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How come I NEVER get a tax refund?

t0mills

Heliman

Gravette, Arkansas - United States

Tax lady just called and said she had my taxes for last year done. I called her back and asked her what the refund was, and she told me I OWED taxes again this year... ~$1100.

I'm on salary at my job, and I pay in ~$350 a week. I thought that was pretty high, and was sure I would get a refund this year, or at LEAST break even... but nope. I owe.

I guess the problem is that I'm only 22, and don't really have any deductions.

Too bad I can't claim my heli's as dependants!


Just wanting to vent.

Thanks for listening.

Tim

02-20-2008 10:48 PM
kryptik

Heliman

South Carolina

Get a better accountant...I got back $4000.

If everyone is thinking alike, someone isn't ...

02-20-2008 10:51 PM
HOMEPAGE  
t0mills

Heliman

Gravette, Arkansas - United States

Maybe that's what I need to do... I always hear about people getting money back at the end of the year, and I'm always just paying money...

A guy I went to highschool with got back over $6000 this year. And he said it was because he had a kid last year. I don't think I'm quite ready for a kid, but it sure would be nice to not have to pay anything in at the end of the year.


Tim

02-20-2008 10:55 PM
AndyH

Key Veteran

San Diego, CA

I always break even. It's annoying, but it could be worse huh?? But gawddamn the govmt eats a huge chunk of my @ss every week...

This hobby is like Kryptonite to chicks!

02-20-2008 10:57 PM
kryptik

Heliman

South Carolina

but it sure would be nice to not have to pay anything in at the end of the year.
That's why you need a better CPA. They can tell you what your withholdings need to be so you can pretty much determine what you'll get back beforehand. If your current tax person is not doing this, fire them. Every year my tax guy asks me if I'm satisfied with my return. If not, he tells me what needs to be adjusted.

If everyone is thinking alike, someone isn't ...

02-20-2008 10:59 PM
HOMEPAGE  
Peter Wales

Key Veteran

Orlando Fl

Look at it this way, you have borrowed $1100 interest free from the government. Everyone who gets a refund has lent the government money interest free. If you want a refund, stick a couple of bucks into a high interest savings account every month and then draw it out in April. Send some to the government and buy yourself a new heli with the rest

Peter Wales
http://scalehelicopters.org

02-20-2008 11:20 PM
HOMEPAGE  
scatbass

Heliman

Hiram, GA

Lose the accountant alltogether and learn to do taxes yourself - software makes it a snap - especially if you're only 22 with no deductions.

I used to be in your situation at that age - the solution for me was to have a little extra held back every paycheck (1100/52 per week should do it). At least then you should come close.

want to pay less in taxes? Gain dependents - ie a wife and children.



Mike

02-20-2008 11:36 PM
bwellmaker

Key Veteran

Long Island

Is there such a thing as a tax refund? You guys are kidding me right.

Butch

02-20-2008 11:38 PM
Heliscat

Senior Heliman

Dublin, CA

Doesn't seem fair does it? I wish there was a little checkbox on my W4 that asks whether or not I wish to contribute to the war.

Can't stand Uncle Sam.

02-20-2008 11:40 PM
HOMEPAGE  
wakeboarder2342

Veteran

USA

your complaining about paying 1100? last year after all that was taken from my paycheck i had the pleasure of writing uncle sam a check for $290,000.00.

And yes i have an excellant accountant or it would have been much higher.....

My effective tax rate was very close to 40% and would have been higher had i not had quite a bit of capital gains...

You complain about paying uncle sam a large portion of your income, but are you paying close to 1/2 of every dollar you make? Tell me where that is fair...


Lets implement the national sales tax!!!

favorite quote, no honey thats the same helicoptor i have always had

02-20-2008 11:43 PM
rcstickman

Senior Heliman

Florida

your complaining about paying 1100? last year after all that was taken from my paycheck i had the pleasure of writing uncle sam a check for $290,000.00.
You want to adopt me . Sounds like you could use another deduction or 3. I'm 50 but look veeeeeerrrrryyyy young for my age. Also I'm married so you can claim my wife too.

Don't blame me, I did'nt vote for him.

02-20-2008 11:56 PM
wakeboarder2342

Veteran

USA

Also to the original poster, until you own a home and can deduct the interest or have a few kids you will probably only qualify for the blanket deductions and you will never get much of a refund.


Making 40-60k a year with a few kids and a mortgage will get you a nice refund!!

I can tell you the kids will be much much more expensive then the refund so dont plan that way for the deductions!!!

favorite quote, no honey thats the same helicoptor i have always had

02-20-2008 11:59 PM
thedrill

Heliman

Reno, NV, U.S.A.

I own a home and they still raped me Had to sell my polaris predator 500 to pay taxes last year. I owed 4000. Less than the cost of an illeagal immigrant or one dumb bomb. I don't mind paying taxes as long as they are not wasted. they are just robbing us and squandering the money!

Vote the bastards out!!All of em T-rex 450Pro, T-rex 500 Radical G20

02-21-2008 12:13 AM
okw14

Senior Heliman

Morgantown, WV

Please forgive me for not feeling sorry for someone who had enough money in the bank to write Uncle Sam a check for $290,000.00. I definitely agree that 40% is a ridiculous amount to have to pay in, but I sure wish I had that problem.

Then again, I'd settle for what the OP makes if he paid in $18,200 ($350/week) and still owed $1100.

Maybe someday I'll get a real job.


---
This Jeep is not an SUV. Your SUV is not a Jeep.

02-21-2008 12:13 AM
t0mills

Heliman

Gravette, Arkansas - United States

I definitely don't plan to have kids just to pay less taxes...

I did go meet with my accountant, and she explained to me why I was paying this year, and what I can do to make it so that I don't have to pay in next year.

She suggested (what someone on here already posted) that I have my employer hold back a little extra from each paycheck and put it towards my taxes.

Since I am 22, and I guess I make a little more than average, that puts me in a higher tax bracket.

I'm not complaining about paying in taxes. I was just disappointed that I didn't come out even this year.

But I will make sure that this doesn't happen next year, even though I plan on making about $20,000 more this year. I'm going to keep in touch with my accountant every quarter, and make any adjustments that are necessary.

And to the guy that paid $290,000 in taxes.... Wow, that sucks. Did you have any capital gains or anything?

-Tim

02-21-2008 12:15 AM
okw14

Senior Heliman

Morgantown, WV

Your age won't have anything to do with your tax rate. It doesn't matter if you're 22 or 52. Although, over 65 helps a little.

If you are expecting to make $20,000 more this year than last, make sure to withhold enough to cover that expected income increase.


---
This Jeep is not an SUV. Your SUV is not a Jeep.

02-21-2008 12:35 AM
#55

Veteran

KENAI, ALASKA

I got back $4,860..........I LOVE being poor

Why MA, why!!!!!!!!!!

02-21-2008 12:42 AM
oysifly

Veteran

Bentonville, AR

Wait till Obama get's in office....you think you pay alot now.....just wait.

He's the LAST thing this country needs. Just shows you how messed up America is.

Quick...here comes my wife....hide that new Heli !!!!

02-21-2008 12:42 AM
LouInSD

Veteran

San Diego CA USA

Go self-employed or start a business. W-2'd Employees always get screwed, thanks to Repubs...

More than likely Obama would make things better for the working man. Democrats always do. Clinton gave us the longest period of economic expansion in the history of the United States, then he got a blowjob so the Republican gossip girls used that to convince idiots that Repubs have the working man's best interest in mind. and then Repubs make things better for the corporations and the working man gets screwed.

Still havent learned that after 8 years of failed Republicanism?

How much worse does the economy have to get and how much lower does the value of the dollar have to fall before you stop listening to the conservative corporate media?

Anyway, back on topic, hire a better tax guy...

this guy is great...he will go back 3 years and re-file for you and most likely get you money back...

http://www.taxsmartamerica.biz/

02-21-2008 01:41 AM
helo_chris

Veteran

goodlettsville, tn

More than likely Obama would make things better for the working man
If by working man you mean people who dont pay any taxes to begin with then sure. And for the last 6 years I have watched my effective tax rate go down, so I dont know what you are basing your assumption on, but somehow I suspect that like most of your opinions its pretty skewed. I doubt many people here who are paying in that much in taxes fit into the category of "working man" in the sense that you libtards refer to them.

Oh, and the only way to pay less taxes is to make less or have more deductions as others have pointed out. Buy a house, open a Roth IRA, and find a better accountant.

"There is a fine line between cutting edge and bleeding edge.."

02-21-2008 02:16 AM
HOMEPAGE  
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How come I NEVER get a tax refund?

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