**** OFFICIAL 2013 Tax thread ****

[Buehler445]

What have you all got this year?

[loochy]

a million dollars

[loochy]

ask MTG#10 what his gf got

[RockChalk]

ask MTG#10 what his gf got

right in the ass

[The Franchise]

I'm sure it will result in a bunch of people telling me that I need to change my withholding so that I don't owe anything or get anything back....but....

Federal - $9300
State - $4000

[SAUTO]

I'm sure it will result in a bunch of people telling me that I need to change my withholding so that I don't owe anything or get anything back....but....

Federal - $9300
State - $4000

Must be nice.

and fuck what anyone says 13 grand all at once is a nice chunk

[KCUnited]

Wound up owing KCMO close to a grand because my wife's employer never deducted it. She pulled up the original email she sent when she started, requesting the deduction. Her HR department literally replied back with "oops". Other than that, we broke even.

[The Franchise]

Must be nice.

and fuck what anyone says 13 grand all at once is a nice chunk

3 kids.
The wife is in school.
I get to deduct student loan interest.
Plus our mortgage.

That and we both pretty much have the most taxes taken out. Yeah it's a "loan" that we aren't getting interest for....but every year we get a decent amount of money back that we turn around and put back into the house. We put in sod a couple of months ago that we're paying off with this return.

[Donger]

Would you like to see my actual return?

[SAUTO]

3 kids.
The wife is in school.
I get to deduct student loan interest.
Plus our mortgage.

That and we both pretty much have the most taxes taken out. Yeah it's a "loan" that we aren't getting interest for....but every year we get a decent amount of money back that we turn around and put back into the house. We put in sod a couple of months ago that we're paying off with this return.

more power to you.

[The Franchise]

And that's actually less than what we got last year. Last year it was close to $15k. We don't get to deduct child care anymore though.

[SLAG]

got a Federal Return of appx $5k

I then changed my work W2's to Exempt as I have never owed income tax

USPS lost my State return I have to wait 10 weeks (4 weeks left) to re-send it

[HonestChieffan]

Worked out good....have to come up with 400. Hit the quarterly estimates on the head

[Bob Dole]

Don't even want to think about it. Ugh.

[Bugeater]

Fucked.

[TLO]

Federal $800
State $240

I was quite pleased.

[alpha_omega]

We're gonna owe...just not sure how much yet (hence the procrastination).

[Buehler445]

I got good and fucked in the ass this year. After tax season I am going to look into creating an entity to offset some SE tax. Fuck this one hurt.

Thank Christ Kansas isn't taxing business income in 2013. That would have just added to the pain. I just hope the state stays solvent.

[mr. tegu]

I'm sure it will result in a bunch of people telling me that I need to change my withholding so that I don't owe anything or get anything back....but....

Federal - $9300
State - $4000

How does that happen? How does someone set it up that way?

We got about $2,000 back.

[Buehler445]

3 kids.
The wife is in school.
I get to deduct student loan interest.
Plus our mortgage.

That and we both pretty much have the most taxes taken out. Yeah it's a "loan" that we aren't getting interest for....but every year we get a decent amount of money back that we turn around and put back into the house. We put in sod a couple of months ago that we're paying off with this return.

Not nitpicking, but you don't get your mortgage interest unless you itemize (in your case, [medical-10% AGI]+state/sales tax+home mortgage interest+RE Tax+Contributions > 12,200. No idea if you do or not, but you may not be able to be getting that.

American Opportunity Credit is still available, so you should still be able to deduct approved education expenses, unless she's getting giant scholarships or something.

I'm not going to bag on a guy for having guys set up to get big refunds. The interest rate is ass right now anyway, and it forces you to save. For some people, it is a good thing.

Interest rates go up though, you probably should do some evaluating.

[The Franchise]

Not nitpicking, but you don't get your mortgage interest unless you itemize (in your case, [medical-10% AGI]+state/sales tax+home mortgage interest+RE Tax+Contributions > 12,200. No idea if you do or not, but you may not be able to be getting that.

American Opportunity Credit is still available, so you should still be able to deduct approved education expenses, unless she's getting giant scholarships or something.

I'm not going to bag on a guy for having guys set up to get big refunds. The interest rate is ass right now anyway, and it forces you to save. For some people, it is a good thing.

Interest rates go up though, you probably should do some evaluating.

We do itemize. Last year was the first year that we did it.

My wife will be out of the military by the middle of next year....so in about a year we're going to be changing everything around.

[The Franchise]

And the reason why my state return is so huge is because my wife doesn't pay state taxes......so I get to claim everything.

[Buehler445]

Oh, and I have to bitch a little bit.

I have to file by March 1st. That's fine. I get my shit together, tie everything out, fill out the forms, and turn it in for my accountant to review by like 2/16. She tries to file the bitch on 2/27. REJECTED. One of the goddamned forms hasn't been released by the IRS. So I have to file by 3/1 (actually 3/3 this year, but either way) or I get fined to fuck, but goddamn, don't try to get that bitch in on 2/27, that just ain't happening.

:cuss:

[The Franchise]

How does that happen? How does someone set it up that way?

We got about $2,000 back.

It's kind of a perfect storm when it comes to everything. My wife is military....so she gets BAH and BAS but it isn't taxable. We both claim 0...so that's max taxes coming out. Plus add in all of our deductions....and you basically get max tax returns. It won't be that way two years from now because she'll be out of the military and paying state taxes.

[Jimmya]

Paying out the butt!

[HonestChieffan]

If you own a business wait till 2014 taxes are due...and better discuss it now with your accountant.

An example of a change....lets say you have a pickup truck that used for business and its time for tires...you go drop 1100 bucks on some new skins. in 2013 thats an expense. Comes right off the calculation to get to your net right?

In 2014 it will be different. If the tires are considered repair with a long (?) life...they being over $500 will go to a depreciation schedule....same as would be if you replace an engine or a transmission...

Have that talk...it blew me away

[WilliamTheIrish]

Worked out good....have to come up with 400. Hit the quarterly estimates on the head

Real good. -744 and I'm dancing.

[Hammock Parties]

I lived in Missouri 4 months last year. How much state income tax do I owe?

[ActiveShooter]

+13k Fed (11k is from a solar tax credit)
-1k State of commifornia
Would have been +1k if not for the tax credit. My withholdings are good, I don't like lending money for free. Definitely not to California since they could go broke at any minute. 2 years ago they delayed returns because they were broke.
All that really matters is how much you pay overall, not what you get back.

[The Franchise]

What do you guys use to figure out how much to withhold so that you don't owe or get anything back (or at least close to it) at the end of the year?

[ActiveShooter]

What do you guys use to figure out how much to withhold so that you don't owe or get anything back (or at least close to it) at the end of the year?

All depends on your employer. I start with marital status and 00 dependents. You can add dependents each year until you are zeroed out if your income and write offs are fairly stable.
I claim married and 00 even though I have 2 kids and a mortgage.
I know people that carry a credit card balance all year yet have the max withheld from their check and then pay the cc off when they get a 10k return. Then they repeat the process. Credit Card companies love 'em.

[Bob Dole]

What do you guys use to figure out how much to withhold so that you don't owe or get anything back (or at least close to it) at the end of the year?

Started with actual exemptions, then added additional cash withholding to make up the difference. Never been more that +/- $200 in 15 years.

[Dunit35]

$3400 federal
$200 state

Thanks to that and extra paycheck month we paid off my credit card and the rest of her car totalling $4462. $325 a month off our bills. Still had $2k left of our taxes.

[SAUTO]

If you own a business wait till 2014 taxes are due...and better discuss it now with your accountant.

An example of a change....lets say you have a pickup truck that used for business and its time for tires...you go drop 1100 bucks on some new skins. in 2013 thats an expense. Comes right off the calculation to get to your net right?

In 2014 it will be different. If the tires are considered repair with a long (?) life...they being over $500 will go to a depreciation schedule....same as would be if you replace an engine or a transmission...

Have that talk...it blew me away

that's why you pay for each tire on a separate ticket...

[El Jefe]

$3400 federal
$200 state

Thanks to that and extra paycheck month we paid off my credit card and the rest of her car totalling $4462. $325 a month off our bills. Still had $2k left of our taxes.

Do work son!

[SAUTO]

Worked out good....have to come up with 400. Hit the quarterly estimates on the head

I have to come up with a little less, same thing though.

[mr. tegu]

What are the benefits and drawbacks of having the max withheld and getting that big tax refund?

[kepp]

I'm sure it will result in a bunch of people telling me that I need to change my withholding so that I don't owe anything or get anything back....but....

Federal - $9300
State - $4000

Up until this year we usually got back close to these amounts. Not this year though...my wife started back to work and we got bumped up a tax bracket, so we got back about 70% of what we're used to getting. I knew it might happen though, so we planned accordingly. Plus, she didn't fill out her W4 like I told her to so she got very little taxes taken out....women.

[Buehler445]

If you own a business wait till 2014 taxes are due...and better discuss it now with your accountant.

An example of a change....lets say you have a pickup truck that used for business and its time for tires...you go drop 1100 bucks on some new skins. in 2013 thats an expense. Comes right off the calculation to get to your net right?

In 2014 it will be different. If the tires are considered repair with a long (?) life...they being over $500 will go to a depreciation schedule....same as would be if you replace an engine or a transmission...

Have that talk...it blew me away

Yeah it sounds awful bad. Coincidentally when I talked to my accountant, tires is what I brought up. Still GAAP dictates that assets still have to add productivity to the asset to be depreciable.

We're taking the stance that wear parts are expensed. Until they call us on it I'm not going to worry about it.

What do you guys use to figure out how much to withhold so that you don't owe or get anything back (or at least close to it) at the end of the year?

Withholding tables. Your HR department should help. If they don't see your tax preparer.

[Buehler445]

Up until this year we usually got back close to these amounts. Not this year though...my wife started back to work and we got bumped up a tax bracket, so we got back about 70% of what we're used to getting. I knew it might happen though, so we planned accordingly. Plus, she didn't fill out her W4 like I told her to so she got very little taxes taken out....women.

Yours filled it out?

Mine comes to me and says, "They say I need to fill this out. Fix it."

[Mr. Plow]

3 kids.
The wife is in school.
I get to deduct student loan interest.
Plus our mortgage.

That and we both pretty much have the most taxes taken out. Yeah it's a "loan" that we aren't getting interest for....but every year we get a decent amount of money back that we turn around and put back into the house. We put in sod a couple of months ago that we're paying off with this return.

Wow. When we were paying childcare for our 3 we would get back $7,000 - $8,000. But now, we have no childcare and this year we got back $2,000 from Fed & owed $50 to state.

You're like me though - use that money for the house, etc. This year though, ours goes to a vacation to CA.

[lewdog]

We submitted ours last week and received direct deposit refund in less than a week's time. That seemed awfully fast but a welcome surprise. First time we could file jointly since we got married in July. Definitely increased our refund by about 50% from what we would have gotten filling separately.

[Hog's Gone Fishin]

Ha ! No State tax in Texas bitches !

[Buehler445]

We submitted ours last week and received direct deposit refund in less than a week's time. That seemed awfully fast but a welcome surprise. First time we could file jointly since we got married in July. Definitely increased our refund by about 50% from what we would have gotten filling separately.

Yeah. You get a bigger standard deduction and add an exemption.

The IRS accepts them in batches. It just depends on when you file relative to when they process the batch.

[Buehler445]

Ha ! No State tax in Texas bitches !

No state tax on business income in Kansas. And our sales tax isn't epic huge. And I don't have to live in Texas. Bitches!

[Omaha]

All depends on your employer. I start with marital status and 00 dependents. You can add dependents each year until you are zeroed out if your income and write offs are fairly stable.
I claim married and 00 even though I have 2 kids and a mortgage.
I know people that carry a credit card balance all year yet have the max withheld from their check and then pay the cc off when they get a 10k return. Then they repeat the process. Credit Card companies love 'em.
People are fucking amazing sometimes. This is fucking retarded.

[Buzz]

Got screwed, could no longer claim my son as a dependent and didn't have the money taken out.

[Buehler445]

Today is the day bitches.

[Buehler445]

Here is your receipt for every $5 you pay in taxes.

LMAO at the people whose sole purpose in life is to attack "farm subsidies."

http://www.moneysideoflife.com/wp/wp-content/uploads/2014/04/Tax-Dollar-Infographic-Small.jpg

[Hammock Parties]

Missouri needs to get their shit squared away. Went to pay online and they didn't even recognize my SSN. Had to mail a goddamn check. Fed was much easier.

[AndChiefs]

I got $40 back. Which fast food restaurant should I go to and celebrate at?

[loochy]

I got $40 back. Which fast food restaurant should I go to and celebrate at?

Taco John's

[Rain Man]

My income is so variable that I have to withhold like there's no tomorrow. If I have a good December and my income goes up significantly, I don't want to go over my safe harbor limit and get fined. So that means that in a typical year I strongly over-withhold and get a really big refund. Last year was a pretty typical year, so I'm dancing the refund jig.

[cosmo20002]

What are the benefits and drawbacks of having the max withheld and getting that big tax refund?

The only "benefit" is that it seems cool to get back a big chunk of money. If you had an extra $300 bucks a month, maybe you would have just blown it on hookers. But now you're getting a check for $3600 so it feels like a windfall that you can now blow on premium hookers.

But it's your money that you essentially gave as a free loan to the govt. You could have invested it or paid off some other debt, or whatever other purpose you may have needed it for.

[Dayze]

I actually owe $600 this year; first time I've ever owed. Not that I have the money to pay it; filed an extension, and I'll pay it when I have money. fuck 'em. not really a choice in the matter in this case.

[Mr. Plow]

I actually owe $600 this year; first time I've ever owed. Not that I have the money to pay it; filed an extension, and I'll pay it when I have money. fuck 'em. not really a choice in the matter in this case.


We owed a little (less than $50) in state this year. First time I've had to pay.

[RockChalk]

I actually owe $600 this year; first time I've ever owed. Not that I have the money to pay it; filed an extension, and I'll pay it when I have money. **** 'em. not really a choice in the matter in this case.

Just so you are aware, you will be assessed some penalties and interest for not paying your balance in full by today.

[loochy]

I actually owe $600 this year; first time I've ever owed. Not that I have the money to pay it; filed an extension, and I'll pay it when I have money. fuck 'em. not really a choice in the matter in this case.

Look at the bright side: You probably won't have to pay much of anything for this year.

[Buehler445]

Missouri needs to get their shit squared away. Went to pay online and they didn't even recognize my SSN. Had to mail a goddamn check. Fed was much easier.

FWIW, my parents got the fed denied because someone filed a return under dads SSN. The accountant said it was likely an illegal trying to get a big refund.

Anyway it's been a colossal PIA. State wants all kind of BS. They need copies of the amended return and the original one. Police reports all that shit.

I don't think that's what happened in your case. The fed is where the refunds come so if the fed went in, it's probably OK.

[R8RFAN]

They need to do away with every deduction for everybody...

[Hammock Parties]

FWIW, my parents got the fed denied because someone filed a return under dads SSN. The accountant said it was likely an illegal trying to get a big refund.

Anyway it's been a colossal PIA. State wants all kind of BS. They need copies of the amended return and the original one. Police reports all that shit.

I don't think that's what happened in your case. The fed is where the refunds come so if the fed went in, it's probably OK.

I filed MO through turbotax and it went through.

Actually PAYING though, you have to do it separately. Very annoying.

[Graystoke]

Taxes are such a pain in the ass.

[Omaha]

I filed MO through turbotax and it went through.

Actually PAYING though, you have to do it separately. Very annoying.

No direct debit option? I do that for most of my clients.

[Hammock Parties]

No direct debit option? I do that for most of my clients.

Not through TurboTax. You can do it through the MO website but like I said, it rejected my SSN. I guess it was because I've never paid MO taxes before.

[Rain Man]

FWIW, my parents got the fed denied because someone filed a return under dads SSN. The accountant said it was likely an illegal trying to get a big refund.

Anyway it's been a colossal PIA. State wants all kind of BS. They need copies of the amended return and the original one. Police reports all that shit.

I don't think that's what happened in your case. The fed is where the refunds come so if the fed went in, it's probably OK.

Wow, that would stink.


I got my refunds this week. I'm feeling pretty good about life right now.

[Munson]

$1,500 Federal
$150 State of Kansas

[doomy3]

I definitely envy those of you who get money back. I had to write a huge check, and then had to turn around a write a huge quarterly check as well.

Taxes are a bitch.