Taxes.........

If it makes you feel better, I had to collect unemployment this year without paying any taxes (or else I wouldn't have had enough money), so I'll be paying lots of taxes real soon!

Zero

Yes I always get back money ever since my son was born and me and my wife file seperate too.I always get back around $4000.00-$5000.00 dollars.

bestdjinfl said:

Just finished doing the taxes and if everyone made out like I did no wonder our country is broke. Usually I may get back $300-800 depending on expenses, etc. I pay quarterly tax and am usually right on come the end of the year. Anyway with getting married, buying a house, getting solar power, adding a son through my marriage, we made out VERY VERY well. I paid in over $18,000 this year (Actually less than the past 3 years) and we wound up with a fat $8,436.00 refund. My advice is make sure you take advantage of every tax credit available. Last year I paid $20,075 in taxes and got $425.00 back. The new baby (Due 7/6) will benefit from this year's windfall (Of my own money). Some things to look at fror next year:
--Replace your water heater with a new Heat Pump Water Heater ($1500 Credit)
--Replace your condenser with a more efficient Green condenser ($1500 Credit)
--Always thought of buying a home.,...DO IT NO the prices are so low and they are still offering a tax credit.
--If you always have to pay start doing Quarterly taxes.

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Replace your gear with an I-Pod and two Pyle speakers = Priceless Credit!

bestdjinfl said:

Just finished doing the taxes and if everyone made out like I did no wonder our country is broke. Usually I may get back $300-800 depending on expenses, etc. I pay quarterly tax and am usually right on come the end of the year. Anyway with getting married, buying a house, getting solar power, adding a son through my marriage, we made out VERY VERY well. I paid in over $18,000 this year (Actually less than the past 3 years) and we wound up with a fat $8,436.00 refund. My advice is make sure you take advantage of every tax credit available. Last year I paid $20,075 in taxes and got $425.00 back. The new baby (Due 7/6) will benefit from this year's windfall (Of my own money). Some things to look at fror next year:
--Replace your water heater with a new Heat Pump Water Heater ($1500 Credit)
--Replace your condenser with a more efficient Green condenser ($1500 Credit)
--Always thought of buying a home.,...DO IT NO the prices are so low and they are still offering a tax credit.
--If you always have to pay start doing Quarterly taxes.

Click to expand...

not everyone has stuff to claim on or funds to replace items.look at the amount of money you spent in order to get back 8k.if you have it to spend and replace things by getting more energy efficient stuff its great for the economy and the enviornment,but think of the person who is on unemployment or barely getting by on a fixed income.

bestdjinfl said:

Just finished doing the taxes and if everyone made out like I did no wonder our country is broke. Usually I may get back $300-800 depending on expenses, etc. I pay quarterly tax and am usually right on come the end of the year. Anyway with getting married, buying a house, getting solar power, adding a son through my marriage, we made out VERY VERY well. I paid in over $18,000 this year (Actually less than the past 3 years) and we wound up with a fat $8,436.00 refund. My advice is make sure you take advantage of every tax credit available. Last year I paid $20,075 in taxes and got $425.00 back. The new baby (Due 7/6) will benefit from this year's windfall (Of my own money). Some things to look at fror next year:
--Replace your water heater with a new Heat Pump Water Heater ($1500 Credit)
--Replace your condenser with a more efficient Green condenser ($1500 Credit)
--Always thought of buying a home.,...DO IT NO the prices are so low and they are still offering a tax credit.
--If you always have to pay start doing Quarterly taxes.

Click to expand...

So when can Ben expect your call?

I understand Ray's situation and it looks like he does it correctly - just pays enough in to ensure he doesn't have a large tax bill when filing. This year he stumbled onto some very nice credits, so he got a large refund.

But, for the life of me, I don't understand why people think getting a large refund, anything more than $1200, is good. You're giving Uncle Sam free money to use and he's not giving you a dime in return.

And for most, they could have used that extra money throughout the year. I see it time and time again, a person uses the tax refund to pay off debtors that have hounded them for half the year and then in about 6 months start it all over again until the next tax return --- just one silly roller coaster ride.

Change your W-4 withholding and pay less in each week and put it away in your own savings account or have it available to live on when you need to. We have an accountant do our filings, so he advises me each year (based off of projected earnings) on how much we should be contributing to taxes. Each year, we're either getting back or paying $100-$200. The extra money that I see in my paycheck has been allocated into my 401K (which I'm currently maxed out at 25% contribution).

Also, did you know that if you're married and filing together and one spouse has a full time job and one is self-employed, that there is no need to pay estimated quarterly payments? As long as the spouse with their full time job pays additional money each week to cover the self-employed spouses tax burden , it works the same.

2 Kids...over $6000 this way.

Pay for a few things, and get some of my last purchases for a while.

My profit from the DJ business was negative this year. We will get back what ever my wife paid in taxes plus what ever credits. I'm guessing about $2000 refund for us.