(no subject)

[ceagle]

Taxes... DONE!... wheeeeeeee!!

Comments

[cabcat.livejournal.com]

Our financial year ends at the end of June :) and they're easy as pie to do as the government gives you software to do it on. However I believe its different for you peeps in the US, you have to do much more tax work don't you? I think we only have to do one set of taxes.

[hastka.livejournal.com]

Glad to hear you survived it, eggle. ;) I did my federal stuff back in January but for whatever reason didn't get around to doing the state tax until like, 4:55 yesterday, heheh.

And yeah, the amount of US tax work varies a lot depending on how complex your life is. :) If you're a stodgy so-and-so, and don't donate to charities, don't own a house, don't write off anything for business, then it's quite easy -- just a couple lookup tables, some math, and you're good. But since most of the country at least owns a house or writes off some kind of business expense(s), that makes it a bit more complex.

The debate is ongoing about a flat tax, and I have mixed opinions. There are valid reasons for people to be incentivized to donate to charity or to "contribute to the economy" by not having their income taxed if it goes toward paying interest on a home loan. But accountants are quickly approaching lawyers in terms of sneaky people who only exist to find loopholes. ;)

[cabcat.livejournal.com]

Ewww state and federal?

*nod*

[c-eagle.livejournal.com]

Hastka summed it up pretty good too...
In order to keep from owing thousands, I had to spent two hours looking for deductions, but it is well worth it *whew*
And yep... for folks with a simple paycheck and not many deductions, one can probably get these done in a half hour.
But it usually takes me 6 to 10 hours each year.
...about 4 hours in preparation, and 4 or so hours in doing... (most of that for Fed, and a portion for state, because the state has us use the Fed one as a template for most parts).

As for getting 'em done earlier, I tried that a few years, but found that I still always got my refund (if I got one) after may or so.. so it stopped making sense to angst over it early.. and better to wait for more documents to trickle in and be complete.
Now in the computer age that might be faster though. Me mum e-filed and got her state refund in 3 days, and the federal one in a week.

Ever since the income tax (temporary they say) has existed (temporary since around 1915).... we've also had to pay quarterly. Most people don't notice this any more since payroll deduction came into play, but the quarterly payment thing has never ended... though it's really just seen in businesses nowadays. The business you work for sends in your payments. If you are self-employed or retired though, you usually have to pay quarterly yourself.
Over the years my taxes have varied from about $1,500 per year (right now) and $4,000 per year when I made the most. Also, anyone making over $90,000 must pitch in an extra $12,000 to help with Social Security, Medicare and Welfare taxes.

There's some fun facts about tax!

p.p.s.

[c-eagle.livejournal.com]

hehheh... we also (and you probably too) pay User Taxes on things that we buy, and roads and places we use, etc. These go to state, federal and also local districts... and are generally a bit more fair, because you pay for what you use, instead of just paying to exist and work. In my tax bracket for instance, the state makes all its taxes from my user fees, since my standard deduction cancels out my income tax for the state. :9 *wags*

[hastka.livejournal.com]

Well... federal is, of course, federal, and only income-based. They leave further taxation up to the states.

The states may charge income tax as well. Some do, some don't. Most balance it between sales & income taxes. Michigan (where I am now) for example is roughly 4% income and 6% sales. Oregon was 9% and 0%. :)

And since politics roll "downhill" in the US, the states may allow cities to levy income or (additional) sales tax. That is somewhat more rare since property taxes for the mostpart end up going to the local government.

Anyway. :) It sounds a lot more complex than it really is, since you get used to whatever is relevant to you. But suffice it to say accountants become very popular around March and early April.

[c-eagle.livejournal.com]

thanks dude!
Yeah... a flat tax *sounds* simple and tempting to some, but would probably wind up hurting more people than it helps... :/
We do have (as you said) simple options if peeps choose that route.

[telbert.livejournal.com]

Congrats on your taxes, friend! I e-filed mine a long time ago to get the money back faster =0)

[altonwings.livejournal.com]

Waiting until the last minute, aren't you? We filed back in February online, and got our refund in under two weeks...

...and promptly spent all of it.

[furahi.livejournal.com]

Yay!

[genecatlow.livejournal.com]

Juuuuuuuuust made it under the wire, peregrine pal!

[neocanis.livejournal.com]

Congratulations!!! :)

[featherhawk.livejournal.com]

I got my return on Monday....
*grins*

Now?

[lunden-otter.livejournal.com]

I've had mind done since Feb 9th....