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Tax time isn't ALL bad...(16 posts)

Tax time isn't ALL bad...biknben
Apr 3, 2001 4:39 PM
Accountant told me last night that I'm getting a sizable return on my taxes this year. That's was a big relief because my new CAAD 5 frame is in the shop but I didn't have any money to build it up. Now I don't have to transfer parts over from the old bike and those new Zipps are mine.

It's like Christmas in April. :-)
Beware the Ides of April ...Humma Hah
Apr 3, 2001 5:16 PM
... we owe about 3 grand this year, a real relief because it was much higher LAST year.

Still looking for a classy but cheap oldie!
not really...IRa S
Apr 3, 2001 5:22 PM
it was yovr $ to begin with; yov jvst gave the govt months of free interest
Yes it is, it sucks...PaulCL
Apr 3, 2001 5:23 PM
My wife and I owe a small fortune (about two C-40's worth). The worst part is that I will be selling some stock to cover the tax bill and of course the market is in the toilet. I hate the IRS. I hate Alan Greenspan. The only way to relieve this kind of frustration is to get on my bike...which is exactly what I am doing at 6:30 AM before work tomorrow.
Anyone deduct their bike?Gary
Apr 3, 2001 5:25 PM
Seriously. Does anyone do it?

I know of one guy that does. He rides a lot of charity sponsored rides. e.g. MS150 (ride for multiple sclerosis) And in so doing, he went out and purchased himself a brand new bike (about $1500 I think) of which he has declared as the bike he uses to participate in charity events. His accountant advised him to keep records of all the events, receipts for entries, donations, repairs, and bike purchase of course. I believe this will be his 3rd year deducting the bike's expenses. And technically, he's allowed to train on it also for the events.

I know...sounds wild huh? But honest injun...he's a real guy and NO, it's not me :-) but I'm thinking...
sounds like a good way to get audited (nm)ColnagoFE
Apr 4, 2001 12:55 PM
dsf
Yeah, you may be getting a big return.....FeelingScrewed
Apr 3, 2001 6:28 PM
...congrats..but, how much did you pay? Do you realize that as of today, everything you have earned since January will be going to the Gov? And your are not through yet. I think the "free and clear" day is sometime in May.

If everyone in had to write a check every month for taxes instead of having it withheld, there would be a revolt.
I DID have to do thatColnagoFE
Apr 4, 2001 12:57 PM
I just did some contracting and had to pay quarterly taxes for the first time. It really hurt to write those checks! Roughly 40% of what I made went to taxes.
Best to come out evenRich Clark
Apr 3, 2001 6:29 PM
If you always get big refunds, it's worth thinking about taking more exemptions. Why let the feds have your money all year without paying you interest? You could have that same money deducted from your paycheck and deposited into something that pays interest, and still buy a new bike every April.

Even better, owe just less than the amount you'd have to pay a penalty on. The additional capital freed up by higher take-home pay can be invested well enough to pay a good chunk of the due taxes in April.

This of course applies mostly to people with regular, predictable income. When I was self-employed, I remember it being a nightmare to anticipate tax bills, and I couldn't afford an accountant to do it for me.

RichC
actuallyW9
Apr 4, 2001 4:35 AM
less exemptions
tax attorneysColnagoFE
Apr 4, 2001 12:59 PM
fees can be written off as well. unless you have really unusual situation it isn't all that expensive to hire one to do your taxes and the money you save is usually worth more than their bills anyway. at least in my case.
I'm dreading the day.....Red Dog #1
Apr 4, 2001 1:24 AM
My little tax exemptions grow up and move away. It's going to hurt!
Think you guys got it bad??...Jay
Apr 4, 2001 8:59 AM
Up here in Canada taxes are generally a much higher burden than in the U.S. so be thankful you're government taketh less than ours (and many European countries from what I understand). To add insult to injury, our sales taxes are also higher (15% in Ontario).

I do chuckle, though, at those people who shake their fist at the tax authorities, the IRS in particular. You want to talk about a revolt? Imagine having no services provided by the government whatsoever ... great for a week or two but then you'd have a decaying infrasturcture, a weak military and an American poverty revolution ... there's your tax-free dream. Careful what you wish for. It's not taxes on the whole that are bad, it's inefficient use of those funds that truly costs us. Sorry for the rant, I just find it amusing that while no one likes paying taxes (including me) I think that it's truly the lesser of two evils.

Or perhaps it's just that my tax refund has got me in a good mood!! You can say all you want about an interest free loan to the government, and it is true, but receiving a refund all a once provides that wonderful windfall feeling. I mean, for those of you who have to pony up this year, does it feel like you've benefitted all year from an interest free government loan? I think that, psychologically, it's pretty much a windfall or a penalty. So for those of you feeling penalized by the tax man, be thankful that you don't have our tax rates and may your 2001 return be a refund for twice as much as this year's burden ... after all, you've got Bush ready to cut, cut, cut.
Think you guys got it bad??...donalson
Apr 4, 2001 2:02 PM
hafta agree the lesser of 2 evils as i'm a military brat i've seen some of that $$$ all my life (well till this last year when i got married)

but it just sucks that i was expecting about $800-$1000 back just to find i owe $75, all because my wife can't read or figure out a freaking W-2...had I been expecting it that would be ok, but i was expecting to get money...which in turn was sposed to be the large part of a down payment on a car for me... it was real fun punching the numbers into turbo tax...got the +$ up to 700 with mine and then suddenly i start punching hers in...and the return starts droping and droping, till...it's -75...damn it...oh well such is life i guess...

i'd prefer to have the Gov keep a bit extra and me get some back yes if you put it in the bank and got intrest on it you'd make more money, but right now if we did get the money back the last place it would be going is a savings acount.

mark
Don't mess with our Constitutional Right ...Humma Hah
Apr 4, 2001 4:08 PM
... to gripe about taxes! It runs in our blood. We held a revolution over it (the Stamp Act, "taxation without representation" was a key complaint against the Brits).

But now, we gripe about what we do to ourselves!

The only two sure things, it is said, are death and taxes. The good news is that the government has a branch working on eliminating death. This will, of course, double our taxes.
when they were revolting over taxes how high were theyjohn de
Apr 8, 2001 9:34 AM
i know they were also revolting for representation but how high have taxes been throughout the ages...as far as i know, in this country the first tax was a duty from transporting goods from one state to another and that really wasnt that long ago..it seems to me that taxes over the years have grown