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#61 of 100 Old 01-21-2009, 09:19 PM
 
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#62 of 100 Old 01-21-2009, 10:17 PM
 
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We haven't gotten all of our forms yet but my best guess is about 6000 back federal and we will probably need to pay a bit into the state. This will be the last of our huge federal refunds- we are getting it all back this year through the adoption tax credit. Next year it will be much, much smaller. But still better than pre-DS. I always think it's weird that people with kids pay fewer taxes than people without.

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#63 of 100 Old 01-21-2009, 10:26 PM
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Originally Posted by choli View Post
Yep. I honestly don't understand when I hear people being all whoop over a tax rebate, like it's some kind of bonus from the gov. That's YOUR money that YOU OVERPAID being sent to you.

Do some work on your withholdings, and add what would have been the rebate into your normal budget. Your budget will be more realistic, and you can either pay off interest-bearing debt or earn interest instead of giving an interest free loan to the gov.
A tax rebate is not money that was over withheld throughout the year.
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#64 of 100 Old 01-22-2009, 01:45 AM
 
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I always think it's weird that people with kids pay fewer taxes than people without.
I agree. Seems kinda backwards to me.
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#65 of 100 Old 01-22-2009, 11:16 AM
 
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Actually people with kids pay more or about the same taxes PER PERSON (assuming they have enough income). Standard deduction is 5,450 for each person filing seperately. Child tax credit is 1,000.

That is equivalent to the standard deduction for each child and a taxation rate of 18.3%

In other words, unless you are getting back more than you paid because of the child tax credit, and unless you are paying less than 18.3% income tax, you are paying more taxes per citizen than filing seperately.

This makes it a highly progressive tax: the rich are taxed extra for having kids, everyone else is given a break for having kids.
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#66 of 100 Old 01-22-2009, 06:45 PM
 
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We took the 1st time homebuyers loan, and will be getting $11,000 back. This money is *desperately* needed right now, so I could not resist taking out the loan. Of course, we will be paying it back for the next 15 years (interest free).

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#67 of 100 Old 01-23-2009, 03:07 AM
 
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We're getting $11k with the $7500 homebuyer's credit. We had bought a junker for me to drive for a while, but considering the door next to our oldest's carseat doesn't properly close, we decided we needed to suck it up and buy a better vehicle. Well tonight we found a 2001 van with 56k miles. In amazing condition. With a 5yr/100k mile (from where is now...so to 156k miles) warranty we paid $6983 out of pocket. Not too bad, I don't think. I'm going to be doing daycare for two kids soon, so the junker sedan wouldn't have cut it anyway. I can't imagine being trapped in the house day-in/day-out with four kids!

The rest is going to catch up our mortgage, pay our lawyer, pay our state taxes ($1383; DH works out of state), and pay off the utility bills.

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#68 of 100 Old 01-23-2009, 04:17 AM
 
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We just bought a house this year and all this 'homebuyer' stuff intrigues me... Do tell!

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#69 of 100 Old 01-23-2009, 05:36 PM
 
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I'm estimating about $3K, but I still need to go through all the books for DH's business. We're using it to fund closing costs on our refinance.
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#70 of 100 Old 01-23-2009, 05:50 PM
 
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I'm really nervous about our taxes this year. We got married in October and I hear that changes things, plus my husband gets quarterly bonuses and I think that makes things funny. Last year he ended up owing money, and I"m afraid we'll owe even more this year.

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#71 of 100 Old 01-23-2009, 09:03 PM
 
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Originally Posted by ShaggyDaddy View Post
(personal savings account)Interest payment on my expected return($1200):
$1.20 per year

Surprise money out of my fixed monthly budget if I tried for a $0 tax return and was off by just 1 withholding "exemption":
$680

It is worth $1.20 worth of interest that I am "giving the government" so that I can insure myself against a surprise $680 tax bill and give myself a non-bonus bonus of 1200 once a year.
Exactly!!

I got all smart one year and determined how not to get a refund since I didn't want the gov't holding my money, etc. -- well, we wound up having a surprise pay-in of between $700-800 due to tax law changes. Not fun having to come up with that kind of money.

I'll let them have the couple of bucks for the peace of mind of not having to pay in.

Mama to A 8/05 and S 11/06
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#72 of 100 Old 01-23-2009, 09:28 PM
 
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how long does tax slayer take? My husband did ours today. Hoping it's soon!!!! Most years it comes before my bday and I get better gifts LOL.

Hoping to pay down bills and take a trip to CA to visit my family. Also would like to help my stepson, his g-friend and their baby to fly to see us this summer

Kelly,newly single mom of four wonderful children.

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#73 of 100 Old 01-23-2009, 10:18 PM
 
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We don't have all the little bitty things, interest statements and such, but we have the major W-2's and it looks like we'll be getting about $6500! ::

Basically that's because dh was deployed, and therefore all his pay was tax free, from Jan - May. Then he separated from the military and was unemployed until the end of August. So the only pay the IRS really sees is what he made from Sept-Dec which was just under 30K. We lost so much of our savings while he was unemployed so I am just over the moon about this refund.

We have now changed his W-4 so that next year we should only get about $200 back. No more EIC for us thanks to dh's new job (of course EIC was always nice and we've gotten it the past 5 yrs but it's nice to say we are no longer in that income range, we really feel blessed esp during these economic times)

Rachel, mom to Jake (5/04) and Alexia (7/07) a surprise UC thanks to hypnobabies!
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#74 of 100 Old 01-23-2009, 10:22 PM
 
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I've heard they are voting to pass a bill that would make the first time home buyer $7500 tax credit an actual tax credit, not just an interest free loan. I believe they are debating it on the 25th and it will be for people who buy a home after Jan 1st 2009.

Rachel, mom to Jake (5/04) and Alexia (7/07) a surprise UC thanks to hypnobabies!
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#75 of 100 Old 01-23-2009, 11:10 PM
 
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Originally Posted by llamalluv View Post
How are you writing off a roof?
I was just going to ask that - you can write off a roof?

Third generation WOHM. I work by choice.
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#76 of 100 Old 01-24-2009, 12:52 AM
 
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We're getting about $1000 back, and it will be going into our emergency savings fund.
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#77 of 100 Old 01-24-2009, 03:43 AM
 
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We just got our back today and we are getting $8200 back!! : : :

We are buying a new mattress, paying mil back $600, buying myself a new dlsr camera, a few things for around the house (such as curtains and a new tv), and dh is buying himself a few things that I greatly disagree with, and the rest is going into savings.
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#78 of 100 Old 01-24-2009, 11:47 AM
 
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950ish federal, 600ish state. I still haven't gotten our bank's statement, so, it might change a few dollars or so, but, not much.

I actually did pretty well with figuring out our exemptions on the W-2....600 of the 950 is the other part of our tax rebate that they didn't send...(we only got 900 instead of 1500). So, we'd really only have been getting 350 back.

It's going into savings/CDs
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#79 of 100 Old 01-24-2009, 12:59 PM
 
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$4600 total Fed & State, with entire refund going to pay off cc debt.

I believe you can write off a new roof if you have a home office. You can deduct improvements made to the home as a whole, not like a kitchen remodel, but painting the house or putting a new roof or gutters on it would qualify as a write-off. We painted our house and I have a home office as I am self-employed, so we were going to get 27% of the painting costs deducted but we actually didn't need the deduction because my total income was so paltry last year.
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#80 of 100 Old 01-24-2009, 01:43 PM
 
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Um, wow, so I e filed last night and this morning woke up to an email saying the IRS accepted my fed return. Already! Less than 12 hours later! Now that's what I call service considering in years past it would take a couple days to recieve that email. I should have my money by the end of next week. Bye bye car payment!

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#81 of 100 Old 01-24-2009, 01:54 PM
 
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Originally Posted by Shelsi View Post
I've heard they are voting to pass a bill that would make the first time home buyer $7500 tax credit an actual tax credit, not just an interest free loan. I believe they are debating it on the 25th and it will be for people who buy a home after Jan 1st 2009.
Well, that blows
here's a link for those wondering: http://www.federalhousingtaxcredit.com/

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#82 of 100 Old 01-24-2009, 02:19 PM
 
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Um, wow, so I e filed last night and this morning woke up to an email saying the IRS accepted my fed return. Already! Less than 12 hours later! Now that's what I call service considering in years past it would take a couple days to recieve that email. I should have my money by the end of next week. Bye bye car payment!
Wow, that is fast. I e-filed yesterday afternoon and still no email.
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#83 of 100 Old 01-26-2009, 01:48 PM
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I was just going to ask that - you can write off a roof?
On your personal residence? No. Absolutely not.
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#84 of 100 Old 01-26-2009, 01:55 PM
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$4600 total Fed & State, with entire refund going to pay off cc debt.

I believe you can write off a new roof if you have a home office. You can deduct improvements made to the home as a whole, not like a kitchen remodel, but painting the house or putting a new roof or gutters on it would qualify as a write-off. We painted our house and I have a home office as I am self-employed, so we were going to get 27% of the painting costs deducted but we actually didn't need the deduction because my total income was so paltry last year.
But you can only do that if you use the home office ONLY for your business. If you have a computer "for business" that you also let your kids do their homework/myspace/video games on, it doesn't count.

http://office.microsoft.com/en-us/he...881041033.aspx

Quote:
The area must be used exclusively as a home office. For example, a computer room that your client shares with his children does not qualify.
I've got a friend who uses a guest room (with a Murphy bed, even!) as her office/computer room and if she ever gets audited, she is going to owe massive back taxes. We are talking 10 years of fraud. There is the potential that she could even face criminal charges.
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#85 of 100 Old 01-26-2009, 02:05 PM
 
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In my case, the space I use is very small but only for business. It asked the square footage, rather than if it had walls separating it from other rooms. It is in the same room as a family room, but this small section was used only for my storage, packing, etc. I didn't need the PC write-off but it I don't recall turbo tax saying anything about the PC needing only to be used for the business. It definitely is shared by my child and my husband and I for non-work-related purposes. I'm just going by what the turbo tax guide seemed to imply, but perhaps I misinterpreted it or missed it altogether.

You can write-off a roof if you have a home with a personal office. How much of it you can write-off depends on the size of the office in relation to total house size. The turbo tax computes that percentage.
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#86 of 100 Old 01-26-2009, 03:54 PM
 
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In my case, the space I use is very small but only for business. It asked the square footage, rather than if it had walls separating it from other rooms. It is in the same room as a family room, but this small section was used only for my storage, packing, etc. I didn't need the PC write-off but it I don't recall turbo tax saying anything about the PC needing only to be used for the business. It definitely is shared by my child and my husband and I for non-work-related purposes. I'm just going by what the turbo tax guide seemed to imply, but perhaps I misinterpreted it or missed it altogether.

You can write-off a roof if you have a home with a personal office. How much of it you can write-off depends on the size of the office in relation to total house size. The turbo tax computes that percentage.

That is right. You can compute the total components you want to write off - even mortgage, internet service, heat - the whole package, and then assign a percentage that they are used for office vs used for house. Say 15-20%. That amount can be written off.

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#87 of 100 Old 01-26-2009, 05:02 PM
 
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I hope to adjust our withholdings again this year to get closer to just getting our tax credits back.

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#88 of 100 Old 01-26-2009, 05:55 PM
 
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Still waiting on some paperwork from the bank but I know it's not nearly what DH paid in :

We got twice as much back when DH was in the Marines paying in almost nothing. Sucks how we get punished for making more money.

Oh, and we don't do state taxes (WA).

And, to add, we claim zero because I love knowing that the money is coming back. Like a PP said, it'd be less than $20 in interest if we kept that bit each month. PLUS, it is SOOOOOOOOOOOOO much easier to spend it when it's in your pocket. I love getting that chuck and tossing it in savings or using it for something big. The govt. can have my dozen dollars.

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#89 of 100 Old 01-26-2009, 06:15 PM
 
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Still waiting on some paperwork from the bank but I know it's not nearly what DH paid in :

We got twice as much back when DH was in the Marines paying in almost nothing. Sucks how we get punished for making more money.

Oh, and we don't do state taxes (WA).

And, to add, we claim zero because I love knowing that the money is coming back. Like a PP said, it'd be less than $20 in interest if we kept that bit each month. PLUS, it is SOOOOOOOOOOOOO much easier to spend it when it's in your pocket. I love getting that chuck and tossing it in savings or using it for something big. The govt. can have my dozen dollars.
Well we do claim 3 (can claim 8 I believe) but I agree that I love getting back a big return.

Unassisted birthing, atheist, poly, bi WOHM to 4 wonderful, smart homeschooling kids Wes (14) Seth (7) Pandora Moonlilly (2) and Nevermore Stargazer (11/2012)  Married to awesome SAH DH.

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#90 of 100 Old 01-27-2009, 09:10 AM
 
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I just filed ours online.

For the first time in years, we're getting a refund from the state. Not much but it's better than owing $800 like we usually have to pay.

And I came across a little tidbit for us Oregonian's - if you use E85 fuel or biofuel for your home, you can claim up to a $200 deduction (that's not the word I'm looking for but the best I can come up with at the moment). Being our van takes it and I'm sure I spent over $200 last year on it, woo hoo..

Here's hoping I get an email in the next day or two saying my returns have been accepted by state and feds.
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