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Post Reply Your Tax Season
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Posted 2/25/15 , edited 2/25/15
I got some money back. I wanna buy a camera and be this wannabe professional photographer that takes cosplay clients and aspiring models. I have the Adobe Suite and tons of Photoshop actions ready to use. (Would be nice if I have the plugin Advanced Hair Masking With Topaz ReMask )

It's my turn to claim my parents as my dependents. ^o^ Well, since I pay more than half of the expenses in the house, plus food and transportation I provide. I also provide my adorable cuteness.
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Posted 2/25/15

FlyinDumpling wrote:


gvblackmoon wrote:


FlyinDumpling wrote:

I don't own anything. I hope my parents don't either, that would be really irresponsible of them....especially after after Chinese new year ....anyways doesn't your employer force you to fill in the tax payment form when they hire you? Shouldn't your tax be paid automatically? I really don't get how people can have this problem...


Everyone pays taxes at some level this is a common mis-perception that people have is that not everyone pays taxes. What you don't pay because you are a minor and don't have a source of income is income tax. But you more than likely pay sales tax on goods if you live in a state or country that has one.
It's still a little confusing, I never owed sale tax before


Correct you have never owed income tax. Depending on where you live you have local taxes. For example in Washington State where I live we have a sales tax which is a value added tax on all goods and food that has been prepared. This means if you were to make a purchase in Washington state you would pay state sales tax on that purchase on less it was a food item that wasn't prepared. This is also a highly regressive tax the poor and middle class pay more under this system, since they make more purchases.

Now I don't know where you live but it is possible for you to have some tax that you pay when you make purchases. You just don't owe tax on the income you make yet because you have no income. Until you are working and owe taxes enjoy.
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Posted 2/25/15

gvblackmoon wrote:

Now I don't know where you live but it is possible for you to have some tax that you pay when you make purchases. You just don't owe tax on the income you make yet because you have no income. Until you are working and owe taxes enjoy.
You clearly don't understand my question. But it's fine.
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Posted 2/25/15

FlyinDumpling wrote:


gvblackmoon wrote:

Now I don't know where you live but it is possible for you to have some tax that you pay when you make purchases. You just don't owe tax on the income you make yet because you have no income. Until you are working and owe taxes enjoy.
You clearly don't understand my question. But it's fine.

What you asked has been true for me in all my employment, but people can still pick options that makes it so they pay less taxes throughout the year than their income would require.
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Posted 2/25/15

CostlyAxis wrote:

What you asked has been true for me in all my employment, but people can still pick options that makes it so they pay less taxes throughout the year than their income would require.
I see....do they charge interest on owned tax?
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Posted 2/25/15 , edited 2/25/15

FlyinDumpling wrote:


CostlyAxis wrote:

What you asked has been true for me in all my employment, but people can still pick options that makes it so they pay less taxes throughout the year than their income would require.
I see....do they charge interest on owned tax?

Not 100% sure on that, but if the interest is substantial enough (think ~$300 and up for a rough ballpark number), then yes. Unless of course it's in something like a 401K plan, but you'll still have to pay whatever amount of taxes you'd owe for your income bracket one way or another. I had to pay taxes on interest from government bonds I deposited last year.
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Posted 2/25/15

CostlyAxis wrote:


FlyinDumpling wrote:

I see....do they charge interest on owned tax?

Not 100% sure on that, but if the interest is substantial enough (think ~$300 and up for a rough ballpark number), then yes. Unless of course it's in something like a 401K plan, but you'll still have to pay whatever amount of taxes you'd owe for your income bracket one way or another. I had to pay taxes on interest from government bonds I deposited last year.
Shit, now I need to check. Being an adult is so hard
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Posted 2/25/15

FlyinDumpling wrote:


gvblackmoon wrote:

Now I don't know where you live but it is possible for you to have some tax that you pay when you make purchases. You just don't owe tax on the income you make yet because you have no income. Until you are working and owe taxes enjoy.
You clearly don't understand my question. But it's fine.


Smacks forehead

Yes you can automatically pay taxes at tax time what they figure out is if you paid enough in taxes to cover the amount of money you actually made versus the deductions you take on your taxes. In my case it would be an over payment I get money back in other peoples cases they under paid this can be for a number of reasons so they still owe money.

Sorry for the confusion.

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Posted 2/25/15

FlyinDumpling wrote:


CostlyAxis wrote:


FlyinDumpling wrote:

I see....do they charge interest on owned tax?

Not 100% sure on that, but if the interest is substantial enough (think ~$300 and up for a rough ballpark number), then yes. Unless of course it's in something like a 401K plan, but you'll still have to pay whatever amount of taxes you'd owe for your income bracket one way or another. I had to pay taxes on interest from government bonds I deposited last year.
Shit, now I need to check. Being an adult is so hard

You would have gotten some 1099 form if you owned anything on the interest. My bank where I deposited the bonds sent me a 1099 form.
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Posted 2/25/15 , edited 2/25/15

FlyinDumpling wrote:


CostlyAxis wrote:


FlyinDumpling wrote:

I see....do they charge interest on owned tax?

Not 100% sure on that, but if the interest is substantial enough (think ~$300 and up for a rough ballpark number), then yes. Unless of course it's in something like a 401K plan, but you'll still have to pay whatever amount of taxes you'd owe for your income bracket one way or another. I had to pay taxes on interest from government bonds I deposited last year.
Shit, now I need to check. Being an adult is so hard


Okay deep breath.

If you have investments the company you invest with provides you the information for your taxes.
If you have bank accounts that earn interest the bank will provide you the information for your taxes.
If you have bonds the government provides you the information to do you taxes.
When you have a job your employer provides the information you need.

Now here is the cool thing right now if you had a job you would yes a 1040EZ form in the state for taxes it would take you about 15 minutes to file it out on-line assuming you don't have the other items. If you do it would be a 1040 A form and would take you about 25 minutes to actually file.

It is really easy to file your taxes. The efile services like Turbo tax ask you the information in an easy to understand manor and if you have question they will answer them. So as the good book says don't panic. Took me about 20 minutes to file my taxes this year even with the ACA stuff I had to deduct. Which they sent me the information I needed so I could.

If you break a certain amount in income it is simpler to hire someone to help you file. They are the experts and can run through it in about two hours.

Yes they do charge interest on money owed it is about 3% and doesn't start to accrue until you have past your due date for payment.
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Posted 2/25/15

CostlyAxis wrote:

I'm getting quite a bit in my tax returns.

Speaking of which, I just checked my bank account and I have already received it.
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Posted 2/25/15
Haven't done them yet this year. Except for one or two years recently I've owed $200+ a year since I started working. With recent tax changes in my state I've heard people are getting hit pretty hard so I'm not hopeful.
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Posted 2/25/15
I recently just filed so don't know yet. Pretty sure I'm getting money back again.
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Posted 2/25/15

gvblackmoon wrote:


FlyinDumpling wrote:


CostlyAxis wrote:


FlyinDumpling wrote:

I see....do they charge interest on owned tax?

Not 100% sure on that, but if the interest is substantial enough (think ~$300 and up for a rough ballpark number), then yes. Unless of course it's in something like a 401K plan, but you'll still have to pay whatever amount of taxes you'd owe for your income bracket one way or another. I had to pay taxes on interest from government bonds I deposited last year.
Shit, now I need to check. Being an adult is so hard


Okay deep breath.

If you have investments the company you invest with provides you the information for your taxes.
If you have bank accounts that earn interest the bank will provide you the information for your taxes.
If you have bonds the government provides you the information to do you taxes.
When you have a job your employer provides the information you need.

Now here is the cool thing right now if you had a job you would yes a 1040EZ form in the state for taxes it would take you about 15 minutes to file it out on-line assuming you don't have the other items. If you do it would be a 1040 A form and would take you about 25 minutes to actually file.

It is really easy to file your taxes. The efile services like Turbo tax ask you the information in an easy to understand manor and if you have question they will answer them. So as the good book says don't panic. Took me about 20 minutes to file my taxes this year even with the ACA stuff I had to deduct. Which they sent me the information I needed so I could.

If you break a certain amount in income it is simpler to hire someone to help you file. They are the experts and can run through it in about two hours.

Yes they do charge interest on money owed it is about 3% and doesn't start to accrue until you have past your due date for payment.


The other reason to get an accountant is if you have a myriad of jobs or if you do freelance work and get your taxes as something other than your standard W-2's (I think they're 1099's I know I get them but then they go straight to the accountant).

Freelance work necessitates you to pay more in taxes as your typical employment status would have your employer pay half your social security, your unemployment, etc. As a freelancer, you pay ALL of it. It ends up being about 30% of your income before deductions. And you want to save all your paperwork if you're freelance because many things get written off. For me, it includes travel expenses due to having to go in for work, and it covers things like lunch with a client, or if you buy a computer specifically for work, you can deduct that... (the key element is you have to be able to verify that it is in some way or other a work related expense. You can't just write off your anime collection, UNLESS, you make a living writing anime reviews of those titles, or are using them for reference in your own animation studio, or something similar, and since I'm not an accountant, you'd probably have to have them check).

This is the other reason I overpay. I already know my 1099's are going to cost a bit, and it's better to deduct an overage on the W2 stuff so i can cover the taxes accrued on the 1099 side.

I'd kill to have a steady, decent paying, non-soul-sucking W2 style employment with 9-5 hours. KILL....
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Posted 2/25/15
I'm guessing most of you are kids. Do you guys even file? I wouldn't think baby sitting or working at a department store would make you owe the IRS much.
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