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Actually, when you get a refund, you're giving Uncle Sam an INTEREST FREE LOAN. So for the entire year, instead of saving that "refund amount", it goes to Uncle Sam and does what he wants with it.
You are taxed on ALL INCOME. There's a deduction section where you get to subtract certain amounts like student loans, teacher expenses, business expenses (and your standard deduction and exemptions go here) are just a few example. After you subtract those deductions then you've got credits. Credits are basically what the gov't gives back to you. If your tax liability ends up being zero after all the deductions, credits will be amounts owed to you. Credits are calculated after your taxable income is figured out. Then what you paid in taxes for that year are figured in and whatever you net is what you owe or are getting back.
BTW, your business profit/loss goes on a schedule "C".
did you LOOK for work while you were unemployeed?????
if so, all EXPENSES to LOOK/FIND a job are DEDUCTABLE
just you alone is a 3650 deductable as you are one person in the household (exemptions line 42)
you alone have the standard deduction (either 5700 single, or 8350 head of holdhold)
that's at least 9k that you can take off your adjusted income to get down to your taxable income
did any of your severence go to a retirement/401/501????? if so file a form 8880 as it is a credit towards your tax
even as single, no children if your wages were under 14k you qualify for the EIC
did you BUY things during the year or pay a state income tax....you can deduct that...........did you have any medical expenses......those are duductable too
did you LOOK for work while you were unemployeed?????
if so, all EXPENSES to LOOK/FIND a job are DEDUCTABLE
just you alone is a 3650 deductable as you are one person in the household (exemptions line 42)
you alone have the standard deduction (either 5700 single, or 8350 head of holdhold)
that's at least 9k that you can take off your adjusted income to get down to your taxable income
did any of your severence go to a retirement/401/501????? if so file a form 8880 as it is a credit towards your tax
even as single, no children if your wages were under 14k you qualify for the EIC
did you BUY things during the year or pay a state income tax....you can deduct that...........did you have any medical expenses......those are duductable too
Those deductions were used. My taxable income was around $23k. Fortunately, I thought ahead and increased my voluntary deductions on Jan 1. I had a feeling I would be one of the people cut. I know UI doesn't take out enough Federal, and doesn't take out any city/state at all. So I ended up overpaying on Federal but had to write a check for city/state.
I guess I was just really surprised on how much I still ended up paying for the year. I thought it would be less. I'm used to higher 401k deductions and certainly miss those school credits!
I'm still going to look over everything again in case something was missed. I could always file a corrected return.
I think it wouldn't bother me so much if they'd fix the thousands of d@mn potholes all over Staten Island!!!
Those deductions were used. My taxable income was around $23k. Fortunately, I thought ahead and increased my voluntary deductions on Jan 1. I had a feeling I would be one of the people cut. I know UI doesn't take out enough Federal, and doesn't take out any city/state at all. So I ended up overpaying on Federal but had to write a check for city/state.
I guess I was just really surprised on how much I still ended up paying for the year. I thought it would be less. I'm used to higher 401k deductions and certainly miss those school credits!
I'm still going to look over everything again in case something was missed. I could always file a corrected return.
I think it wouldn't bother me so much if they'd fix the thousands of d@mn potholes all over Staten Island!!!
Filing a schedule "X" (amended return) is an invitation for an audit.
Yes, it was all taxes. $2,991 Fed (got a severance), $2,079 State and City. Ugh!
You REALLY need to get out of New York State. Taxes were one of the top reasons I left. On top of high income taxes, they have among the highest property taxes in the nation.
For those who think the 'lower' incomes don't pay taxes, I was unemployed for 11 of 12 months, made much less than $50k and still paid $5,070 in taxes for 2009.
So, what is your complaint? You had income, you pay taxes.
I think everybody should pay something just for the privilege of living in America.
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