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Non-NEC Console Related Discussion => Chit-Chat => Topic started by: storino03 on February 07, 2013, 07:19:44 PM

Title: What are you doing with your "tax return" this year?
Post by: storino03 on February 07, 2013, 07:19:44 PM
So far, I'm paying down my CC debt to get those out of the way. What about you all?
Title: Re: What are you doing with your "tax return" this year?
Post by: hoobs88 on February 08, 2013, 12:33:10 AM
I am going to purchase some gear for my guitar...
(http://i40.photobucket.com/albums/e209/hoobs88/ZoomR8_zpsa4df3d8a.jpg)
Zoom R8 Digital 8 Track Recorder
(http://i40.photobucket.com/albums/e209/hoobs88/BosseBandJS-10_zps5d1703a5.jpg)
Boss eBand JS-10 amp
Title: Re: What are you doing with your "tax return" this year?
Post by: majors on February 08, 2013, 01:10:08 AM
I payed lasts months rent (and the rest of Decembers rent)! First of the year is crap for me and money due to the fact my contract is for 11 months and I have a forced 30 day "cool down" period. But I did get my refund from the fed in only 8 days!
Title: Re: What are you doing with your "tax return" this year?
Post by: Bernie on February 08, 2013, 01:25:12 AM
Buy some hookers and drugs!
Title: Re: What are you doing with your "tax return" this year?
Post by: Nando on February 08, 2013, 02:24:44 AM
Buy some hookers and drugs!


Hookers with drugs!

(http://21tattoo.files.wordpress.com/2008/04/haroldandkumar-anddoogiehowser28300w29-jpg.jpeg)
Title: Re: What are you doing with your "tax return" this year?
Post by: Necromancer on February 08, 2013, 02:43:51 AM
I'll put it in the bank with my other money.  Fun, eh?
Title: Re: What are you doing with your "tax return" this year?
Post by: jeffhlewis on February 08, 2013, 03:03:18 AM
What refund? Doing freelance work always results in me owing Uncle Sam every year. Last year was especially painful; hoping I can come close to breaking even this year.
Title: Re: What are you doing with your "tax return" this year?
Post by: roflmao on February 08, 2013, 03:36:58 AM
What refund? Doing freelance work always results in me owing Uncle Sam every year. Last year was especially painful; hoping I can come close to breaking even this year.

I'm in the same boat. :/
Title: Re: What are you doing with your "tax return" this year?
Post by: Nando on February 08, 2013, 03:41:42 AM
What refund? Doing freelance work always results in me owing Uncle Sam every year. Last year was especially painful; hoping I can come close to breaking even this year.

I'm in the same boat. :/


are you guys donating and maximizing your deductions through out the year? That's about the only thing left for most people to do. Corporations have it nice with all their deductions and what not.


Title: Re: What are you doing with your "tax return" this year?
Post by: _joshuaTurbo on February 08, 2013, 03:45:18 AM
Most to the bank.  But some will be used for downpayment and maybe a bit towards a new washer & dryer.


Wooo!!  No new games for me however...... (That's what MGC is for!)
Title: Re: What are you doing with your "tax return" this year?
Post by: bob on February 08, 2013, 04:42:19 AM
probably paying my tax guy to organize my mess and file.
doubt any new games will come of it.
Title: Re: What are you doing with your "tax return" this year?
Post by: psychobear on February 08, 2013, 05:16:22 AM
Give it to the baby's mom for a new car.. Tired of being her personal driver.
Title: Re: What are you doing with your "tax return" this year?
Post by: jeffhlewis on February 08, 2013, 05:33:33 AM
are you guys donating and maximizing your deductions through out the year? That's about the only thing left for most people to do. Corporations have it nice with all their deductions and what not.

Let's just put it this way - my tax lady earns her paycheck, haha. Asset depreciation and real estate capital expenditures are your best friend at tax time.
Title: Re: What are you doing with your "tax return" this year?
Post by: ElSeven on February 08, 2013, 07:47:46 AM
i'm going to Coachella with mine, can't wait!  8)
Title: Re: What are you doing with your "tax return" this year?
Post by: 420GOAT on February 08, 2013, 10:00:50 AM
buying vw busses to sell and profit, then repeat, and send my TE to thesteve.
Title: Re: What are you doing with your "tax return" this year?
Post by: VenomMacbeth on February 08, 2013, 10:40:02 AM
I may finally break down & get a Turbo Express...
Title: Re: What are you doing with your "tax return" this year?
Post by: RoyVegas on February 08, 2013, 10:40:53 AM
buying vw busses to sell and profit, then repeat, and send my TE to thesteve.

Only split windows I hope.
Title: Re: What are you doing with your "tax return" this year?
Post by: bartre on February 08, 2013, 11:25:33 AM
putting 2/3 of it towards my car, saving the rest, maybe buy myself 1 game, just because i did it so early.
Title: Re: What are you doing with your "tax return" this year?
Post by: Jibbajaba on February 10, 2013, 06:46:05 AM
Well, apparently the fact that I have zero deductions on my W4 (meaning that they take the maximum amount out of my paycheck), combined with the fact that a large portion of my income comes from performance bonuses and overtime pay, both of which are taxed at a much higher rate (damn near 50% - I had $650 in overtime pay in my last paycheck.  About $375 ended up in my pocket), AND the fact that I bought a house last year and therefore have mortgage interest to write off, STILL wasn't enough to ensure that I wouldn't owe even more money at the end of the year. 

This is what happens when you have two incomes and no kids, and are up in a higher tax bracket. 

So the real question is, what will the federal government do with their tax bonus from me?

Chris
Title: Re: What are you doing with your "tax return" this year?
Post by: BlueBMW on February 10, 2013, 09:10:50 AM
I plan to pay off a CC and pay for a mortgage refinance.  Yay...
Title: Re: What are you doing with your "tax return" this year?
Post by: Bernie on February 10, 2013, 11:29:40 AM
Well, gonna get a couple hundred from Jimilee, and she is doing whatever with the rest.  I may picks up some PCE goodness with the money....no, correction..  I will pick up some PCE goodness.  :)
Title: Re: What are you doing with your "tax return" this year?
Post by: BigusSchmuck on February 10, 2013, 11:49:18 AM
Pay for my wife's father's funeral. Assuming of course, I even get a tax return this year.
Title: Re: What are you doing with your "tax return" this year?
Post by: tggodfrey on February 10, 2013, 12:42:24 PM
Use mine to may my mortgage down.  Hoping to pay off house in less than 2 years.
Title: Re: What are you doing with your "tax return" this year?
Post by: TheClash603 on February 10, 2013, 04:47:18 PM
I thought tax rates were going up and we wouldn't get much back anymore?  Or is that next year?

Gotta do mine still, guess I will find out.
Title: Re: What are you doing with your "tax return" this year?
Post by: Necromancer on February 11, 2013, 04:10:06 AM
I thought tax rates were going up and we wouldn't get much back anymore?  Or is that next year?

The tax rate change started at the first of this year.
Title: Re: What are you doing with your "tax return" this year?
Post by: hoobs88 on February 11, 2013, 04:18:16 AM
I thought tax rates were going up and we wouldn't get much back anymore?  Or is that next year?

The tax rate change started at the first of this year.

You should have noticed your paycheck being $15-20 less each week since the beginning of the year.
Title: Re: What are you doing with your "tax return" this year?
Post by: WingZeroKai on February 11, 2013, 06:01:23 AM
Getting a new car...stupid real life ruining my gaming goodness.
Title: Re: What are you doing with your "tax return" this year?
Post by: shabba on February 11, 2013, 06:35:46 AM
Let's see...

Take the family out for a nice, big meal at some overpriced place, give the kids a small amount so they can squander it on soft drinks and bubble gum, buy several articles of furniture that are unneeded but necessary for my penis to ever see my wife's vagina again, pay down my credit cards, pay off some medical bills that have prevented me from getting a home (yes, they screwed us enough to be denied a mortgage) and, maybe, just maybe, buy myself a nice Duo-R or RX. But that last part is fantasy. I work hard so my wife can buy furniture and the kids can get sugar buzzed.
Title: Re: What are you doing with your "tax return" this year?
Post by: 420GOAT on February 11, 2013, 09:40:06 AM
buying vw busses to sell and profit, then repeat, and send my TE to thesteve.

Only split windows I hope.

Hell no! those are waaayy overpriced.
Title: Re: What are you doing with your "tax return" this year?
Post by: PunkicCyborg on February 11, 2013, 11:15:56 AM
put it in the bank and pay stuff of. hopefully I can get my debt down to just a mortgage then start the game scoops again :D
Title: Re: What are you doing with your "tax return" this year?
Post by: tggodfrey on February 12, 2013, 06:37:02 AM
I thought tax rates were going up and we wouldn't get much back anymore?  Or is that next year?

The tax rate change started at the first of this year.

You should have noticed your paycheck being $15-20 less each week since the beginning of the year.

Depends how much you make.  Mine is about 75.00 less per week (paid Biweekly).
Title: Re: What are you doing with your "tax return" this year?
Post by: Necromancer on February 12, 2013, 07:19:00 AM
Depends how much you make.  Mine is about 75.00 less per week (paid Biweekly).

That works out to nearly $200k a year.  Nice!
Title: Re: What are you doing with your "tax return" this year?
Post by: MotherGunner on February 12, 2013, 07:28:00 AM
I'm buying a house, so I will need all the liquid assets I can get a hold of!
Title: Re: What are you doing with your "tax return" this year?
Post by: tggodfrey on February 12, 2013, 05:48:21 PM
Depends how much you make.  Mine is about 75.00 less per week (paid Biweekly).

That works out to nearly $200k a year.  Nice!

your math is a little off....not quite that high.
Title: Re: What are you doing with your "tax return" this year?
Post by: Necromancer on February 13, 2013, 03:29:42 AM
your math is a little off....not quite that high.

The only payroll tax change was S.S. reverting to 6.2% from 4.2%, so the only difference in your paycheck should be the additional 2% being taken out.  $75 / 2% x 52 = $195,000.  
Title: Re: What are you doing with your "tax return" this year?
Post by: tggodfrey on February 13, 2013, 08:04:18 AM
Edit:  my ideas were all jumbled up so i cleaned this up.

Necro your not considering the SS ceiling being raised as well.  Depending on what one makes that can be a huge factor.  SS ceiling went from 106k to 110k.  Thats 4000.00 (accountable) I will be paying into SS.

Based on the 6.2/4.2 figures no considing the ceiling being raised I will be paying 58.00 into SS a week.  now factor the additional figure I will have to pay for raising the ceiling thats well over 75.00 a week average.

Now lets look at the Obama care so many people voted for.  Sounded good on paper right?

Heath care taxes went up due to the 1 million dollar tax to the health care companies the manufacture things like wheel chairs ect. (i forget the proper term).  Thats part of the trick down theory that Obama swears isnt happening.  There was also a Tax imposed on Pharmecuticals but I dont remember the details on it.  Who do you think will pay that tax?  thats is hitting our healthcare too, if yours isnt them maybe your lucky and your company absorbed it.  With as much as I get for healthcare, my company wont and i cant blame them.  May Lasik coverage alone makes it worth it so i shouldnt bitch.

Last year I paid over 30k in taxes......you can say i am highly against raising taxes and paying for someone elses healthcare.

Notice how he didnt raise the 17k figure you can put into your 401K pretax......

I am running out of ways to hide income.  Last year I created an S-Corp for I can claim 10-15k in losses for the first 3 years.  Eventually I am going to have to show profit and take it in the pooper.





Edit again:  I just did a realistic calc based on how many paychecks it takes to max out the SS ceiling and i am paying over 160.00 on average until I max out the ss withholdings.  This sucks even more.
Title: Re: What are you doing with your "tax return" this year?
Post by: TheClash603 on February 13, 2013, 11:51:12 AM
Redistribution of wealth = society's gain!

Just check my payroll taxes and they went up as well, so now I feel as though I am accomplishing my civic duty.
Title: Re: What are you doing with your "tax return" this year?
Post by: tggodfrey on February 13, 2013, 02:01:11 PM
I cant wait to retire and become a burden on society.  With my luck we will adopt the Chineese method of dealign old people and i will be put on some moutain to die. :(