Tax Time...

Discussion in 'Community Discussion' started by iGary, Mar 16, 2006.

  1. iGary Guest

    iGary

    Joined:
    May 26, 2004
    Location:
    Randy's House
    #1
    So I got the dreaded "Your taxes are ready" call from the accountant today, and fearing the worst, I drove over to pick them up. I was freaking because I hadn't paid any taxes on personal income draws from my business since July, so I was sure we were talking thousands of dollars.

    Federal: <$265.00>
    State: <$65.00>
    LLC Filing: $300.00 (Have to pay this every year as a business to the state.)
    Accountant: $700.00

    $670.00

    Phew.

    How'd did everyone else make out?
     
  2. jdechko macrumors 68040

    Joined:
    Jul 1, 2004
    #2
    I made out pretty good, but thats only cause I worked for half of the year (was in college for just under 4 months) and I got married. (hooray for the standard deductions).

    I got a little over 2 grand... unfortunately, it's all gone now, but my wife and I did a bunch of little things we needed to do with the money (like buy a dishwasher).
     
  3. combatcolin macrumors 68020

    combatcolin

    Joined:
    Oct 24, 2004
    Location:
    Northants, UK
  4. Koodauw macrumors 68040

    Koodauw

    Joined:
    Nov 17, 2003
    Location:
    Madison
  5. IanF0729 macrumors regular

    IanF0729

    Joined:
    Dec 3, 2005
    Location:
    Baltimore, Maryland; Washington, D.C.
    #5
    Used my refund to buy an iMac last month.

    Hooray for education credits!
     
  6. Deepdale macrumors 68000

    Deepdale

    Joined:
    May 4, 2005
    Location:
    New York
    #6
    Very well but that is due to the choice I made to have an outlandish amount of extra federal W-H taken out. The last five years or so I have become fond of receiving the big refund after making do with a significantly smaller salary throughout the year.
     
  7. Peyton macrumors 68000

    Peyton

    Joined:
    Feb 2, 2006
    #7
    Um, yeah, my taxes are supposed to be 120,XXX this year. iGary I hate you
     
  8. D0ct0rteeth macrumors 65816

    D0ct0rteeth

    Joined:
    Mar 11, 2002
    Location:
    Franklin, TN
    #8
    I pay my quarterlies fairly aggressivly, so I did ok. Just need to pay AZ state taxes and some social security.

    Now if only AZ spent my tax dollars to add more lanes to the loop 101 :)

    - Doc
     
  9. emw macrumors G4

    emw

    Joined:
    Aug 2, 2004
    #9
    I try not to owe much or get much back, so plan my withholdings appropriately. This year I got about $2,000 back.
     
  10. jelloshotsrule macrumors G3

    jelloshotsrule

    Joined:
    Feb 7, 2002
    Location:
    serendipity
    #10
    i love how people didn't get "much" back, and it's like 2k... meanwhile i feel like my 990 bucks back is a boatload


    my previous employer (ie, all of last year) decided to be dumb and withhold DC taxes from me for about 80% of my pay last year, despite the fact that i lived in MD all year, worked in MD, and have never lived in DC at all... so now i have to get dc to pay me back and i owe md... stupid crap. just extra hassle.
     
  11. Doctor Q Administrator

    Doctor Q

    Staff Member

    Joined:
    Sep 19, 2002
    Location:
    Los Angeles
    #11
    I'm getting a refund from the State of California. Hooray! The government is paying me money!

    Oh wait, it's my own money, and the state has been earning interest on it. I guess I shouldn't be so glad.

    Also, I'm still grumbling about this as I work on my federal return.
     
  12. emw macrumors G4

    emw

    Joined:
    Aug 2, 2004
    #12
    Just remember that you can't claim color blindness as "legally blind" on your tax return.
     
  13. iGary thread starter Guest

    iGary

    Joined:
    May 26, 2004
    Location:
    Randy's House
    #13
    Yah, I got a net loss after paying my yearly filing with the state and my accountant, and I'm grinning ear-to-ear.

    People who got $2,000 back are like "meh." :confused:
     
  14. nbs2 macrumors 68030

    nbs2

    Joined:
    Mar 31, 2004
    Location:
    A geographical oddity
    #14
    Part of my current "meh" with my fed return (2.1k refund) is that I haven't gotten around to the state returns. I know we'll end up owing money to the Maryland state government. The pain is that I have to do a PY VA and PY MD for the wife and a regular MD for me. More important, I have to try and segregate interest on her accounts and such. I really should just do one return a day and be done with it...
     
  15. QCassidy352 macrumors G3

    QCassidy352

    Joined:
    Mar 20, 2003
    Location:
    Bay Area
    #15
    got about $1k back state and federal combined. :D Yay for higher education! (oh wait... that's costing me $35k this year... oh well.)
     
  16. IanF0729 macrumors regular

    IanF0729

    Joined:
    Dec 3, 2005
    Location:
    Baltimore, Maryland; Washington, D.C.
    #16
    I know I am not "meh" about my $2,500 refund...I was jubilant! Espicially since I get screwed over by financial aid every year.

    I feel bad by comparison, though, since the only good thing about Texas is that we have no State tax. I only have to worry about filing a federal return.
     
  17. 2nyRiggz macrumors 603

    2nyRiggz

    Joined:
    Aug 20, 2005
    Location:
    Thank you Jah...I'm so Blessed
    #17
    using my back bucks to pay rent.....oh and food. $140 yayyy!



    Bless
     
  18. floriflee macrumors 68030

    floriflee

    Joined:
    Dec 21, 2004
    #18
    As the hubby stated, the federal is done. We anticipate about getting a net of a little over a grand back from the looks of things now--all or most of which will go towards a Select Comfort bed (Yippee!! Good sleep very highly anticipated!). Next year will be much easier since we will have lived together the entire year. This whole PY thing is a mess. I started off trying to figure it out, but then got the hubby to do it since he had his tax law class. And I thought doing my taxes last year after living in three different states in the same year was bad. It's much more tedious when you're married and only one of you has lived in different states that year..... I'll gladly trade doing dishes and laundry for his doing the taxes. :)
     
  19. WildCowboy Administrator/Editor

    WildCowboy

    Staff Member

    Joined:
    Jan 20, 2005
    #19
    I got $1400 back combined from federal and CA...yuck. I'm usually very good about avoiding refunds like the plague, but I overpaid a bit this year because I thought I was going to be selling my Apple stock before the end of the year and wanted to make sure I had enough paid in to cover the capital gains tax without incurring a penalty. Turns out that I was able to ride the AAPL wave into early '06 before getting out at the top, so I've deferred the capital gains tax for a year.
     
  20. notjustjay macrumors 603

    notjustjay

    Joined:
    Sep 19, 2003
    Location:
    Canada, eh?
    #20
    Submitted my (Canadian) taxes online the other night. Expecting $2500 back.
     
  21. jsw Moderator emeritus

    jsw

    Joined:
    Mar 16, 2004
    Location:
    Andover, MA
    #21
    I'll know shortly. A man comes to our house, collects various papers and receipts, and calls a week or two later with an amount that we'll get back (or, God forbid, owe). Then, a week or so after that, we get a bill from him for a reasonably small amount.

    I consider it all to be magic. He's come the past four years, and we've always gotten a wee bit of money back.

    One of these years, I'll probably ask him how he does it.
     
  22. MattG macrumors 68040

    MattG

    Joined:
    May 27, 2003
    Location:
    Fletcher, NC
    #22
    Got back around $2000, put it towards credit card debt :(
     
  23. WildCowboy Administrator/Editor

    WildCowboy

    Staff Member

    Joined:
    Jan 20, 2005
    #23
    That's the best thing you can do with it.
     
  24. Les Kern macrumors 68040

    Les Kern

    Joined:
    Apr 26, 2002
    Location:
    Alabama
    #24
    We get back about 4K. It pays 1/2 my property tax and is a pretty painless way to save. Okay, not making the interest on it, but that is a pretty small price to pay for less of a hit during property tax time.
    Tax Time = Happy Time
     
  25. ChrisBrightwell macrumors 68020

    ChrisBrightwell

    Joined:
    Apr 5, 2004
    Location:
    Huntsville, AL
    #25
    I got enough of a federal refund to foot the bill on my Digital Rebel XT. I just wrote a $22 check to the state, though.
     

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