Tax thread

[Dial_tone]

I think a friend has been hosing their self for years. She makes about $20K and has one job. Shouldn't she be claiming two personal exemptions? She always claimed one so I think she's overpaying by a lot.

I'm wondering if she should try to file amendments for previous years, or at least this year.

 

[ortiz34]

Let the dicksizing of returns begin!

 

[Dial_tone]

Let's don't. I'm not asking how many guitars everyone made last year. I just want to know about exemptions to make sure I'm not telling her wrong.

 

[Bikini Mod]

My accountant filed an extension.

I don't think I've ever personally made more than 21,5K my entire adult life.

(IN short.. how THE HECK do I know?)

 

[75th]

i'm not asking how many guitars everyone made last year.

lol

 

[digimon7068]

I think a friend has been hosing their self for years. She makes about $20K and has one job. Shouldn't she be claiming two personal exemptions? She always claimed one so I think she's overpaying by a lot.

I'm wondering if she should try to file amendments for previous years, or at least this year.

if you "overpay" on your withholding tax. . .you get it back when you file your return. . .it's called a "refund", yo

if you are single and have no kids, you can claim two exemptions on your w-4 for withholding purposes. . .which, when you file your return should, theoretically, put you in a "break-even" sitution (i.e., you don't owe the IRS, they don't owe you). . .however, if you have any interest, dividends, etc. you could end up owing, or if you have a bunch of itemized deductions, you could still end up with a big refund.

that said, when you actually file your tax return, you can only claim one exemption per member of your household. . .thus, if you are single with no kids, you get one exemption. . .period.

PS: taxes suck. . .i'm a zombie. . .i think i'm gonna die. . .

 

[Bikini Mod]

if you "overpay" on your withholding tax. . .you get it back when you file your return. . .it's called a "refund", yo

if you are single and have no kids, you can claim two exemptions on your w-4 for withholding purposes. . .which, when you file your return should, theoretically, put you in a "break-even" sitution (i.e., you don't owe the IRS, they don't owe you). . .however, if you have any interest, dividends, etc. you could end up owing, or if you have a bunch of itemized deductions, you could still end up with a big refund.

that said, when you actually file your tax return, you can only claim one exemption per member of your household. . .thus, if you are single with no kids, you get one exemption. . .period.

PS: taxes suck. . .i'm a zombie. . .i think i'm gonna die. . .

Pffffffffffffftttt know-it-all

 

[digimon7068]

Pffffffffffffftttt know-it-all

unfortunately. . .it's one of the few things in the world that i know anything about

 

[Bikini Mod]

unfortunately. . .it's one of the few things in the world that i know anything about

I doubt that very highly.

 

[Dial_tone]

My accountant filed an extension.

I don't think I've ever personally made more than 21,5K my entire adult life.

(IN short.. how THE HECK do I know?)

Don't you have some Mexicans to boss around? scram!

 

[Bikini Mod]

Don't you have some Mexicans to boss around? scram!

LOL We fired JosA and JosB... fuckers did TERRIBLE work.

 

[hanselthecaretaker]

if you "overpay" on your withholding tax. . .you get it back when you file your return. . .it's called a "refund", yo

if you are single and have no kids, you can claim two exemptions on your w-4 for withholding purposes. . .which, when you file your return should, theoretically, put you in a "break-even" sitution (i.e., you don't owe the IRS, they don't owe you). . .however, if you have any interest, dividends, etc. you could end up owing, or if you have a bunch of itemized deductions, you could still end up with a big refund.

that said, when you actually file your tax return, you can only claim one exemption per member of your household. . .thus, if you are single with no kids, you get one exemption. . .period.

PS: taxes suck. . .i'm a zombie. . .i think i'm gonna die. . .

I'm single and have no kids but have about a couple grand in dividends every year. What should I claim to get the biggest refund at tax time? I ended up owing this year when I usually get back about as much as said dividend amount. I haven't changed anything in years on my W4 so I don't know why it changed but all I can do now is prevent it from happening again.

 

[SpyWizard]

she can go back 3 yrs to claim refunds that were not claimed... unfortunately, as of yesterday, she missed out on 2005..

 

[Dial_tone]

I'm single and have no kids but have about a couple grand in dividends every year. What should I claim to get the biggest refund at tax time? I ended up owing this year when I usually get back about as much as said dividend amount. I haven't changed anything in years on my W4 so I don't know why it changed but all I can do now is prevent it from happening again.

For the biggest refund claim zero, but that's not really smart.

 

[Bikini Mod]

Someone correct me if I am wrong (I may very well be) but I thought the whole point of this was to pay most of your taxes and get little or no refund without owing so that the government "uses" less of your money interest free for a year.

Course when you are self-employed that shit goes out the window as you will ALWAYS owe... right Digimon?

*shakes him*

Get up off the floor foo'... just 'cause it is April 16th that don't give you the right to lay down!

 

[Dial_tone]

Someone correct me if I am wrong (I may very well be) but I thought the whole point of this was to pay most of your taxes and get little or no refund without owing so that the government "uses" less of your money interest free for a year.

That's the way I do it. I haven't gotten much over $500 in the last 8 years or so. I guess if you're really bad at saving getting a big refund is sort of a forced savings.

 

[puddlemonkey]

I'm always geeked around tax time, love getting me 3-4k in the mail!

 

[ortiz34]

I'm always geeked around tax time, love getting me 3-4k in the mail!

palm face

threadjacked by said dicksizer

 

[digimon7068]

I'm always geeked around tax time, love getting me 3-4k in the mail!

i owed 4k. . .made 30k more than last year. . .ez come. . .ez go. . .not. . .

 

[digimon7068]

I'm single and have no kids but have about a couple grand in dividends every year. What should I claim to get the biggest refund at tax time? I ended up owing this year when I usually get back about as much as said dividend amount. I haven't changed anything in years on my W4 so I don't know why it changed but all I can do now is prevent it from happening again.

well, w/o seeing your 2008 return and your ytd paystub for '09, i can't say for sure. . .but. . .if you want money back, you s/b single - 0. . .and, if you want to be extra sure, withhold an extra $50 per pay. . .