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46 / M / Between yesterday...
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Posted 2/25/15

serifsansserif wrote:


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....


You and me both I do contract work as well but through agencies which makes it easier at tax time only thing I don't take from them is insurance since I can get better on the exchange. So I pay for that out of pocket normally which is why I'm getting most of it back this year.
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Posted 2/25/15

koolburnx8 wrote:

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.

My youngest brother who's still in high school has to file taxes this year because he had income. It might not be for much (and there's no way he's not getting it all back), but it's still something anyone with income has to do.
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Posted 2/25/15

koolburnx8 wrote:

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.


People in this thread are discussing 1099 forms and accrued interest....makes perfect sense.
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Posted 2/25/15
4 out of 5 times I get a decent refund, once I had to pay them $200 dollars when I was 16, that sucked
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46 / M / Between yesterday...
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Posted 2/25/15

koolburnx8 wrote:

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.


Hmm check your deductions yes I filed I've been filing since I was 13 summer job at a law office. Yes I normally do my own taxes I have at different times used a preparer but not often.
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Posted 2/25/15

kevz_210 wrote:

4 out of 5 times I get a decent refund, once I had to pay them $200 dollars when I was 16, that sucked


I think you and many others have the concept backwards...

It's GOOD to owe a few hundred dollars of tax, and actually not good to get a refund (especially a big refund).

The reason is that if you're owed a refund, it just means you've paid too much taxes and just gave the government a free loan when you could've used the money.

Who wants to do that? Certainly not me........... I want my pay coming to me, not to some unneeded withholding.
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Posted 2/25/15
I get $11 back. Maybe I'll get a coffee and a cookie at Starbucks with it.
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Posted 2/25/15
Surprisingly I got back a little over $1100 in total from federal and state. The highest I've ever gotten.
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Posted 2/25/15

nanikore2 wrote:


kevz_210 wrote:

4 out of 5 times I get a decent refund, once I had to pay them $200 dollars when I was 16, that sucked


I think you and many others have the concept backwards...

It's GOOD to owe a few hundred dollars of tax, and actually not good to get a refund (especially a big refund).

The reason is that if you're owed a refund, it just means you've paid too much taxes and just gave the government a free loan when you could've used the money.

Who wants to do that? Certainly not me........... I want my pay coming to me, not to some unneeded withholding.


Why is that doesn't do me any harm, but again the whole idea of not paying taxes is alien to me. The concept of not support other people through my government is also alien to me that is what it is for. But than I was taught at an early age that the government isn't a evil thing. that whole Welfare statement in Article 1 section 8 of the constitution makes it pretty clear.
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Posted 2/25/15

mordant221 wrote:

I owe the IRS $309, not too bad I guess....

Do you owe them anything? Or did you get a refund?




Interesting, I have always got a refund rather than owing. Last year, Obama made me rich, but I think it was a fluke because one month I worked 100 hours and got taxed so hard I made less on my paycheck than I would have if I had just worked the 80.

I haven't done my taxes yet, but I make $14.50 an hour, which doesn't sound like a lot to most people in the US, but where I live, I make the living wage easily.

I worked two jobs for a while and would always owe Iowa about 7 bucks while Nebraska gave me back about 50.

I don't get it, I'll do my taxes and get back to you ASAP.
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Posted 2/25/15

nanikore2 wrote:


kevz_210 wrote:

4 out of 5 times I get a decent refund, once I had to pay them $200 dollars when I was 16, that sucked


I think you and many others have the concept backwards...

It's GOOD to owe a few hundred dollars of tax, and actually not good to get a refund (especially a big refund).

The reason is that if you're owed a refund, it just means you've paid too much taxes and just gave the government a free loan when you could've used the money.

Who wants to do that? Certainly not me........... I want my pay coming to me, not to some unneeded withholding.


I'd rather get back one whole lump sum than have just a little bit more in my paycheck every week which really doesn't make a significant difference. And I sure as hell don't wanna be owing anything when I file. I owed the state once and I hope it's the last time.
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Posted 2/25/15

nanikore2 wrote:


kevz_210 wrote:

4 out of 5 times I get a decent refund, once I had to pay them $200 dollars when I was 16, that sucked


I think you and many others have the concept backwards...

It's GOOD to owe a few hundred dollars of tax, and actually not good to get a refund (especially a big refund).

The reason is that if you're owed a refund, it just means you've paid too much taxes and just gave the government a free loan when you could've used the money.

Who wants to do that? Certainly not me........... I want my pay coming to me, not to some unneeded withholding.


I'm confused. Even if the refund/charge on taxes doesn't make sense to me, owing the government money means you've stymied the socialist aspects of government until the bureaucracy needs to take inventory. No government can exist without some aspect of socialism, firefighters and police and schools in the US live off government funding.

It's only good to owe if you think you don't need anything but your money, and it's very nice to get it back when your money wasn't used.

So it's not good for the government to have capital until they're sure they can give some back to the people they took it from in error? And it's better to owe than to get back because that means that the blurry line that was drawn affects everyone equally?

I'm all for not trusting the government, but I have to pay into it like everyone else. If you owe, it means the government attributes debt to you that it still expects you to pay. But you're saying you're paying that couple hundred in order to pay me back a couple hundred?

Either way, thank you. I'm just lost, the money is all going to the same stuff whether I agree with it or not.
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Posted 2/25/15 , edited 2/25/15

nanikore2 wrote:


kevz_210 wrote:

4 out of 5 times I get a decent refund, once I had to pay them $200 dollars when I was 16, that sucked


I think you and many others have the concept backwards...

It's GOOD to owe a few hundred dollars of tax, and actually not good to get a refund (especially a big refund).

The reason is that if you're owed a refund, it just means you've paid too much taxes and just gave the government a free loan when you could've used the money.

Who wants to do that? Certainly not me........... I want my pay coming to me, not to some unneeded withholding.


Not true, if you underpay by a certain about you get a fine added on to what you owe. It's better to plan to overpay slightly to avoid that.

Besides it is impossible to estimate taxes once you are no longer a teenager, the government keeps adding on new taxes and making up new rebates every other day. (sometimes worth thousands of dollars). Sometimes I wonder how the heck accountants can keep up with our crazy tax code.
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Posted 2/25/15
In total, I'm getting ~$3k back. Getting a PS4 and FFXIV on it, giving the rest to my folks.
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Posted 2/25/15 , edited 2/25/15

gvblackmoon wrote:


dougeprofile wrote:

There was a new credit so I wound up overpaying by like $44, but I uped the allowances on my W-2 so I won't overpay next year even with the credit. Since I am declining to pay the ACA "Tax" a.k.a. Fine, I have to make doubly sure not to over pay so there is nothing for them to confiscate.


huh I got all but about 400 dollars back for my payments to my insurance provider because of the ACA for my medical insurance and don't you have insurance through your employer if you do you don't get fined? Paying out of pocket at the hospital is stupid and can easily wipe you out financially. And if you make less than a certain amount you qualify for Apple health care in Washington state.


My employer dropped insurance entirely because of the ACA (though I never wasted money on that); they give us a little money each month to cover our own insurance. I don't have any insurance regardless, sure I'll get fined ...I'm just not going to pay those fines - the only means the IRS has of collecting is if a refund is due (which I mean to avoid). I probably should get some catastrophic insurance eventually, but I'm healthy and so don't need much. Not interested in government mandated or subsidized insurance; if I had more choice in what the policy covered instead one full of government mandated elements, it would be cheaper and more desirable. Anyway I'll get some if and when I choose, not at the behest of some bureaucrat.

ACA aside, I want to pay what I owe and not a dime more.
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