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View Full Version : Finished doing my tax returns!



Dave Fifield
04-08-2006, 11:59 PM
I'd been putting it off, thinking I owed a bunch this year, but as it turns out, I have refunds coming my way from both fed and state! Yay!! :)
Quite healthy refunds too.....there may some new power tools in my near future!! :)

Hope y'all are getting big refunds too....

Cheers,
Dave F.

Frank Pellow
04-09-2006, 6:57 AM
That's a nice surprise. Congratualations. :)

I KNOW that I will owe monery, so have been delaying filling in the forms. By the way, in Canada the date for filing is the end of April, not the middle (as it is in the USA) of April. That gives me more time to procrastinate that most Saw Mill Creek members. :p

tod evans
04-09-2006, 7:23 AM
I'd been putting it off, thinking I owed a bunch this year, but as it turns out, I have refunds coming my way from both fed and state! Yay!! :)
Quite healthy refunds too.....there may some new power tools in my near future!! :)

Hope y'all are getting big refunds too....

Cheers,
Dave F.

i owe-i owe it`s off to work i go:mad:

Stu Ablett in Tokyo Japan
04-09-2006, 8:48 AM
That's a nice surprise. Congratualations. :)

I KNOW that I will owe monery, so have been delaying filling in the forms. By the way, in Canada the date for filing is the end of April, not the middle (as it is in the USA) of April. That gives me more time to procrastinate that most Saw Mill Creek members. :p

Wow, from what I remember from living in Canada the froms were simple.....


1) How much money did we let you keep last year?

2) Send it in.....

:D

Andy Hoyt
04-09-2006, 9:14 AM
In order to owe taxes one actually has to earn some money first.

Boy! Sure sad I don't owe anything.:eek:

Steve Ash
04-09-2006, 9:54 AM
We did ours last weekend, after getting the good news we were getting a sizable portion back from both.... my wife said "Hunny, why don't you go ahead and get that lathe you been wanting" I was on the phone in less time than she got the sentence out of her mouth! :D

Steve Clardy
04-09-2006, 10:33 AM
Haven't even finished my books for last year.
Extension time!!!

Steve Ash
04-09-2006, 10:42 AM
Extension time!!!

Steve, I am by no means an expert in this field, but I thought our tax preparer said when doing our son's taxes, that there was a change in the extension. Don't mean to throw a wrench in the works...I wish I'd paid more attention but it was on my son's taxes and he was telling my wife something to that effect. Maybe it was an extension for paying in, since he had to.

EDIT.....never mind, wife explained it to me. Nothing different in regards to extension..it was something to do only with our sons return.

Steve Clardy
04-09-2006, 10:54 AM
Change:confused:

Guess I better check.
Haven't even loaded my tax software on my main computer. Holding off till I can get the glitches out of the computer.

Steve Ash
04-09-2006, 10:58 AM
Steve, see my edit.....sorry for the sudden heart thumping.

Ken Fitzgerald
04-09-2006, 11:01 AM
Filed mine last Monday........Paid to the state and small refund from Federal.......I started receiving a small pension from a large corporation that I worked for 20 years ago. Doggone bank......the one that handles the pension fund......Didn't notice until I got the W-2's ......They have been taking out state tax and sending it to the great State of IOWA!.....I haven't been in IOWA since the year 2000.........Don't know if I'll ever get that money back.........However....it did cause me to have to pay the great State of Idaho $23.00............YES FOLKS......There is a state called IDAHO......and it's 2 letter abbreviation is ID not IA!:rolleyes:

Steve Clardy
04-09-2006, 11:12 AM
Steve, see my edit.....sorry for the sudden heart thumping.


Wheew!! Thanks

Jim Becker
04-09-2006, 11:56 AM
Hope y'all are getting big refunds too....

If you're getting a big refund, you're also giving the government an interest-free loan on money you could be investing yourself throughout the year. That same money at 4% (what the ING online account I use for short term money storage is currently paying) would have earned you something or you could have used it to reduce debt, buy tools (!), have additional retirement savings or generally enjoy nicer vacations, etc.
----------

Sadly, we're getting whacked big-time this year. The AMT monster bites hard for the first time and my employer didn't withhold any taxes from the adoption benefits I applied for and received, resulting in an under-withholding penalty. The net effect, nearly all the adoption benefit is headed to the government at the end of next week. (Almost enough to buy a very nice Euro sliding table saw... :( )

Matt Meiser
04-09-2006, 12:11 PM
We owed big time this year. I quadruple-checked. For some reason we had to pay more taxes this year on very similar income. There weren't any significant changes in our finances this year over last. I did have to pay a $1 penalty because of a $10 401(k) distribution I got from a defunct employer. I rolled it over a couple years ago, but for some reason $10 more got put into the account :(

Mark Hulette
04-09-2006, 12:49 PM
Haven't even finished my books for last year.
Extension time!!!
Remember an extension is an "extension to file not pay the tax" so to reduce any interest and/or penalty pay on or before the 17th.

Ken- you can file amended returns to claim the withholding paid (each state is different about their statute of limitations on filing for a refund) but you'll want to check into it quickly as Kentucky's SOL is 4 years.

JayStPeter
04-09-2006, 1:05 PM
I try to keep my withholding correct to get some money back at the end of the year. The number is harder to predict with my wifes business these days. But, we're getting a little back this year. I hope to buy myself a little something, but usually one of the cars or something in the house breaks at tax return time. Sure enough, last week the starter went bad on my truck and the dishwasher door spring broke. Fortunately, both were easily fixed and pretty cheap. If that's all that happens, there still might be something for the shop ...

Jay - knocking on laminate covered MDF

Matt Meiser
04-09-2006, 2:15 PM
I hope to buy myself a little something, but usually one of the cars or something in the house breaks at tax return time.

Isn't that the truth. We are on a bi-weekly pay cycle so we get two "extra" checks each year, one in the winter and one in the summer (meaning 3 instead of 2 per month). Seems like stuff always comes up that eats up the additional money.

Rich Konopka
04-09-2006, 4:11 PM
[quote=Jim Becker]
Sadly, we're getting whacked big-time this year. The AMT monster bites hard for the first time ............../quote]


Ditto here. My taxes just keep going upppppppppppppppppppppp

JayStPeter
04-09-2006, 4:44 PM
Isn't that the truth. We are on a bi-weekly pay cycle so we get two "extra" checks each year, one in the winter and one in the summer (meaning 3 instead of 2 per month). Seems like stuff always comes up that eats up the additional money.

Yeah, we usually ... uhhhh ... prespend those checks :rolleyes:


Jay

Steve Ash
04-09-2006, 6:25 PM
If you're getting a big refund, you're also giving the government an interest-free loan on money you could be investing yourself throughout the year. That same money at 4% (what the ING online account I use for short term money storage is currently paying) would have earned you something or you could have used it to reduce debt, buy tools (!), have additional retirement savings or generally enjoy nicer vacations, etc.
)

I wish it were that easy for me Jim, not being a person who has a 9-5 job or a fixed salary I never have a clue what my income/expenses are until the year ends. If for example I do a job at the end of the year which would be a 30,000.00 job but my draws at the end of the year are 20,000.00 and I take the additional 10,000.00 the next year I only have income on that 20,000.00. I don't know until Dec. 31 what my expenses are for that particular job. In short I have a lot of variables in my line of work....like I said I wish it were that easy.....but I still get a lathe:D

Steve Clardy
04-09-2006, 6:40 PM
Remember an extension is an "extension to file not pay the tax" so to reduce any interest and/or penalty pay on or before the 17th.

Ken- you can file amended returns to claim the withholding paid (each state is different about their statute of limitations on filing for a refund) but you'll want to check into it quickly as Kentucky's SOL is 4 years.

My books usually zero out with all the deductions I claim, so I don't worry about paying with an extension.
Zero due, no penalities.

Bill Lewis
04-09-2006, 6:54 PM
Jim, If it's any consolation, we got hit with the AMT this year too. There's rumors that they're going to fix it, and strong indications to make the fix retroactive. We'll see. ;) Of course our electric rates are going up about 57% in the next month, so that'll more than make up for it.

Jim Becker
04-09-2006, 7:36 PM
There's rumors that they're going to fix it, and strong indications to make the fix retroactive.

Oh, I really hope so. I finally have childen and can't claim them! And I'd rather be writing a big check to Mini Max or our builder than the IRS...sheesh!

Jim Becker
04-09-2006, 7:38 PM
I wish it were that easy for me Jim, not being a person who has a 9-5 job or a fixed salary I never have a clue what my income/expenses are until the year ends.

I hear you, Steve. There are always situations where it's difficult to judge what your tax liability will be, so you try as best as you can and be sure you're putting away and/or filing quarterly enough to cover what you know as well as what is most likely. Nature of the beast...

Dave Fifield
04-11-2006, 6:36 AM
I'd rather have them owe me money than have to come up with a pile-o-cash at tax time Jim! I know I lost some potential interest on the money, but I feel more secure with it this way round.

I feel for you guys who are hitting AMT for the first time this year - you have my sympathy. I have been paying AMT (big time) for the past 5 years and just got out of it this year. It really is hurting middle America now - they HAVE to do something about it soon or there will be a revolt or something!

If you haven't done your taxes yet, WHAT ARE YOU WAITING FOR??? Get off your duff and git er done!!!

Dave F.

Jamie Coffman
04-11-2006, 7:53 AM
Years ago I owned a large demolition company with two other knuckleheads and we picked a large accounting firm out of the yellow pages. A year, twenty plus thousand in fees and almost a hundred thousand in taxes later I bumped into an old school chum while waiting for a table at a local restaurant. He offered to review for us and whadya know, not only were we set up as an "S" when we should have been a "C" corp, but we had grossly overpaid our taxes. After a couple of months of threats and extortion, I believe the lawyers refer to it as negotiating a settlement, we managed to recover all but about twenty grand. The process has proven to be a very valuable one over the years since it taught me that, a) just because the "licensed professional" your paying has an Esq., MD. or other post script doesn't mean you can relax, and b) doctors, lawyers, brokers and accountants lie cheat and steal just like regular folks, they're just better at it. There are a very large number of us, especially in the construction related industries, that excel at making money and getting the job done. Where we typically fail is in keeping what we earn. There is no better solution than self reliance and continuing to learn as much as you can for as long as you can. It may seem cynical but I don't trust anyone anytime there's money involved, and while I'm not prepared to perform open heart surgery on myself just yet, there's not much that I won't tackle myself rather than pay someone else to do for me. Of course this has the added advantage of providing my ever supportive wife and family with unending entertainment and a steady stream of anecdotal near catastrophes. Anyone who can master the myriad skills involved in woodworking can certainly figure out how to master quicken or a One Write check book. Remember, the money you over pay is graciously held by the government interest free all year while many of us make interest payments on mortgages or other debt with what's left. Get some software, estimate your taxes and withholding and make it a monthly ritual to review when you're paying bills. Check your w/h against your estimate each month and adjust up or down as needed, and remember, successful tax planning is not all black and white, it's about staying in the grey. ;)

Jamie Coffman
04-11-2006, 8:06 AM
The real perversity of the tax system that we live under is that there is very little incentive to save, but carrying debt is encouraged. That and the more you earn the higher a percentage of it you should be forced to let the gov't. redistribute for you:mad: ... 'scuse me, I believe it's time for my medication:o :)

Jim Becker
04-11-2006, 10:24 AM
Let's not let this get political folks...that's a no-no here at SMC!

Tom Peterson
04-11-2006, 10:34 PM
There is a bill floating in the house to repeal or modify the AMT. The real sticker on the AMT is that it is not indexed to move in line with wages or inflation. So it now ensnares a number of middle class families and starts to take away deductions. I have paid for the last two years and it will only get worse. So, channel that energy into a quick e-mail to your representative.

Michael Ballent
04-12-2006, 2:06 AM
What is AMT... Obviously we do not pay it in Arizona, or there is another name for it... :confused:

Just to get on the soap box... I would really prefer that we did not even have the withholding in the first place... Imagine the difference in Washington/your state capital every April 15th as people are cutting checks to the IRS/State Revenue service. I think people would pay more attention to what they are doing in the capitol... Nothing drives me more crazy than when people say "I did not have to pay"... UHG...

OK got off the soap box... Especially since I know that this would never happen.

Of interest ... States Ranked by Total Taxes and Per Capita Amount: 2005

http://www.census.gov/govs/statetax/05staxrank.html



There is a bill floating in the house to repeal or modify the AMT. The real sticker on the AMT is that it is not indexed to move in line with wages or inflation. So it now ensnares a number of middle class families and starts to take away deductions. I have paid for the last two years and it will only get worse. So, channel that energy into a quick e-mail to your representative.

Bill Lewis
04-12-2006, 6:09 AM
Michael,
AMT = Alternative Minimum Tax. And yes you can pay it in Arizona, it's a Federal tax.
It was designed to make sure that the "rich" people paid taxes, but like Tom said it was never indexed for inflation, and now as average incomes rise more regular folks are being hit by it. I think we had to pay an additional $900 this year for the AMT.

Dennis McDonaugh
04-12-2006, 1:19 PM
I'd rather have them owe me money than have to come up with a pile-o-cash at tax time Jim! I know I lost some potential interest on the money, but I feel more secure with it this way round.

I feel for you guys who are hitting AMT for the first time this year - you have my sympathy. I have been paying AMT (big time) for the past 5 years and just got out of it this year. It really is hurting middle America now - they HAVE to do something about it soon or there will be a revolt or something!

If you haven't done your taxes yet, WHAT ARE YOU WAITING FOR??? Get off your duff and git er done!!!

Dave F.

Dave, I still have five days!