Tax question..Is it okay for me...

[GlockRock]

My return, which is minimal, is being held by the IRS until I can prove that my daughter who passed away last year was born alive. That was a fantastic letter I got in the mail.

 

[dudley0]

When Indiana increased the sales tax they didn't put the property value caps in place for almost a year. That was the main reason they claimed for raising the sales tax... to even it out for people that didn't own.

All of my places went up before the cap was in place. I paid more on every property while getting the deduction because of the sales tax increase. Now they want to tax all the stoves, refrigerators and A/C units I have. Bah...

On topic tho, I do not put anything odd in the memo line. The people collecting the checks for deposit didn't set up the tax schedule.

Back when I had a W2 I set it up where I would get a tiny check back from Fed and State. That way I wasn't giving the tax free loan and I didn't have to scramble for a large amount due at tax time. Now I adjust it a bit because I never know what will happen with the rentals.

 

[CHCRandy]

Look at the bright side.....it's almost May. That means here in another month, everything you have made this year so far will cover your taxes(Unless you are self employed, then add a month or 2 to cover the other half of SS you will pay).....you still have 7 maybe 6 months to make "your" money. Disgusting........

 

[churchmouse]

My return, which is minimal, is being held by the IRS until I can prove that my daughter who passed away last year was born alive. That was a fantastic letter I got in the mail.

What......................

 

[churchmouse]

When Indiana increased the sales tax they didn't put the property value caps in place for almost a year. That was the main reason they claimed for raising the sales tax... to even it out for people that didn't own.

All of my places went up before the cap was in place. I paid more on every property while getting the deduction because of the sales tax increase. Now they want to tax all the stoves, refrigerators and A/C units I have. Bah...

On topic tho, I do not put anything odd in the memo line. The people collecting the checks for deposit didn't set up the tax schedule.

Back when I had a W2 I set it up where I would get a tiny check back from Fed and State. That way I wasn't giving the tax free loan and I didn't have to scramble for a large amount due at tax time. Now I adjust it a bit because I never know what will happen with the rentals.

When did they start looking at appliances. WTF.

I am so glad we sold off all the rentals save for 1.

 

[jamil]

Finished my taxes last night. I usually owe ~$200. This year I'm getting back $10.

It probably costs more for the IRS to process and mail the check.

 

[dudley0]

When did they start looking at appliances. WTF.

I am so glad we sold off all the rentals save for 1.

Got hit maybe four years back. They created a special section for tracking this for one county I am in. Hit me on the first two years then realized that the state has a minimum which I didn't meet. No refund, but now I just have to fill out the forms and get them in before a certain date to stay legit.

All of the things that I do in the background... I should let some of my tenants in on this.

 

[dudley0]

Finished my taxes last night. I usually owe ~$200. This year I'm getting back $10.

It probably costs more for the IRS to process and mail the check.

Now that's the way to do it!

Congrats

I paid out this year, not much but wasn't thinking it would be anything. Next year I already owe. Sold a house and made some money on it. Offsetting that by spending some more, but after the April rush I am having a sit down with my accountant to see what I need to do, or save back for.

 

[Tactically Fat]

I figure that if our combined refund from both IN and Fed are within +/- 3% of our gross income then that's fine by me. It was + 3.8% this year. Probably need to have my wife adjust her withholding.

 

[GlockRock]

What......................

My daughter was born in June and died in September. I got a letter stating I had to prove that she was born alive.

 

[HoughMade]

My daughter was born in June and died in September. I got a letter stating I had to prove that she was born alive.

#1 I can't imagine a rougher thing to go through. My condolences.
#2 a certified birth or death certificate should do it.

 

[Thegeek]

Owed $6300 last year and $3800 this year. But, I can't be too angry about it. I paid more in federal taxes this year than what I made 10 years ago....

 

[IndyTom]

State taxes are down this year by .07% (3.3% -> 3.23%). That doesn't affect last year's amounts, but it is something I just came across.

I realized years ago that if I took even 1 exemption on the state side, I ended up owing money. I have a hard enough time seeing the money that is taken out of each pay check, I don't want to pay them more come tax time. I let Indiana have its $100 loan over the year.

 

[JettaKnight]

[video=youtube;72M1eeK8Ess]http://www.youtube.com/watch?v=72M1eeK8Ess[/video]

 

[JettaKnight]

[video=youtube;CsOCifTKsLI]http://www.youtube.com/watch?v=CsOCifTKsLI[/video]

 

[HoughMade]

[video=youtube;LO2eh6f5Go0]https://www.youtube.com/watch?v=LO2eh6f5Go0[/video]

 

[JettaKnight]

Gee, thanks HoughMade...

Usually, when I help people file their returns, I see enough refundable credits (Child tax credit, earned income credit, etc.) That the taxes I pay are all refunded to those people.

This year, I mainly did taxes for single folks that made enough money to not qualify for those, so I think Uncle Sam will "keep" some of my money.


NPR has a story - Americans don't know who pays taxes... and who pays "negative taxes". It (rightly) points out that lot of democrats are really confused.