Putty Posted February 5, 2008 Report Share Posted February 5, 2008 and I fucking HATE it....NEVER! This year I am going to itemize like a sob with the new house and shit. I better get a load back for 2008. Always told that homeowners get a ton back.....I'll see or will create a f off thread in 12 months. Quote Link to comment Share on other sites More sharing options...
Flybye Posted February 5, 2008 Report Share Posted February 5, 2008 have a kid......... Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 5, 2008 Report Share Posted February 5, 2008 have a kid......... Not again.... Quote Link to comment Share on other sites More sharing options...
Scotty2Hotty Posted February 5, 2008 Report Share Posted February 5, 2008 Uncle Sugar raped the best out of me too, hope I get atleast half that back and I'll be happy. Quote Link to comment Share on other sites More sharing options...
Dr. Pomade Posted February 5, 2008 Report Share Posted February 5, 2008 I'm far from knowledgeable about tax stuff, investing, etc., but, from what I've heard repeatedly, the idea is that you should owe money every year, not get it in a return. Why? Because if you are getting a return, that means the government has basically got to use your money for an entire year - without interest and without any penalty - when you could have had that money in hand, invested it, and made money on it yourself. All that being said, it would still be great to get a really big, fat check from the U.S. government, regardless of what so-called economic and investment theorists say. Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 5, 2008 Report Share Posted February 5, 2008 I'm far from knowledgeable about tax stuff, investing, etc., but, from what I've heard repeatedly, the idea is that you should owe money every year, not get it in a return. Why? Because if you are getting a return, that means the government has basically got to use your money for an entire year - without interest and without any penalty - when you could have had that money in hand, invested it, and made money on it yourself. Bingo! Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted February 5, 2008 Report Share Posted February 5, 2008 If you want a big return claim fewer dependants, if you want bigger paychecks claim more dependants. Its really that easy. You can get it every paycheck or in 1 lump. Quote Link to comment Share on other sites More sharing options...
ICEMAN1647545504 Posted February 5, 2008 Report Share Posted February 5, 2008 I'm far from knowledgeable about tax stuff, investing, etc., but, from what I've heard repeatedly, the idea is that you should owe money every year, not get it in a return. Why? Because if you are getting a return, that means the government has basically got to use your money for an entire year - without interest and without any penalty - when you could have had that money in hand, invested it, and made money on it yourself. All that being said, it would still be great to get a really big, fat check from the U.S. government, regardless of what so-called economic and investment theorists say. I agree on that too... Quote Link to comment Share on other sites More sharing options...
Miller Posted February 5, 2008 Report Share Posted February 5, 2008 Everytime I get a new job I will put atleast a thirty dollar withhold on my check so I get a fat return, it's just a way of saving the money and getting a nice spring present each year. I'm getting about 600 dollars not including the fact my broke college ass hit the poverty level bonus too Quote Link to comment Share on other sites More sharing options...
GonneVille Posted February 5, 2008 Report Share Posted February 5, 2008 If you want a big return claim fewer dependants, if you want bigger paychecks claim more dependants. Its really that easy. You can get it every paycheck or in 1 lump. Yah, let us know how your audit goes... Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 5, 2008 Report Share Posted February 5, 2008 Yah, let us know how your audit goes... I claim 2, no audit for me.... Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted February 5, 2008 Report Share Posted February 5, 2008 Yah, let us know how your audit goes... I'm just going to assume that you were dropped on your head as a child. You dont' claim more at the end of the year there. With your employer you can fill out how many dependants which adjusts how much they withhold throughout the year. There is absolutely NOTHING illegal about doing this. If you choose, you can have them collect no tax, and settle with the government at the end of the year. That being said, at the end of the year you can only claim the legal depedants you have. Depending on what kind of tax deductions you have, you can arrange it so you get decent paycheck and a decent return. Quote Link to comment Share on other sites More sharing options...
87GT Posted February 5, 2008 Report Share Posted February 5, 2008 I am single and own a house. I itemized everything. I use quicken to record everything I buy. I rarely ever use cash for buying anything. I owe $6 for federal. I like getting the most out of every paycheck then a big return at the end of the year. Quote Link to comment Share on other sites More sharing options...
Guest Removed Posted February 5, 2008 Report Share Posted February 5, 2008 have a kid......... no have 5 kids, part time job and live off our tax money! then you will get back like 11g's. please dont get me started on this shit again! Quote Link to comment Share on other sites More sharing options...
Black ITR Guy Posted February 6, 2008 Report Share Posted February 6, 2008 i always get hosed cuz i have mutual funds and draw like 150 a month. i think the biggest return i have ever had was like four hundred. Quote Link to comment Share on other sites More sharing options...
Flybye Posted February 6, 2008 Report Share Posted February 6, 2008 no have 5 kids, part time job and live off our tax money! then you will get back like 11g's. please dont get me started on this shit again! yeah i agree with that...but i feel that what i just got was pretty worth it after what i put in. i got just over $4000, mainly because i made just under $35000 or something like that. and then claimed my son, childcare, few loans and head of household. i would have gotten more but i did some sub jobs and got a 10-99 which i had to pay taxes for. Quote Link to comment Share on other sites More sharing options...
Skinner Posted February 6, 2008 Report Share Posted February 6, 2008 last year we got back just over $5500 will find out this weekend for this year. Quote Link to comment Share on other sites More sharing options...
JaSSon Posted February 6, 2008 Report Share Posted February 6, 2008 I have my employer withhold the maximum amount (0 dependants) +$20 extra each pay check. Then when I file i claim myself (1 dependant). I typically get back a fair amount. I withhold the extra $20 because my employer doesnt withhold city taxes. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted February 6, 2008 Report Share Posted February 6, 2008 I have my employer withhold the maximum amount (0 dependants) +$20 extra each pay check. Then when I file i claim myself (1 dependant). I typically get back a fair amount. I withhold the extra $20 because my employer doesnt withhold city taxes. Can you claim yourself as a dependant? Quote Link to comment Share on other sites More sharing options...
JaSSon Posted February 6, 2008 Report Share Posted February 6, 2008 Can you claim yourself as a dependent? Yes. Or maybe they call it 1 exemption, whatever the correct IRS terminology is the results are the same. Quote Link to comment Share on other sites More sharing options...
verse Posted February 6, 2008 Report Share Posted February 6, 2008 I got back $1500 this year and $300 from state. I like getting a big return check every spring. Should be in my bank account by next Wednesday. Next year though I hope to get more back as my wife will be working a lot more and we have a house. Quote Link to comment Share on other sites More sharing options...
Tractor Posted February 6, 2008 Report Share Posted February 6, 2008 If your not able to itemize >= the standard deduction then there is no point in itemizing. Your better off taking the standard deduction and dealing with it. Home owners don't always get money back just because they own a home. They can claim their mortgage interest and some other things if its >= standard deduction. It works out best if they are in a loan that puts them in a high debt/income ratio as far as tax returns go. Evan Quote Link to comment Share on other sites More sharing options...
Putty Posted February 6, 2008 Author Report Share Posted February 6, 2008 have a kid......... Hell with that....I'll keep my little checks. If your not able to itemize >= the standard deduction then there is no point in itemizing. Your better off taking the standard deduction and dealing with it. Evan I do my own taxes....I just dont want to enter something in and have them come back like "dude, wtf" and ask for the funds back. I claim 1 and never see anything. Hey Tripthreat, can I borrow one of your trips next tax season? Just give me the SSN, you can keep the kid with you....lol Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted February 6, 2008 Report Share Posted February 6, 2008 I'm getting screwed this year compared to last. Even though I made a couple hundred less this year (more money per hour, but a lot less OT), and I put a lot more into my 401k. You would figure I would be in a lower tax bracket. I claimed pretty much the same as far as property/school loan/home loan interest goes, yet my federal return is $300 less than last year. That BLOWS. I've still got a few numbers to play, might be able to get another $100-200 more back. Quote Link to comment Share on other sites More sharing options...
AudiOn19s Posted February 6, 2008 Report Share Posted February 6, 2008 and I fucking HATE it....NEVER! This year I am going to itemize like a sob with the new house and shit. I better get a load back for 2008. Always told that homeowners get a ton back.....I'll see or will create a f off thread in 12 months. If you just got into your house this year then next year is when you'll really start to see the benefits on your return. Quote Link to comment Share on other sites More sharing options...
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