TaxRefundSeason: So how much do you expect to get?

Can I claim any of your kids?

I want my kids to be a paycheck.

 

Last year I got back around $1400 after filing jointly. No clue about this year since my wife has her own business and the business has to have their taxes done first before we can have our own done. I would like to say it will be a little more than $1400, but I honestly have no idea what to expect. As long as we don't have to pay anything, I'll be OK even if it is only $500 we are getting back.

 

Last year we only got back $800, mostly because we had cashed in my wife's IRA when she quit her job in 2006. I expect to do much better this time around. Hoping to get somewhere between $2,000-$4,000.

 

Because of the way our tax system is set up - if your raise did move you into a higher tax bracket - you'll only pay that higher tax rate for all taxable income earned that is equal to and above the amount that is attributable to that tax rate.

for example - let's say last year you made $30,000 - and were subject to a 25% tax rate

this year you got a raise to $40,000 - and thus are now subject to a 28% tax rate.

Let's say (for simplicty's sake) that the tax rates are created as follows:

$0-15K - 20%
15,001-30K - 25%
$30,001-$45K - 28%

Well you'll pay 20% for 15K of T.I. and 25% on the next $15K of T.I. and 28% on that last 10K of T.I.

so you'll have the same tax rate on your $30K - just more tax to pay - 28% of 10K this year.

 

You have to consider three things to guess what your refund will be...

one.. what was your filing status on your W-4 when you were hired (S-0 or S-1) and can anyone else claim you.. (I don't know how old you are but make sure your parents don't claim you or it changes your return)

two.. do you have mortgage interest that you paid and do you have enough expenses to itemize (I am guessing that you don't)

three.. who's doing your taxes (I don't recommend H&R Block or Jackson Hewitt... and I don't recommend doing it yourself unless you do an efile online with help)

I will guess you will get back between 800-1000 if you filed as a single (depending on what you put in as a Dependant) and take the standard deduction.

 

Last year I expected a refund - so I filed 2 days after I received all of my tax papers - so that I could collect my check and start collecting interest on it in the bank.

this year i expect to owe - so instead of paying now - i'm filing an extension until 9/15/08 and plan to pay at the very last possible date - so that I can keep collecting interest on my future payment in the bank.

 

Sounds like a pain in the ass to collect minimal money on your interest.

 

$1

 

1) I am 24 so I can't be claimed... I don't think. I believe I put s-1 not quite sure though.

2) you are guessing correctly.

3) who do you recommend ?

4) I live in Oregon, our wages are taxed so I'm also assuming there's going to be a difference there.

Thanks for the help and input.

 

Should be around $3500. Having a kid helps.

I adjusted my withholding for 2008, so I'll get only a couple hundred bucks next year.

 

Last year I thought I was going to owe $10k. My CPA filed an extension. And then in August I finally paid 6 bucks. My CPA costs me $250/hr but totally worth it.

 

It's really not. Plus - with the amount I expect to owe - i've already put it into a "high interest rate" CD that will pay out on 9/1/08. It will be well worth it.

 

I know what you mean. My wife quit her teaching job in August of '06 and cashed out her teacher's pension/IRA. The accountant who did our taxes said that her doing that cost us about another $500 or so that we would have gotten back on our refund.

 

probably looking at about 1500 filing jointly with the wife.

 

uh... you do realize that even if you file an extension you still have to pay estimated taxes as of april 15th. and the estimate has to be within 10% (i'm guessing on that number) of what you eventually owe - or they will add penalties....

 

I had to hire an accountant, but I am guessing I owe somewhere between 7-10K. Hoping my wife working from home can get us some deductions. NYC triple taxation sucks.

 

Wesley Snipes told me that I didn't have to pay taxes this year.

 

I haven't done mine yet, but God knows I need something back to help for school and other expenses.......................

 

Why people give the government an interest free loan every year is beyond me.. I try my best to keep my payment below $1,000 every year..

 

Me and Tara should be expecting close to 8-9k.

We have the church tithe, adoption credit, teacher credit, donations to the goodwill, eldest sons college tuition, 2 children, and I withold extra every year. I know about giving the government an interest free loan, but i don't care. Look what I get back in a lump sum.