Tax time

[Berserker]

Who's paying? Who's getting a refund? And if you're getting a refund, what are you spending it on?

I'll probably get a decent refund. I need to pay bills but I might get a computer while I'm at it.

[Spongy]

I don't have to pay taxes just yet. Bwahah!

>.> I'm glad I don't. The taxes in this country are among the highest in Europe. Over 50% income tax, and about 20-25% sales tax.

[Terastas]

Spent the whole freakin' year in 2008 unemployed, so I won't even be filing this year.
*sigh* I honestly never thought I'd say this, but in this case, it's true: I can't wait until I have to do my taxes.

[Berserker]

Heh I made this thread without realizing that probably more than half of the people here are teenagers or college students who don't have full time jobs or don't pay taxes. Whoops.

[Wingman]

I completely forgot about it last year, and just remembered about it this year, and I still have pretty much no idea what to do about it. So, I fully expect the tax men to come abduct me.

[WerewolfKeeper3]

I completely forgot about it last year, and just remembered about it this year, and I still have pretty much no idea what to do about it. So, I fully expect the tax men to come abduct me.

({watches Wingman dragged off to somewhere unknown} Hmmm... don't see that everyday...)
Yeah... maybe he should go ask someone at the tax office or something... as for me... i'm nineteen, but last year was the first time i ever filed anything. And i don't know what's what so... eh...

[MoonKit]

Nooooooooo! The dreaded taxes.

I have to file mine one of these days. Last year I owed like $300. *groans* But my boss and her accountant were supposed to fix it so they took more out so hopefully I'll get something back instead.

[Kaebora]

Probobly getting a big enough refund to pay off my credit card. Not much extra after that. If everyone uses their refunds to pay off debts, the economy will improve a bit.

I honestly beleive everyone will be getting smaller refunds this year to offset the government's national debt increase.

[W'rkncacnter]

I haven't held a job this fiscal year (too busy with college), so I don't have to pay taxes, nor to I get paid so i can pay taxes.

The only job I ever held was over the summer of '07 (at Burger King), and I've already paid the taxes for that. So, in the realm of taxes, my opinion is officially, 'meh'.

[RedEye]

Hint for those who "don't have to file".

File anyway!

You might be too poor to owe taxes, but the Government wants to know that you are. So, you file, even if your income was zero. Trust me, it works in your favor with the Govern-Mint people when they get curious.

Ask your payroll people to do an estimate of what you would get if you filed Single/0 dependents. The big S-0. If you can survive on it, then change your W-2 to S-0 from whatever it is now. Why? Because you will get taxmoney back when you file, that's why.

For those of you who do have money coming back: Avoid the "Tax-Loan" where the tax people give you your refund early. Why? It costs an average of 20% of your refund, when you add in what you pay to have your taxes figured by one of these people to what they charge for their "advance" or Loan.

Now finally, for those who are getting an obscenely huge refund: Invest it! Yeah, the market is down now. That means that stocks are at a discount versus their usual value. Spend $1.00. get $1.25 back in two years. Seriously, now is when the smart ones buy, since the stock market won't stay down forever, and when it comes back up, your dollar's worth of stock can in time become two or three dollars worth. All you have to do is wait. That's what I did, and why I could afford to retire in my fifties, rather than wait until I was sixty-whatever and too old to enjoy all that money.

[Wingman]

I know I did the paperwork two years ago, which sort irritated the people when I wandered into their office and somehow convinced them to help me out even though I didn't have an appointment. That reminds me, I think I've still got an expired check for like $40 sitting around from when I got my glasses. Yup, from October 2007, and it expired 90 days after that. Excellent.

[Xiroteus]

Spent the whole freakin' year in 2008 unemployed, so I won't even be filing this year.
*sigh* I honestly never thought I'd say this, but in this case, it's true: I can't wait until I have to do my taxes.

Yes, I would love to have to pay a million in taxes, know how much I would have to pay to make that?

[Kaebora]

Hey Redeye, where might someone go to get advice and/or assistance with investing money?

[RedEye]

They are called Investment Counsellors, and try to find one that has been around for twenty or so years and is already wealthy.
Really. Even in these times, there are fortunes to be made by people who are patient and willing to invest regularly. Think of it as savings that pays two oe three times the average.
Now is a great time to invest. Stocks are down. They will go back up and that is free money.
Figure on a minimum of twenty years, though. And don't invest a cent that you couldn't just toss out the window and not miss it. That's how it works. You won't make money unless your money is making money as well.

And: During the Great Depression, there were more people who became Millionaires then, than in the twenty years before it happened.

[Kaebora]

So talking to someone at Merrill Lynch or Fidelity Investments would be a good idea? Hmmmm.

[Spongy]

Hold up. If it's tax time...

You pay taxes if you make over $3,000 dollars, right? How do you pay those taxes if you now live out-of-country?

[Uniform Two Six]

I won't be getting a refund either way. I live in California. We're broke (the State, that is). Word just came down from Sacramento: Franchise Tax Board will be issuing IOUs instead of refund checks. Welcome to The Great Depression V2.0! I wonder if I owe any taxes next year, if Franchise Tax Board would accept an IOU from me. Hmmmm... Y'know, I think I may be on to something here...

[Alpha]

I won't be getting a refund either way. I live in California. We're broke (the State, that is). Word just came down from Sacramento: Franchise Tax Board will be issuing IOUs instead of refund checks. Welcome to The Great Depression V2.0! I wonder if I owe any taxes next year, if Franchise Tax Board would accept an IOU from me. Hmmmm... Y'know, I think I may be on to something here...

WOW! You're in Hayward?! We're literally neighbors. This year, I'd love to get an IOU as opposed to owing like I have been for the past few years.

[Lupin]

Ask your payroll people to do an estimate of what you would get if you filed Single/0 dependents. The big S-0. If you can survive on it, then change your W-2 to S-0 from whatever it is now. Why? Because you will get taxmoney back when you file, that's why.

But that just means the government has been holding on to my money for what could be the better part of the year, and I could have had that money earning interest in a bank account or invested somewhere.

I don't get my 1099 until Feb 17th so I can't file until then.

[IndianaJones]

*awk* Carbon Taxes *awk* Your money is stolen!

[Kaebora]

I'm filing literally tonight. Five W-2 forms, a company investment form, and a good amount of United Way donations. I'm getting a BIG refund after all. I'm going to H&R Block to make sure that it's all covered. The Turbo Tax website is limited and confusing when it comes to complex deductions.

[RedEye]

I'm filing literally tonight. Five W-2 forms, a company investment form, and a good amount of United Way donations. I'm getting a BIG refund after all. I'm going to H&R Block to make sure that it's all covered. The Turbo Tax website is limited and confusing when it comes to complex deductions.

And to repeat myself, DON'T take the "Instant Refund" that H&R Block offers!
You pay an exorbitant rate, and if the government has any questions, you have to refund what they gave you.

Yeah; I got bit by that a couple of years back...

[Wingman]

Hmm, just got my T4 and latest paycheck, apparently my income for 2008 was 6.5k, or very close to that. Hurrah for minimum wage, a few months off, and low, low, hours.
Hahahaha. Man, I am glad I haven't had to pay more than my phone bill.
I can't stop laughing, one of my coworkers used to make more than that much per month.