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Forum » Tax refunds down 57% so far this year
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Thread: Tax refunds down 57% so far this year

post 1697872953 02-14-2024, 09:27 PM
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#31
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Originally Posted By Dan_S⏩
Credits vs deductions

People who actually earn real incomes during the year usually offset their taxes with deductions (think itemizing deductions and every category that encompasses). In theory you could offset all of your taxes paid with deductions and owe $0 for the year.

Credits are literally just getting money back and have nothing to do with anything outside of the government giving you money (EITC is just one example, but there are many). In theory, you could start with $0 owed because you didn't earn enough to hit the standard deduction anyway, and then get several thousand dollars in credits where the government is just writing you a check.

And before I make this last point, I'm guilty of it too. But the admonishing people for getting tax refunds as stupid is actually misguided. Yes, if you're in the 45% of the country that actually pays taxes, getting a refund means you gave the government an interest free loan. For the 55% of people whodon'tpay taxes though, none of that applies. And then there's the 35% who fall into that second category that not only don't pay taxes, but also just load up on credits and get a giant fat "refund" check at the end (except it's not a refund since they paid $0).

Finally, if you don't believe my numbers, please look them up yourself. If you pay taxes, you're in the minority in the country. Seriously. Themajorityof people pay literally $0. And then we have people with the gall to say that people need to pay their fair share.
Gotta love the power dynamic. If you don't file and you owe them taxes they'll hit you with 2-3% per MONTH interest and penalty fees. If you're due a refund but don't file until a year later they'll give you 0-1% in interest for that entire year you were owed a refund. For some states it's even worse. They'll add on extra penalties, so if you owed them $500 from five years ago now it's $3000. It gets even worse than all that.

"Because we're the government, and you're not."
Yeah Buddyyy! Light weight! Light weight baby!!!!
post 1697873273 02-14-2024, 09:37 PM
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Went from getting 5k to owing 12k.
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post 1697878563 02-15-2024, 03:25 AM
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We need those billions for Zelensky!
post 1697879663 02-15-2024, 04:58 AM
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Originally Posted By Bushmaster⏩
Some of us have business expenses that can be deducted which minimize the amount of taxes we have to pay and puts us into a lower bracket. I have rental property and an ass load of expenses from last year that I can write off.

Big difference in that and a standard 1040-EZ with just one W-2 that can be filled out in 15-20mins.
OK... But don't you have a decent idea of your upcoming business expenses, so you can adjust your withholding accordingly?
post 1697880863 02-15-2024, 05:48 AM
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Originally Posted By nutsy54⏩
OK... But don't you have a decent idea of your upcoming business expenses, so you can adjust your withholding accordingly?
No, it's got nothing to do with the taxes I withhold from my paycheck.. If I have tenants move out and I spend $100 getting carpet cleaned or whatever, then the IRS says I can claim that as a business expense and deduct it from my taxes. Deadbeat tenant and it takes me several months to get their ass evicted, then I can write off the loss of "income" while they're not paying. Etc... And for rental property the IRS allows you to deduct up to $25k each year. And that is a beautiful thing too.

That's why I smh at Bernie Sanders and his bullshiit about "tax breaks for the rich." No.... there are tax breaks for everybody - you just have to take advantage of them. For instance, I know a guy who plays in the symphony - and he teaches music lessons in his house. And because of that he's able to write off a home office, including all his utilities each year. Got this ultimate sound system with recording equipment too - and he wrote it all off. Perfectly legal too.
It's a hot night. The mind races. You think about your knife: the only friend who hasn't betrayed you, the only friend who won't be dead by sunup. Sleep tight mates, in your quilted chambray night shirts.
post 1697883683 02-15-2024, 07:20 AM
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Damn you guys get refunds?
post 1697884063 02-15-2024, 07:34 AM
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Originally Posted By nutsy54⏩
It's amazing that so many people have been fooled into thinking a big taxREFUND(getting their own money back) is a good thing...
It is when that money would otherwise go to Israel or Ukraine.

I wish we could elect what our tax money gets allocated to. I don't mind paying taxes, but no more bribing countries to let us engage in money laundering.
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post 1697897703 02-15-2024, 12:41 PM
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Originally Posted By DeshaunWatson⏩
Damn you guys get refunds?
Schedule E bro... You need dem dere deductions.
It's a hot night. The mind races. You think about your knife: the only friend who hasn't betrayed you, the only friend who won't be dead by sunup. Sleep tight mates, in your quilted chambray night shirts.
post 1697897803 02-15-2024, 12:44 PM
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Originally Posted By BullittEV⏩
Seems like business is good then?
business was good this year. I also usually skip the first few quarterly payments and pay enough in January to avoid penalty and then the rest in April.
post 1697898023 02-15-2024, 12:47 PM
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I would actually get a refund if the SALT limit wasn’t $10k

A plus about living in Oregon though is they refund the tax surplus, we’re getting back 44% of taxes paid in 2022 this year
STEM Wagie Brah
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post 1697898353 02-15-2024, 12:54 PM
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I'm a wage slave, I have to pay 2k back. Can someone break it down so a retard can understand it, is there a way to not owing taxes at end of the year without withholding more income?
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post 1697898483 02-15-2024, 12:55 PM
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last year, i got a measly 400 back in federal. This year I have to pay the feds 50 dollars. Made just an extra 1k this year. LOL
***Disclaimer: All posts made by [2011change] are works of satire and made for entertainment use only.***
post 1697898703 02-15-2024, 01:00 PM
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Originally Posted By frankdtank20⏩
Wait until the end of summer when the 2025 models are hitting the lots in quantity. A 2024 model year will be a steal. Especially for trucks, which dealers are absolutely oversupplied with already. They'll still be selling virgin 2024 trucks well into 2025, but that's a topic of its own.
I'll keep that in mind. Dealers are still trying to commit highway robbery
Wort ew in th wold.
post 1697898723 02-15-2024, 01:00 PM
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Originally Posted By i3oosted⏩
I'm a wage slave, I have to pay 2k back. Can someone break it down so a retard can understand it, is there a way to not owing taxes at end of the year without withholding more income?
not really if you are only collecting W2 wages and your deductions don't exceed the standard deduction.

putting more in your 401k would lower your taxable income.

but in general if the above things are true you should be withholding 2k more.
post 1697898913 02-15-2024, 01:05 PM
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Originally Posted By i3oosted⏩
I'm a wage slave, I have to pay 2k back. Can someone break it down so a retard can understand it, is there a way to not owing taxes at end of the year without withholding more income?
You need deductions.. Interest and insurance on a house for example. Beyond that, like I said I have rental property and am able to write a lot of things off. That comes at a price though, because you have to actually spend $$ before you can count it as a loss and write it off. BUT that's still better than that $$ going to the IRS though.

But if you don't want to go that route, then get creative and start a side business and start an LLC. I used to date a woman who was a cake decorator on the side and she wrote off all her kitchen tools.
It's a hot night. The mind races. You think about your knife: the only friend who hasn't betrayed you, the only friend who won't be dead by sunup. Sleep tight mates, in your quilted chambray night shirts.
post 1697909743 02-15-2024, 05:20 PM
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#46
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Originally Posted By XterraRob⏩
It is when that money would otherwise go to Israel or Ukraine.
One has absolutely nothing to do with the other. Tax rates are completely decoupled from actual Federal spending.
post 1697912713 02-15-2024, 06:36 PM
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Originally Posted By nutsy54⏩
One has absolutely nothing to do with the other. Tax rates are completely decoupled from actual Federal spending.
I'm talking about tax money in general that goes towards Federal spending.
The Era of Great Noticing has begun.
Modern liberalism is morally bankrupt and demonic.
Right wing politics is the new counter-culture.
Wincel: "I'm saying even the govt of China, while brutal at times, is NOT our enemy. Period."
Has Beowulf10 ever experienced true love? Where did he go?
Education is humanity's key to salvation.
The 2nd Cold War has begun.
post 1697912913 02-15-2024, 06:40 PM
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#48
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Originally Posted By XterraRob⏩
I'm talking about tax money in general that goes towards Federal spending.
He's cucked for the Covid vaxx. It's warped his brain
post 1697912953 02-15-2024, 06:42 PM
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Originally Posted By XterraRob⏩
I'm talking about tax money in general that goes towards Federal spending.
It wouldn't "otherwise" go anywhere. Someone's tax bill, and their subsequent refund or payment due, has nothing to do with any foreign aid package. We get a refund when we have too much withheld throughout the year. Period. There's never been a foreign aid package that directly altered federal tax rates, let alone retroactively.
post 1697913483 02-15-2024, 06:51 PM
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Originally Posted By nutsy54⏩
It wouldn't "otherwise" go anywhere. Someone's tax bill, and their subsequent refund or payment due, has nothing to do with any foreign aid package. We get a refund when we have too much withheld throughout the year. Period. There's never been a foreign aid package that directly altered federal tax rates, let alone retroactively.
US taxpayer funds should only be delivered to Israel and Ukraine in the form of nuclear weapon detonations over both countries.
The Era of Great Noticing has begun.
Modern liberalism is morally bankrupt and demonic.
Right wing politics is the new counter-culture.
Wincel: "I'm saying even the govt of China, while brutal at times, is NOT our enemy. Period."
Has Beowulf10 ever experienced true love? Where did he go?
Education is humanity's key to salvation.
The 2nd Cold War has begun.
post 1697914253 02-15-2024, 07:13 PM
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#51
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Originally Posted By Bushmaster⏩
You need deductions.. Interest and insurance on a house for example. Beyond that, like I said I have rental property and am able to write a lot of things off. That comes at a price though, because you have to actually spend $$ before you can count it as a loss and write it off. BUT that's still better than that $$ going to the IRS though.

But if you don't want to go that route, then get creative and start a side business and start an LLC. I used to date a woman who was a cake decorator on the side and she wrote off all her kitchen tools.
Mortgage interest and homeowner property tax used to be enough to make it worthwhile to itemize. Not any more. I even did 10's of thousands of $ in homeowner improvements/renovations. Still not enough, in fact had my home completely resided painted and it didn't even count. Unless you put in new, more "climate change" approved windows with it, it didn't mean chit. Basically they just count it as maintenance now. Have just been taking the standard deduction for several years now. I'm sure if you have multiple properties you could probably make it work...
Hey Timmy, show us on the boy doll where the tampon goes...
post 1697915093 02-15-2024, 07:31 PM
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Originally Posted By Fishman15⏩
Mortgage interest and homeowner property tax used to be enough to make it worthwhile to itemize. Not any more. I even did 10's of thousands of $ in homeowner improvements/renovations. Still not enough, in fact had my home completely resided painted and it didn't even count. Unless you put in new, more "climate change" approved windows with it, it didn't mean chit. Basically they just count it as maintenance now. Have just been taking the standard deduction for several years now. I'm sure if you have multiple properties you could probably make it work...
It's likely not worth it for you to itemize because Trump doubled the standard deduction. It's one of the better things he did to simplify filing.

I don't know why painting your house would be tax deductible. Bushtard was talking about business taxes.
post 1697915413 02-15-2024, 07:41 PM
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Originally Posted By Seatard⏩
It's likely not worth it for you to itemize because Trump doubled the standard deduction. It's one of the better things he did to simplify filing.

I don't know why painting your house would be tax deductible. Bushtard was talking about business taxes.
Well, when you reside, you paint so it gets added in as part of the project. It is easy to file but I wouldn't mind a little more difficulty to get more money back. Some people will disagree with that...
Hey Timmy, show us on the boy doll where the tampon goes...
post 1697915763 02-15-2024, 07:52 PM
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Originally Posted By Fishman15⏩
Well, when you reside, you paint so it gets added in as part of the project. It is easy to file but I wouldn't mind a little more difficulty to get more money back. Some people will disagree with that...
Renters would disagree that mortgage interest should even be deductible.

In a way they are right, but tax code is manipulated to incentivize certain behaviors like taking out massive loans and having lots of kids and installing chitty vinyl windows.
post 1697916023 02-15-2024, 08:01 PM
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Imagine paying taxes lol
post 1697916163 02-15-2024, 08:06 PM
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Originally Posted By LtGoose⏩
Imagine paying taxes lol
post 1697916893 02-15-2024, 08:29 PM
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Originally Posted By Seatard⏩
Renters would disagree that mortgage interest should even be deductible.

In a way they are right, but tax code is manipulated to incentivize certain behaviors like taking out massive loans and having lots of kids and installing chitty vinyl windows.
That's the spirit 'tard! Keep renting bro.. You don't need no stinking massive mortgage loan or tax deduction!
Originally Posted By Seatard⏩
I don't know why painting your house would be tax deductible. Bushtard was talking about business taxes.
The 'tard is right.. You can paint your own house every month of the year and the IRS won't give AF. If it's an investment property... then paint away.
It's a hot night. The mind races. You think about your knife: the only friend who hasn't betrayed you, the only friend who won't be dead by sunup. Sleep tight mates, in your quilted chambray night shirts.
post 1697918123 02-15-2024, 08:56 PM
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Originally Posted By nutsy54⏩
It wouldn't "otherwise" go anywhere.Someone's tax bill, and their subsequent refund or payment due, has nothing to do with any foreign aid package.We get a refund when we have too much withheld throughout the year. Period. There's never been a foreign aid package that directly altered federal tax rates, let alone retroactively.
Not sure if serious.

Where the hell do you think these hundreds of billions to Ukraine is coming from? The hundreds of millions to feed, house, and provide illegals with healthcare? That comes from our taxes bro. And I don't know about you, but personally I want to minimize every single penny of it that I can.
It's a hot night. The mind races. You think about your knife: the only friend who hasn't betrayed you, the only friend who won't be dead by sunup. Sleep tight mates, in your quilted chambray night shirts.
post 1697918353 02-15-2024, 09:04 PM
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Originally Posted By Bushmaster⏩
That's the spirit 'tard! Keep renting bro.. You don't need no stinking massive mortgage loan or tax deduction!
Eh, I've done both. Right now I "own" because it's cheaper for where I want to live. I was lucky and bought my first place when I was 20 and ever since have been able buy and sell as needed, but the end goal is probably to rent with zero responsibilities of ownership.

Maybe I'll rent your place one day and chit all over the carpet before skipping out on the rent. You'll be able to deduct the loss and get rich!
post 1697918683 02-15-2024, 09:15 PM
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Originally Posted By Seatard⏩
Eh, I've done both. Right now I "own" because it's cheaper for where I want to live. I was lucky and bought my first place when I was 20 and ever since have been able buy and sell as needed, but the end goal is probably to rent with zero responsibilities of ownership.

Maybe I'll rent your place one day and chit all over the carpet before skipping out on the rent. You'll be able to deduct the loss and get rich!
I won't get rich... but I can totally see you doing that.

It's a hot night. The mind races. You think about your knife: the only friend who hasn't betrayed you, the only friend who won't be dead by sunup. Sleep tight mates, in your quilted chambray night shirts.
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