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 I should be a tax planner!

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SamV
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Joined: 10 Oct 2003
Posts: 2968
Location: U. S. of frickin' A., Baby!


PostPosted: Mon Feb 19, 2007 12:39 am Reply with quoteBack to top

Expecting more than $19,000 USD back from the IRS! Wooo wooo!

Of course, it took me about five days of work to get the return together.

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Mr Fishe
Baiting Guru


Joined: 22 Nov 2003
Posts: 2242
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PostPosted: Mon Feb 19, 2007 12:43 am Reply with quoteBack to top

Whod have thunk it? A lawyer somehow manages to wrangle himself a tax rebate. Everybody! Drinks are on Sam! Razz

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Gnasher
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Joined: 29 May 2006
Posts: 2849
Location: Centre Stage in the Theatre of Cruelty


PostPosted: Mon Feb 19, 2007 12:48 am Reply with quoteBack to top

You're obviously earning too much at the clinic NN Wink

Edit: You deleted your post dammit!

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Shiver Metimbers
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Joined: 30 Sep 2003
Posts: 7468


PostPosted: Mon Feb 19, 2007 1:44 am Reply with quoteBack to top

Sam, the donations addy is [email protected] We accept any amount from $1,000 upwards Smile

Seriously, nice one. I got a rebate from a tax screw-up about 10 months ago; the huge amount of UK 107 Sad

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Chief2B
419Eater is my life


Joined: 11 Apr 2005
Posts: 365


PostPosted: Mon Feb 19, 2007 1:49 am Reply with quoteBack to top

And I thought I was doing good getting back about $4000. this year. I'm going to send my paperwork to you and see if you can increase that.
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DrWho
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Joined: 14 Jan 2004
Posts: 5486
Location: Where ever I go, there I am


PostPosted: Mon Feb 19, 2007 2:54 am Reply with quoteBack to top

Not to rain on anyone's parade but you lost 10% by letting the government use your money for free for a year. If you had put that money in some kind of investment and either broke even or owed a little tax you could have paid the amount due with the interest from the money that was yours to being with. It is better to reduce your deductions to break even.

But it is nice to get money you didn't think you would get.

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SamV
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Joined: 10 Oct 2003
Posts: 2968
Location: U. S. of frickin' A., Baby!


PostPosted: Mon Feb 19, 2007 3:04 am Reply with quoteBack to top

Yea yeah I know. It's complicated. I'm self employed, and I had a deal last year that I made $60k USD on for just that one deal, which was very nice. But, I COULD have made $300k USD or more on that deal. Because I didn't know what would happen, I paid taxes based on what I made the year before (which included a 4 month period when I was drawing a severence from my old employer AND making self employment income at the same time).

So, I used the "safe harbor" of the taxes for the year before last, just in case I was to end up making a huge amount last year (which I didn't end up making). If you pay in that amount, you don't have to pay interest and penalties if you wound up underpaying. Taxes were a lot higher year before last than last year because of that 4 month period of double income, and because I didn't have as many deductions (such as paying for my entire family's health insurance all year).

This year's quarterly payments, which will be based on the "safe harbor" of LAST years taxes, will be less than half the payments last year.

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WHY DID YOU GIVE ME ANOTHER PERSONS TELEPHONE NUMBER TO CALL YOU. THE
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Gnasher
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PostPosted: Mon Feb 19, 2007 3:19 am Reply with quoteBack to top

You lost me after 'it's complicated' [eyes glaze over] This is why we employ an accountant to do our taxes. What he saves us easily exceeds what he charges. Left to our own devices I dread to think what would happen Confused

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"they are in deed the swinders rotating about in the net and searching for whom they will stylishly defraud your belongings" A. Moron
"Please pray harder for God to guide and protect us during our travelling because flight airplane i observe is a very big risky" Abdul Karibu
"WE DOESN'T LIKE HOW DISOBIDIENT YOU ARE!" Coco Law Chambers
"BE INFORMED THAT YOU WILL INCUR DUMMERAGE AFTER 9 DAYS FROM TODAY" Burkina Faso Air Secure Air Service.\
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SamV
Baiting Guru


Joined: 10 Oct 2003
Posts: 2968
Location: U. S. of frickin' A., Baby!


PostPosted: Mon Feb 19, 2007 3:22 am Reply with quoteBack to top

Programs like turbo tax and tax cut (which I use) are amazing. I actually thing they're more reliable than an accountant, unless you have a REALLY good one.

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WHY DID YOU GIVE ME ANOTHER PERSONS TELEPHONE NUMBER TO CALL YOU. THE
MAN YOU GAVE HIS NUMBER IS A NIGERIAN WHY???

"No goat porn? Well how 'bout a petting zoo?" Crashhoot, Vegas 2006
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DrWho
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Joined: 14 Jan 2004
Posts: 5486
Location: Where ever I go, there I am


PostPosted: Mon Feb 19, 2007 3:41 am Reply with quoteBack to top

Being self employed makes predicting harder I know. And with the quarterly filing and all. I worked with people, a long time ago, who all went to a certain tax accountant, and one day they were telling me all the deductions he was getting for them. They were all things that I was already doing so I didn't see any reason to use one. Now with Turbotax it is even easier. Except every year they claim they make it easier to use and it gets more difficult for me to find all the deductions. They seem to hide the details and you have to search for them.

One thing I have read about accountants is that you should use one who has been audited at least once. It means he is willing to work for you. If he has never been audited, it means he is not working the law to your advantage.

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"i think you people do not know whom you are talking of,i am not in any terrorist organization or planning any such of terrorist activities."
"i am not a terrorist and your america cia cna also investigate me."
"i am not a terrorist.send the shit stuff and let me get it fillied."

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Gnasher
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PostPosted: Mon Feb 19, 2007 4:43 am Reply with quoteBack to top

I guess it boils down to your personal circumstances and how complicated things are likely to be. We've been in a state of 'transition' for the last 3-4 years regarding employment, income, tax status, pensions, etc etc and moving to a new country with a different tax system didn't help either. Through a personal recommendation we found a VERY enthuisastic/exhausting young chartered accountant who understands and loves the Aussie tax system so we just send him quarterly spreadsheets and he does the rest. Frankly it would have been madness to try and unravel it all for ourselves. However, now things are more or less running on traintracks I guess we could do it ourselves......... nah, life is too short - let the boy genius do it Laughing

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"you have to pay because he need to submit this form to the Federal Ministry Of Fancies" Barrister John/Mike/Richard Okeke
"they are in deed the swinders rotating about in the net and searching for whom they will stylishly defraud your belongings" A. Moron
"Please pray harder for God to guide and protect us during our travelling because flight airplane i observe is a very big risky" Abdul Karibu
"WE DOESN'T LIKE HOW DISOBIDIENT YOU ARE!" Coco Law Chambers
"BE INFORMED THAT YOU WILL INCUR DUMMERAGE AFTER 9 DAYS FROM TODAY" Burkina Faso Air Secure Air Service.\
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friday3
Elite Baiter


Joined: 28 Oct 2005
Posts: 1341
Location: beating my new firefox..


PostPosted: Mon Feb 19, 2007 5:53 am Reply with quoteBack to top

Oh, that's right tax time. I should find my thingy with the income stuff on it and do those. Got a spare 5 days Sam? I could use 19k.....hell who am I kidding, I could use 19 bucks Laughing

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Eight
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PostPosted: Mon Feb 19, 2007 7:54 am Reply with quoteBack to top

I never thought I'd be grateful for PAYE and a 10-page tax return until I heard about the US tax system. Laughing I have enough trouble hanging on to receipts for an expense claim every few weeks, so I'd be stuffed. Rolling Eyes

Congrats on the rebate, Sammy. Very Happy

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PostPosted: Mon Feb 19, 2007 8:07 am Reply with quoteBack to top

I got back 1200 from tax in january Smile But that was from 2001-2005 (was too lazy to do it before). For the year 2002 I had paid 70 too less. The good thing is though: If they find out, that you didnt pay enough taxes, you can recall your "Arbeitnehmerveranlagung" (tax refund or whatever you may call it) and you dont have to pay it. Unless of course for some reason your tax refund is mandatory (like when being self employed). Very Happy
I simply recalled mine and didnt have to pay the 70 Very Happy

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Dionysius
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PostPosted: Mon Feb 19, 2007 9:14 pm Reply with quoteBack to top

To all those who are getting these huge tax rebates - You can send me donations via WU money transfer to Dr Usman Bello in Lagos, Nigeria. The test question should be Who's your daddy? The answer is The Axeman.

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persephone
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PostPosted: Mon Feb 19, 2007 9:19 pm Reply with quoteBack to top

Cut your accountant a deal: instead of paying him a static fee, tell him you will pay him a percentage of what he is able to get back from the IRS for you. Seems to work well for people around me. Me, I just do it myself. Got 11,000 euro back last year, because I changed jobs and wasn't able to make a decent prediction on my future wages for the rest of the year Very Happy

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