herm
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I love the Sierra Nevada, the California coast, and the Mojave Desert
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Post by herm on Apr 14, 2017 18:58:54 GMT -8
My wife and I filed in February, got refunds from both fed and state (CA). Both refunds were received within a week of filing. I don't care what anybody says, I'd rather get money back, than have to send a check to them. It's almost a no brainier savings plan. The money returned is in our savings. rebeccad you can adjust your CA state withholding in order to avoid a big surprise come tax filing time. A lesson we learned about 10 years ago.
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rebeccad
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Writing like a maniac
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Post by rebeccad on Apr 14, 2017 19:53:49 GMT -8
You must be subject to that millionaire tax! Oh, yeah. ou can adjust your CA state withholding in order to avoid a big surprise come tax filing time. I obviously need to learn about this. I admit it's been a long time since we looked at that form; I would have thought that one set of numbers would do for both. But CA is a bit of a mess. I don't care what anybody says, I'd rather get money back, than have to send a check to them. It's almost a no brainier savings plan. The money returned is in our savings. I'd rather hang onto the money and make some interest on it. My ideal would be to get close enough to owe or get back less than $100. Doubt I'll ever predict it well enough for that, though.
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BlueBear
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@GoBlueHiker
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Post by BlueBear on Apr 15, 2017 12:19:23 GMT -8
Got a fair chunk back from Federal, owed some to state (CO), still come out in the black. No big complaints this year.
- Mike
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herm
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I love the Sierra Nevada, the California coast, and the Mojave Desert
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Post by herm on Apr 15, 2017 18:54:21 GMT -8
rebeccadWith the interest rates available today, you would be fortunate if you were able to buy a cup of coffee on the interest earned by holding on to your money for a year, rather than letting Uncle Sam use it for a year. In my case, it took the threat of having to pay quarterly estimated taxes for me to look into the problem of payroll withholding. Despite my belief that my employer had all the tools necessary to get my withholding right (such that at tax time, I would either get a small refund, or have to pay a small amount), I learned that my employer had the mindset that everyone could and should hire a CPA to handle their taxes. Once I figured out how payroll taxes are calculated, the game became so much easier to play. You can find these tax withholding tables online. Once you figure out the federal withholding, you can get state withholding aligned properly, without the need for a CPA.
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rebeccad
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Writing like a maniac
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Post by rebeccad on Apr 15, 2017 19:08:47 GMT -8
You can find these tax withholding tables online. Once you figure out the federal withholding, you can get state withholding aligned properly, without the need for a CPA. Thanks! Of course, now I can figure it out for the remaining year of spousal employment, and then start dealing with the still more complicated taxes of retirement. Well, they say that mental challenges help stave off dementia
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sarbar
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After being here since 2001...I couldn't say goodbye yet!
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Post by sarbar on Apr 15, 2017 19:53:02 GMT -8
HAHAHAHAHA.....I haven't even cracked open the year's business dumpster under my desk. I probably should do that tonight We don't have a state income tax in Washington, so that makes it pretty easy. My husband has everything ready...he's just waiting on my info.
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sarbar
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After being here since 2001...I couldn't say goodbye yet!
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Post by sarbar on Apr 15, 2017 19:54:47 GMT -8
I completely forgot about state taxes - can't remember why I didn't just do them with my Federal, but luckily I remembered yesterday. I owe $24 - always owe a fairly small amount to the state. Mailed the check today so it's in the hands of the Chicago postal service...in other words, it's a crap shoot if it will hit the deadline or not. It goes by the postal date in most cases, so you should be fine - not when they get it.
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BigLoad
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Post by BigLoad on Apr 16, 2017 10:07:03 GMT -8
All done. Whatever I might get back gets folded into next year's quarterly estimated taxes anyway, so there's not much benefit to filing sooner. Waiting longer allows any late-breaking software updates to trickle in. Also, I didn't receive my last 1099 until a week and half ago.
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Roger
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Post by Roger on Apr 17, 2017 12:07:47 GMT -8
This year done and refund back. Next year I have to take money from my IRA so more taxes. Hard to hide the money from the tax guy.
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Post by hikerjer on Apr 17, 2017 12:58:11 GMT -8
Yeah, I've noticed in recent years that the withholding for CA is messed up. You set it right for the Feds, and it seriously underwithholds for CA (and then they charge you for that...hmmm...). I filed in Feb, but the payment went in today. You must be subject to that millionaire tax! i
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Post by hikingtiger on Apr 18, 2017 11:07:56 GMT -8
Done. Been done a while with the Feds, but like Campfires&Concierges, I didn't do the State right away. Didn't want to pay H&R Block $35 to file the state for a $15 refund, so I downloaded the forms and mailed it in. State doesn't usually send out refunds until at least May...probably because they have to wait for payments to come in so there will be money to refund.
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johnnyray
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Argle-Bargle, Jiggery-Pokery, and Applesauce
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Post by johnnyray on Apr 18, 2017 15:44:39 GMT -8
Done Monday morning. Owe a little to the state, small Fed. return.
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Post by ecocentric on Apr 18, 2017 19:13:55 GMT -8
I finished mine with hours to spare.
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whistlepunk
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I was an award winning honor student once. I have no idea what happened...
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Post by whistlepunk on Apr 18, 2017 20:43:57 GMT -8
Most here understand a large refund means you gave the IRS an interest free loan. One year I got $2500 refund and I was pissed. That is $200 per month that could have been in my pocket. Good tax management is paying the maximum you can without incurring an underpayment penalty. Keep that money in your bank account until the last possible moment. Planning the exact amount needed a year in advance is difficult and having it in your account in April requires discipline, so I am happy if I owe a small amount. Of course, good life financial planning is spending your last dollar with your dying breath.
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Post by ecocentric on Apr 18, 2017 22:29:52 GMT -8
My dad helped me with some of those things that I needed to know but didn't necessarily come easy to me. Things like long division, balancing my check book, and filing taxes. He started early. They should all be required for high school graduation today. He was a pretty conservative guy, in a classic conservative sense. He taught me to be thorough and to check my work. He was always well prepared, but Tax Day was a sort of event. In the evening, it was a ritual to drive to the post office to mail the returns. There was often some sort of civics discussion about the good things and bad about the government. There was a certain begrudging celebration, that the returns were being mailed with very small checks, at the end of the last day.
Happy Tax Day
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