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(Christian Science Monitor)   Were you planning to file your taxes early this year in hopes of an early refund? Yeah, about that   (csmonitor.com) divider line 16
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14155 clicks; posted to Main » on 09 Jan 2013 at 7:21 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-01-09 07:24:58 AM
5 votes:
Considering I usually don't have all of my tax documents in my possession until towards the end of January, isn't this kind of normal? Or is this just another manufactured outrage crazy Teahadists are going to blame on 0bama?
2013-01-09 08:06:11 AM
3 votes:

stuartp9: Thunderpipes: Past 80k or so, things turn really, really ugly. The things you cannot claim as exemptions climb. Just making 20k more at some point makes you pay dramatically more taxes.

I don't understand how your system works in the U.S. Here in Australia we have tax time in July onwards, and rare that anyone has to pay tax unless they have extra income that hasn't been taxed like bank interest or investments. The tax comes out of your salary during the year so at tax time you are just indicating if you have any deductions or rebates etc.

Why do you suddenly have to pay when you go over 80k?


Because he's trolling.  The primary problem with taxes in the US is that withholdings from your paycheck don't really reflect what you make.  Too much gets withheld at lower incomes, while too little gets held as you go up.  My wife and I both claim zero exemptions, yet still don't have enough drawn against our incomes over the course of the year.

It gets especially tricky with dual-income households, because your incomes don't get taxed at the joint rate.  Being married with no kids and no house means there is pretty much nothing you can use as a deduction to lower your tax liability.  Back when I was self employed I was able to essentially negate my entire income with deductions, but that requires quite a bit of creative accounting and lots of receipts.

Our tax system is a bit of a clusterfark, but don't let Thunderpoop fool you - when you make more money, you take home more money.  Even though you end up with a (climbing) tax bill at the end of the year, you've still got more money in your pocket than the guy making less.  At the end of the day, the more money you make, the more money you have, even after taxes.
2013-01-09 07:42:40 AM
3 votes:
Past 80k or so, things turn really, really ugly. The things you cannot claim as exemptions climb. Just making 20k more at some point makes you pay dramatically more taxes.

This is why people vote liberal. They don't make that money yet, so they don't care if other people pay. The whole class warfare system is dumb. Our tax system is the most progressive in the world, and still liberals want it worse. We need to broaden the tax base. Only when people have a stake in the game will they start caring about fiscal responsibility for the country.

If you just get free stuff, of course you will vote for whomever promises the most free stuff. Stupid way to run a country.
2013-01-09 07:32:38 AM
3 votes:

Kuroshin: I'm married, no kids, no house, and combined income that just reaches six figures so no, I'm not terribly concerned with filing for any "refund."  We're expecting a bill in the $3k-$5k range, just like last year.

Filing 0/0 isn't enough for DINKs.  Ya gotta have them withhold several hundred dollars per month as well.  I miss the days of filing Single and getting a refund...

/got nothing to deduct


Financially responsible people like you should be punished with higher taxes so irresponsible people like me can get more stuff!

Sadly, this is how our system works.
2013-01-09 07:28:23 AM
2 votes:
Oh, the end of January kind of late... Can you even get w2s or other needed tax docs before then?
2013-01-09 06:40:11 PM
1 votes:

JohnBigBootay: stiletto_the_wise: Every Dec. 31, I already know what's going to be on my W2s down to the penny before they arrive. Why? Because I can add.

Or read. Hopefully the final pay stub from 2012 was correct. Particularly for you EZ filers not waiting on dividend statements from the broker and mortgage interest statements the like


I wouldn't file until I get my W-2 because starting this year, your employer is required to provide you on your W-2 with the amount it spent on your health insurance, which you are required to report to the IRS. (Box 12, code DD)

http://www.irs.gov/uac/Employer-Provided-Health-Coverage-Information al -Reporting-Requirements:-Questions-and-Answers
2013-01-09 09:47:46 AM
1 votes:

MindStalker: Surprisingly even the $1000 per child credit starts to dissapear at the $110k level,


Surprisingly even things like worrying about food, clothing, shelter, water, start to disappear at the $110k level,

FTFY.
2013-01-09 08:10:34 AM
1 votes:

ghare: Yet another gift from the tea party! If you have a simple tax return, kids, and need your refund, you have to wait ! Yay Murka!


Amazing you blame this somehow on the tea party. Boehner was asking to discuss the cliff last march. It was reid who emphatically stated it would not be touched until after the election. Sad but easy world you live in.
2013-01-09 08:09:17 AM
1 votes:

stuartp9: Thunderpipes: Past 80k or so, things turn really, really ugly. The things you cannot claim as exemptions climb. Just making 20k more at some point makes you pay dramatically more taxes.

I don't understand how your system works in the U.S. Here in Australia we have tax time in July onwards, and rare that anyone has to pay tax unless they have extra income that hasn't been taxed like bank interest or investments. The tax comes out of your salary during the year so at tax time you are just indicating if you have any deductions or rebates etc.

Why do you suddenly have to pay when you go over 80k?


Protip: Thunderpipes is special needs.

As best I can tell, he's referring to hardship deductions that you can't take once you earn past a certain threshold.

For example, I pulled down $101k in contract work in 2010 and was unable to take a deduction on student loan interest I paid that year. Being a rational person I didn't mind, since I clearly had no problem paying back my loans and keeping myself fed that year. Thunderpipes seems to think it's a travesty.
2013-01-09 07:57:48 AM
1 votes:
As long as I can still cobble everything together on 4/15, we're okay.
2013-01-09 07:57:13 AM
1 votes:

Kuroshin: Fark_Guy_Rob: Kuroshin: I'm married, no kids, no house, and combined income that just reaches six figures so no, I'm not terribly concerned with filing for any "refund."  We're expecting a bill in the $3k-$5k range, just like last year.

Filing 0/0 isn't enough for DINKs.  Ya gotta have them withhold several hundred dollars per month as well.  I miss the days of filing Single and getting a refund...

/got nothing to deduct

Financially responsible people like you should be punished with higher taxes so irresponsible people like me can get more stuff!

Sadly, this is how our system works.

Punished?  Dude, I've got three motorcycles, two sports cars, never go hungry (unless I am watching my calories), ass-loads of electronic gadgets, an awesome dog and plenty of money for taking week-long trips to Vegas.  I grew up poor, lived on the street for several years, and have been able to weather the destruction of the world economy in relative luxury.  I've got things pretty damn good.  Paying a few bills in taxes isn't going to hurt me.  My gripe is that there is literally nothing you can file (other than forcing set-dollar withholding) that can prevent you from owing cash at the end of the year.  It's just a hassle.  Oh, and that we're specifically paying more in taxes because we're married.  Dat marriage penalty...

FunkyBlue: Then I don't know what you're filing on your W4s for exemptions. Our combined last year was $65k with one kid and I was using single withholding for deductions. We pulled about $7,500 back. This year, I changed to M2 and my wife had more income that may kick us over $70k, but we should still should see about $3K back if my math is right.

0 Federal, 0 State.  Literally the maximum you can have withdrawn from your paycheck, without specifying an additional set dollar amount.

DINKs are penalized in the tax code.  We don't have a house and we'll never have a kid, so we pay through the nose.  It's all good though, since making enough money that you ha ...


Why is it not unreasonable to expect to pay more? You use the least tax money. You pay the most. You are working so other Obama voters can squirt out kids, you pay for that.

I paid for my college out of pocket. I cannot even deduct student loan interest. My tax dollars give free money to others to go as well. Why is this in any way fair?

With this mindset, no wonder the country is failing completely.
2013-01-09 07:51:24 AM
1 votes:

Fark_Guy_Rob: Kuroshin: I'm married, no kids, no house, and combined income that just reaches six figures so no, I'm not terribly concerned with filing for any "refund."  We're expecting a bill in the $3k-$5k range, just like last year.

Filing 0/0 isn't enough for DINKs.  Ya gotta have them withhold several hundred dollars per month as well.  I miss the days of filing Single and getting a refund...

/got nothing to deduct

Financially responsible people like you should be punished with higher taxes so irresponsible people like me can get more stuff!

Sadly, this is how our system works.


Punished?  Dude, I've got three motorcycles, two sports cars, never go hungry (unless I am watching my calories), ass-loads of electronic gadgets, an awesome dog and plenty of money for taking week-long trips to Vegas.  I grew up poor, lived on the street for several years, and have been able to weather the destruction of the world economy in relative luxury.  I've got things pretty damn good.  Paying a few bills in taxes isn't going to hurt me.  My gripe is that there is literally nothing you can file (other than forcing set-dollar withholding) that can prevent you from owing cash at the end of the year.  It's just a hassle.  Oh, and that we're specifically paying more in taxes because we're married.  Dat marriage penalty...

FunkyBlue: Then I don't know what you're filing on your W4s for exemptions. Our combined last year was $65k with one kid and I was using single withholding for deductions. We pulled about $7,500 back. This year, I changed to M2 and my wife had more income that may kick us over $70k, but we should still should see about $3K back if my math is right.


0 Federal, 0 State.  Literally the maximum you can have withdrawn from your paycheck, without specifying an additional set dollar amount.

DINKs are penalized in the tax code.  We don't have a house and we'll never have a kid, so we pay through the nose.  It's all good though, since making enough money that you have to pay more in taxes is a good thing.  When we made less, we had less.  Now that we make more, we have more, and it's not unreasonable to expect to pay more.  It's still a net gain.
2013-01-09 07:44:10 AM
1 votes:
The filing season had been slated to start Jan. 22 but was delayed by the last-minute tax package passed by Congress on New Year's Day.

Wait just a second - we're filing on 2012 taxes not 2013. Why are we waiting on them to reprogram their systems? The new laws should only effect next year's filing unless they made a retroactive law. I thought that was unconstitutional.
2013-01-09 07:34:17 AM
1 votes:

Kuroshin: I'm married, no kids, no house, and combined income that just reaches six figures so no, I'm not terribly concerned with filing for any "refund."  We're expecting a bill in the $3k-$5k range, just like last year.

Filing 0/0 isn't enough for DINKs.  Ya gotta have them withhold several hundred dollars per month as well.  I miss the days of filing Single and getting a refund...

/got nothing to deduct


Then I don't know what you're filing on your W4s for exemptions. Our combined last year was $65k with one kid and I was using single withholding for deductions. We pulled about $7,500 back. This year, I changed to M2 and my wife had more income that may kick us over $70k, but we should still should see about $3K back if my math is right.
2013-01-09 07:34:09 AM
1 votes:
I can never understand why it take companies 1 month to get w2 out in the 1st place. I mean how hard it is it to go into the payroll software and tell it to print out w2 for everyone on who worked there. Then stick them in the mail. But no companies gota weight to the last min to send out.
2013-01-09 07:27:27 AM
1 votes:
If you're counting on your return to pay holiday expenses, you should probably adjust your withholdings and put the money away over the course of the year. Unless you're not very good at budgeting, I guess.
 
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