― David Raposa, Thursday, 21 February 2002 01:00 (11 years ago) Permalink
― Ally, Thursday, 21 February 2002 01:00 (11 years ago) Permalink
― Ned Raggett, Thursday, 21 February 2002 01:00 (11 years ago) Permalink
The good news is I'm getting a refund from the IRS. You can shelve the violins, madam (though, if you know "The Devil Went Down to Georgia", you could play that, thanks).
Ah yes, I remember a third of my check being taken for income taxes while living in NYC. God bless Texas and it's lack of state income tax. yee haw!
― Samantha, Thursday, 21 February 2002 01:00 (11 years ago) Permalink
If any of you (as Ally noted) are in dire taxation straits, feel free to gimme a call - I can't provide violins, unfortunately, but I could sing you some selected works from the songbook of Andrew Lloyd Webber.
― Sean, Thursday, 21 February 2002 01:00 (11 years ago) Permalink
Such thinking also doesn't take into account those all-important CREDITS - for instance, the breaks given to full-time students, or other categories I can't think of right now.
Nobody cares, Raposa. Try being one of the many of us that live in NYC and get hit with unreasonably high city, state, and of course the federal. or try being British. Jesus christ.
Pfffft. Try being a resident of Washington "Taxation Without Representation" DC.
(That said, for the first year since whenever, I am getting a refund. Now if I could only print the d*** forms.)
― j.lu, Thursday, 21 February 2002 01:00 (11 years ago) Permalink
Withholding: the lazy man's friend.
― Nitsuh, Thursday, 21 February 2002 01:00 (11 years ago) Permalink
David, what you just said makes absolutely no sense. Do you even know how taxes work at all? Because this isn't even the most tax- unknowledgable bit of your post - what are you talking about with the credits? Whether you pay absolutely nothing per paycheck to taxes or pay your entire paycheck, you still have to file the exact same way, so credits/etc don't matter to withholding. At all. But no, what I quoted makes no sense, so either your skills of explanation have lost you completely in this discussion or you don't understand the tax system at all - if you're withholding enough to get a "big chunk of change", then you wouldn't pay your taxes all at once. How can I discuss this? Jesus. I work in accounting.
Nitsuh, yes, you should withhold if you're not good at savings. Basically, withholding is a good idea to me, but not overwithholding - you put in your correct amount of exemptions on the form and then go from there. Putting in extra to "get a bit more back" is asinine; putting in the right amount because you might spend it is sensible.
No matter what any of us say, NYC or Washington are NOT as bad as Britian. That place is insane with the tax.
I usually break even with withholdings anyway. As it should be.
But the beauty of democracy is that I can pretend my money goes solely to programs I like, and the fighter jets are financed by the vast mid-stream majority of Bush-voters who are actually keen on that sort of thing. Now if only the vast mid-stream majority would learn to apply that imaginative trick to WIC payments and the NEA budget.
(Besides, if I had that extra $60 in interest I guarantee at least $40 of it would wind up with some institution I approved of even less.)
All I know is that I withhold a certain amount from my paycheck in addition to the monies withheld out by the state and the federal government. Every February or so, I sit down with a tax form and a glass of water and do some math. My status as a full-time student lessens the amount of tax I actually owe to the US, thanks to the Lifetime Earning Credit. All this means is I "get money back". Yay for me.
I like Nitsuh's justification - it's the same sort of reasoning I'd apply, had I ever really thought about where the money ends up.
Up there, in my "nonsense" post, I was saying that folks withholding enough extra cash that they end up receiving a significant refund would be better off just investing the extra cash somewhere else and pay the taxes when they're due. From what I understand, that's what Ally & Samantha were saying at the beginning of this thread - to paraphrase, it's STUPID to withhold more money than necessary when you're just losing the opportunity to USE that money. But, then, Ally comes back w/ "if you're withholding enough to get a "big chunk of change", then you wouldn't pay your taxes all at once," which seems to contradict what was stated previously. If that's not the case, feel free to try & set my tax-law-ig'nant self straight.
― Kris, Thursday, 21 February 2002 01:00 (11 years ago) Permalink
uh.
What happens if you file late? Should I board up the winders fer the g-men?
― libcrypt, Monday, 14 April 2008 02:11 (5 years ago) Permalink
Tax extension info
― David R., Monday, 14 April 2008 02:13 (5 years ago) Permalink
can't wait for my refund :D :D
― tehresa, Monday, 14 April 2008 02:15 (5 years ago) Permalink
No, not filing for an extension.
What happens if you simply late?
― libcrypt, Monday, 14 April 2008 02:15 (5 years ago) Permalink
The problem with filing for an extension is that you have to make an "estimate", and if you can do that, you might as well file.
― libcrypt, Monday, 14 April 2008 02:16 (5 years ago) Permalink
Witness relocation info
― David R., Monday, 14 April 2008 02:17 (5 years ago) Permalink
Definitely a lol to be had there + bonus lol w/it being a "dance-theater anarchist's utopia".
― libcrypt, Monday, 14 April 2008 02:19 (5 years ago) Permalink
I did my federal, but what do I need to do for NY state? When is that due?
― Virginia Plain, Monday, 14 April 2008 02:37 (5 years ago) Permalink
april 15.
turb0tax or some other online filing thing will have your shit done in like 20 min. no need for extensions.
― tehresa, Monday, 14 April 2008 02:43 (5 years ago) Permalink
another year, another extension.
― kingfish, Monday, 14 April 2008 02:46 (5 years ago) Permalink
Don't worry, taxes are voluntary: http://www.youtube.com/watch?v=R7mRSI8yWwg
― Kerm, Monday, 14 April 2008 02:48 (5 years ago) Permalink
What happens if you file late?
You end up paying penalties (which accrue like compound interest) on top of any tax you owe. You are much much better off filing an extension. As long as your estimate is close (I think within 10% of actual), you don't have to pay any penalties.
― Jaq, Monday, 14 April 2008 02:53 (5 years ago) Permalink
There is no way I can get w/in 10% of actual. I mean come ON. If I can get that close, I might as well file.
― libcrypt, Monday, 14 April 2008 03:05 (5 years ago) Permalink
Yeah the only reason I've ever filed an extension is because I was missing some critical forms/info (K-1, etc). The one time I ended up paying penalties though, it was really not worth it. I would have been better off overestimating, paying, then filing to get the refund, rather than nearly double my tax burden in penalties + interest.
― Jaq, Monday, 14 April 2008 03:39 (5 years ago) Permalink
Willful failure to file is a criminal misdemeanor and in some cases a felony
File even if you owe, even if you can't pay, even if you claim crazy deductions. Get an extension but do not fail to declare income to the IRS. You'll pay either way. IRS keeps track of this and technically when, not if, they find you, you could get audited, penalities, probation, criminal record (fraud is considered moral turpitude).
― felicity, Monday, 14 April 2008 04:02 (5 years ago) Permalink
I paid four months late in 2006; doesn't appear to have been a problem.
― jaymc, Monday, 14 April 2008 04:05 (5 years ago) Permalink
Jaymc the IRS doesn't give a shit.xls. That is terrible advice. Filing late is against the law.
― felicity, Monday, 14 April 2008 04:07 (5 years ago) Permalink
Sorry perhaps you meant you filed timely but paid late. If so, my bad.
― felicity, Monday, 14 April 2008 04:09 (5 years ago) Permalink
Whoa--I was thinking that state came a few months after federal. May have to file an extension. I think I have to fill out extra paperwork bc I moved here in the middle of the year.
― Virginia Plain, Monday, 14 April 2008 04:20 (5 years ago) Permalink
No, I meant I filed late. And it wasn't meant as advice. Just saying what happened. I wouldn't do it again, but the fact of the matter is that I was fully prepared to be penalized and I wasn't; in fact, I mistakenly overpaid and so I got a big refund check.
― jaymc, Monday, 14 April 2008 04:23 (5 years ago) Permalink
History of nonfiling;
Repeated contacts by the Service;
Substantial tax liability after withholding credits and estimated tax payments;
I think I may be OK here, felicicop.
― libcrypt, Monday, 14 April 2008 04:24 (5 years ago) Permalink
I believe I may GET money back, since I ought have massive tax goodies from the fact that I'm now a homeowner.
― libcrypt, Monday, 14 April 2008 04:26 (5 years ago) Permalink
Colleague of mine claims 15 deductions, to my 2.
― libcrypt, Monday, 14 April 2008 04:27 (5 years ago) Permalink
Did it charge him $99 or was he upgraded for "free"?
― sarahell, Monday, 16 April 2012 22:44 (1 year ago) Permalink
no it charged him.
― i don't believe in zimmerman (Hurting 2), Monday, 16 April 2012 22:57 (1 year ago) Permalink
well, if it makes him feel any better he can deduct that next year
― an independent online phenomenon (DJP), Monday, 16 April 2012 22:58 (1 year ago) Permalink
only if he itemizes deductions
― sarahell, Tuesday, 17 April 2012 05:14 (1 year ago) Permalink
fuck this shit
― BIG HOOS aka the steendriver, Wednesday, 18 April 2012 03:34 (1 year ago) Permalink
thankfully my day job cut into what i owed from freelancing, cuz o_O
― yologram (J0rdan S.), Wednesday, 18 April 2012 03:36 (1 year ago) Permalink
^^ i was freelancing all year and i've wound up having to dip into what i'd set aside to keep myself afloat these last 3 months, now i'm filing an extension and still owe in the four figures
― BIG HOOS aka the steendriver, Wednesday, 18 April 2012 04:09 (1 year ago) Permalink
closer to 5 figures, even
― BIG HOOS aka the steendriver, Wednesday, 18 April 2012 04:10 (1 year ago) Permalink
and fucking turbotax trying to rip me off for my last hundred dollars til payday in a month, fuck you
― BIG HOOS aka the steendriver, Wednesday, 18 April 2012 04:11 (1 year ago) Permalink
Same boat as you HOOS. I owed 4 figures. Still unemployed. Had to borrow money from my moms to pay for it. Thankfully I lost my last shred of dignity about 4 months ago, so I didn't feel too bad. But that freelancing bullshit is for the birds.
― stay in school if you want to kiw (Gukbe), Wednesday, 18 April 2012 04:12 (1 year ago) Permalink
oh yeah, also got stuck paying 80 on HR Block because of the "contractor" thing (should have been 40, but I had to pay again for Virginia, for which I owed and received nothing).
― stay in school if you want to kiw (Gukbe), Wednesday, 18 April 2012 04:13 (1 year ago) Permalink
Hey you know that thing where some people will joke with you about well hey you're married now so you lost your freedom but at least you will save money on taxes? Well those people are filthy bastard liars.
― Rango Unchained (jjjusten), Wednesday, 18 April 2012 04:15 (1 year ago) Permalink
heard it was teh gays that ruined marriage or something so its probably there fawlt
― stay in school if you want to kiw (Gukbe), Wednesday, 18 April 2012 04:16 (1 year ago) Permalink
It's like having showtunes stolen from us all over again
― Rango Unchained (jjjusten), Wednesday, 18 April 2012 04:25 (1 year ago) Permalink
you need some babies
― iatee, Wednesday, 18 April 2012 04:26 (1 year ago) Permalink
RIP
― stay in school if you want to kiw (Gukbe), Wednesday, 18 April 2012 04:26 (1 year ago) Permalink
HR Block sucks the big one!
― sarahell, Wednesday, 18 April 2012 10:14 (1 year ago) Permalink
Realizing I owed, um, more money than I expected a few years ago thanks to freelancing was a very rude awakening. I started to set aside a little bit from each check for this purpose. Still sucked.
― Exile in lolville (Alfred, Lord Sotosyn), Wednesday, 18 April 2012 10:49 (1 year ago) Permalink
I miss my flexible spending account from my last job. That was a nice little tax break. I still feel like I'm being cheated a little when I have to pay co-pays non-pre-tax. Your qualified medical expenses have to be really damn high before they count as an itemized deduction.
H2, your friend could dispute the charge through his/her credit card.
― People aren't for comparing, they are for loving. (Je55e), Wednesday, 18 April 2012 14:47 (1 year ago) Permalink
got this off in time and somehow finagled it so that what I owed to state was offset by what I'm getting back from federal. not entirely positive what I did with claiming a home office deduction was right, but nothing I could find really said otherwise (I had to be available 24/7 at my last job); it saved my ass, thankfully.
― akm, Wednesday, 18 April 2012 21:55 (1 year ago) Permalink
if you were freelancing schedule c is your best friend.
― akm, Wednesday, 18 April 2012 21:56 (1 year ago) Permalink
tvs become 'computer monitors', for example.
do you actually want to know whether you did it right? it sounds like you don't really want to know.
― sarahell, Thursday, 19 April 2012 07:40 (1 year ago) Permalink
When I was a waiter at a sort of nice restaurant, a wine rep told us to save receipts for eating out and liquor purchases and deduct them as career education expenses. I did it and the person at H&R Block went along with it. Seems pretty questionable.
― People aren't for comparing, they are for loving. (Je55e), Thursday, 19 April 2012 14:22 (1 year ago) Permalink
that is only deductible if you itemize/file Schedule A. It is a bit questionable - certainly not all restaurant meals and booze purchases would be legit.
― sarahell, Thursday, 19 April 2012 16:08 (1 year ago) Permalink
When I went on a Roadfood tour with Jane & Michael Stern in 2010, he was in line next to me at the New Mexico State Fair and got a receipt for a piece of pie. I had a bit of a blinding OMG moment and said "everything you eat is a deductible expense, isn't it?" and he just looked at me and smiled real big.
― improvised explosive advice (WmC), Thursday, 19 April 2012 16:13 (1 year ago) Permalink
there were a couple years when i made several hundred extra dollars doing music writing. it occurred to me at tax time that, if i'd had a receipt for every single thing i'd ever done for fun in that year i could have made out like a bandit. but alas.
― goole, Thursday, 19 April 2012 16:47 (1 year ago) Permalink
I think the classic question is really not whether you "can" do all that kind of stuff, but whether you're setting yourself for eventual audit. The more you do, the more likely an audit.
― i don't believe in zimmerman (Hurting 2), Thursday, 19 April 2012 16:54 (1 year ago) Permalink
I'm starting to feel like a broken record here, but it doesn't really work that way.
― sarahell, Thursday, 19 April 2012 16:55 (1 year ago) Permalink
Even after my voluminous questionable deductions, I still wound up owing Illinois thousands of dollars every year I was a waiter in Chicago. In the 3 years I worked at restaurant, I never received a single paycheck above $0 b/c every cent of my $4/hr went to taxes. Imputed tips keep everyone honest and they make the tax bill bite you in the ass. Should have paid quarterly, but after 4/16, I re-entered my fantasy land.
― People aren't for comparing, they are for loving. (Je55e), Thursday, 19 April 2012 17:55 (1 year ago) Permalink
jesus
― BIG HOOS aka the steendriver, Thursday, 19 April 2012 18:41 (1 year ago) Permalink
a possibly elitist (on my part!) question: can any of y'all afford a good accountant?!?
― a big fat fucking fat guy in a barrel what could be better? (Eisbaer), Thursday, 19 April 2012 18:42 (1 year ago) Permalink
Good accountants aren't necessarily that expensive. It depends on what you want him to do with your finances.
― Exile in lolville (Alfred, Lord Sotosyn), Thursday, 19 April 2012 18:43 (1 year ago) Permalink
alfred OTM ... my accountant is def more expensive than TurboTax and probably H&R Block/Jackson Hewitt, and even though i have a LOL tax law degree i've still had him do my taxes these past four years.
― a big fat fucking fat guy in a barrel what could be better? (Eisbaer), Thursday, 19 April 2012 18:44 (1 year ago) Permalink
but the accountant i use isn't break-the-bank expensive. it isn't as if i go to one of the Big4 to do my taxes.
― a big fat fucking fat guy in a barrel what could be better? (Eisbaer), Thursday, 19 April 2012 18:46 (1 year ago) Permalink
Am I wrong to think that an accountant isn't going to do give me an advantage in doing my very simple taxes, which consist of wage income only and no reason to think I have unused itemized deductions?
― People aren't for comparing, they are for loving. (Je55e), Thursday, 19 April 2012 20:59 (1 year ago) Permalink
I just use taxact every year. Takes me about 30 min and I'm done.
― Jeff, Thursday, 19 April 2012 21:21 (1 year ago) Permalink
I use Taxslayer.com. It's easy and cheap and when it seems to do due diligence to ferret out deductions.
― People aren't for comparing, they are for loving. (Je55e), Thursday, 19 April 2012 21:49 (1 year ago) Permalink
je55e: in that circumstance -- where all you have are W2s and maybe an odd 1099 from a bank or a mutual fund company -- then no, going to an accountant is probably a waste of money & you should just use TurboTax or TaxAct for yer returns.]
however, there were a number of people in this thread who indicated that they were freelancers/self-employed or had tip income. in that case, i think that such people should definitely consider finding a good accountant.
― a big fat fucking fat guy in a barrel what could be better? (Eisbaer), Thursday, 19 April 2012 21:50 (1 year ago) Permalink
OK. Just wondering if I was missing out on some super secret loopholes or something.
The only good thing about my student loans being in repayment is that I can deduct payments on interest. Wish I could deduct payments on the principal.
― People aren't for comparing, they are for loving. (Je55e), Thursday, 19 April 2012 21:55 (1 year ago) Permalink
Yeah I'll have that comfort for a long time to come.
― Jeff, Thursday, 19 April 2012 21:57 (1 year ago) Permalink
Freelancers, don't forget your quarterly estimates today.
― Irwin Dante's Towering Inferno (WmC), Saturday, 15 September 2012 16:58 (8 months ago) Permalink
aaaaaaaaagggghhhhh, so THAT'S what happens when I don't have any business expenses. Jaysus!
― The Complete Afterbirth of the Cool (WilliamC), Tuesday, 26 March 2013 22:02 (1 month ago) Permalink
Surely you have some - didn't you use your phone/computer? Paper? Internet connection?
― Jaq, Tuesday, 26 March 2013 22:38 (1 month ago) Permalink
Yeah, those usual items were there, but I didn't buy any business equipment or do any business related travel. My quarterly payments were a bit lower than usual and my income was up just a bit. It's not a monster-sized tax hit, but it was noticeable -- especially since I usually applied my refund to my quarterly estimated payments, which covered 1.5 of them. This April I have to pay a few hundred for 2012 AND make the first 2013 quarterly payment in full.
― The Complete Afterbirth of the Cool (WilliamC), Tuesday, 26 March 2013 22:58 (1 month ago) Permalink
do you have an IRA?
― sarahell, Wednesday, 27 March 2013 01:07 (1 month ago) Permalink
No...I need one.
― The Complete Afterbirth of the Cool (WilliamC), Wednesday, 27 March 2013 01:08 (1 month ago) Permalink
Never too late, they say.
you have until April 15th to start and contribute to a regular IRA, though you could always do a SEP-IRA, which has higher contribution limits, and if you file an extension you have until the extended date to contribute for tax year 2012.
― sarahell, Wednesday, 27 March 2013 02:17 (1 month ago) Permalink
I LOVE HOW THIS THREAD TITLE IS IN ALL CAPS AS THOUGH TO CALM AND SOOTH YOU THROUGH THIS DIFFICULT TIME
― how's life, Wednesday, 27 March 2013 10:28 (1 month ago) Permalink