It's that time again! *tax time* - TravelPUNK Backpacker College Student Budget Travel Message Boards!



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Travel Budget, Money Matters, Financial Talk Mom, can I borrow ten grand?! Gimme yo mastercard! How the heck can I pay for my trip?! Ideas for making money. How much dough do I need?

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Old 01-25-2007, 12:47 PM   #1
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Default It's that time again! *tax time*

It's one of my favorite times of the year! I know others loathe it but I usually end up getting a lot back.

I just did my taxes with the same e-file site I always do them with and my total made me cry (out of happiness). Apparently since I paid all my school tuition out-of-pocket I got 1300 back. It made for a total of 1900 fed refund.

I owe 2600 in student loans which I'm going to pay back before I leave in June for Central America. Basically now I only owe 700 in loans and all the money I make in Apr and May is going straight into my travel fund (since my lease is up in Mar and I'll be living rent-free with my dad). That means I'll have a 2000 for travel! I'm so excited! Okay, I had to post this...my boyfriend thought I was crazy for almost sobbing on the keyboard. I don't know...I blame hormones.
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Old 01-25-2007, 01:23 PM   #2
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I am hoping to be up about 5 - 7 grand in the next month or two based on taxes and some investments. That will definantly help out a bit hehe.

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Old 01-25-2007, 01:29 PM   #3
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^Me as well - I have a big fat refund coming. If only one of my banks would send me my last remaining mortgage interest statement, I could push the file button.:D
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Old 01-25-2007, 01:58 PM   #4
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Everytime I think about it though, I feel like I jinx it.

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Old 01-25-2007, 04:58 PM   #5
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I have no idea what my refund will be, or even if I'll get one. I should, since I claim single/0, but who knows. This year my income jumped a bracket so I could be in for a rude shock.

On a bizarre note, one year I had to pay a dollar. A DOLLAR, PEOPLE.
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Old 01-25-2007, 08:05 PM   #6
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Well, I'm just confused. I've been told that I don't need to do taxes, but it seems like there are benefits to doing it; my mother told me she'd help me do it, but I have no idea what to do.

I know I have to pick up some W-2 form, but I have no idea what that means. It doesn't help that I was supposed to have signed up for unemployment.. GAH. And that the restaurant's not reopening till the 14th or something...

When I applied for my job, they asked me something about dependents, and my mother told me to put in "Exempt" but the lady who I was interviewing with told me it was better to put in 0. WHAT THE HELL DOES THAT MEAN?

I mean, I know it means I don't have any dependents, but what's the difference from Exempt? Exempt from WHAT?

Ohhhh I hate taxes already. If I go through all this crap, I better not have to owe the government a dollar. Or any money, for that matter.
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Old 01-25-2007, 09:14 PM   #7
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Okay, I will try to explain.

"Exempt" is a very small category of people, but you probably qualify. Basically if you file exempt, there are NO federal taxes withheld from your paychecks because you are expected to earn LESS than a particular amount for the entire year. I do not know what that amount is, but it's probably somewhere under $10k.

If you decided not to go that route-- some people who have claimed exempt have gotten screwed and had to pay money around April because they made more than whatever the amount was, and therefore must pay tax-- then you would claim 0 dependents. Because you live at home, it's almost a given that one of your parents already claims you as a dependent, so you cannot claim yourself.

That will change down the road when you are living on your own. Then, you have the option of claiming either 0 or 1 (for yourself) or however many other kids you have, or if you're the primary breadwinner you can also claim your spouse. For the sake of argument, let's just say you're living on your own... usually it is better to claim 0 dependents because that means the government will take the most money out of each paycheck that they can, and you will usually get a refund the following year. If you decide to claim yourself (1), then a smaller amount of federal withholding is taken out of each paycheck, but the chance that you will have to PAY tax at the end of the year is greater.

Does this make sense?
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Old 01-26-2007, 03:18 AM   #8
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Yes, yes, yes, it does. Thanks so much

Now to get that W-2 form...
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Old 03-02-2007, 11:29 AM   #9
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Just curious. Do you guys do your own taxes or do you have an accountant?
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Old 03-02-2007, 11:35 AM   #10
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I use an accountant because of the complexity of being employed under federal and state income tax laws and self-employed under SS laws. I have to pay double for SS. However, I should get most of my income tax back even after I pay my SS.
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Old 03-02-2007, 12:02 PM   #11
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Yeah, I got the accountant thing going too. Just have too many things to write off to even try to attempt it on my own...
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Old 03-02-2007, 12:05 PM   #12
 
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Intaxication -noun
Euphoria at getting a tax refund payment, which lasts until you realize that it was your money to begin with.

Sean was intaxicated when he found out he'd be receiving $5,060 back from the Federal government.

Source: Unword Dictionary

I hate taxes.
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Old 03-02-2007, 12:06 PM   #13
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Quote:
Originally Posted by travelpunk View Post
Yeah, I got the accountant thing going too. Just have too many things to write off to even try to attempt it on my own...
I go the accountant route too. My father has one for him and my mother and his buisness. Since that is a good account the guy does me and my sibs for free.

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Old 03-02-2007, 12:51 PM   #14
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I do my own taxes because my life is not complicated. i have zilch investments, no uni, nt husband....really if I couldn't do my own taxes than I'd basically consider myself dumb.
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Old 03-02-2007, 03:19 PM   #15
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In Australia we get taxes back at the start of July. That should be about the time I'm heading off to thr running of the bulls and will be in need of a funds boost. Very Handy
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Old 03-02-2007, 04:14 PM   #16
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My dad is an accountant, so I head to his house and use the turbo tax. I am not getting nearly as much as you guys though!
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Old 03-02-2007, 08:00 PM   #17
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I spent 42$ on Turbo Tax, super easy, and yes, the checks are finally in my hand, $2400. I have pretty much always owed, but now that I own a house, its a new game. I didn't want to believe it till I got the checks in my hand. The second one finally came today!!!! Travel Bonus
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Old 03-02-2007, 08:30 PM   #18
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yeah so i'm getting 65 dollars back from federal and somehow owe 150 to state.... go figure that one out....
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Old 03-02-2007, 08:53 PM   #19
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i always enjoy getting my tax money back but this year (in july, as raoulduke said) i wont get much.. cause i dont have a job.. so i dont pay taxes... so i wont get any back. i guess its good that i dont pay taxes huh. still, its nice to get a big chunk o' money from my buddys at ATO. oh well.
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Old 03-02-2007, 09:16 PM   #20
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Quote:
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yeah so i'm getting 65 dollars back from federal and somehow owe 150 to state.... go figure that one out....
That sucks dude. We don't have state taxes, you should establish a residence in Texas.
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