Tax Season

FwdFtl · 01-30-2012, 12:36 PM

Who's owing and who's not?

To start, I'm planning on saving half and getting a samsung LED 65" smart tv with the other half

What are you going to do with your refund?

Team Plutonium · 01-30-2012, 01:12 PM

Quote:

Originally Posted by FwdFtl

Who's owing and who's not?

To start, I'm planning on saving half and getting a samsung LED 65" smart tv with the other half

What are you going to do with your refund?

WTF is a refund?

immiketoo · 01-30-2012, 01:17 PM

I'll be looking at a nice fat refund myself. Not sure what to do with it yet...

Draven · 01-30-2012, 01:20 PM

I have $12k in interest paid this year for my house, which usually puts me in the $2500 to $4000 total refund every year.

I'm setting it aside for mods on the e93 I'll buy in the spring.

CollinsE90 · 01-30-2012, 01:22 PM

Only if college is considered work.

The Ghost of Tom Joad · 01-30-2012, 01:24 PM

Quote:

Originally Posted by SehrSchnell

WTF is a refund?

april 15th is the saddest day of the year for me, next to tomorrow. i am writing a $12k check to the county coffers today for property taxes. oh well...at least i only pay a 15% effective rate to the IRS.

Abear · 01-30-2012, 01:29 PM

Quote:

Originally Posted by CollinsE90

Only if college is considered work.

Pretty sure tuition is deductible.

eaglesfan83 · 01-30-2012, 01:46 PM

Getting a decent return this year. Spending 85% of the year in the middle east helped.

CollinsE90 · 01-30-2012, 01:49 PM

Quote:

Originally Posted by Abear

Pretty sure tuition is deductible.

I'm fortunate to not have to work too much while I'm in school, it was mainly sarcasm but I learned something.

FwdFtl · 01-30-2012, 01:55 PM

Quote:

Originally Posted by eaglesfan83

Getting a decent return this year. Spending 85% of the year in the middle east helped.

Please explain.

Quote:

Originally Posted by CollinsE90

I'm fortunate to not have to work too much while I'm in school, it was mainly sarcasm but I learned something.

Yea, just for having to pay for school (grants and loans included) you can get back around $1k - 2k. I'm not sure of the details but there's definitely some type of refund you can get.

FwdFtl · 01-30-2012, 02:00 PM

Quote:

Originally Posted by The Ghost of Tom Joad

april 15th is the saddest day of the year for me, next to tomorrow. i am writing a $12k check to the county coffers today for property taxes. oh well...at least i only pay a 15% effective rate to the IRS.

Just saw this, ouch.

If it makes you feel any better, my uncle and his wife pay around $40k that time of the year...BUT they do make about $500k annually

CollinsE90 · 01-30-2012, 02:01 PM

Can a CPA confirm the school theory? I'm reading '11 was the last year to do that.

MP0WER · 01-30-2012, 02:03 PM

Quote:

Originally Posted by SehrSchnell

WTF is a refund?

Ditto!!

The Ghost of Tom Joad · 01-30-2012, 02:03 PM

Quote:

Originally Posted by FwdFtl

Just saw this, ouch.

If it makes you feel any better, my uncle and his wife pay around $40k that time of the year...BUT they do make about $500k annually

well to give you an idea, i wrote a $64k check on april 15th last year at around 18% effective rate. that's the kind of ouch i deal with on a yearly basis.

FwdFtl · 01-30-2012, 02:07 PM

Quote:

Originally Posted by CollinsE90

Can a CPA confirm the school theory? I'm reading '11 was the last year to do that.

This might be too much, but I'm pretty sure this is what I got a couple years ago. CPA's?

The American Opportunity Tax Credit is a refundable tax credit for undergraduate college education expenses. This credit provides up to $2,500 in tax credits on the first $4,000 of qualifying educational expenses. The tax credit is scheduled to have a limited life span: it will be available only for the years 2009 through 2012, unless Congress decides to extend the credit to other years.

Details of the new American Opportunity Credit
The credit is worth up to $2,500 on the first $4,000 of qualifying educational expenses, which include course materials as well as tuition. The American Opportunity credit applies to all four years of undergraduate college education. The credit is gradually reduced (or "phased out") for income from $80,000 to $90,000 (or $160,000 to $180,00 for joint filers). The tax credit is not available for people with incomes above the phase out range.

Quote:

Originally Posted by The Ghost of Tom Joad

well to give you an idea, i wrote a $64k check on april 15th last year at around 18% effective rate. that's the kind of ouch i deal with on a yearly basis.

you win.

MidwestGolfBum · 01-30-2012, 02:08 PM

Quote:

Originally Posted by The Ghost of Tom Joad

well to give you an idea, i wrote a $64k check on april 15th last year at around 18% effective rate. that's the kind of ouch i deal with on a yearly basis.

I pay estimated at the end of each quarter to eliminate some of the "Ouch" on April 15th, but I get exactly what you're talking about.

Abear · 01-30-2012, 02:14 PM

Quote:

Originally Posted by CollinsE90

I'm fortunate to not have to work too much while I'm in school, it was mainly sarcasm but I learned something.

Knowledge is power!

Abear · 01-30-2012, 02:16 PM

Quote:

Originally Posted by CollinsE90

Can a CPA confirm the school theory? I'm reading '11 was the last year to do that.

http://www.irs.gov/taxtopics/tc457.html

Templar · 01-30-2012, 02:17 PM

Quote:

Originally Posted by FwdFtl

Please explain.

He was probably deployed for most of the last tax year.

The Ghost of Tom Joad · 01-30-2012, 02:24 PM

Quote:

Originally Posted by ecjohnston

I pay estimated at the end of each quarter to eliminate some of the "Ouch" on April 15th, but I get exactly what you're talking about.

i pay in some every quarter, but i definitely underpay by 1040ES payments by a large margin. my dividend payouts can vary drastically every year and i hate paying in more than i'll owe, so i underpay and make up for it on 4/15. i pay just enough in the reduce my penalties to a negligible level.

MP0WER · 01-30-2012, 02:37 PM

Quote:

Originally Posted by FwdFtl

Just saw this, ouch.

If it makes you feel any better, my uncle and his wife pay around $40k that time of the year...BUT they do make about $500k annually

If that's true he's they had better get ready for an audit and lots of interest and penalties.

They likely pay in via W2 AND write a $40k check. My guess is that their total federal taxes should be in the hood of $100 & $200k depending on their situation. Would likely be right in the middle if they have a simple return.

I haven't seen a refund since 1999.

BTW, don't ever feel sorry for anyone who pays taxes on $500k or more of revenue.

FwdFtl · 01-30-2012, 02:59 PM

Quote:

Originally Posted by MP0WER

If that's true he's they had better get ready for an audit and lots of interest and penalties.

They likely pay in via W2 AND write a $40k check. My guess is that their total federal taxes should be in the hood of $100 & $200k depending on their situation. Would likely be right in the middle if they have a simple return.

I haven't seen a refund since 1999.

BTW, don't ever feel sorry for anyone who pays taxes on $500k or more of revenue.

I'm not too familiar with taxation and all, but one is director of IT for Avery Dennison (the label makers) and the other has businesses and investments. I just heard him mention this once and thought that was a lot of dough, but never knew the details.

Don't want to cross into the political realm, so I'll hold my views about paying taxes

01-30-2012, 12:36 PM	#1
FwdFtl Cocaine Biceps Drives: E60 Join Date: Aug 2011 Location: Cali Posts: 173 iTrader: (0)	Tax Season Who's owing and who's not? To start, I'm planning on saving half and getting a samsung LED 65" smart tv with the other half What are you going to do with your refund?
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01-30-2012, 01:22 PM	#5
CollinsE90 Where my bitches Drives: Cadillac coupe deville Join Date: Mar 2009 Location: street corner checking profits Posts: 1,927 iTrader: (0)	Only if college is considered work. __________________

01-30-2012, 01:46 PM	#8
eaglesfan83 FIRE TOEZ!!!!! Drives: Not a BMW Join Date: Jan 2009 Location: Arlington, VA Posts: 1,191 iTrader: (6) Garage List 2010 BMW 335i Vert [4.67]	Getting a decent return this year. Spending 85% of the year in the middle east helped. __________________ SOLD 2010 E93 335i AW/CR E9X Picture Game: 4-1 Points: Seasonal Meet, Veterans Day, Pet on Roof, E9x next to a vert

01-30-2012, 02:01 PM	#12
CollinsE90 Where my bitches Drives: Cadillac coupe deville Join Date: Mar 2009 Location: street corner checking profits Posts: 1,927 iTrader: (0)	Can a CPA confirm the school theory? I'm reading '11 was the last year to do that. __________________

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01-30-2012, 01:20 PM	#4
Draven BMW traitor until M3 comes out Drives: C6 Join Date: Apr 2009 Location: Merrimack, NH Posts: 112 iTrader: (0)	I have $12k in interest paid this year for my house, which usually puts me in the $2500 to $4000 total refund every year. I'm setting it aside for mods on the e93 I'll buy in the spring.