yay taxes!

[loka]

option 3:
don't fuck up with your taxes. honestly, people always seem excited about tax returns. they're one of the things you don't want to happen. it means you overpaid your taxes. yes, you get it back but that basically means you're loaning the gov't your money. and you don't get interest on it. it's better to owe the gov't a little for a while because that's like a loan they gave you, with no interest attatched.

Actually, I didn't owe the government anything. The government decided to finally pay back people who go to school or the parents who claim you as a dependent and pay for your school. But now you can add textbooks and school expenses to the list, not just the tuition you pay. It's called the American Opportunity Credit. My dad is a CPA and licensed tax preparer. When it comes to my taxes, he's going to try to find areas he can get me money... and damn he did.

Definitely spending little on the money I get. Buying those other things on base.

[acolyte_to_jippity]

ahhh, see i thought you were talking about getting a tax return because you didn't need to pay as much as you did.

never mind then. ut what i said still holds true

[Dog Brother #1]

I'm only getting a couple hundred back.

[loka]

I was only suppose to originally get 400 back. Then my father realized I qualify for that stimulus package they were giving away back last year, and then the whole American Opportunity Credit. Adds up to more than 2 grand.

[loka]

Oh and I just noticed, but I'm not sure how what you said holds truth. Taxes are based on 3 situations.

1. Your income
2. The amount of papers the tax preparer has to file.
3. Your status. Single 0-1; Dependents 2-whatever;

Your total income derives from the amount you owe. If you make more than 6500 federal; and state is separate (varies from 5000-10000) then you WILL be paying taxes. Only way you earn all the money back is if you earned less than both federal and state.

Secondly, the papers that you file for taxes make a huge difference in what you can earn as credits that the government is issuing etc etc. Health insurance, school expenses, house mortgages, deductions, dependents under 16 etc etc etc. You can make over 100,000 and get back 15,000 in taxes because you have dependents and other deductions the government will throw money at you for. For each child under 16, it's a 1,000 credit.

Status on your paycheck is the kicker. If you claim single 0, both state and federal will take more money from your paycheck, but you will play less in taxes. Claim single 1 (because you're saying you claim yourself and someone else) they will take less money out of your paycheck, but will pay more taxes at the end of the year putting into consideration the money you have earned through out the year. This is why people hold onto receipts, and other papers. To get more credits that the government is paying off. Tax returns aren't loans. It's money that the government has determined you have the right to get back through the papers you paid someone else to have filed.

[Rage]

I got 1200 back this year, Already bought myself a 32" hd lcd tv. The rest im saving

[acolyte_to_jippity]

I'm in college!! with no discernable income!!! so i don't have anything coming to me, because i don't pay anything!!


...yay

[Steamer]

I got ~5K Back. I kinda use the tax system as a non-interest bearing "savings account" that can't be counted as an asset and one that I can't "touch". .

[loka]

I got ~5K Back. I kinda use the tax system as a non-interest bearing "savings account" that can't be counted as an asset and one that I can't "touch". .

yeah that's what many people consider it. That or rainy day money :P

[StarsMine]

I only make 3k a year so even though I have to file tax forums, I dont pay or get anything.

I should probably get on that... where the fuck did I put my December check...

Edit:just got my W2 so im good to go