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Tax Time...

iGary

iGary

Guest
Original poster
May 26, 2004
19,580
7
Randy's House
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?
 
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).
 
iGary said:
How'd did everyone else make out?
Click to expand...

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.
 
Um, yeah, my taxes are supposed to be 120,XXX this year. iGary I hate you
 
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
 
I try not to owe much or get much back, so plan my withholdings appropriately. This year I got about $2,000 back.
 
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.
 
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.
 
Doctor Q said:
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.
Click to expand...
Just remember that you can't claim color blindness as "legally blind" on your tax return.
 
jelloshotsrule said:
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.
Click to expand...

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:
 
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...
 
got about $1k back state and federal combined. :D Yay for higher education! (oh wait... that's costing me $35k this year... oh well.)
 
iGary said:
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:
Click to expand...

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.
 
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. :)
 
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.
 
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.
 
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
 
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