Tax time! Paying or over paid

Posted:
in General Discussion edited January 2014
I'm doing my taxes. I bought a house in 2004, had a kid and all that great stuff that's supposed to make you adjusted income go down. Because I bought late in 2004 I'm still using the standard deduction.



But still I over paid. I'm planning on using the money to get cheap motorcycle or scooter of some kind to get around town.



So? Paying or over paid?

Comments

  • Reply 1 of 12
    sunilramansunilraman Posts: 8,133member
    Quote:

    Originally posted by Scott

    I'm doing my taxes. I bought a house in 2004, had a kid and all that great stuff that's supposed to make you adjusted income go down. Because I bought late in 2004 I'm still using the standard deduction.



    But still I over paid. I'm planning on using the money to get cheap motorcycle or scooter of some kind to get around town.



    So? Paying or over paid?




    because i was doing freelance work (australian financial year is july 2004 to june 2005), taxes must be filed by october i had my taxes withheld by the multimedia agency i was contracting through... i was getting like $40+/hour, so my weekly billings were had tax witheld of up to 45% - i kid you not....



    anyway since this year i have been a bit of a bum and not working, now living with my parents... so if my calculations are right, the aussie government will deposit a nice amount of $2000 or so which is my refund due...!!



    i need it to pay off about $5000 i owe in credit card debt \ which my parents are helping me slowly pay off
  • Reply 2 of 12
    umm... I make so little money that I am not taxable...
  • Reply 3 of 12
    corvettecorvette Posts: 561member
    I'm an 18 year old student at university and I must pay as a result of my earnings. Gotta love the state of Taxachusetts.
  • Reply 4 of 12
    ipodandimacipodandimac Posts: 3,273member
    i make too much money between my own business, stocks, and regular work. fortunately i could depreciate my G5 so i didn't have to pay much.
  • Reply 5 of 12
    sunilramansunilraman Posts: 8,133member
    Quote:

    Originally posted by ipodandimac

    i make too much money between my own business, stocks, and regular work. fortunately i could depreciate my G5 so i didn't have to pay much.



    dude what is your depreciation rate your using on the G5? for mine i am limited by the good folks at the australian tax office



    something like 20% per year max on computer equipment



    for business use though in australia you don't pay sales tax on business equipment



    good to hear you're financially sound
  • Reply 6 of 12
    sunilramansunilraman Posts: 8,133member
    Quote:

    Originally posted by Scott

    ....had a kid and all that great stuff that's supposed to make you adjusted income go down. ....



    i hope that's not the only reason you had a kid
  • Reply 7 of 12
    omegaomega Posts: 427member
    Quote:

    Originally posted by sunilraman

    dude what is your depreciation rate your using on the G5? for mine i am limited by the good folks at the australian tax office



    48% for the first year where I live
  • Reply 8 of 12
    sunilramansunilraman Posts: 8,133member
    Quote:

    Originally posted by Omega

    48% for the first year where I live



    g'damn it *shakes fist* you b*st*rd!!!!111!!!







    if i had depreciated my g5 in the first year by 48% i'll be so so so clearly asking for an audit.... *continues shaking fist*
  • Reply 9 of 12
    omegaomega Posts: 427member
    I actually only depreciated it by 33% from memory - went for straight line not diminishing value. I have a small business so this made a large difference on my tax return and I felt it was better to throw the dog a bone than to get a refund.



  • Reply 10 of 12
    ipodandimacipodandimac Posts: 3,273member
    for some reason, 2004 had an accelerated depreciation schedule for computers. which is why 48% is a reasonable number.
  • Reply 11 of 12
    buonrottobuonrotto Posts: 6,368member
    Feds giving me a little (not nearly as much as other years). NJ giving a little (but more than other years). NC is nickel and diming me (we'll see how this goes).
  • Reply 12 of 12
    gene cleangene clean Posts: 3,481member
    I got about $1,500. Not much, but better than nothing.
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