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2017 Tax Season and Return Thread Vol. Tax Podcast Mixed In?

post #1 of 481
Thread Starter 
Is it too early for this thread? nerd.gif

Not sure if there was an official one or a yearly thread made.

Either way, what yall doin with your return? How complicated are yalls taxes? Who gets their W2 early, late, etc?

I think last year I got my W2 in the late crowd, but got my refund faster than I thought I would. Used it all to pay CC debt. Will likely do the same this year and maybe spend to buy myself one thing. Not sure yet.
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NorCal
Xbox. Optic Gaming. Guitar. SF Giants. Muay Thai. iPhone.


"Blues is easy to play, but hard to feel." -Jimi Hendrix
"Music is a reminder that it is possible to feel alright." - John Mayer

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post #2 of 481

First off

ghetto-tax.jpg

post #3 of 481

But na the thread not going to be the same without @nawghtyhare and @Superb

 

Going to stack my money to put towards debt or apartment needs.

 

I forgot to file my taxes on my car so going to look in to doing so this year.

 

Also I need to be reimbursed on my travel expenses from 2016

post #4 of 481

Got mine late last year and will probably get it late this year too. I adjusted my taxes this year to pay in more..so I could save a little more without spending so much. Using mine to pay off my car. Can't wait :hat

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post #5 of 481
Car repairs and savings.
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post #6 of 481
Savings >
post #7 of 481

straight to savings man....

post #8 of 481
Quote:
Originally Posted by AdobeCS4 View Post

Car repairs and savings.
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post #9 of 481
My annual announcement. Strive for little to no return. Big returns generally mean you overpaid throughout the year and left that money on the table (opportunity cost). Obviously if you're prone to spend foolishly, then this forced savings may be best for you.

Carry on...
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post #10 of 481
Quote:
Originally Posted by LazyJ10 View Post

My annual announcement. Strive for little to no return. Big returns generally mean you overpaid throughout the year and left that money on the table (opportunity cost). Obviously if you're prone to spend foolishly, then this forced savings may be best for you.

Carry on...

I just got hip to this a few weeks ago. Changed to start claiming 3 instead if 0. mean.gif at me.
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post #11 of 481
Thread Starter 
I used my returns to recoup for the last year or two. Have had to pay for a lot of unforeseen costs this year that ate up savings and took my credit cards by the jugular. Wanna pay them off and keep it off. Hopefully 2017 is a good year for me personally.
NorCal
Xbox. Optic Gaming. Guitar. SF Giants. Muay Thai. iPhone.


"Blues is easy to play, but hard to feel." -Jimi Hendrix
"Music is a reminder that it is possible to feel alright." - John Mayer

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NorCal
Xbox. Optic Gaming. Guitar. SF Giants. Muay Thai. iPhone.


"Blues is easy to play, but hard to feel." -Jimi Hendrix
"Music is a reminder that it is possible to feel alright." - John Mayer

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post #12 of 481
post #13 of 481
saving it all G
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post #14 of 481
H and r block charges a grip
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post #15 of 481
SMFH been on NT too long, I thought this thread was about tax's podcast laugh.gif
post #16 of 481
FYI: Tax Refunds for anyone claiming Earned Income Credit, or refundable Child Tax Credit will be delayed until Feb 15, 2017.

https://www.irs.gov/individuals/refund-timing
post #17 of 481
How is it my boy gets a refund making $70k+ a year? Arent they in a different tax bracket? Single, no kids and doesnt own a home. I have a coworker same way but ends up owing. Pretty sure both claim 0.
post #18 of 481
Wish I still got a return.

*sighs longingly*
Edited by Yeah - 1/5/17 at 3:48pm

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post #19 of 481

Gonna go to da strip club and try to put a few girls through a semester or 2 of community college. 

post #20 of 481
I owed every year that i worked. I hope this year i can get that i8 money
post #21 of 481
Upped my withholding allowances and am now expecting my smallest refund ever.. Couldn't be happier.

The government is not doing us favors. I know way too many people that thank Uncle Sam when their refunds come.
post #22 of 481
Not even in a rush to file. Just had a son & me and his mom were never married so not even sure how to do it this year. Gonna have to read through & update for next year as well. Don't like getting a refund back
post #23 of 481
Thought this was a taxstone podcast thread smh
post #24 of 481
Quote:
Originally Posted by Gentrification View Post

H and r block charges a grip
word, went there once, paid some $250, and got the smallest return I've ever got. Never again.
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post #25 of 481
Quote:
Originally Posted by FreshPairs View Post

How is it my boy gets a refund making $70k+ a year? Arent they in a different tax bracket? Single, no kids and doesnt own a home. I have a coworker same way but ends up owing. Pretty sure both claim 0.
Cause the government take more money from his paycheck throughout the year.
Quote:
Claiming zero allowances
The maximum amount of tax is withheld. Meaning, when it comes time to file your tax return you will most likely receive a refund.
You’re being claimed as a dependent on someone else’s tax return.

Claiming one allowance (ideal if you are single with one job)
You’re single and have one job. Claiming one allowance will most likely result in a refund when you file your taxes.

Claiming two allowances
You are single. Claiming two allowances will get you close to your tax liability but may result in tax due when filing your taxes.
You’re single and work more than one job. Claim one allowance at each job or two allowances at one job and zero at the other.
You’re married.

Claiming three allowances
You are married with one child.
post #26 of 481
How does it work when your married with kids?
post #27 of 481
Quote:
Originally Posted by nrg1604 View Post

Cause the government take more money from his paycheck throughout the year.
That still doesnt answer why one owes and the other receives when they both make the same amount
post #28 of 481
Quote:
Originally Posted by FreshPairs View Post

Quote:
Originally Posted by nrg1604 View Post

Cause the government take more money from his paycheck throughout the year.
That still doesnt answer why one owes and the other receives when they both make the same amount
There's no way to tell for certain without looking at their return. One could have passive income that adds to their AGI and increase their tax obligations, there a lot of different scenarios outside of just their paycheck.
post #29 of 481
Quote:
Originally Posted by FreshPairs View Post

How is it my boy gets a refund making $70k+ a year? Arent they in a different tax bracket? Single, no kids and doesnt own a home. I have a coworker same way but ends up owing. Pretty sure both claim 0.

I don't know his complete details so it's impossible to determine without looking at the actual return, but he's either claiming too many itemizied deduction and thus fudging his return. Or he's considered an independent contractor and actually has that many deductions. Once you start hitting 65k+ you have to choose withholding at 0 as filing single otherwise you will owe. Unless a lot of the earnings were in OT so thus you would be overwithheld.

Taxes are a complex matter in general so each is a case by case basis. The fact that your other friend owes is probably because he setup his withholding as 1 or more.
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post #30 of 481

Right into my savings/emergency fund.

 

Can someone school me on withholding real quick?

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