Quote:
If you under report, you can face penalties and fines. There can be a lot of income that isn’t payroll and included in your withholding: capital gains, rental income, side business, casino jackpots
, etc
Always keep a look out for loop holes. I know of a guy who spends a lot of time at the race track picking up loosing stubs. All of a sudden he has enough gambling deductions to offset his winnings. 
Unless they report the jackpot as a promotional prize and not a gambling winning, then you cannot offset your losses against the win.
We have a complicated tax return…I can`t say enough, not all tax prepairer`s are equal. There is a huge difference in them. What I have discovered is there are some that… what I call work for the gov`t and some that work for you.
Quote:
Quote:
Quote:
For many of us claiming zero + $ we still end up writing a check at the end of the year.
-J.
Are you saying taxes went up ??? or just the way they are handled on your paycheck ???
big G
If you under report, you can face penalties and fines. There can be a lot of income that isnt payroll and included in your withholding: capital gains, rental income, side business, casino jackpots
So what your saying is, if you make money at the casino or any side jobs that you need to claim, you will have to pay taxes on that “income” also…. that has been forever. I am wondering if taxes actually went up, or if they are just collected differently… No doubt, if your circumstances change from last year (not near as many write offs, home paid for etc.) it will affect your refund/owed taxes… that is nothing new either. I want to know if income taxes went up ???
big G
Income taxes did not go up. But to call reducing your witholdings a “Tax Cut” is B as in B and S as in S!!!
G. If the Bush tax cuts are not extended, your 2010 tax bill is going up. No BS there!
-J.
good conversation going.
Huntfishhastings – I find your situtation puzzling. I am not a tax expert by anymeans but I do my own using H&R Block Tax Cut software every year. If you have not changed anything (ie, exemptions on your W4, housepayments, paid of interest deductible loans, children moved out, stc) and you normally get back a fairly significant amount, I don’t see how you would owe that much.
In my case, I make a nice living but filing jointly <150K. i have home interest, home equity loan interest, motor home interest, school loan, etc. Not much has changed from last year at all (one extra child)and I recieved a very similar refund as last year and I claim Married 2 on my W4.
I think I might ask a tax person if I were you. seems strang that you would owe that much more.
To those like Jon Jordan, I just want to congratulate you on achieving what I want to before I retire. Having to pay in because you have no house payment, medical bills, children in the house, etc that allows you to take the standard deduction. I would much rather pay a couple K extra taxes per year than my mortgage/home equity loan payment every month. So congrats on playing your cards right and if you can and you are under 59.5 yo try to contribute as much as you can (up to the max) to your 401K to reduce your taxable income.
Big G – I don’t of any new income taxes for my tax bracket or lower that has made any difference for me?
Taxes do suck but a fact of life. on a side note I would vote yes for a Viking stadium and I am a die hard pack fan. metro dome is a crime.
Quote:
Not much has changed from last year at all (one extra child)….
I would suggest that one extra child is a very significant change in tax status!!! Congrats btw.
Quote:
I would much rather pay a couple K extra taxes per year than my mortgage/home equity loan payment every month.
I would like to keep the money that I earned! 
-J.
Come on congress… Get the legislation to the President to sign it then… WHAT !!! You mean Obama is touting that he gave me tax break, but he didn’t ??? 
Or that he has not been able to get it through the legislature yet ??? 
Or that it is just another promise that was unkept with no plan to make good on it ??? 
What has he been doing ???
big G
All of the above, G.
-J.
Quote:
All of the above, G.
-J.
big G
i actually make too much (not complaining)to take that full extra child credit. so that extra 1K from my son did show up as about an extra $500 in my refund. so without him I would have got back almost the exact same.
Not criticizing you at all Jon and I hear ya loud and clear on keeping what you have worked for. Keep up the good work. My in-laws always complain and worry about taxes and their upcoming retirement. They haven’t paid a mortgage in over 30 years. i think for 2 people who came from nothing and without college educations and live in a $300K+ home and have worked hard all their life that they have acheived the american dream and have succeeded. They pay in some each year but by they way they talk you’d think they can’t buy groceries (sometimes I want to shake them and ask them to look out the window at their 40Ft diesel Rv (paid for), 19ft crestliner boat (paid cash for)and brand new silverado a(paid cash for)and say how they hell do you define success in your nearing golden years.
One huge problem I have found with the tax breaks is on school loans. i paid 80K for my college education myself, no help from anyone in those fees. but yet when I think i can deduct that interest on my taxes after I graduated I find out that I made too good of choice in my career. i make too much to deduct that interest. you tell me how a poor farm kid from WI who made the right eductional decisions and paid for himself is NOT intitled to AT LEAST deduct the interest on what he owes is a GD crime and i don’t care if you have a brain surgeon’s salary. really motivates people to go get an education doesn’t it?
can’t wait to get to the river and let out some frustrations
Quote:
can’t wait to get to the river and let out some frustrations
Joseph… You need a river trip, stat!!! Just make sure I’m well out of the way when you start flogging the water in frustration…
BTW, you have those new trolling motor batteries installed this year???? 
In case anyone cares, overall I paid a fair amount more this year as well…. I’m now claiming zero and paying extra each paycheck to hopefully avoid a huge pay-in in 2011.
whitt – New Die Hard Platinum AGM’s installed and charged. we on for the 22nd? Now just need the HB SI.
When ARE you going to pony up for that, anyway? It should be a no brainer for you… Imagine if you could deduct all that school loan $$ – You could get two 1197’s for each end of the boat.
Really, you should quit screwing around with your new tenament on wheels and get that 1197… You can always transfer the sonar unit when you upgrade to your next boat, one that actually fits a giant mammal such as yourself. 
BTW — Quit your whining – most of those school loans went to beer anyway. Of course, its all part of your “education” as a Badger, so I guess it counts. 
That fly-in during college was worth taking loans, though..
Now get back to work and save lives….
Whitt
Ya we were double income no kids last year. We made an extra 40 over last year but we use to get like 4 back. I hope the little guy makes a diffrence this year. I think im still going to have someone look at it and make sure everything is correct. Thanks for all the info looks like im not the only one taking it this year.
dont forget to check into the energy efficiency deductions on improvements you may have done to your home this year, doors windows, alternative heat sources….
If you made an extra $40,000 over last year, it is very possible you are being phased out of some credits/deductions and/or jumping up to a higher tax bracket. Couple that with the reduced withholding and you could very well have that type of liability.
You must be logged in to reply to this topic.
