Dallas Fort Worth 5.0 Mustang Club

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-   -   I Heart Turbo Tax (http://www.dfw50s.com/showthread.php?t=3562)

Dominic Toretto 02-07-2014 08:17 PM

Quote:

Originally Posted by re-rx7 (Post 63692)
wAIT...yall get money back?!!

Every year since 2001.

-Alex

Dan12GT 02-07-2014 11:52 PM

Quote:

Originally Posted by re-rx7 (Post 63692)
wAIT...yall get money back?!!

I usually get quite a bit back. I file married with single tax %s, or what ever its called. I got almost $8k back last year but my wife and I use that to pay her taxes as she is self employed. That $8k turned into $20 :(

The things I could have done to the Mustang....:(

re-rx7 02-08-2014 12:36 AM

Man I gta have a kid or make less

Dominic Toretto 02-08-2014 10:51 AM

Quote:

Originally Posted by re-rx7 (Post 63779)
Man I gta have a kid or make less

What does the amount of your income have to do with it? No matter how much I make, I ALWAYS get a return. Or maybe you are doing like a lot of people at my job and just not having taxes taken out during the year, so they end up owing.

Either way, the more I make, the LARGER my return has been.

-Alex

re-rx7 02-08-2014 11:15 AM

No my taxes are taken out through the year. I always owe Oklahoma monies.

Dan12GT 02-08-2014 11:26 AM

Depends on your occupation too. Take my brother for example who makes 60% of what he makes from commission. That is a very hard thing to take steady taxes payments out pay check to pay check. So he is only taxed on 40% of what he makes. He ends up owing a lot at the end of the year because 60% of his earning went un-taxed.

Its best to try and establish a baseline so when your taxes are paid on a pay check to paycheck basis you are caught up come the end of the year, or have over paid a bit.

People sometimes don't like to over pay and want the absolute minimum withholding. Which inst a bad way to go about it just don't expect as much or any money back when other people who have had more of a % withheld throughout the year from their earnings.

It works for me to do maximum withholding to use that cash for the other taxes my wife and I have to take care of.


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