more over time than the upfront taz would have been.

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Response to DDKick (Original post)

Sun Apr 17, 2016, 09:27 AM

2. Getting a tax "refund" isn't making money on taxes. It just means one overpaid.

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Response to Juan Rico (Reply #2)

Sun Apr 17, 2016, 09:37 AM

5. Funny that isn't what the guy in the statue of liberty costume says

He stands out by the road waving you in to get your taxes done and the sign clearly says make money. Heck they even give you an EBT card to spend that free money faster.

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Response to DDKick (Reply #5)

Sun Apr 17, 2016, 09:42 AM

8. I wonder how much of a cut they take for that service. 10%? 15%? 20%?

Oh, well....fools and their money, as they say.

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Response to Juan Rico (Reply #8)

Sun Apr 17, 2016, 10:02 AM

11. Thankfully I have no idea lol

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Response to DDKick (Reply #11)

Sun Apr 17, 2016, 10:15 AM

14. A bit of quick Googling shows it in the ballpark of ten to twenty percent of the refund.

Quite a loss to get the money a bit sooner....especially when one can simply file online once one has all the tax documents at the end of January, and get the check in a week or two!

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Response to Juan Rico (Reply #2)

Sun Apr 17, 2016, 06:07 PM

21. Not necessarily. Bonus income gets taxed higher than regular income and I always get some of those

 

taxes back when I file each year. It was explained to me once why they have to tax bonus income so high, but I can't remember now. Seemed to make sense though.

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Response to travelman90069 (Reply #21)

Sun Apr 17, 2016, 06:11 PM

22. Well, if it's a variable bonus that you can't predict in advance, I can understand that.

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Response to Juan Rico (Reply #22)

Sun Apr 17, 2016, 06:16 PM

23. Definitely variable. You never know how large the overall bonus pool is each year. You only know

 

what percent of your target bonus you may receive based on your performance. If you met all your goals you may get 150% of target, but if the overall bonus pool is not huge, you may only get 100% of target even though you exceeded your goals. I hate those years.

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Response to DDKick (Original post)

Sun Apr 17, 2016, 09:29 AM

3. Hate to play the semantics game, but a tiny minority make money on taxes.

We may get some of our pre-paid taxes back....

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Response to BuzzClik (Reply #3)

Sun Apr 17, 2016, 09:37 AM

6. Accountants sure do

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Response to DDKick (Reply #6)

Sun Apr 17, 2016, 10:21 AM

15. True, true.

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Response to BuzzClik (Reply #3)

Sun Apr 17, 2016, 12:13 PM

20. Actually...

Quite a large number of people "make money" on their federal income taxes. The average effective federal income tax rate for the two quintiles with the lowest income are negative. That is just federal income taxes and doesn't include social security, medicare, or excise taxes.

?cb=1434643395

https://www.cbo.gov/sites/default/files/113th-congress-2013-2014/reports/49440-Distribution-of-Income-and-Taxes-2.pdf

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Response to DDKick (Original post)

Sun Apr 17, 2016, 09:39 AM

7. "made money on taxes"

I hope you did not actually mean it to sound that way. But it made me laugh to think that it is even possible to make money on taxes.

After I paid my taxes, (five figures this year) I quietly wept for a while.

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Response to DDKick (Original post)

Sun Apr 17, 2016, 09:42 AM

9. Wrote a check like every year.

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Response to DDKick (Original post)

Sun Apr 17, 2016, 09:48 AM

10. Given that I had to write a check to the Treasure for a little over $3K, I'd say I made money.

I had use of that money throughout the year, and didn't have to pay a penalty for under-withholding.

ETA typically I get small refunds from both the state and federal governments. Last year I had some unexpected 1099 earnings right at the end of the year, which threw my withholding off-kilter. I try to shoot for zero refunds.

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Response to Duke Lacrosse (Reply #10)

Sun Apr 17, 2016, 10:08 AM

13. I had a 1099 I forgot about to last year

I had an incredible good run (once in a lifetime run) at a craps table and the table won the side bet game. Those who made the bet won 7k and that they gave me a 1099 for right at the table. I forgotten all about it until I opened my tax folders and started working on my taxes. So I ended up owing a little bit this year.

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Response to DDKick (Original post)

Sun Apr 17, 2016, 10:03 AM

12. I underpaid last year

I had to write a small check so my deductions from payroll are just right.

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Response to DDKick (Original post)

Sun Apr 17, 2016, 10:24 AM

16. Smaller refund than last year

 

by quite a bit - enough that I'm going to have to do some re-examining here when I get time...

We aim for about a $2k refund, and for what is probably an odd reason; We're season ticket holders with the Hennepin Theater Trust (big touring Broadway musicals, mostly). They cost us between $1600 and $2200 per year, and come up for renewal in February. I do our personal taxes the very moment I have all the information I need, so we get our refund in February as well. It's all very neat and tidy - money comes in one door and floats out another, we have our tickets for the year, and I don't have to dip into short term savings or force fit the bill into monthly cash flow.

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Response to DDKick (Original post)

Sun Apr 17, 2016, 10:25 AM

17. Made money on taxes? NO@!

 

You mean over or under estimated their tax obligation for the year.

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Response to DDKick (Original post)

Sun Apr 17, 2016, 10:31 AM

18. "Making money" is the wrong phrase

If you "made money" on your taxes it only means that you had too much withheld.

I'm at exactly break even this year as I didn't have any sources of income except for one full time job which has the withholding's set to exactly break even. I should get a tiny bit back after accounting for charitable contributions, etc.

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Response to DDKick (Original post)

Sun Apr 17, 2016, 10:38 AM

19. Made money? You mean like Facebook?

http://www.discussionist.com/1014258075

Where not only did they make a profit they got a coupon from the taxpayers.

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Response to DDKick (Original post)

Sun Apr 17, 2016, 11:14 PM

24. Had a small bill to the Feds and got $100 from the state.

 

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Response to DDKick (Original post)

Mon Apr 18, 2016, 03:01 PM

25. The state took $1,800 and the Feds gave $800.

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Response to DDKick (Original post)

Tue Apr 19, 2016, 01:30 AM

26. Though I Work Mostly From Home,

The company is in Vancouver, so they don't withhold Oregon income tax.

I get a small pension, about $200 a month, from my years working in grocery. I have them apply the entire amount to Ore tax. Usually I end up breaking even (More-or-less) with Fed and pay a small amount to Ore.

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Moneymoney