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Student of the obvious
Join Date: May 2000
Location: Phoenix
Posts: 7,714
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Tax poll... Refund or pay? How much?
I'm working part time at a CPA firm... it's tax season so I'm seeing the joy and pain of the pay vs refund situations. Where do you stand?
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Lee |
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03-31-2006, 08:03 PM
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Too big to fail
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I'm getting a refund, but turning right around and using to pay my quarterly taxes (I'm a 1099 contractor)
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"You go to the track with the Porsche you have, not the Porsche you wish you had." '03 E46 M3 '57 356A Various VWs |
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03-31-2006, 08:31 PM
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Stay away from my Member
Join Date: Aug 1999
Location: Agoura, CA
Posts: 5,773
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I dunno, is it April 16th yet?
LOL...looks like a refund thanks to the wife's S-corp that is (fortunately) not yet profitable.
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Chris C. 1973 914 "R" (914-6) | track toy 2009 911 Turbo 6-speed (997.1TT) | street weapon 2021 Tesla Model 3 Performance | daily driver 2001 F150 Supercrew 4x4 | hauler |
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03-31-2006, 08:37 PM
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Virginia Rocks!
Join Date: Oct 2003
Location: Just outside the beltway
Posts: 8,497
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The true objective is to almost break even. That way you know you didn't lend money to the government for zero interest.
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Rosewood 1983 911 SC Targa | Black 1990 944 S2 | White 1980 BMW R65 | Past: Crystal 1986 944 na Guards Red is for the Unoriginal
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04-01-2006, 04:40 AM
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Non Compos Mentis
Join Date: May 2001
Location: Off the grid- Almost
Posts: 10,598
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My income fluctuates, so it's always a guess. If I overpay, I apply it to the current year instead of taking the refund. |
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04-01-2006, 04:57 AM
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Unregistered
Join Date: Aug 2000
Location: a wretched hive of scum and villainy
Posts: 55,652
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I absolutely hate the concept of giving them too much money and then waiting a year to get it back. no refunds here, ever. They have to wait for my money, I don't.
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04-01-2006, 06:30 AM
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Registered
Join Date: Jan 2002
Location: I'm out there.
Posts: 13,084
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Pay...always pay.
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My work here is nearly finished.
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04-01-2006, 07:07 AM
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Registered
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I'm usually short, very short, because part of my income doesn't arrive until the last week of the year and I don't know how much it'll be or if I'm even getting anything. Every year the IRS sends me quarterly payment vouchers, but I never use them. The penalty for being several thousand dollars short is only a few dollars so why would I pay early? Am I missing something that's going to come back and haunt me?
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2014 Cayman S (track rat w/GT4 suspension) 1979 930 (475 rwhp at 0.95 bar) |
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04-01-2006, 07:43 AM
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Targa, Panamera Turbo
Join Date: Aug 2004
Location: Houston TX
Posts: 22,366
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this year, money back - CPA was able to get creative
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Michael D. Holloway https://simple.m.wikipedia.org/wiki/Michael_D._Holloway https://5thorderindustry.com/ https://www.amazon.com/s?k=michael+d+holloway&crid=3AWD8RUVY3E2F&sprefix= michael+d+holloway%2Caps%2C136&ref=nb_sb_noss_1 |
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04-01-2006, 08:24 AM
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Virginia Rocks!
Join Date: Oct 2003
Location: Just outside the beltway
Posts: 8,497
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Quote:
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Rosewood 1983 911 SC Targa | Black 1990 944 S2 | White 1980 BMW R65 | Past: Crystal 1986 944 na Guards Red is for the Unoriginal
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04-01-2006, 08:44 AM
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Registered
Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,533
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We try to plan on paying...after all, why let the government use your money interest free?
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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04-01-2006, 02:24 PM
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Stay away from my Member
Join Date: Aug 1999
Location: Agoura, CA
Posts: 5,773
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OMIGOD. I am such a bonehead. While wrapping up this year's return I happened to go back to 2004 to reference something and noticed a MAJOR bonehead typo on our personal CA return. Lucky for me, filing an amended return will get quite a bit of money back!
From now on I'm gonna pay the pros to do this stuff. It's just getting too complicated. I already farm out the 1120's and 5500's etc. but had been doing our personal returns by hand in earlier years and then via TurboTax the last 3 years. Yikes...now I'm wondering if I may have honked up anything else significant. 
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Chris C. 1973 914 "R" (914-6) | track toy 2009 911 Turbo 6-speed (997.1TT) | street weapon 2021 Tesla Model 3 Performance | daily driver 2001 F150 Supercrew 4x4 | hauler |
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04-01-2006, 03:04 PM
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Registered
Join Date: Nov 2002
Location: NWNJ
Posts: 6,202
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I prefer to break even. No free loans from me! But I've gotten to the point where I have no deductions left:eek Kids are gone
House is paid for I'm earning more than ever Just gotta pony up my share!
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big blue tricycle stare down the darkness and watch it fade |
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04-01-2006, 03:49 PM
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Student of the obvious
Join Date: May 2000
Location: Phoenix
Posts: 7,714
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Interesting. I would have guessed a bell curve.
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Lee |
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04-03-2006, 07:00 AM
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Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
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I got back $400 this year. I consider that pretty good (didn't loan the gubmint too much money) after getting back close to $3000 last year and then playing with my exemptions.
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Some Porsches long ago...then a wankle... 5 liters of VVT fury now -Chris "There is freedom in risk, just as there is oppression in security." |
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04-03-2006, 07:20 AM
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Registered
Join Date: May 2005
Posts: 277
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I am in AMT .... that really sucks!!!!!
Ed
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21 M3P 00 996 C4 Cab - Sold 95 993 Cab - Sold 88 911 Targa - Sold 96 FJ80 - Sold |
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04-03-2006, 01:31 PM
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1979 Porsche 930 3.4
