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Unread 01-27-2011, 01:52 PM
 
331 posts, read 516,123 times
Reputation: 315
Quote:
Originally Posted by glass_of_merlot View Post
No.. that is not the reason.. I am definitely NOT overpaying anything. Trust me.
I get a $1000 bucks for my son, and so much ( not sure of the % ) for child care expenses. Take those off and I would be owe money.

My ex baby sitter have 5 kids. They get back over 5 grand every year. They are a one income family making 15 k gross a year, at most. Do you really think they over paid 5 k in taxes?
Exactly, most people who get these huge refunds actually pay ZERO in federal income taxes (after accounting for all the credits). When you pay zero it is impossible to overpay. The refunds are just a gift from Uncle Sam. Nearly half of all filers have no income tax liability (most with children). It bothers me that someone with no children has to pay the government multiple thousands dollars more than someone with children. It is discrimination. Why should I have to pay for someone else's kids? If anything, people with children should have to pay more taxes because they use more services.
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Unread 01-27-2011, 02:29 PM
 
Location: PA (work in NJ)
5,995 posts, read 6,524,448 times
Reputation: 11020
This is why I strongly believe in having a flat tax: everyone pays the same percentage of their income. A poor person would pay, say, 17%. I would pay 17%. And a rich person would pay 17%. Rich guy is still paying the most, but everyone should be paying something. And most of the best flat tax plans do not allow the millions of deductions we have now. The tax code could be like 5 pages.

And the thing with kids? I had no idea people who essentially pay no federal incomes tax can get that much "refunded"! Yeesh.

I have no kids--I'm getting about $5,000 back only because I pay interest on my mortgage, I give a lot to charities, and I got an energy efficient door installed.
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Unread 01-27-2011, 03:48 PM
 
585 posts, read 388,850 times
Reputation: 451
Quote:
Originally Posted by proudmommy View Post
That's not the only reason. That's not even the reason.

The reason you get a refund is because you set up your exemptions in such a way that you overpay taxes all year.
That's true, of course, but what I wonder is how you figure it out so carefully, if your taxes are at all complicated.

I've looked at the IRS tools for calculating withholding, but they don't cover all situations.

My taxes are generally fairly complicated, and they've been very different from year to year. Just in the last few years, I've owed $2000 one year, then got back $3000 the next.

Every year for the last few years I've had major life events; that's one thing that's kept my tax situation so complicated.
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Unread 01-27-2011, 05:00 PM
 
Location: Somewhere over the Rainbow
621 posts, read 2,041,227 times
Reputation: 399
Quote:
Originally Posted by nikorock28 View Post
Exactly, most people who get these huge refunds actually pay ZERO in federal income taxes (after accounting for all the credits). When you pay zero it is impossible to overpay. The refunds are just a gift from Uncle Sam. Nearly half of all filers have no income tax liability (most with children). It bothers me that someone with no children has to pay the government multiple thousands dollars more than someone with children. It is discrimination. Why should I have to pay for someone else's kids? If anything, people with children should have to pay more taxes because they use more services.

I had to rep you for that because I agree completely!!!
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Unread 01-27-2011, 07:04 PM
 
Location: Jacksonville, FL (Northside)
2,908 posts, read 3,184,532 times
Reputation: 2682
Quote:
Originally Posted by Charles View Post
I hope I owe as much as possible without going over the limit to incur a penalty. Getting back a refund is poor tax planning on your part. You just gave the government [that's me, thanks] a loan for the year. When I write a check to the government, I'm paying back the government the interest free loan it gave me for the year.
No, owing the government money is poor tax planning. Think about it, you're having money taken out for income tax, then you're paying other taxes to the federal government so why shouldn't you want to get money back?

Quote:
Originally Posted by proudmommy View Post
I'm getting around $3700 and I'm going to invest it all on hot new rims for my 1988 Toyota pickup.
LOL Some people in the hood actually do ride like that.

Quote:
Originally Posted by proudmommy View Post
That's not the only reason. That's not even the reason.

The reason you get a refund is because you set up your exemptions in such a way that you overpay taxes all year.
True, and because I'm single, 0 is my confidant during tax season.

Quote:
Originally Posted by Tober138 View Post
Exactly. The absolute best position to be in every year is dead even, where you neither owe anything or are getting anything back.
I respectfully disagree. As long as you're not cheating on your taxes, then I see nothing wrong with getting a refund back from the federal government. Why anyone would want to be dead even is beyond me, but to each their own. I'll take overpaying taxes and getting a refund any day over owing the government money or being dead even.

I'm getting well over $10K back from income tax & self employment (schedule C baby). I'm tithing 25% to my church & taking 25% for myself, the other 50% is going straight to my portfolio (my bank account is EXTREMELY lovely right about now and will continue to grow as I put more money in it.) I will withdraw a portion of my money for a cruise I'm taking this year.
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Unread 01-27-2011, 07:45 PM
 
331 posts, read 516,123 times
Reputation: 315
Quote:
Originally Posted by NorthsideJacksonville View Post
No, owing the government money is poor tax planning...

I'm getting well over $10K back...
No, you are wrong and Charles is right. You just loaned the government $10K for one year at 0% interest. If you truly think this is a smart thing to do, give me your 10G refund and I will give you the 10G's back one year from now.
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Unread 01-28-2011, 05:48 AM
 
5,507 posts, read 4,741,263 times
Reputation: 2183
Quote:
Originally Posted by NorthsideJacksonville View Post
No, owing the government money is poor tax planning. Think about it, you're having money taken out for income tax, then you're paying other taxes to the federal government so why shouldn't you want to get money back?



LOL Some people in the hood actually do ride like that.



True, and because I'm single, 0 is my confidant during tax season.



I respectfully disagree. As long as you're not cheating on your taxes, then I see nothing wrong with getting a refund back from the federal government. Why anyone would want to be dead even is beyond me, but to each their own. I'll take overpaying taxes and getting a refund any day over owing the government money or being dead even.

I'm getting well over $10K back from income tax & self employment (schedule C baby). I'm tithing 25% to my church & taking 25% for myself, the other 50% is going straight to my portfolio (my bank account is EXTREMELY lovely right about now and will continue to grow as I put more money in it.) I will withdraw a portion of my money for a cruise I'm taking this year.
Yikes. That is some fuzzy math if you think owing the government money is bad. All you do when you get money back is give the government a short term loan. They love people like you.
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Unread 01-28-2011, 07:13 AM
 
Location: Wisconsin
4,403 posts, read 2,313,434 times
Reputation: 4222
I started submitting tax payments quarterly, as I had to pay in a lot the previous year. (I'm a small business owner and my income went way up in '09). Hoping to basically be even this year. May get a small refund due to having energy efficient new windows installed in our home.
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Unread 01-28-2011, 08:26 AM
 
Location: Jacksonville, FL (Northside)
2,908 posts, read 3,184,532 times
Reputation: 2682
Quote:
Originally Posted by nikorock28 View Post
No, you are wrong and Charles is right. You just loaned the government $10K for one year at 0% interest. If you truly think this is a smart thing to do, give me your 10G refund and I will give you the 10G's back one year from now.
Be that as it may but in the end the government is the one that's coming out of pocket for me, not the other way around. As I said before, I'll take overpaying taxes and getting a refund over dead even ANY DAY.

Quote:
Originally Posted by Gatornation View Post
Yikes. That is some fuzzy math if you think owing the government money is bad. All you do when you get money back is give the government a short term loan. They love people like you.
Owing the government is bad, why anyone would want to owe the gov't is crazy, let alone breaking dead even.
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Unread 01-28-2011, 10:24 AM
 
331 posts, read 516,123 times
Reputation: 315
Quote:
Originally Posted by NorthsideJacksonville View Post
Be that as it may but in the end the government is the one that's coming out of pocket for me, not the other way around. As I said before, I'll take overpaying taxes and getting a refund over dead even ANY DAY.
No, you are incorrect. You are the one going out of pocket for the government and then they are paying you back with YOUR MONEY. I don't think you understand what you are talking about.
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