# Tax return



## Hunter.S.Tomson (Aug 15, 2018)

Anybody got the shaft on their tax return yet? Sounds like I'm getting about 1/3 of what I normally do


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## loco4fishn (May 17, 2010)

Whatâ€™s a TTT ax return?? Lol. I always pay being self employed. Ya and looks like I am paying about 1/3 more than last year. â€œMake more, they TAKE moreâ€.


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## Imtheman (Sep 28, 2018)

Hunter.S.Tomson said:


> Anybody got the shaft on their tax return yet? Sounds like I'm getting about 1/3 of what I normally do


The get back number is useless.

Did you pay in more?

Everyone wants to revise the tax code, but the second you touch it, you get people frantic about their return. Which they contributed as a interest free loan to government.

Ideally, you should be most happy if you came out exactly even, owing none and refunded none. But we have been conditioned, that getting our money back that was confiscated from us, is somehow government benevolence.


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## MARK MACALUSO (Sep 29, 2010)

Just think , the government did not get to use 2/3 of your money as a non interest loan...


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## tarpon1215 (Aug 1, 2006)

We send em way too much money for the â€œserviceâ€ we get. Mostly lip service.


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## CHARLIE (Jun 2, 2004)

Go down and cross the border and then its all free. Even no co pays.


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## photofishin (Aug 7, 2009)

amazed at the number of people complaining about their tax returns, yet they definitely aren't complaining about the reduction in taxes they're paying as a result of tax reform.


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## Hunter.S.Tomson (Aug 15, 2018)

Pffff I'll be the first to let you know when I see those tax breaks


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## Jaysand247 (Aug 19, 2012)

What's a tax return? I always end up paying more.. but I'd rather pay in than get money back. That means the government isn't getting a free loan.


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## Won Hunglo (Apr 24, 2007)

If you complain about your tax return and not your total tax paid in I guess math is not your strong skill.


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## longhornbubba (Jul 7, 2006)

photofishin said:


> amazed at the number of people complaining about their tax returns, yet they definitely aren't complaining about the reduction in taxes they're paying as a result of tax reform.


I would like to know who got a reduction because I didn't and neither did anybody I work with.


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## Whitebassfisher (May 4, 2007)

It seems that there are 2, maybe 3 numbers to work with each year.


Gross income
Adjusted gross income
Tax that the IRS kept


Tax that the IRS kept divided by income equals a percentage.


How does this years percentage compare to last years percentage?


Just my 2 cents.


As insulting as this may sound, if the above doesn't make perfectly good sense to you, I bet car salesmen have fun with you.


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## Wedge (Apr 29, 2005)

Hurricane Harvey Relief
Tithes and Offerings
Goodwill (or equivalent)
Tax on major purchases such as trucks and boats.

That is about all you have left to itemize if you get close with your other normal deductions.


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## Barbarian (Feb 12, 2009)

I pay A Lot more taxes in 2018 and a higher %. Hammered is not a strong enough word.


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## jimk (May 28, 2004)

I paid 3% less than previous year...same income. Itemized the last several years but couldn't beat >65 standard deduction of $26,600 for married.


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## Flippy (Aug 3, 2006)

Tax return???? I planned for this year and still owe more but I made a lot more this year. I will plan on making it near zero next year. Helping to support folks who don't want to work.


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## hans_on1 (Dec 2, 2018)

Hunter.S.Tomson said:


> Anybody got the shaft on their tax return yet? Sounds like I'm getting about 1/3 of what I normally do


Yup! Iâ€™m used to getting between 7-12 grand back. This year- $526.00. ***** Guess I shouldnâ€™t have worked so many hours!!!

Sent from my iPhone using Tapatalk


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## boom! (Jul 10, 2004)

hans_on1 said:


> Yup! Iâ€™m used to getting between 7-12 grand back. This year- $526.00. ***** Guess I shouldnâ€™t have worked so many hours!!!
> 
> Sent from my iPhone using Tapatalk


Youâ€™re doing it all wrong. Lol


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## hans_on1 (Dec 2, 2018)

boom! said:


> Youâ€™re doing it all wrong. Lol


Ya I know... the old wise men at my work told me to redo my w4 years ago so I get bigger paycheck but no return. I told them if I do that, wife spends all my boating money every paycheck so instead, I get a big return and it doesnâ€™t get spent by said wife

Sent from my iPhone using Tapatalk


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## BigPumaAg (Mar 16, 2018)

boom! said:


> Youâ€™re doing it all wrong. Lol


he WAS doing it wrong. He is doing it right now. :cheers:


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## cubera (Mar 9, 2005)

Haven't got our return yet, but again for the second year in a row I got a letter wanting to see proof of my income.
My CPA files mine electronically, and I just found out when she does it it doesn't show W-2 info.
Funny thing is wife and I file jointly and they didn't ask for any additional info from her.


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## Timemachine (Nov 25, 2008)

Won Hunglo said:


> If you complain about your tax return and not your total tax paid in I guess math is not your strong skill.


100% ...This is exactly right!

My take home went up $58 dollars per week as soon as the tax bill past. SoYeah, the tax cut put $3016 dollars more in my pocket for the year. Now... I will type slow so folks can follow. M Y t a x r e t u r n will be less because I PAID in LESS!!!

The tax cut was and is real.


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## photofishin (Aug 7, 2009)

longhornbubba said:


> I would like to know who got a reduction because I didn't and neither did anybody I work with.


Unless you make less than 20k a year as a family, you ARE getting more per year in your paycheck associated with Tax reform. 
https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968


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## mtbfreak (Oct 7, 2017)

I didn't get a bonus last year so I essentially made less than last year even with a slight raise.
My refund will be about $300 more than last year on approx $14k of taxes paid (**** that's a lot of money.)
That said, I am eligible for a 10% bonus from last year but dont know if I qualified for the whole thing. Will know in a week. Bad news is this years taxes are probably going to hurt if I do get the 10% and raise.


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## longhornbubba (Jul 7, 2006)

photofishin said:


> Unless you make less than 20k a year as a family, you ARE getting more per year in your paycheck associated with Tax reform.
> https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968


 Nope they started taking $58 a month more on taxes and I make the same amount. I also have always claimed single and zero. Also maxed out on my before tax 401k last year before November.


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## SeaOx 230C (Aug 12, 2005)

The government is not my savings account. If you use the tax return as a savings account you are doing it wrong.


I got more on my pay check thru the year, plus I got a little bit in a refund (a little less but close to the same as the year before) .


I paid in a less percentage of my income.


I do not see what's to complain about.


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## mtbfreak (Oct 7, 2017)

SeaOx 230C said:


> The government is not my savings account. If you use the tax return as a savings account you are doing it wrong.


If the government isnt YOUR savings account than YOU are doing it wrong if you use the return as such.
Not YOUR business to tell other people how or what to do with THEIR money.


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## SeaOx 230C (Aug 12, 2005)

mtbfreak said:


> If the government isnt YOUR savings account that YOU are doing it wrong if you use the return as such.
> Not YOUR business to tell other people how or what to do with THEIR money.


Excuse me for offending you it was not my intent.

I am not the first to use the term "your doing it wrong". There are also several posts here insinuating people can't even do basic math.

Why single me out for your scolding?


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## Gilbert (May 25, 2004)

mtbfreak said:


> *If the government isnt YOUR savings account that YOU are doing it wrong *if you use the return as such.
> Not YOUR business to tell other people how or what to do with THEIR money.


are you serious?


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## mtbfreak (Oct 7, 2017)

Gilbert said:


> are you serious?


Yes. If he doesnt want to use the the tax return as 'savings' and he does then he is doing it wrong. Everybody else can do what they want regardless of his views on the topic.


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## mtbfreak (Oct 7, 2017)

SeaOx 230C said:


> Excuse me for offending you it was not my intent.
> 
> I am not the first to use the term "your doing it wrong". There are also several posts here insinuating people can't even do basic math.
> 
> Why single me out for your scolding?


Not really a 'scolding' but that statement you made is one of the most common, comments i see about tax refunds and carries a lot of judgment behind it.
Not meant to be an 'attack' so if it came off that way I apologize, just stating my opinion.

As far as your question - It's because I had no cause to.


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## SeaOx 230C (Aug 12, 2005)

mtbfreak said:


> Yes. If he doesnt want to use the the tax return as 'savings' and he does then he is doing it wrong. Everybody else can do what they want regardless of his views on the topic.


So every one else can have an opinion and express it how they see fit..................

Except for me?

I try to set up mine so that I get very little back or nothing back. If i end up owing just a little that's ok too. Perfect would be ending up even, I owe them nothing they owe me nothing.

That allows me to keep my money in my control.

Last I checked the IRS does not pay interest on YOUR money that they are using.

It is more profitable to keep your money on your check and put it in a simple account and draw interest thru the year. Or even better reduce the amount the IRS is taking and increase the amount going into your favorite retirement account.

You are actually losing money to let the IRS keep it and ever so kindly return it to you at the end of they year.


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## Whitebassfisher (May 4, 2007)

Average savings account percentage rate appears to be 2.25%


If a person lets the IRS keep $500. per month too much, they get a $6000. return.


If a person deposits that $500. per month in a savings account, after a year they have $6,073.63


$73.63 per year difference.


Can't each person make up their own mind how to do it?


One good thing about both of the above is that they are living within their means.


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## FishAfrica (Jan 23, 2010)

I paid less withholding in 2018 by $7600 and got about $2000 less on refund. So in my book I was about $5600 ahead of 2017. I like it!


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## cubera (Mar 9, 2005)

Yep, I guess I'm wrong for using the Fed for a savings account.
Based on the example given above if $73.63 keeps someone up at night, well.......
Living within our means has been our lifestyle and I think it's paid off.
Being debt free and having the assets we have leave me little time to worry about $73.63.


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## Imtheman (Sep 28, 2018)

Whitebassfisher said:


> It sure seems that many of us want to tell others how to run their financial lives.
> 
> Yes, purely mathematically, using the IRS as a no interest savings plan doesn't get you an A+. But, when you throw in any variable in addition to math, the picture can change. Life isn't pure math.
> 
> Why not just let everyone do it their own way? The long term goal is the same.


It matters in such a way that the tax code is the most oppressive document in the country and if we ever have any hopes of making the slightest change people have to realize and acknowledge how itâ€™s is the confiscation of money from the citizens, and when the citizens have become so conditioned that a refund is looked on in any way positive it needs to be addressed.

Everyone talks about how they have a better idea of the tax code, but when the most benign changes are made that effect a return people immediately recoil. They canâ€™t see past the tax return, not even to see if what they contributed has changed.

PLEASE COMPLAIN ABOUT YOUR TAXES!!! Please acknowledge the truth about your return.



> Tax Withholding Is Miracle-Grow for Government
> 
> Withholding dramatically changed the psychology of paying taxes.
> 
> ...


https://fee.org/articles/tax-withholding-is-miracle-grow-for-government/


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## Parkerboy (Jan 21, 2018)

I'll not tell anyone what they should do but in my case I have always tried to set my W4 so I neither owe or receive a refund at year's end. That said my base salary net increased approximately $14,000 and I'm due about 3K in refund.

Sent from my SM-G955U1 using Tapatalk


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## mtbfreak (Oct 7, 2017)

Whitebassfisher said:


> Average savings account percentage rate appears to be 2.25%
> If a person lets the IRS keep $500. per month too much, they get a $6000. return.
> If a person deposits that $500. per month in a savings account, after a year they have $6,073.63
> $73.63 per year difference.
> ...


They can and should...but dont forget you owe taxes on that $73~


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## Whitebassfisher (May 4, 2007)

In some ways I feel like both sides against me on this, lol.
I am decent in math. All my career I choose to have an excessive amount withheld, and then got a sizable return. It may not be the smartest way, but it is what I chose and everything worked out for me along those lines.


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## mtbfreak (Oct 7, 2017)

Whitebassfisher said:


> In some ways I feel like both sides against me on this, lol.
> I am decent in math. All my career I choose to have an excessive amount withheld, and then got a sizable return. It may not be the smartest way, but it is what I chose and everything worked out for me along those lines.


DId you amortize the value or did you do simple interest on the final amount? My compound interest calculator says your pretty close.

Real question - Were are you seeing 2.25% interest on savings accounts?


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## Whitebassfisher (May 4, 2007)

mtbfreak said:


> DId you amortize the value or did you do simple interest on the final amount? My compound interest calculator says your pretty close.
> 
> Real question - Were are you seeing 2.25% interest on savings accounts?


I just did a quick google search for savings accounts average, then used 2.25% to fill in the calculator, $500. per month deposited.

Used

https://www.thecalculatorsite.com/finance/calculators/savings-calculators.php

For the calculator. Regular deposit savings. Interest calculated monthly.


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## TranTheMan (Aug 17, 2009)

Best is to adjust your W4 so that you would pay in w/o penalties. I like to keep my money in my bank of choice. ðŸ˜‚


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## SeaOx 230C (Aug 12, 2005)

I humbly apologize to anyone who was offended by me using the commonly used term "your doing it wrong". I did not know that expressing you opinion on Tax's was taboo and would hurt some people feelings.

Every one is of course free to do it however you see fit. If you choose to let the IRS keep your money for you have every right to do so.




PS 


I still think your doing it wrong.


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## Category6 (Nov 21, 2007)

My tax was 0.29% LOWER than 2017, and I nearly nailed the no writing a check and no refund game, getting $300 back. Iâ€™m VERY happy personally.


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## Category6 (Nov 21, 2007)

.


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## Imtheman (Sep 28, 2018)

SeaOx 230C said:


> I humbly apologize to anyone who was offended by me using the commonly used term "your doing it wrong". I did not know that expressing you opinion on Tax's was taboo and would hurt some people feelings.
> 
> Every one is of course free to do it however you see fit. If you choose to let the IRS keep your money for you have every right to do so.
> 
> ...


I thought you were going to apologize Your / You're :biggrin:

:cheers:


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## boom! (Jul 10, 2004)

I won't apologize but will add that it is perfectly acceptable to do retarded things with your own money.


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## dkeeton1 (Aug 26, 2005)

Hunter.S.Tomson said:


> Anybody got the shaft on their tax return yet? Sounds like I'm getting about 1/3 of what I normally do


Iâ€™m getting back about 100 less....... but they took out 1600 less over the year and my tax rate drop 3%.

You canâ€™t just look at the refund

Sent from my iPhone using Tapatalk


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## Hunter.S.Tomson (Aug 15, 2018)

dkeeton1 said:


> Iâ€™m getting back about 100 less....... but they took out 1600 less over the year and my tax rate drop 3%.
> 
> You canâ€™t just look at the refund
> 
> Sent from my iPhone using Tapatalk


Is that riiight?:headknock


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## cubera (Mar 9, 2005)

SeaOx 230C said:


> I humbly apologize to anyone who was offended by me using the commonly used term "your doing it wrong". I did not know that expressing you opinion on Tax's was taboo and would hurt some people feelings.
> 
> Every one is of course free to do it however you see fit. If you choose to let the IRS keep your money for you have every right to do so.
> 
> ...


Well if it makes you feel better, I think you're doing it wrong, now how bout that.
I didn't take offense to what you said, nor will I.
Remember what they say about opinions.
:biggrin:


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## cubera (Mar 9, 2005)

boom! said:


> I won't apologize but will add that it is perfectly acceptable to do retarded things with your own money.


Aw come on man.


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## MikeV (Jun 5, 2006)

longhornbubba said:


> I would like to know who got a reduction because I didn't and neither did anybody I work with.


Would be willing to bet nobody you work with knows how to determine if they got a reduction or not and, if they do, they didn't do what would be required. They would need to take their 2018 income, deductions, and credits and figure their tax using 2018 tax law, then take that same information and figure their tax using 2017 tax law. Then they would know.


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## MikeV (Jun 5, 2006)

mtbfreak said:


> They can and should...but dont forget you owe taxes on that $73~


Yet $73 minus the taxes is still greater than zero.


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## Deerhunter88 (Aug 4, 2013)

John and Jane are married and both have 1 job each. 3 kids. John makes $100,000 and Jane makes $50,000. Out of the $100,000 that John makes, $15,000 is taken in pre tax deductions. Jane has no pre tax deductions on her $50,000. No large charitable donations, no child or dependent care expense. Only income is from the two jobs. What should they list on their W-4 to get close to breaking even come tax time? Should both list married and 3 kids on their W-4?


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## 4x4tx (Nov 13, 2005)

https://www.irs.gov/individuals/irs-withholding-calculator

Use this calculator to make adjustments if need be to your withholding..I adjusted mine a bunch throughout this last year, as it was showing I was on pace to have 4-5k refund when I checked on Oct...so I bumped up my withholdings to try get to zero...had an extra 1K to end the year which was nice with holidays and such.


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## TXBohunk (Aug 25, 2017)

For those who can't do basic math.

https://www.usatoday.com/story/opin...QY_4XOgHHuz5z9uAMmiwLggya_6WM0Y1wcK8untevL9Kg


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## TranTheMan (Aug 17, 2009)

TXBohunk said:


> For those who can't do basic math.
> 
> https://www.usatoday.com/story/opin...QY_4XOgHHuz5z9uAMmiwLggya_6WM0Y1wcK8untevL9Kg


Spent and forgotten. Where are we gonna get the freaking money for vacation now?


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## TXBohunk (Aug 25, 2017)

TranTheMan said:


> Spent and forgotten. Where are we gonna get the freaking money for vacation now?


Visa, OR MC, LOL.


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## loco4fishn (May 17, 2010)

boom! said:


> I won't apologize but will add that it is perfectly acceptable to do retarded things with your own money.


Yup! Really retarded to buy a boat, but lots of people have one. Lol. Including my retarded self.


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## boom! (Jul 10, 2004)

loco4fishn said:


> Yup! Really retarded to buy a boat, but lots of people have one. Lol. Including my retarded self.


Cars, boats, Harleyâ€™s, Cuban cigars, watches etc for myself. ðŸ˜‰


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## BigPumaAg (Mar 16, 2018)

mtbfreak said:


> DId you amortize the value or did you do simple interest on the final amount? My compound interest calculator says your pretty close.
> 
> Real question - Were are you seeing 2.25% interest on savings accounts?


Ray Jay was offering 2.3% on their money market accounts a few months ago.


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## Whitebassfisher (May 4, 2007)

boom! said:


> I won't apologize but will add that it is perfectly acceptable to do retarded things with your own money.





loco4fishn said:


> Yup! Really retarded to buy a boat, but lots of people have one. Lol. Including my retarded self.





boom! said:


> Cars, boats, Harleyâ€™s, Cuban cigars, watches etc for myself. ðŸ˜‰


Gamble, drink, even go out to eat or for entertainment.


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## mtbfreak (Oct 7, 2017)

Whitebassfisher said:


> Gamble, drink, even go out to eat or for entertainment.


I put my refund to good use last night. CRAPS!!! Made a little money, got drunk for free, had dinner for free and met a dirty dirty girl who likes to party.


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## c hook (Jul 6, 2016)

*u should feel lucky*

i paid my cpa a few grand to tell me i still owe over 20k, and i've been paying quarterly. i just paid property taxes. from about Dec 25 til now is a **** time of year. :headknock:texasflag


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## SeaOx 230C (Aug 12, 2005)

Bills paid: Check
Credit cards Paid off: Check
Retirement Accounts fully funded: Check
Kids grown/out of school/taking care of themselves: Check
Enough cash stashed to cover an emergency: Check
Church/Charitable giving covered: Check


Still got some Cash in the bank: Check


Time for Momma and Daddy to have fun.


I think it ain't so retarded to have toys/fun if the adult responsibilities are taken care off and there is still some left for toys.


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## WGA1 (Mar 1, 2012)

Hmmm, there was a story on channel 26 news this morning stating that the average drop in tax refunds was prematurely reported. Now that more refunds have been processed it looks like the average return is actually about what it was last year according to the IRS. I remember when the lower taxes first showed up on our paychecks at the beginning of the year. I know I took home about $75 more on every bi weekly check. There were some people who made right about my same income as me who refused to say their check was bigger. Blinded by Trump hate I guess.


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## Ethan Hunt (Dec 7, 2007)

Won Hunglo said:


> If you complain about your tax return and not your total tax paid in I guess math is not your strong skill.


most folks have been paying same amount of tax and been getting roughly same amount of return until this year, which is lot less


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## Drundel (Feb 6, 2006)

https://www.irs.gov/individuals/irs-withholding-calculator

That will help out someone.

Thanks to the new tax codes and my mutual funds having a fantastic year (WPP), I get to pay for the first time ever.


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## jaime1982 (Aug 25, 2009)

Ethan Hunt said:


> most folks have been paying same amount of tax and been getting roughly same amount of return until this year, which is lot less


This doesn't make sense

Sent from my SM-G960U using Tapatalk


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## Category6 (Nov 21, 2007)

I think meant a lot less total tax, not return, which is an arbitrary number which has no value for comparison purposes


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## thedudeabides (May 6, 2018)

Secret way to get a big tax return...

1. Update w4 to zero allowances
2. Pay in an additional $1k each quarterly estimate...
3. Boom! Big tax refund and then you can bro down...


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## Ethan Hunt (Dec 7, 2007)

thedudeabides said:


> Secret way to get a big tax return...
> 
> 1. Update w4 to zero allowances
> 2. Pay in an additional $1k each quarterly estimate...
> 3. Boom! Big tax refund and then you can bro down...


2. Pay in an additional $1k each quarterly estimate.. to who, irs? how? Kinda like loaning irs $ interest free?


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## thedudeabides (May 6, 2018)

Ethan Hunt said:


> 2. Pay in an additional $1k each quarterly estimate.. to who, irs? how? Kinda like loaning irs $ interest free?


Well do you want a big refund or not!? This tax strategy is guaranteed to work and produce big refunds that you can blow on frivolous things...


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## Ethan Hunt (Dec 7, 2007)

jaime1982 said:


> This doesn't make sense
> 
> Sent from my SM-G960U using Tapatalk


people dont change their deduction/exemption on their paycheck every year, it's usually the same, whether it's 0, 1, 2 etc....


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## boom! (Jul 10, 2004)

thedudeabides said:


> Secret way to get a big tax return...
> 
> 1. Update w4 to zero allowances
> 2. Pay in an additional $1k each quarterly estimate...
> 3. Boom! Big tax refund and then you can bro down...


4. Send boom! 1k quarterly and Iâ€™ll make sure that you get 4K once a year.


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## SaltwaterSlick (Jun 11, 2012)

Wow, this has been an entertaining thread to read!! It's no wonder the general public has allowed the gubment to pretty much do what it wants to do!


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## POC Fisherman (Jan 14, 2019)

*Tax Refund*



Hunter.S.Tomson said:


> Anybody got the shaft on their tax return yet? Sounds like I'm getting about 1/3 of what I normally do


What you may not understand is your paycheck increased and not your refund.

I'm on a fixed income, my income and taxes for the 2017 and 2018 were the same. My refund this year was $900 more than last year.


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## Snookered (Jun 16, 2009)

mtbfreak said:


> and met a dirty dirty girl who likes to party.


THIS is the *real* story on this thread....LOL!

the standard deduction increased this year; its not voodoo magic... I went from paying about $400 in taxes, to getting about $73 bucks back...

that's a wash in my book...and it sounds like mtbfreak's new girl could use a wash too...

err, wait? did I miss the point of that story?
snookered


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## c hook (Jul 6, 2016)

*lmao*



loco4fishn said:


> Yup! Really retarded to buy a boat, but lots of people have one. Lol. Including my retarded self.


it's ok to have nice toys, truck, boat, etc. what gets me is when you have a guy living in a 150k house, driving a 60k tk, and 80k boat. lmao each to his own, but that guy should not be worried about money period. he completely missed the boat. :texasflag


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## Hunter.S.Tomson (Aug 15, 2018)

POC Fisherman said:


> What you may not understand is your paycheck increased and not your refund.
> 
> I'm on a fixed income, my income and taxes for the 2017 and 2018 were the same. My refund this year was $900 more than last year.


Somebody needs a nap :headknock


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## JoeTXFish (Jun 4, 2018)

A tax refund isn't a good thing. LOL

It means you were withholding too much and giving the gubmint an interest free loan. In which there is opportunity cost as you could have been investing and earning a return on YOUR money rather than the gubmint.

Ideally, you slightly owe at tax time.


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## Bayscout22 (Aug 9, 2007)

SaltwaterSlick said:


> Wow, this has been an entertaining thread to read!! It's no wonder the general public has allowed the gubment to pretty much do what it wants to do!


Exactly. It started off bad and got worse.


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## 98aggie77566 (Jul 7, 2009)

I owe $15K this year....have NEVER owed...usually get $1K to $4K back.

Granted, last year was a really really good year, and the company kept the % tax deductions flat.

My marginal tax rate only went up by 3% which isnâ€™t crazy given the comparison year over year.

What shocked me: TurboTax printed quarterly statements asking me to pay an extra $6500 per quarter!!!

What gives with that? Any large $ I see beyond the salary comes at year end...between Dec 15 and Dec 31. Why should I prepay taxes in Q1/2/3 for money I donâ€™t see (and may never see) until the last 2 weeks of the year?

I donâ€™t think so....


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## Whitebassfisher (May 4, 2007)

This thread clearly reminded me how people can vary in their financial habits. I suspect at least a few here have been giving strong advice, and are up to their arse in debt. Too each his own.


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## boom! (Jul 10, 2004)

This thread shows me that if everyone actually had to write a check to the irs every year and actually knew just how much they are paying, they would loose their collective minds.


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## Rubberback (Sep 9, 2008)

boom! said:


> This thread shows me that if everyone actually had to write a check to the irs every year and actually knew just how much they are paying, they would loose their collective minds.


I don't know to the T what I owe every year but I do know I write a check every year.


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## boom! (Jul 10, 2004)

Rubberback said:


> I don't know to the T what I owe every year but I do know I write a check every year.


I'm saying write a check once a year for the total amount owed.....


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## Rubberback (Sep 9, 2008)

boom! said:


> I'm saying write a check once a year for the total amount owed.....


Ok! Thats me. And one to the CPA.


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## ReedA1691 (Jan 29, 2018)

boom! said:


> This thread shows me that if everyone actually had to write a check to the irs every year and actually knew just how much they are paying, they would loose their collective minds.


Anyone who even glances at their W-2(s) would have a pretty good idea of their total taxes paid.

Even as a teenager, when my Mother would do my tax return, she'd make me read through all of the lines of the W-2, then all the lines of the return before I signed it. I got a refund the first couple of years, so she talked to my employer (friend, neighbor and fellow parishioner) and had them change my deductions to the minimum. Reduced my refund to something like $45


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## boom! (Jul 10, 2004)

ReedA1691 said:


> Anyone who even glances at their W-2(s) would have a pretty good idea of their total taxes paid.


Most people don't. They are also the ones that negotiate car purchases by "how much a month?"


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## tbaker (Dec 20, 2004)

So have we determined how people are paying more? Is it the deduction for property taxes? Because the rates are definitely lower...


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## K LoLo (Sep 5, 2012)

I got a slightly higher refund this year VS last year, and I paid a slightly smaller % of taxes (13% this year VS 15% previous year). I also made more money. 

Main thing that drove my refund up was the child tax credit. I got a $4K credit for 2 kids, where I didn't get anything in years past. Had it not been for that, My refund would have been $4k less and I would have ultimately paid a higher percentage. 

So overall, I'm OK with it for now. I never understood why the child tax credit would phase out at like $70K. That seemed like a low threshold.


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## Drundel (Feb 6, 2006)

tbaker said:


> So have we determined how people are paying more? Is it the deduction for property taxes? Because the rates are definitely lower...


There has already been a deduction for property taxes, but they raised the standard deduction amount and even after I included all the house taxes and interest, etc. it was better to take the standard deduction.


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## Walleyewilly (Jan 31, 2017)

Similar here. Had a small refund last year. About triple the refund this year (still relatively small) and paid less tax overall, throughout the year. I have 2 kids. If I didn't I would have been paying. I ended not even being close to the deductions required to itemize (I itemized last year) so took the standard deduction.


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## charlie23 (Jan 11, 2005)

boom! said:


> Most people don't. They are also the ones that negotiate car purchases by "how much a month?"


hey now... let's not lump everyone together or assume


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## capt. david (Dec 29, 2004)

Child Tax Credit pays you to have kids. What about those that choose to have no kids or unable to have kids?


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## BigPumaAg (Mar 16, 2018)

capt. david said:


> Child Tax Credit pays you to have kids. What about those that choose to have no kids or unable to have kids?


You are still coming out ahead. Unless you adopt and qualify for the adoption credit. Kids are expensive and that tax credit doesn't come near the cost.


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## boom! (Jul 10, 2004)

capt. david said:


> Child Tax Credit pays you to have kids. What about those that choose to have no kids or unable to have kids?


You still get to pay high property taxes to build them stadiums and state of the art schools.... :smile:


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## K LoLo (Sep 5, 2012)

capt. david said:


> Child Tax Credit pays you to have kids. What about those that choose to have no kids or unable to have kids?


Then you saved on sales taxes for all the other stuff people buy for kids.


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## Walleyewilly (Jan 31, 2017)

*....*



capt. david said:


> Child Tax Credit pays you to have kids. What about those that choose to have no kids or unable to have kids?


You adjust your exemptions accordingly, then still get a refund, if you so choose.


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## boom! (Jul 10, 2004)

Walleyewilly said:


> You adjust your exemptions accordingly, then still get a refund, if you so choose.


Tax credits are not refunds. :headknock


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## Walleyewilly (Jan 31, 2017)

*...*



boom! said:


> Tax credits are not refunds. :headknock


No $hit, sherlock...


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## BATWING (May 9, 2008)

What a surprise. This is the 1st year in at least 25 I get a return. $12k  Submitted and received in less than 7 days.


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## Ethan Hunt (Dec 7, 2007)

K LoLo said:


> I got a slightly higher refund this year VS last year, and I paid a slightly smaller % of taxes (13% this year VS 15% previous year). I also made more money.
> 
> Main thing that drove my refund up was the child tax credit. I got a $4K credit for 2 kids, where I didn't get anything in years past. Had it not been for that, My refund would have been $4k less and I would have ultimately paid a higher percentage.
> 
> So overall, I'm OK with it for now. I never understood why the child tax credit would phase out at like $70K. That seemed like a low threshold.


are you filing married separately or jointly? or single? What's your paycheck withholding, 0, 1, 2 or...?


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## Ethan Hunt (Dec 7, 2007)

Walleyewilly said:


> Similar here. Had a small refund last year. About triple the refund this year (still relatively small) and paid less tax overall, throughout the year. I have 2 kids. If I didn't I would have been paying. I ended not even being close to the deductions required to itemize (I itemized last year) so took the standard deduction.


are you filing married separately or jointly? or single? What's your paycheck withholding, 0, 1, 2 or...?


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## K LoLo (Sep 5, 2012)

Married filing jointly. I actually don't put my kids on my W-4, but I don't mind "over-paying" during the year.


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## Court (Jul 16, 2011)

You need to find CPA that did Hunter Bidens for him.


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## penguin (Mar 24, 2012)

Court said:


> You need to find CPA that did Hunter Bidens for him.


Or better yet, Trump's CPA

Sent from my GM1915 using Tapatalk


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## Court (Jul 16, 2011)

penguin said:


> Or better yet, Trump's CPA
> 
> Sent from my GM1915 using Tapatalk


Was not being political but if that makes you happy then either would do.


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## c hook (Jul 6, 2016)

*??*

i pay quarterly taxes and then get hit hard at the end of the year. i match a portion of my employees taxes weekly. i pay state franchise taxes. i pay property taxes on commercial real estate, and on houses I own. don't even get me started this morning, i'm in a good mood. if i could keep my tax money i'd have a mother ship with an egg harbor and a few skiffs hanging off it. :rotfl: :texasflag


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