Since we had another little bundle of tax write-offs in 2005, it should be interesting to see what we get.
When hubby wanted to get married I was reluctant only because of tax purposes - sounds awful, I know, but he had no idea what would happen with us being D.I.N.K.s - Double Income, No Kids. I thought he was going to have a heartattack the first time he filed taxes, as our combined income was quite good - we lived like kings back then... Then we bought a house and the next day had a baby (no kidding there) - so we really only had to pay out that one year...
During 2005, no money was held back from my pay for taxes, My total "tax withheld from Forms W-2 and 1099" was zero. But my EIC amount was $1340 minus my tax obligation and we are getting $837.
Just by filing our taxes, we made $837.
We kind of like filing our taxes, it earns us money.
I admit that generally most years in the past 30 years, we have maintained negative AGIs, this year we were not able to do that. We actually had a positive AGI this year, I goofed! and did not maintain enough tax-sheltering. But after a trip to the 'tax-tables' our tax would have been $503 for the year. But I just love that EIC.
LOL
Even with a positive AGI, we still got paid money for filing our taxes.
:)
I bet a lot of disabled people on SSI that just got an increase in their medicare premiums would be glad to hear that.
Since we had another little bundle of tax write-offs in 2005, it should be interesting to see what we get.
When hubby wanted to get married I was reluctant only because of tax purposes - sounds awful, I know, but he had no idea what would happen with us being D.I.N.K.s - Double Income, No Kids. I thought he was going to have a heartattack the first time he filed taxes, as our combined income was quite good - we lived like kings back then... Then we bought a house and the next day had a baby (no kidding there) - so we really only had to pay out that one year...
I hope that you enjoy both the new home and the new deduction.
What the IRS has done to me in the last two years is making me seriously thinking about leaving the country.
I hav'nt gotten any money from the gov in my life. They just suck it out of me.
Make a dollar and they take 15.7% in self employment taxes and then we start with income tax.
Just remember that if you get money back that you didny pay in there is someone some where that is paying that in.
Sorry to hear that the highest standard-of-living is not setting well with you.
If you feel that your paying too much in SSA and income taxes, you likely should consider taking some courses. Tax-planning, tax-theory, and budgeting might likely help; in gaining control of this issue.
Federal spending comes partly from income taxation, but not all. For the first 157 years of our Nation's history none of it came form individual income taxes. Now a little over a third does come from income taxes. What a shame.
where does the other two thirds come from? One source of course is borrowing against our future (how many %?), and the rest is from...?
In any event, whatever you got means someone else didn't. Having read you now for a few years, I doubt if you meant to gloat, but that is the way it came across, Gaglen
Galen.....I got me dolphins aaboard the USS Woodrow Wilson SSBN-624 stationed when I was aboard out of Ford Island. I was under the impression that you owned several peices of property. How does that play in yer computation of taxes. I always thought a tax refund was considered as money the gov. owed you for operating all yr on yer money.
Galen.....I got me dolphins aaboard the USS Woodrow Wilson SSBN-624 stationed when I was aboard out of Ford Island. I was under the impression that you owned several peices of property. How does that play in yer computation of taxes. I always thought a tax refund was considered as money the gov. owed you for operating all yr on yer money.
Rental property goes on a Schedule 'E'. Rental income as well as operating expenses, taxes, repairs, depreciation, and mortgage interest; all get combined into either a positive cash-flow or a negative. We generally keep ours as negatives so their 'losses' go against our earned income, which keeps our AGI low.
You are correct. Usually for most Americans, the 'refund' is made up of money that you over-paid during the previous year. The government held onto it, while you could have been earning interest.
I have also spent some time at ford island. The last time, they were building a new bridge out to the island. I wonder if it is done?
I always thought a tax refund was considered as money the gov. owed you for operating all yr on yer money.
There's also credits, which are over and above what you paid in. We would have owed about $300 if not for child tax credits and educational credits of about $3000. A lot of folks can take the earned Income Credit too.
There's also credits, which are over and above what you paid in. We would have owed about $300 if not for child tax credits and educational credits of about $3000. A lot of folks can take the earned Income Credit too.
True. Gotta remember filing taxes is not about bringing money into the Government treasury. Even though many folks have convinced themselves during the past few decades that such was the purpose of it.
We did fine before individual income taxation. But leaders felt they needed more methods of influencing the masses.
I tried but could not link an article out of the San Antonio Express News.
It seems that when people max out deductions or get an earned income credit and still have kids left over they sell their SS # and name to a friend so they can get the EIC. They then split the money. Great way to cheat the IRS and go to jail.
Another reason to go to jail is to get free dental work. Go in for a minor offense and come out with your teeth done.
During 2005, no money was held back from my pay for taxes, My total "tax withheld from Forms W-2 and 1099" was zero. But my EIC amount was $1340 minus my tax obligation and we are getting $837.
Just by filing our taxes, we made $837.
Galen, congratulations.
It's nice to know our tax dollars are doing somebody some good.
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karmicdebt
My tax rate was -3.91% .... I got back over $4,000... actually, not back, cuz it's not even close to my withholding...
And the IRS already put it in my account. February has been a very good month for us!
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ChasUFarley
Since we had another little bundle of tax write-offs in 2005, it should be interesting to see what we get.
When hubby wanted to get married I was reluctant only because of tax purposes - sounds awful, I know, but he had no idea what would happen with us being D.I.N.K.s - Double Income, No Kids. I thought he was going to have a heartattack the first time he filed taxes, as our combined income was quite good - we lived like kings back then... Then we bought a house and the next day had a baby (no kidding there) - so we really only had to pay out that one year...
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ex70sHouston
What the IRS has done to me in the last two years is making me seriously thinking about leaving the country.
I hav'nt gotten any money from the gov in my life. They just suck it out of me.
Make a dollar and they take 15.7% in self employment taxes and then we start with income tax.
Just remember that if you get money back that you didny pay in there is someone some where that is paying that in.
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BettyBoop
I bet a lot of disabled people on SSI that just got an increase in their medicare premiums would be glad to hear that.
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Galen
I hope that you enjoy both the new home and the new deduction.
Sorry to hear that the highest standard-of-living is not setting well with you.
If you feel that your paying too much in SSA and income taxes, you likely should consider taking some courses. Tax-planning, tax-theory, and budgeting might likely help; in gaining control of this issue.
Federal spending comes partly from income taxation, but not all. For the first 157 years of our Nation's history none of it came form individual income taxes. Now a little over a third does come from income taxes. What a shame.
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HAPe4me
where does the other two thirds come from? One source of course is borrowing against our future (how many %?), and the rest is from...?
In any event, whatever you got means someone else didn't. Having read you now for a few years, I doubt if you meant to gloat, but that is the way it came across, Gaglen
~HAP
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Galen
I did not intend to sound gloating, true.
Just happy to be done, and surprized that we got money 'back'.
Bonnie really enjoys doing the accounting [lets do the forms this way, no lets try that way, no, now lets do it this other way, ... ].
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Littlehawk
Galen.....I got me dolphins aaboard the USS Woodrow Wilson SSBN-624 stationed when I was aboard out of Ford Island. I was under the impression that you owned several peices of property. How does that play in yer computation of taxes. I always thought a tax refund was considered as money the gov. owed you for operating all yr on yer money.
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Galen
Rental property goes on a Schedule 'E'. Rental income as well as operating expenses, taxes, repairs, depreciation, and mortgage interest; all get combined into either a positive cash-flow or a negative. We generally keep ours as negatives so their 'losses' go against our earned income, which keeps our AGI low.
You are correct. Usually for most Americans, the 'refund' is made up of money that you over-paid during the previous year. The government held onto it, while you could have been earning interest.
I have also spent some time at ford island. The last time, they were building a new bridge out to the island. I wonder if it is done?
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Oakspear
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Galen
True. Gotta remember filing taxes is not about bringing money into the Government treasury. Even though many folks have convinced themselves during the past few decades that such was the purpose of it.
We did fine before individual income taxation. But leaders felt they needed more methods of influencing the masses.
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ex70sHouston
I tried but could not link an article out of the San Antonio Express News.
It seems that when people max out deductions or get an earned income credit and still have kids left over they sell their SS # and name to a friend so they can get the EIC. They then split the money. Great way to cheat the IRS and go to jail.
Another reason to go to jail is to get free dental work. Go in for a minor offense and come out with your teeth done.
O the ways they live off our money.
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oldiesman
Galen, congratulations.
It's nice to know our tax dollars are doing somebody some good.
Have one on me:
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