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Tue 18 Apr, 2006 02:27 pm
So, how'd you do?
We paid out for both state and federal. We would've been a lot closer to exact, except RP was underwithheld by his company. It was only $11 per week, but that was enough so that we paid out for federal despite a good year for charitable contributions. We also paid out for state, but for a lot less.
This year, we will probably not pay out as much cash for charities but will donate clothing and so will probably get just about the same deduction for that. We also already sent in the form to RP's Human Resources Dept. to make sure that his withholding is correct this year. Since we are moving closer and closer to getting the house paid off, we pay out less and less in mortgage interest and so that deduction gets smaller every year.
Otherwise, everything's more or less the same. I expect we'll pay next year, but presumably it'll be a bit less.
How did you do? What will you do differently so that your 2006 taxes turn out differently, if anything?
Had a baby.
boy-howdy did that make a HUGE diffrence in that tax return!
then more donations.
Didnt owe anything.. thank gooooodness!
Texas has no state income tax, so that makes me an Other.
My company overwithheld about $6 weekly, so I got a refund from the IRS. Filed in early February, got the $$ early March.
I don't even live in a state with a damn state tax. but I had to pay one as a non-resident for some dividend income for an estate that's been in probate for two freaking years.
Another Other Texan. Gotta love that new sales tax deduction....
Had no idear re Texas and the no income tax thingie.
HA!
this thread is full of texans.
in fact.. i think the whole texas brood is here..
I managed to get sizable returns from both Federal and State and I'm not quite sure how. For the last 4 years I've pretty much gotten a refund from the state and paid almost the exact same amount to the Feds for an even wash. This year I got big refunds from both and the Federal refund was larger than the state with no major changes in any of my deductions or in my income. *shrugs*
I got a return on my state income tax that just about paid my federal income tax, so I more or less balanced out.
Refunds from both, neither very large.
I think that's a good thing.
The idea of having money withheld as "forced savings" never appealed to me.
Bear and I filed an extension. Despite a huge drop in income, we still have to pay the 15% FICA / Self employment.
Ah, squinney.
No state income tax in Florida, but one in Virginia. Got a whopping big refund from the IRS, however. $27.00. Wonder what kind of refund George Bush got?
add 3 zeros. and you may be close to the pennies after the dollar amount of HIS refund.. HAHA
Actually, I think I read that Dubya paid up this year, but Cheney got a refund. I could be remembering wrong.
And I hear ya, George. Actually, a big refund is terrible -- it means you've been loaning money, interest-free, to the IRS. It's best to either hit it as close as possible or pay, assuming you can muster up cash when you need to.
One good feature of TurboTax is being able to choose when you file, after you've finished your return, so you can complete the return early and, if you're getting a refund, demand it fast or, if you're paying, wait a while and get some interest on your money before handing it over. We completed our return in February but did not release the funds until the first week in April.
re the DOW If it doesn't fall apart I made back yesterday 1/2 what I owe the IRS.
Well, dys. By all standards, I'm poor. <smile>
We're getting TurboTax, we take too much time doing it by hand.
Got a pretty nice return this year due to a full year of mortgage interest rather than half a year in 2004 -- the standard deduction and the itemized deduction were very close last year, this year the itemized way surpassed standard. That was cool.
I'm an other too because we got a refund from federal (not bad) and state (not much), but we had to pay the city income tax. Yeah, city. We didn't even learn that was required until like two days before the deadline last year (I'd never heard of a city income tax before). That one was super incredibly annoying and time-consuming. Grrr. (TurboTax probably won't help with that anyway, but if we use it for the rest we'll have more time and energy left for the stupidstupidstupid city taxes...)
Oof city taxes. That stinks on ice.
Hey, I'm with ya, Miss Letty, now that the IRS has almost as much from us as we pay for a month's worth o' mortgage. Feh.
I'll get a bit back from the state, but I owed four digits to the IRS. I don't like the idea of forced savings either so I underpay as much as possible to avoid an underpayment penalty and submit 10% of my federal liability on April 15th.
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