Taxes?

[glockshooter]

Has anyone else noticed a huge change in your tax returns? We have traditionally got a return of $3500 to $5000 in a return, but this year I owe $2000. When I looked at the comparison for the last year, I noticed that Obama's pay less tax out of your check thing has killed my return. I knew there would be a difference, but I definately did not expect to pay half of the federal tax that is normally taken out. In hindsight I sure wish we would have been given an option to be part of Obama's pretend tax break. I would obviously rather pay my taxes of the cousre of the year than all at once. Good luck to everyone else.

Matt

[khc3]

Yep, that's some of Obama's "tax relief."

Sounds alot like "tax cuts" but not nearly as fun!

At least you didn't give Uncle Sam a $6000 interest-free loan this year.

[glockshooter]

You know that $6000 interest free loan sounds pretty good right now.

[woodandsteel]

I noticed that Obama's pay less tax out of your check thing has killed my return. I
Matt

His what??:confused:

This is the first I heard about this.

I hope I am not going to be in for a surprise when I figure my taxes this weekend.:eek:

[ralph]

I was fortunate..My wife and I had enough deductions so we're getting a refund..problem is, About 2/3 of it goes to pay the state... At least when it's all done, everyone (state, fed govt) will have been paid. and we'll have a little left, now it starts all over again...Glockshooter, I know how you feel...

[jaydoc1]

This is exactly why I feel all Americans should be required to pay their taxes quarterly like I do.

If we stopped having employers take all the taxes from their paychecks and make the citizens responsible for paying the taxes themselves they would have a much better idea how much of their money the government is actually taking from them. If people were allowed to get a hold of that money have to save it for tax time and then have to pay it to the government themselves they would scream a lot louder about their taxes. People tend to look at their "take-home" pay as what they are actually making in their jobs, conveniently forgetting about all the money they never see which is being withheld for good old Uncle Sam.

I've always felt that tax with-holdings are nothing more than a scam perpetrated by the government on the people. Let the people have all their money and then pay it to the government. There would be a tax revolt in less that 6 months.

[chadbag]

This is exactly why I feel all Americans should be required to pay their taxes quarterly like I do.

If we stopped having employers take all the taxes from their paychecks and make the citizens responsible for paying the taxes themselves they would have a much better idea how much of their money the government is actually taking from them. If people were allowed to get a hold of that money have to save it for tax time and then have to pay it to the government themselves they would scream a lot louder about their taxes. People tend to look at their "take-home" pay as what they are actually making in their jobs, conveniently forgetting about all the money they never see which is being withheld for good old Uncle Sam.

I've always felt that tax with-holdings are nothing more than a scam perpetrated by the government on the people. Let the people have all their money and then pay it to the government. There would be a tax revolt in less that 6 months.

I agree

That argument is actually one reason why I would like to see the income tax scrapped and a national sales tax (not value added tax) implemented instead. Then you would see how much money is stolen in taxes every time you went shopping!

[jmp45]

This is exactly why I feel all Americans should be required to pay their taxes quarterly like I do.

If we stopped having employers take all the taxes from their paychecks and make the citizens responsible for paying the taxes themselves they would have a much better idea how much of their money the government is actually taking from them. If people were allowed to get a hold of that money have to save it for tax time and then have to pay it to the government themselves they would scream a lot louder about their taxes. People tend to look at their "take-home" pay as what they are actually making in their jobs, conveniently forgetting about all the money they never see which is being withheld for good old Uncle Sam.

I've always felt that tax with-holdings are nothing more than a scam perpetrated by the government on the people. Let the people have all their money and then pay it to the government. There would be a tax revolt in less that 6 months.

I agree also strongly, being self employed I understand this concept. I've always thought if everyone paid taxes this way, things would change real quick. As far as a scam perpetrated, I don't think there is anything they do that isn't a scam.

[ForTehNguyen]

they are increasing the withholding taxes for 2010 for some brackets. Yup thats right kiddies, an even bigger interest free loan for the govt!

[MarshallDodge]

I would rather pay quarterly.

I have a suggestion for glockshooter and others that like a big return every year. Take the maximum number of deductions you feel comfortable with and open a money market account that automatically withdraws $500 from your checking account every month. At the end of the year you will have $6000 dollars PLUS interest in that account. If you owe the government some of that then pay them, if not, save it or spend it on something. :cool:

[Tom_Jones]

deleted

[ZDL]

*******

[ForTehNguyen]

Congress Tinkers with Withholding Tax Tables for 2010
http://biggovernment.com/sahiller/2010/01/06/dems-tinker-with-withholding-tax-tables-for-2010/


Let’s look at the actual numbers for one category and compare them from 2009 to 2010:
2009 Biweekly, Single, Payroll Period, after subtracting withholding allowances
Not over $276: $0 in taxes
Over $276 – $400: 10% payroll tax
Over $400 – $1,392: $12.40 plus 15% of excess over $400
Over $1,392 – $2,559: $161.20 plus 25% of excess over $1,392
Over $2,559 – $6,677: $452.95 plus 28% of excess over $2,559 (Notice the large salary range)
Over $6,677 – $14,423: $1,605.99 plus 33% of excess over $6,677
$14,423: pays $4,162.17 plus 35% of excess over $14,423

Let’s look at the new numbers for 2010 Biweekly, Single, Payroll Period, after subtracting withholding allowances
Not over $233: $0 in taxes
Over $233 – $401: 10% payroll tax
Over $401 – $1,387: $16.80 plus 15% of excess over $401
Over $1,387 – $2,604: $164.70 plus 25% of excess over $1,387
Over $2,604 – $3,248: $468.95 plus 27% of excess over $2,604 (Notice the large salary range is gone)
Over $3,248 – $3,373: $642.83 plus 30% of excess over $3,248 (Notice the substantial increase and 30% tax rate on these wages)
Over $3,373 – $6,688: $680.33 plus 28% of excess over $3,373
$14,450: pays $4,169.99 plus 35% of excess over $14,450

[ZDL]

*******

[ForTehNguyen]

this will anger tons of people, building up for Nov 2010

[ginarik]

I just recently had my taxes done and I was consistently getting 3-4k on my tax returns for the last 6 years.

For 2009, this is the first year that I had to pay taxes. Not too much (300), but it does suck when you expect a decent return.

[Alex V]

I just did my and my GF's taxes with one of the more popular store bought software jobs. Aside for the "first time home buyer's credit" we are getting back roughly the same mount as last year.

Maybe we are just in a lower tax bracket that did not get effected? My rents earn substantialy more but they have not done their taxes yet...

[Alric]

I'm in the middle of doing my taxes. Its hard to say where I'll land, but I'm a bit fearful for the results already. Paying property tax last month and repaying the first time home buyer's credit isn't a fantastic way to begin the year.

[Sone]

I'm in the middle of doing my taxes. Its hard to say where I'll land, but I'm a bit fearful for the results already. Paying property tax last month and repaying the first time home buyer's credit isn't a fantastic way to begin the year.

you dont have to repay the first time credit this year, you can divert a year, by then hopefully by then they pass the bill where you wont have to pay it back

[JLSKIP]

Has anyone else noticed a huge change in your tax returns? We have traditionally got a return of $3500 to $5000 in a return, but this year I owe $2000. When I looked at the comparison for the last year, I noticed that Obama's pay less tax out of your check thing has killed my return. I knew there would be a difference, but I definately did not expect to pay half of the federal tax that is normally taken out. In hindsight I sure wish we would have been given an option to be part of Obama's pretend tax break. I would obviously rather pay my taxes of the cousre of the year than all at once. Good luck to everyone else.

Matt

I would take a strong look at changes in your deductions as the reduced withholding is highly unlikely to account for the net change of $5,500 to $7,000 that you claim. For the withholding to impact you to the degree that you stated, the withholding would have had to be over $100 a week back into your pocket. I'm sure you would have noticed that kind of change. Unless you are making 6 figures a year, the withholding changes would have added $60 a month to the paycheck of you and your spouse. $120 * 10 months (changed in March) would be $1200. That's how much your refund would have gone down.

Does this impact a lot of people that were unaware? Yes.
Did Obama kill your tax return to the tune of $5,500 to $7,000? No.

[Alric]

you dont have to repay the first time credit this year, you can divert a year, by then hopefully by then they pass the bill where you wont have to pay it back

My credit comes from the 2008 $7500 "must repay" credit, from what I understand. I missed the 2009 $8000 "no repay" credit :(

Edit: Looks like I misunderstood. I'll have to check into that. Thanks for the tip.

[Bulldog1967]

Refund, Meh!

I am self employed and pay Uncle Sam 4 times a year. :mad:

[Alric]

Refund, Meh!

I am self employed and pay Uncle Sam 4 times a year. :mad:

And you don't even have someone to split FICA with :(

[Palmguy]

I don't like surprises on taxes anymore...so I was not surprised when I did mine as I had already figured out what I'd owe for the year and adjusted accordingly. Had my first child last July and had already met my revised tax burden so I basically didn't pay any income tax for the last third of the year and still got $2k back. Next year (this calendar year, 2010) I'm aiming for as close to zero as I can get. Assuming my income remains constant, I know what I'll owe for the year and I know how much is coming out every two weeks.

I'm also in favor of eliminating automatic withholding and making everyone write out a check to Uncle Sam. Far too many people are oblivious to what they are paying, and when 4/15 comes around they think they are getting free money from Uncle Sam when really they've been overpaying all year long. If people knew what they were surrendering to Washington on a weekly basis, more people might wake up.


I would take a strong look at changes in your deductions as the reduced withholding is highly unlikely to account for the net change of $5,500 to $7,000 that you claim. For the withholding to impact you to the degree that you stated, the withholding would have had to be over $100 a week back into your pocket. I'm sure you would have noticed that kind of change. Unless you are making 6 figures a year, the withholding changes would have added $60 a month to the paycheck of you and your spouse. $120 * 10 months (changed in March) would be $1200. That's how much your refund would have gone down.

Does this impact a lot of people that were unaware? Yes.
Did Obama kill your tax return to the tune of $5,500 to $7,000? No.

That was my thought as well.

[glockshooter]

I would take a strong look at changes in your deductions as the reduced withholding is highly unlikely to account for the net change of $5,500 to $7,000 that you claim. For the withholding to impact you to the degree that you stated, the withholding would have had to be over $100 a week back into your pocket. I'm sure you would have noticed that kind of change. Unless you are making 6 figures a year, the withholding changes would have added $60 a month to the paycheck of you and your spouse. $120 * 10 months (changed in March) would be $1200. That's how much your refund would have gone down.

Does this impact a lot of people that were unaware? Yes.
Did Obama kill your tax return to the tune of $5,500 to $7,000? No.

Well here is the problem I noticed after doing my taxes. In 2008 we had over $8000 taken out for fed tax in 2009 we had less than $4000 taken out. The wierd thing is neither one of us changed anything in regards to our w-4. Hell mine has been the same since 1998. There are two problems in the case of noticing it in my take home. One is my insurance went up AGAIN and two my paycheck is never the same. I have a different amount of OT every pay day. Differences like 30 or 2 hours and always different. Add to that my lack of checking with holding amount and you can have my exact change.

Matt If anything is spelled wrong it's the iPhones fault.

[larry0071]

Being that I have never been a saver.... and I had been self employed for a few years prior to 2009... 2009 is my first year in a while that I actually worked at a company and did not run at least a side business. I am getting back $13,800!

So with this, I will buy me a BD Diesel full race 48RE transmission for my truck so I can sale the hunk of shit this summer, and I'm paying off a few (3) credit card ballances. That will leave me with a 3 grand buffer in my account for ammo and 2 uppers! I see an AR pistol in my near future!

I got a $1000 credit for each of my 3 children this year as well, that helped. I also file as "Married filing at single rate" and ZERO Dependants... this always helped when I was running a business and working as a contractor a few months a year. I may need to revisit this now that I am business free!

And the next big news for me... I found out that the company I work for may well be issueing a bonus in a couple months! So that will be thousands more! Maybe I can pay off my wifes Powerstroke with that!

What does kind of suck is that if you look at my tax return, you notice that I am paying about $541 extra in tax every 2 weeks.... or $1082 extra per month. Thats equal to a new pistol and all the ammo I need for the month... every month!

I also did note that I paid in just under $21,000 in taxes this past year prior to the return. That is a lot!

[xfyrfiter]

Can everyone say flat sales tax . NO IRS would be the best thing all around, no paperwork, no H&R Block ,etc. best of all NO IRS!!!!

[bjw182005]

I know im not gettin much back this year. I love that everyone was supposed to have been getting bigger paychecks as a part of this years stimulous plan......but what about us military folks....i didnt see any difference in my pay. Oh, except for the fact i wont be getting shit back this year in taxes.

[MarshallDodge]

I know im not gettin much back this year. I love that everyone was supposed to have been getting bigger paychecks as a part of this years stimulous plan......but what about us military folks....i didnt see any difference in my pay. Oh, except for the fact i wont be getting shit back this year in taxes.

We weren't getting bigger paychecks, just less was being taken which means folks may have to pay at the end of the year or their returns are less.

[littleshoe]

I dont think Ill be getting anything thing back since I spent most of the year in a tax free zone (Iraq).

I also would prefer to have us pay the govmt out of our own paychecks (maybe it would make us more responsible). I dont mind paying taxes, i just hate how I get taxed over and over. I would prefer either a flat tax or a national sales tax.

[mmike87]

My withholding never changed last year. I am actually getting money back - first time since 1995.