Tax Returns

[chadrog]

A week in Mexico, an RF receiver, maybe a kit or two, who knows what else.

 

[hornet driver]

Doing them as we speak--waiting for a little info to be emailed to me---as usual it looks like I'll pay in:bang:

 

[Dork_Vader]

Brent,

I am with you on this. A good portion of our population pay zero federal income tax. I think if you are a citizen, you should pay taxes. If you are not legally here, you should pay more.

+10 I could not agree more. Just be happy you don't live in California. 9% sales tax, 10-15% state income tax, 3% property tax, the list goes on..

 

[krusty]

Hmmm... Pepe asked if we were buying anything special with our returns.

So far we've had 3 posts that actually answered the question, and 6 posts that ranted against the government / society / tax codes / people in general. Come on folks, let's not get political and cause this to be locked. (The rest of the posts were neutral commentaries.)

Taxation is such an emotive topic - virtually regardless of where on the planet you live. A question that touches on taxes is almost always going to be a seed for personal opinion.

I for one have something like a hobby budget and windfall money doesn't really change it. Windfall money either reduces HELOC debt or goes into a fund for my kids' education. However, reducing debt may allow me to move forward with a relevant home improvement project: bringing a 100 Amp breaker box to the basement, which is currently under-powered. This would let me expand my shop capabilities down there, with beneficial impacts on my rocket activities!

Marc

I would love to have a basement (or a shed!). I live in a teeny little unit and have to do any rocket work in the lounge or on the front porch! 100 Amp is huge! You must have some fun toys

My 2011 return I spent on a new camera. I bought the Nikon D5100. It replaced my D70s that I had bought 5 years and 2 days prior. LOL yup, I got that one with a tax return, too! My 2012 return mostly went on bills but I did spend a bit on some kits and a bunch of parts for scratch building!!

Krusty

 

[Green Jello]

I LOVE tax time. I always have myself setup for a nice little return. Unfortunately this year, it's mostly paying for Christmas and some home improvement. Nothing rocket related.

 

[mkadams001]

So, apparently some folks us the tax system as an savings account where your money is disbursed once a year.

Does anyone project their tax burden for the upcoming year and make adjustments to your withholdings?

 

[MasonH]

This just makes me love being 16 that much more :grin:

That...and I already go to college for free right now...

 

[Bubba02STi]

This just makes me love being 16 that much more :grin:

That...and I already go to college for free right now...

it doesn't matter if you are 16 or 60... if you work you pay taxes... college is never "free" even with full ride scholarships there is still stuff you have to pay for out of pocket... and depending on your scholarship it can be a real PITA...

 

[belfert]

On a side note, I had a friend that once worked for a company that had issues getting their forms out, so they ran all the envelopes through the postage machine to have them postmarked by Jan 31, and then stuffed the envelopes a week later. When people complained about getting their forms late, it was "must have been delayed in the mail - see - we had them postmarked Jan 31"

They are darned lucky the Post Office didn't reject the mail. I once missed the mail pickup and the carrier wouldn't take the mail that was postmarked the day before.

 

[belfert]

So, apparently some folks us the tax system as an savings account where your money is disbursed once a year.

Does anyone project their tax burden for the upcoming year and make adjustments to your withholdings?

Lots of folks use the tax system as a forced savings account as they wouldn't save the money otherwise. I have my exemptions set so I get a minimal refund (Less than $300) every year. I have not had to change my exemptions for close to 10 years and my refund has been close to the same each year. I always end up owing the state less than $100.

A friend's dad was a tax preparer for H&R Block in a poor neighborhood for a few years recently. Almost all of his clients got the earned income credit and thus got a sizable refund. Nearly everyone got the refund anticipation loan that cost like $100 in interest and fees. Refunds on efiled returns with direct deposit usually take less than 2 weeks.

 

[krusty]

So, apparently some folks us the tax system as an savings account where your money is disbursed once a year.

Does anyone project their tax burden for the upcoming year and make adjustments to your withholdings?

A couple of years ago I negotiated with my pay office to deduct an additional $50/month and pay it into my tax. Once I had adjusted to living without that $50 (about 3 months), I had them double it. I got a really nice return that year and was able to pay my car registration up front without having to put it on my credit card. (car rego in Australia is about $650/year) That was a nice feeling

I only did it for the year, but was worth it as forced savings.

Krusty

 

[Ramjet]

Really I wish they would do away with it and go to a federal sales tax. That way everybody would pay.

Agreed.

Now, to the point of the thread.
I will be buying or building from scratch a 3X mars lander. I intend to get my Level 2 with it.
Just like I got my Level 1 with the 1.6X

 

[MasonH]

it doesn't matter if you are 16 or 60... if you work you pay taxes... college is never "free" even with full ride scholarships there is still stuff you have to pay for out of pocket... and depending on your scholarship it can be a real PITA...

My college pays for everything I do there except meals. Because I take classes at the high school that is on their campus and my SAT score is a 1790, I can take all the classes I want there absolutely free of charge. No fuss no muss, and no taxes! Plus, I don't work (yet) so I do not pay taxes (yet)!

 

[mkadams001]

A couple of years ago I negotiated with my pay office to deduct an additional $50/month and pay it into my tax. Once I had adjusted to living without that $50 (about 3 months), I had them double it. I got a really nice return that year and was able to pay my car registration up front without having to put it on my credit card. (car rego in Australia is about $650/year) That was a nice feeling

I only did it for the year, but was worth it as forced savings.

Krusty

I feel better about my car registration which is $339.80 plus $15 for the safety check.

 

[belfert]

I plan to use the little bit of tax refund money I am getting to continue fixing up the motorhome my friends and I will be driving out to LDRS and BALLS in this year. My motorhome has been to BALLS six times already, but it always needs repairs and upgrades.

 

[cwbullet]

I don't think that the government wants us to save. There is no incentive with savings interest rates at next to zero coupled with low borrowing rates. The incentive is to put us into debt and keep us there. Then we are all happy because we brag on how low our interest rate is on a loan. I would much rather prefer to have higher savings rates and high loan rates. It would temper borrowing and encourage savings.

Sorry for treading into the dreaded "no political talk" zone. It is only my opinion, nothing else. Peace, Love, and all that other hippie stuff...

Please use caution moving forward.

I agree.

 

[troj]

My college pays for everything I do there except meals. Because I take classes at the high school that is on their campus and my SAT score is a 1790, I can take all the classes I want there absolutely free of charge. No fuss no muss, and no taxes! Plus, I don't work (yet) so I do not pay taxes (yet)!

A very respectable score, and depending on how you look at it, you do work -- your current job is school, and getting an education.

-Kevin

 

[dward]

I pay more in taxes per month than I earned five years ago. Sickening. It makes it really hard to save up anything.