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doomeddisciple wrote:Mate no offense, but "the car grind core paid for" conjures up something like this

+

Haven't gotten my W-2 yet, but i'm guessing it'll be the about the same as it usually is, around $500 federal.

Luckily there was no "economic stimulus" check last year for the state to tax-rape me on. Last year was the first time i owed them money is years.....

I bought a house, so I get at least $8k back.

My girl is a single Mom, so she gets around $5k

New deck!

neckbeard wrote:why do you guys claim 0?

Because it gives me a bigass check around tax time.
It's like a personal bonus or a a way to force myself to save money. If I didn't claim 0, I'd get that money on my paycheck and piss it away on alcohol and eating out like I do the rest of the year.

ungodlywarlock wrote:

neckbeard wrote:why do you guys claim 0?

Because it gives me a bigass check around tax time.
It's like a personal bonus or a a way to force myself to save money. If I didn't claim 0, I'd get that money on my paycheck and piss it away on alcohol and eating out like I do the rest of the year.

FACE-FUCKING-PALM

I don't want any of my money going to fund this shitty government, let alone let them make interest on the skim they have to give back off of what they stole! I'm living alone and I claim 2.

pleasuretokill wrote:I will be close to breaking even this year, like every year.

Ditto

Geeheeb wrote:

ungodlywarlock wrote:

neckbeard wrote:why do you guys claim 0?

Because it gives me a bigass check around tax time.
It's like a personal bonus or a a way to force myself to save money. If I didn't claim 0, I'd get that money on my paycheck and piss it away on alcohol and eating out like I do the rest of the year.

FACE-FUCKING-PALM

I don't want any of my money going to fund this shitty government, let alone let them make interest on the skim they have to give back off of what they stole! I'm living alone and I claim 2.

Good for you, man.

i will owe lots of money.

Molester Stallone wrote:

Masochrism wrote:i will owe lots of money.

Are you self-employed?

The couple years I did sub contracting work I paid a lot at the end of the year for taxes. No big deal since I planned on it, but it still kind of stung a bit.

exactly. I'm technically a sub-contractor even though 90% of my income comes from one client. I also make royalties which is a pain in the ass to account for, because some of THOSE royalties I have to pay out to other musicians...it sucks.

this next year i'm gonna pay em quarterly! (I always say that )

Masochrism wrote:i will owe lots of money.

Ditto.

pleasuretokill wrote:I will be close to breaking even this year, like every year. I do not want to owe a lot and I goddamn sure do not want the government to use my money for free all year and give it back to me interest free.

Shit, California and Arizona will probably start doing IOU's soon for state tax because of how fucked their financial situation is. I will take my chances with oweing a small amount to them at the end of the year.

turns out i actually get a little refund this year thanks to the "making work pay" credit on the EZ form (i'm sure it's in the standard 1040 somewhere but i have nothing to itemize, so EZ it is for me). if you make under $75,000 (hahahah...) & file single, it's $400, if you make under $150,000 filing jointly, it's $800.

sweet.

i may or may not owe AZ this year - i hope i break even this year (usually i owe a bunch). i have a lot of medical bills i can hopefully itemize...

Geeheeb wrote:I'm living alone and I claim 2.

are you good at setting aside the money you will owe? do you pay it quarterly? cause i know they'll fine you if you don't pay a certain percentage by a certain time (ie if you are basically exempt but owe at the end of the year, you get hit with a fine for not paying in addition to what you owe).

All you self-employed people need to deduct the fuck out of anything you can that's even tangentially related to your gigs, including driving and keep your receipts. The stupidest shit ever could be considered tax-deductible so long as it has to do with you trying to make money. For example, a stripper deducted the cost of breast implants and managed to WIN in court because the judge said that it increased her income in her line of work. Where tax law doesn't help you is if you try to change careers, although apparently this one lady that got an MBA after doing some nursing stint and deducted the cost of tuition just won (like 2 days ago). The worst thing that can happen is that the IRS happens to audit you (which is zero if you pay for a tax professional to sign off on your taxes BTW) and you owe something like 25% of what you deducted instead. The big one that a lot of people miss out on for taxes is home offices - you can deduct the portion of the rent you pay on a place if you use it as a place where you generate income. It's how I'm deducting rent that I paid this past year because I was working from home and needed a home office. People only get nailed here because they get aggressive and assume they use their XBox room as a home office 100% of the time it's ever used - if you use it for anything personal, you must prorate it.

Moves are also tax deductible if you get a new job within like 60 days or so of moving. You can deduct anything used to apply to jobs including the cost of stamps and the miles you drove (at a rate of like $.55 / mile). Nobody's going to bother auditing someone that meticulous about their taxes. Don't do something stupid like claiming HOPE credits when you're going to bartending school and you shouldn't get audited.

ungodlywarlock wrote:If I didn't claim 0, I'd get that money on my paycheck and piss it away on alcohol and eating out like I do the rest of the year.

So you're willing to give a loan to the government interest-free purely because you don't have the willpower to save like a responsible member of society?

Gookstorm wrote:

ungodlywarlock wrote:If I didn't claim 0, I'd get that money on my paycheck and piss it away on alcohol and eating out like I do the rest of the year.

So you're willing to give a loan to the government interest-free purely because you don't have the willpower to save like a responsible member of society?

Seriously, I don't get this line of thinking. Why do I want to give the government and interest-free loan so that a year from now my $1000 refund will only be worth $970 because of inflation?

hana maru wrote:

Geeheeb wrote:I'm living alone and I claim 2.

are you good at setting aside the money you will owe? do you pay it quarterly? cause i know they'll fine you if you don't pay a certain percentage by a certain time (ie if you are basically exempt but owe at the end of the year, you get hit with a fine for not paying in addition to what you owe).

I file single also and claim 2 exemptions and max in state tax (42%) The reason I don't end up oweing at shitload a the end of the year is 9.6% of my check goes to AZ state retirement pre-tax. I am hoping I will get a little more back this year than last as I made a little more...

Hopefully what I would normally get back from working balances out what I'm going to have to pay from unemployment.

All together about $2k.

father of lies wrote:Hopefully what I would normally get back from working balances out what I'm going to have to pay from unemployment.

if you made $13,440 or less last year and were 25+ by the end of 2009, you can take the earned income credit. there's also a new credit - making work pay. should be about $400 for you.

to gookstorm:

yup, I deduct the shit out of stuff for sure. this year i have kept better track of mileage/gas costs so i can deduct a portion of that, and I also deduct for my home studio space. fo sho'. I could be better about it though.

I guess I'd like to know a bit more about this "making work pay" credit.

Is it another 'stimulus' type thing that I'm going to have to claim on next year's state taxes?

$400 extra $bux sounds great but how exactly is this going to screw me?

hopefully a good one. i need that money to help me pay for mdf and the extra will go towards expenses while i am in school. i won $1600 last year playing bingo with my grandma, and it sucks because i have to claim that as income, but all the nice old people at bingo saved me ticket stubs from scratch offs and what not, and so apparently i can claim that i gambled all the money i won away and it won't count against me.... we just have to save the bags of stubs for 6 years.... guess what is going to sit in my mom's basement!

Introvert wrote:I guess I'd like to know a bit more about this "making work pay" credit.

Is it another 'stimulus' type thing that I'm going to have to claim on next year's state taxes?

$400 extra $bux sounds great but how exactly is this going to screw me?

this i don't know! i should find out before taking it...

white trash christmas, right on time

A refund means MDF probably, so I hope you're right. I only had $397 withheld out of $7,454 in payments because, well, I'm short sighted.