Taxes Filed & getting a refund

[LFD102]

Now what to buy before my wife gets her hands on the money. she told me I could have a few bucks that's what she thinks.

 

[NIFT]

You are getting back $800 less this year than last year (assuming joint filing and enough withheld) because the "making work pay" credit went away under Obama.

What that really means is you are paying $800 more in taxes this year, and, if you based your withholding on the last years' taxes, you will have a big tax check to write, plus any penalties for underpayment. More of your money for Obama to "redistribute."

Are we having fun yet?

 

[Scutter01]

It wasn't the annual February Lottery Win. It drives me nuts when people ask me how to spend their tax check. Pretend it was in your checking account all year. Would you still suddenly go on a shopping spree and blow the whole thing?

Personally, I'll be paying down outstanding debt.

 

[jayhawk]

You are getting back $800 less this year than last year (assuming joint filing and enough withheld) because the "making work pay" credit went away under Obama.

Of course, it was also implemented under Obama. It was passed as part of the 2009 Recovery Act.

I'm actually getting a decent return this year, and I'm also putting mine towards outstanding debt.

 

[Hondo]

I never understood the idea of letting the goevernmet sit on your money all year and then wait for them to give back what is yours.....I always want to end up paying....that way I have had the use of all of my money all year and I can pay them.....

It is better to owe than be owed in this case..IMHO

 

[NIFT]

Of course, it was also implemented under Obama. It was passed as part of the 2009 Recovery Act.

The lord giveth; the lord taketh away. He hath proclaimed the economy recovered, and we all need to contribute more.
Blessed be the name of our lord.

 

[Electronrider]

I call my tax refund check my "hillbilly savings account". I know I'm getting a hefty refund. I KNOW that I am giving the feds an intrest free loan every year because of this. Heck, I'm just being patriotic, and trying to help out Uncle Sam a little bit!

Making work pay was instituted one year, and taken away the next. Choose to veiw it however you wish, but everyone knew it would not be a permanent cut. What you should realy be *****ing about is the hundreds of lines of tax code that will be going away if congress does not renew them. Your *****in about taxes now? Wait till next year, when they dont renew a lot of the breaks, because they need the money.

 

[LFD102]

It wasn't the annual February Lottery Win. It drives me nuts when people ask me how to spend their tax check. Pretend it was in your checking account all year. Would you still suddenly go on a shopping spree and blow the whole thing?

Personally, I'll be paying down outstanding debt.

yes most of it is going to pay off debt. but I do get a few, think I'll get 100 rounds of 9mm ammo with my share

 

[vette3667]

I hate tax season, owe $2200 this year. Grrrr. One of the disadvantages of being a DINK.

 

[jedi]

I call my tax refund check my "hillbilly savings account". I know I'm getting a hefty refund. I KNOW that I am giving the feds an intrest free loan every year because of this. Heck, I'm just being patriotic, and trying to help out Uncle Sam a little bit!

Making work pay was instituted one year, and taken away the next. Choose to veiw it however you wish, but everyone knew it would not be a permanent cut. What you should realy be *****ing about is the hundreds of lines of tax code that will be going away if congress does not renew them. Your *****in about taxes now? Wait till next year, when they dont renew a lot of the breaks, because they need the money.

Oh gets even better!
For starters effective 01-01-2013 all the bush era tax cuts are gone which is what you summaried above.

However the CBO (Congressional Budget Office) just released a report (see the plotical thread here on INGO) with the only solution they see to lower the deficit and pay for everything congress wants and allow both parties to agree with it.

NO DEDUCTIONS/CREDIT FOR THE 2013 TAX SEASON OR BEYOND IF NOT SOONER.

That is not a type-o. Re-read it NO DEDUCTIONS/CREDITS.

• NO mortage interest deduction
• NO higher education dedction
• NO child tax credit
• NO energy efficienty credit/deduction
• NO HSA
• etc...

The Rs are not willing to cut defense budget or raise taxes. The D's are not willing to cut benefit programs. So with this CBO plan neither have to do what they don't want to do and every working person will "suffer equally" at this rate.

So get ready for a huge change to the way taxes are done.

-Jedi

 

[68_F100]

Oh gets even better!
For starters effective 01-01-2013 all the bush era tax cuts are gone which is what you summaried above.

However the CBO (Congressional Budget Office) just released a report (see the plotical thread here on INGO) with the only solution they see to lower the deficit and pay for everything congress wants and allow both parties to agree with it.

NO DEDUCTIONS/CREDIT FOR THE 2013 TAX SEASON OR BEYOND IF NOT SOONER.


That is not a type-o. Re-read it NO DEDUCTIONS/CREDITS.

• NO mortage interest deduction
• NO higher education dedction
• NO child tax credit
• NO energy efficienty credit/deduction
• NO HSA
• etc...

The Rs are not willing to cut defense budget or raise taxes. The D's are not willing to cut benefit programs. So with this CBO plan neither have to do what they don't want to do and every working person will "suffer equally" at this rate.

So get ready for a huge change to the way taxes are done.

-Jedi

Crap like this is what gets tea throwen into oceans.

 

[JKEdge]

I call my tax refund check my "hillbilly savings account". I know I'm getting a hefty refund. I KNOW that I am giving the feds an intrest free loan every year because of this. Heck, I'm just being patriotic, and trying to help out Uncle Sam a little bit!

Ditto....I ensure I don't run into the situation like vette. I don't want to have to worry about if I am going to owe or not. A few years ago when (I think)Bush put in that tax break on our pay checks, I found out that you would STILL have to pay those taxes later when tax time came. So I contacted my payroll dept and had them still take out that extra amount of tax. I've never taken it off. Yeah I pay a little bit every pay check...but I don't miss it. I personally love having that huge lump sum that I know I can count on to put towards the many expenses that come up around spring time (ie. plate renewals)

 

[jedi]

Crap like this is what gets tea throwen into oceans.

Highly doubt it this time around. This will ONLY affect the working class. Yes the rich will complain about it as their income from investments will get taxed all of it. But then again even if it's taxes they will still survive (ie. food on table, roof over head, etc.)

On the other side you have all the already on government programs (welfare, disability, etc..) that don't pay taxes now anyways. So they are not going to be affected by this either.

What I do see happening if this occurs is the economy will tank more.
- It would not be in your best interest to work OT
- Why buy a house (ie. get a mortage) unless you can pay it all off
- Getting paid in CASH will be the name of the game

But we will see if the CBO's idea is used or not.

For sure the temp SSA 2% reduction we got in 2011 and for JAN-FEB 2012 I don't think is going to get extedned again.

 

[superjoe76]

Repeal the 16th Amendment!

 

[youngda9]

Repeal the 16th Amendment!

Amen brother. But I'm not holding my breath.

 

[onesurveyor]

This all makes me so mad I can't even put my thoughts together. What I really hate is all the food stamp people getting tax refunds... How do you get more back than you paid and how do you get anything when you get gov hand outs all year long. All the while I'm working my ass off and watching what I spend only to see a Caddy at the WIC office. OK I'm done now.

 

[JKEdge]

This all makes me so mad I can't even put my thoughts together. What I really hate is all the food stamp people getting tax refunds... How do you get more back than you paid and how do you get anything when you get gov hand outs all year long. All the while I'm working my ass off and watching what I spend only to see a Caddy at the WIC office. OK I'm done now.

Yeah it aggravates the crap out of me too. A friend of mine works for the county and she tells me about people who abuse the system every day....such as going into a food bank and taking enough food for 7 adults which is really only for her fatass

 

[onesurveyor]

Rice and beans and water! If you want something better get a job. If you can't afford all the kids you have quit having them. I should right a book. I just don't understand why people think its should be law to feed and house these people. I'm not saying I wouldn't help some one in need if they were good people and needed some help but these people living the high life for generations for free is BS. Let them suffer. Discomfort is a good nudge.

 

[Scutter01]

This all makes me so mad I can't even put my thoughts together. What I really hate is all the food stamp people getting tax refunds... How do you get more back than you paid and how do you get anything when you get gov hand outs all year long. All the while I'm working my ass off and watching what I spend only to see a Caddy at the WIC office. OK I'm done now.

Yeah, it makes me mad to see poor people getting all that free food and money, too!

 

[NIFT]

Highly doubt it this time around. This will ONLY affect the working class. Yes the rich will complain about it as their income from investments will get taxed all of it. But then again even if it's taxes they will still survive (ie. food on table, roof over head, etc.)

On the other side you have all the already on government programs (welfare, disability, etc..) that don't pay taxes now anyways. So they are not going to be affected by this either.

What I do see happening if this occurs is the economy will tank more.
- It would not be in your best interest to work OT
- Why buy a house (ie. get a mortage) unless you can pay it all off
- Getting paid in CASH will be the name of the game

But we will see if the CBO's idea is used or not.

For sure the temp SSA 2% reduction we got in 2011 and for JAN-FEB 2012 I don't think is going to get extedned again.

All part of Obama's "fundamental transformation" of America. He is keeping that campaign promise and has done a truly remarkable job of it, but it is just a start--previews of coming distractions. We ain't seen nothing, yet. This is just the beginning for him and his devoted minions.