[Kham]

wtf's up with 07 tax? i tried to do it and came up $1000 short than 06? is this a big democrat changes?

[ChR1s]

You should verify your party affiliation with your local election office. Republicans get a $1000 tax credit.

[ChrisNoF4i]

Originally Posted by ChR1s

You should verify your party affiliation with your local election office. Republicans get a $1000 tax credit.

Which, unfortunately would be completely washed out by the changes set forth in the Asian-American Tax Act of 2007.

[Kham]

Originally Posted by ChrisNoF4i

Which, unfortunately would be completely washed out by the changes set forth in the Asian-American Tax Act of 2007.

wtf you talking about?

[Doc]

Last year we got money back... My wife decides to change her deductions mid year and now we have to pay in $1400!

[Pittenger5]

You suckers are waiting this long to do your taxes? I did my taxes over a year ago!

[DuncanMoto]

How do you think the Fed is funding the "Stimulus package" ?
DUNCANMOTO
___________________________________________________

Quote from your money

If you file a tax return for 2007, you don't have to do anything to receive a rebate. The IRS will calculate the amount you're owed. The government plans to start issuing checks in May. Here are some questions and answers about the tax rebates:

Q: How much will I get?

A: Most taxpayers will receive $600, or $1,200 for a married couple. If you have dependent children who were 16 or under on Dec. 31, 2007, you'll receive an additional $300 per child.

[Kham]

Originally Posted by DuncanMoto

How do you think the Fed is funding the "Stimulus package" ?
DUNCANMOTO
___________________________________________________

Quote from your money

If you file a tax return for 2007, you don't have to do anything to receive a rebate. The IRS will calculate the amount you're owed. The government plans to start issuing checks in May. Here are some questions and answers about the tax rebates:

Q: How much will I get?

A: Most taxpayers will receive $600, or $1,200 for a married couple. If you have dependent children who were 16 or under on Dec. 31, 2007, you'll receive an additional $300 per child.

paid with your next year refund if you have any. this is common knowledge now.

only things changed for me are property tax went up a little and i use TaxACt instead of TaxCut. maybe im missing something.

[KillBill]

I'm getting more back this year than last.
I can see that in my near future I will be getting
one of these.....

[Honclfibr]

Originally Posted by Kham

paid with your next year refund if you have any. this is common knowledge now.

I keep hearing this, and it's complete crap. Noone who has any clue how tax refunds work would say this.

For reference, what people are saying to me is "The tax rebate will be deducted from your 08 tax refund, if you have one. However if you don't get a refund or owe more money, you will get to keep it".

Complete fucking horseshit. Your tax liability is your tax liability, the refund/additional taxes calculated at the end of the year is simply a way of correcting the estimated taxes taken out all year long. You can fuck with your "refund" by playing with your deductions, so the idea that this tax rebate would somehow be funded by people's 08 refund is pretty much ludicrous.

[ChrisNoF4i]

Originally Posted by Kham

only things changed for me are property tax went up a little and i use TaxACt instead of TaxCut. maybe im missing something.

For what it's worth, tax rates didn't change significantly and higher property tax generally equates to lower income tax. You either:
A. Made more money
B. Had less withholding
C. Completely fucked up last year
D. Completely fucked up this year
E. All of the above

[wylee]

Originally Posted by Honclfibr

I keep hearing this, and it's complete crap. Noone who has any clue how tax refunds work would say this.

For reference, what people are saying to me is "The tax rebate will be deducted from your 08 tax refund, if you have one. However if you don't get a refund or owe more money, you will get to keep it".

Complete fucking horseshit. Your tax liability is your tax liability, the refund/additional taxes calculated at the end of the year is simply a way of correcting the estimated taxes taken out all year long. You can fuck with your "refund" by playing with your deductions, so the idea that this tax rebate would somehow be funded by people's 08 refund is pretty much ludicrous.

It's not quite that simple. This clusterfuck only the government could come up with makes the following statement true for a few million people, but it's not the norm. It is an oversimplification, but it is, essentially, true.

"The tax rebate will be deducted from your 08 tax refund, if you have one. However if you don't get a refund or owe more money, you will get to keep it"

The whole fucking thing chaps my ass. Ya wanna stimulate the ecomomy with a tax cut? How about cutting payroll taxes and forget about the Robin Hood tactics?

[Kham]

Originally Posted by Honclfibr

I keep hearing this, and it's complete crap. Noone who has any clue how tax refunds work would say this.

For reference, what people are saying to me is "The tax rebate will be deducted from your 08 tax refund, if you have one. However if you don't get a refund or owe more money, you will get to keep it".

Complete fucking horseshit. Your tax liability is your tax liability, the refund/additional taxes calculated at the end of the year is simply a way of correcting the estimated taxes taken out all year long. You can fuck with your "refund" by playing with your deductions, so the idea that this tax rebate would somehow be funded by people's 08 refund is pretty much ludicrous.

that's what fucking CNN say anway. i didn't know for people that owe gets to keep it. that's great.

anyway i think i understand the basic refund for simple filing. thank you very much.

[wylee]

Originally Posted by ChrisNoF4i

For what it's worth, tax rates didn't change significantly and higher property tax generally equates to lower income tax. You either:
A. Made more money
B. Had less withholding
C. Completely fucked up last year
D. Completely fucked up this year
E. All of the above

[wylee]

Waidda minute....update your software. I'll bet it's the AMT bullshit congress was fighting over till almost Christmas. Update your tax software and you'll see your refund increase.

[Honclfibr]

Allright, I took a deeper look at the whole thing and what it comes down to is this...the tax rebate that they're pushing through is essentially an advance on a tax *credit* for your 2008 taxes.

What will happen is, they'll issue you a check based on whether your 2007 tax return indicates that you would be eligible for the 2008 tax credit.

When it comes time to do your 2008 taxes, some people who were not eligible for the credit based on their 2007 return may be eligible for more/less of the credit based on their 2008 taxes (say, if you have additional/fewer children or you make less/more money).

If they issued you a rebate based on their estimation of your tax credit eligibility, and your actual tax credit is less, you get to keep the difference. If they issued you a rebate based on your tax credit liability and your actual tax credit is more, you'll get the difference.

Sooo...if you didn't have any kids in 2007 and can manage to pop one out by the end of 2008, that might be worth an extra $300 to you. However, if you do have kids in 2007 you can safely kill them in 2008 without endangering your $300 tax rebate.

None of that strictly speaking has to do with your refund, rather again it has to do with your 2008 tax liability, and whether the estimation of the 2008 credit being advanced to you in 2007 is accurate based on your 2008 tax return.

[l3uddha]

kham sounds like you need to hire an asian guy to do your taxes.

[Kham]

all set thank you. whew! missed the additional tax part. thought it took it.

[Wishbone]

WOW!

What is going on here?

Honkie and are conversing with no name calling?

Great, now the world is gonna end

[Kham]

Other income:

other income includes:
- juery duty pay
- .
- .
- .
- EMBEZZLED OR OTHER INCOME FROM ILLEGAL ACTIVITIES

WTF? like... yeah i made millions selling drugs last year.

[Kham]

Originally Posted by fasterthanu

WOW!

What is going on here?

Honkie and are conversing with no name calling?

Great, now the world is gonna end

honkies alright. hes not a fag and im in a good mood even im deeply hurt right now on other personal stuff but not gonna take out on him.

[dhuze]

Originally Posted by Pittenger5

You suckers are waiting this long to do your taxes? I did my taxes over a year ago!

How do you do 2007 taxes in 2006?

[Wishbone]

Originally Posted by dhuze

How do you do 2007 taxes in 2006?

Wait, you have to do them every year?