ITT we talk TAXES!
 

So the Gov claims that I have a $10,750 tax liability for 2010. I could use a dependent or two right about now :D Seriously though, the fleecing of single people is bullshyte. I'm glad the income tax break extension was passed, I really can't imagine what my tax bill would look like next year if it didn't go through.

I'm ready to get my refund. I want it NOW!

Get married to a woman who doesn't want to work, buy a house so you have mortgage interest to claim, go back to school so you can claim tuition and have twin babies and send them to day care. You'll hardly owe a penny then.

My favorite subject! LOL

E-filing opened up to the IRS yesterday. It was a crazy day in my office, with the police coming in looking for wanted fugitives, and then trying to handcuff a client, who wasn't the person they were looking for!

Let the insanity of tax season begin.:D

Would he have a penny to owe?

Extrapolating backward from what my total tax liability would be if I were single with no deductions... he'd have more than what I have :)

I'll probably get everything back. Even next year if I have my job all year I suspect I'll do ok. Now, state taxes are iffier, I may get some back this year, but none next. I'm glad they upped the state income tax here though so we may have our budget balanced without gutting more mental health services.

No thanks, that's spending $30,000 just to save $5,000. Bad investment. I'm not a fan of our progressive tax structure, it's such a hot mess. I wish we had to a flat 12% across all income levels with no refunds, credits, deductions, or bloated IRS.

I'm still waiting on my W2s...

My brother (the CPA) is going to have a hell of a time doing my taxes this year. Three different employers, three different municipalities, three different states, and deductions for my moving expenses for moving to Oklahoma. It's a good thing he loves me.

The year I lived part time in Scotland and part time in the US, he wanted to kill me. I actually got a refund from both governments that year, though!

Flat taxes are the most regressive taxes. It's true.

I'm halfway done. I've got one W-2 and my student loan interest statement entered into TurboTax... and about DYING waiting for my other two W-2s to come in.

Yep, 3 W-2s last year... I was working two jobs 'til November when I finally got ONE job that pays all the bills (only 18 months after I graduated.)

I already made a spreadsheet to prioritize what I'll spend my anticipated refund on. I made it in, like, September. How sad is that?

Absolutely not. A FIXED tax is regressive, i.e. Every citizen pays $5,000 in taxes per year regardless of their income as are various consumption taxes such as sin taxes or value-added taxes. An across the board percentage tax is more middle of the road between progressive and regressive.

Ok a fixed tax is MORE regressive, but a percentage tax is still regressive because poorer people use a greater percentage of their income to live on than wealthier people do. Even 1% of taxes is a much bigger deal to people who make less per month. It's the same reason that eliminating an income tax and replacing it purely with a sales tax is not ideal either. I've read up on it a lot because the flat tax sounded like a great idea to me too, until it didn't anymore.

Note to self: Estimated taxes due now.

Frak.

For the record, the marriage tax penalty sucks big fat hairy rocks the size of Pittsburgh. I had always gotten a nice refund. Then I got married, and suddenly had to pay. A LOT. :mad:

Then we bought a house, and the mortgage deduction made it all better. :)

Wth a flat tax the less you make, the less you pay. A 12% rate on someone who makes $23,000 would only come to around $200 a month as opposed to someone making $230,000 would be paying over $2,000 a month. The rich will still be paying significantly higher taxes. There are people making 6 figures that are living paycheck to paycheck so I don't think you can say that only lower income earners are the only owns spending all of their income on living expenses. I think if all working Americans were contributing to the income tax burden politicians and government officials would become better stewards of tax revenues, as well as ending the class warfare involving taxation that I've seen all my life.