2016 Income Tax Talk

[Duckslayer100]

I wish you could opt out of social security. Lord knows we're never going to see the benefit. WTF should I have to pay into something that I won't even get to use??

- - - Updated - - -

What really sucks is that both me and the wife claim zero on our w-4's ended up sending a substantial check to Uncle Sam on April 15 last year and then get a notice that we owe a penalty because we didn't have enough withheld from our checks. The system sucks and needs to be fixed. If we're both claiming zero, sending a 5-figure check in April, and still getting a penalty it's f-ed up.

Huh?? How's that math add up. Do you do your own taxes or are you working with a pro? We've had our taxes done since we were in college. Both of us were audited at very young ages (anyone know how frightening it is to get a warning from the IRS saying they're going to fine you four figures because you missed something on your tax form -- when you're making minimum wage and can barely afford apartment rent?) and have quit doing our own taxes just to negate having that happen again.

 

[shorthairsrus]

The amazing this is that you all bitch a little -- but if you actually had to write out a check for your taxes like the self employed do --- the world would be different wouldnt it. Add to that take away sales taxes and any other tax you dont actually write a check for i--- again the USA as we know it -- would be a whole different world. They dont want you to see it ---- withholding escrow user..... they just want you to bend over and most of you do

have a good day

 

[guywhofishes]

The amazing this is that you all bitch a little -- but if you actually had to write out a check for your taxes like the self employed do --- the world would be different wouldnt it. Add to that take away sales taxes and any other tax you dont actually write a check for i--- again the USA as we know it -- would be a whole different world. They dont want you to see it ---- withholding escrow user..... they just want you to bend over and most of you do

have a good day

I'm all ears on how you don't bend over

 

[3Roosters]

What really sucks is that both me and the wife claim zero on our w-4's ended up sending a substantial check to Uncle Sam on April 15 last year and then get a notice that we owe a penalty because we didn't have enough withheld from our checks. The system sucks and needs to be fixed. If we're both claiming zero, sending a 5-figure check in April, and still getting a penalty it's f-ed up.

Yeah that sucks...one way to possibly fix that besides claiming zero is fill out a new w4 and give to your payroll dept for them to take out "X" amount extra taken out for federal each pay day..still sucks to have it taken out but at least it isn't such a blg blow at year end.

 

[Retired Educator]

I'm not fond of paying taxes but at least I don't have to borrow to pay what I owe. The one thing that really pisses me off is the earned income credit, (welfare for not working.) I would have no problem returning everything a low-income taxpayer paid in. Receiving more than was paid rumples my feathers.

The other side in the complaint of paying taxes is "If you could pay less in taxes, what would you personally be willing to do without?"

 

[Bfishn]

Yeah that sucks...one way to possibly fix that besides claiming zero is fill out a new w4 and give to your payroll dept for them to take out "X" amount extra taken out for federal each pay day..still sucks to have it taken out but at least it isn't such a blg blow at year end.

Yep do this. I did this at my last job and had it figured out so at the end of the year come tax time it was basically a wash. Didn't get anything, didn't pay anything.

 

[shorthairsrus]

I'm all ears on how you don't bend over

I just bitch all the time ;:;boozer

 

[labhunter66]

Yeah that sucks...one way to possibly fix that besides claiming zero is fill out a new w4 and give to your payroll dept for them to take out "X" amount extra taken out for federal each pay day..still sucks to have it taken out but at least it isn't such a blg blow at year end.

I'm fine with writing the check in April. I don't want to give them my money any sooner than I have to but getting hit with a penalty this year really sucked and pissed me off. Guys like Al Sharpton can owe millions in unpaid taxes and get invited to the White House. A guy working his ass off gets penalized by the IRS.

- - - Updated - - -

I wish you could opt out of social security. Lord knows we're never going to see the benefit. WTF should I have to pay into something that I won't even get to use??

- - - Updated - - -





Huh?? How's that math add up. Do you do your own taxes or are you working with a pro? We've had our taxes done since we were in college. Both of us were audited at very young ages (anyone know how frightening it is to get a warning from the IRS saying they're going to fine you four figures because you missed something on your tax form -- when you're making minimum wage and can barely afford apartment rent?) and have quit doing our own taxes just to negate having that happen again.

I do my own but I have an accounting degree and have had a tax background so I don't feel I'd benefit from paying someone a few hundred to do them for me. I've never had an audit issues or mistakes come back. The big issue is not having any deductions. The kids are grown, the house is paid off, and we don't have enough other deductions to claim anything other than the standard deduction.

 

[db-2]

Yes as stated some pay nothing in and get back up to 10000 back due. To earn income along with 1000 per kid. And that does not come from second hand but first hand knowledge. Db
and there is more of that than what one thinks.
one reason they never get marry.

 

[Captain Ahab]

I hope Trump gets his tax plan through this year. That will save me some $$$

 

[eyexer]

I'm not fond of paying taxes but at least I don't have to borrow to pay what I owe. The one thing that really pisses me off is the earned income credit, (welfare for not working.) I would have no problem returning everything a low-income taxpayer paid in. Receiving more than was paid rumples my feathers.

The other side in the complaint of paying taxes is "If you could pay less in taxes, what would you personally be willing to do without?"

at least two different federal agencies. maybe more.

 

[Captain Ahab]

I'm not fond of paying taxes but at least I don't have to borrow to pay what I owe. The one thing that really pisses me off is the earned income credit, (welfare for not working.) I would have no problem returning everything a low-income taxpayer paid in. Receiving more than was paid rumples my feathers.

The other side in the complaint of paying taxes is "If you could pay less in taxes, what would you personally be willing to do without?"

The earned income credit would be a start. Life-long welfare could go in favor of a temporary, get back on your feet plan(or something like the CCC of the old days). Let me keep/control at least some of what I pay into SS as I'd rather invest it myself. Cut back on what we give to other countries(because we can't afford it anymore). Just to name a few.

 

[BrokenBackJack]

Let the welfare recipients be drug tested and work for their checks if able. I don't care if they have to pick garbage out of the ditches make them do something to earn it and they will realize they can make more money doing less work at getting a REAL job.
Welfare really pisses me off. I think it should be a short term solution to getting back onto your feet and not life long. These people know their rights and tell each other you have to sign up here for this program and you can get this for nothing. The "for nothing train" is no longer running is what they should be told!

 

[sweeney]

It's parents on welfare. They get the child earn credit even if they didn't pay taxes. I wish they would call it what it is. Another welfare program! How can you call it taxes when one gets more in return than they paid in???!!!

That's maybe 2-3 grand most cases unless they actually have ten kids if you don't make money its hard to get money back.

- - - Updated - - -

What really sucks is that both me and the wife claim zero on our w-4's ended up sending a substantial check to Uncle Sam on April 15 last year and then get a notice that we owe a penalty because we didn't have enough withheld from our checks. The system sucks and needs to be fixed. If we're both claiming zero, sending a 5-figure check in April, and still getting a penalty it's f-ed up.

Take your taxes to a professional money hider, your making to much money to do nothing with it buy something

 

[shorthairsrus]

[h=2]Earned Income Tax Credit Maximum Credit Amounts[/h]The maximum amount of credit for Tax Year 2016 is:

• $6,242 with three or more qualifying children
• $5,548 with two qualifying children
• $3,359 with one qualifying child
• $503 with no qualifying children

- - - Updated - - -

Free money!!!!!!

- - - Updated - - -

add that to the refundable child tax credit of 1k per child

 

[savage270]

Earned Income Tax Credit Maximum Credit Amounts

The maximum amount of credit for Tax Year 2016 is:

• $6,242 with three or more qualifying children
• $5,548 with two qualifying children
• $3,359 with one qualifying child
• $503 with no qualifying children

- - - Updated - - -

Free money!!!!!!

- - - Updated - - -

add that to the refundable child tax credit of 1k per child

And don't forget the refundable Obamacare credits. It all adds up quickly!

 

[3Roosters]

Let's hope things will be a changing as of Nov. 8th! With a new sheriff in town it appears it isn't a goal of his to see how many people he can put on the Govt tit, unlike Obummer.

 

[deleted member]

I never pay quarterly. Will gladly pay that small penalty every April. Fuck the man!

 

[sweeney]

Earned Income Tax Credit Maximum Credit Amounts

The maximum amount of credit for Tax Year 2016 is:

• $6,242 with three or more qualifying children
• $5,548 with two qualifying children
• $3,359 with one qualifying child
• $503 with no qualifying children

- - - Updated - - -

Free money!!!!!!

- - - Updated - - -

add that to the refundable child tax credit of 1k per child

You need income to claim the full earned income not? I ran through h&r and if you had no or under 4k income you didn't get much back on the EIC.

 

[johnr]

I never pay quarterly. Will gladly pay that small penalty every April. Fuck the man!

I would never have thought you swung that way.

I new a bridge builder once, he unfortunately did that once too, and now the entire town no longer appreciates his expert bridge building abilities.