Taxes Survey: Do you pay enough?

[Kevin]

Do you pay enough? Please answer yes or no.

If you think you pay too much, state why you think you pay too much.

I'm not in a very high tax bracket yet, so I'll say that yes, I currently pay enough.

[kappaloo]

No. I don't pay enough.
I'm now done university, but still have signifigant tuition credits, so I'll pay minimal tax this year. I feel like I'm ripping of the system a bit (I no longer need the credits like I did in university) but figure I can use the money toward things in my home, life furniture.

Next year, once I get a normal amount of tax taken, then, yes, I'll pay enough. Of course, I'll be paying far more than most of you - so y'all probably think me crazy to say such things!

[aurora_borealis]

No, but legally.

You're probably going to send snakes to hide in my shoes Kevin, but I have never once owed money to the government. Every year I get everything back. I made use of my parents' accountant, and now I do my own taxes.

My secrets:
Put the maximum amount in an IRA.
Had money deducted from my paycheck for medical expenses.
Claims and deductions:
a) medical things like prescriptions
b) charitable donations (I get itemized lists for clothes and furniture from the charities, and receipts for money)
c) moving expenses (moved back and forth from Alaska)
d) be listed as an independent student (even though I had a good paying full time job, I got everything back as I paid for school myself out of pocket, my parents didn't claim me)
e) get the credit for hope scholarship, and the lifetime learning credits
f) losses from investments
g) got a student loan for credit purposes, and paying it back also lowered my taxes

It takes time to do all these things, but it is worth it in the end.

Allegedly, there are forms Alaskans could fill out to receive refunds on sales tax paid elsewhere, but I never looked into it. If I am in a community using their services, I am going to gladly pitch in.

ETA: I received the Alaska Permanent Fund Dividend (money from oil all qualified residents receive), and there is a program to buy tuition credits at the current price. One year the PFD was near $2,000 and I bought a whole year of school. It was $70 for a lower division credit, and 77 for upper division. I paid for a whole year of school with that and left over money. The credits never expire either.

[IowaStatePhiPsi]

I've been lucky enough that I've never owed in state taxes and this past year was the first time I owed federal taxes in my 3yrs as an independent... a grand total of $17. But I got a refund of $200.

[moe.ron]

Nope, but I don't pay income tax.

[swissmiss04]

Federal tax -wise, I think I do. State tax-wise, no way. The property taxes here are THE lowest in the country. If they were to be doubled, they'd still be the lowest. Doubled again, they'd be the second lowest (I think to MS or AR). I say we abolish sales taxes here on food, clothing and medicine and raise the property taxes and the income tax.

I don't mind paying taxes so long as I know that some good will come of that. "Some good" doesn't mean paying for my elected officals to fly around in style or host fancy dinners. I mean better schools, better healthcare, better law enforcement. I view taxes as a necessary "evil" and I only balk if I know they'll be squandered.

[Rudey]

Yes I pay too much. I've done everything I could to lower my costs but the amount they take out for me is ridiculous.

-Rudey

[Munchkin03]

kt, you're really big on this tax thing, aren't you?

State: I pay too much, since I'm not a legal resident of the states I had to pay income tax to in 2003 (RI/NY). Florida doesn't tax income, but I didn't make money there, it's not an issue.

Federal: I get everything back. But, I'm a student. I don't get anything like HOPE or Lifetime Learning Credits, because I'm still dependent and the 'rents don't qualify for that stuff anyway.

[aephi alum]

For a couple of years, I definitely paid too much. *#&@!)# marriage tax penalty... Then we bought a house, and mortgage interest is tax-deductiony goodness. We also take advantage of tax deductions for business expenses and charitable contributions.

I still hate writing those estimated tax checks.