Posted on 04/10/2015 5:23:07 PM PDT by Rio
Yep, over 1K and its a penalty. Also if you had no withholding and made no quarterly payments even if under 1K.
Most with higher incomes know deposit or investment is preferable to loaning it out interest free to the government.
So you get tax returns from a profitable llc. I don’t know where to start.
For a large percentage of people it is welfare. When you get back more than you pay it is no longer a refund..
Never, ever, ever, EVER allow witholdings to be more than what you will owe in taxes. That is YOUR MONEY. Make the government wait to get it... if you decide to file a return that is.
E-filed fed & Mass both on April 3. I think I read it takes a couple days for feds to process and “refunds are issued on Fridays”. Sure enough my bank acct (direct deposit) showed the refund came yesterday, April 10, while the Mass. one came the day before.
Filed early February, took about four weeks. State just received last week.
Mississippi has rumors that it may be a bit late and after 6 weeks, the tracking site tells me that "Your submission has been received and is under review - please wait 90 days to ..."
Correct but it's not much of a penalty. Also, I find it funny that people are talking about how much better off they are by earning interest by not overpaying.
Unless that money is in a high return investment of some sort, they're not making anything worth worrying about. What little one might make in a bank brings with it it's own additional tax.
If these were the days that banks were paying 7% then it might be something. But to be significant, that 7% would end up being more like 4% because the money saved would have to come from someone in a high tax bracket to begin with.
My $300 refund check came about 25 days after filing. Did not seem particularly late to me.
Most?
Perhaps. I can do calculus just fine. But tax math is beyond me. Each year I am surprised at the results one way or another. It's the unknowns like how well my wife's business will do that year or how well our investments do.
Buy-a-gun day. The first tax refund after I got married, my wife and I went to the gun store and bought his and hers pistols. “Baby Eagle” .45s
If I decide to file? Is that optional?
I get that refunds are bad as the govt has been using my money. But I hate writing checks to them.
It appears as though a lot of the tax “advice” here is like a lot of the computer advice. Disregard the occasional silliness on this thread.
Hmmm. Ok, I'll spell it out for you. The business allows you to itemize costs that can be attributable to the business. Don't do a business only for taxes, it must be profitable to you, the owner. But when you do taxes and include certain accommodating write-offs, along with your (or my) "big kid" job, I can lower my % taxes against total family revenue.
You must be hung up on the "tax return" verbiage. It was a bit of a slight at the government coined termed, "return". Or is it the "profitable" part? "Profitable" is relative to personal worth, not necessarily reported income for taxes. A new computer is worth something to me AND can be written off as a buesiness expense to lower the taxable income.
There, now do you know where to start? Did I assume too much intelligence when I posted my oritinal quip? Apologies.
Funny. Me too. I can do some relatively complicated math. We get some supplemental income from side businesses. I keep pretty good records on revenue and direct expenses per project. But at the end of the year, I spend some time in our office and garage going through receipts and seeing what else qualifies for the schedule C as overhead expenses. Tires or Mileage? Printer Ink? Computers? Work boots? Jackets? Tools? etc. It starts to add up and when you can adjust to a new, lower bracket.... BONUS!!!
I know, right? I recently posted on a thread where folks were looking for advice on upgrading windows. I just had a couple of leaky windows replaced in my home. So I thought I had something to contribute. Then FReepers admonished me for not knowing anything about computers. What do computers have to do with home improvement? I mean... REALLY?
“What do computers have to do with home improvement?”
Everything. Install linux instead of Windows.
We submitted our taxes and they were rejected for an invalid 1099-R. We don’t have rental property.
Who said anything about having a business just for taxes? Not me. The only costs I expense through my businesses, are attributable to that business. And who said my businesses weren't profitable? Not me. That was you that said that, ye who knows nothing about my businesses. I make a profit on two of them and the third is a start-up cattle business, where expenses are heavy on the front-end but revenue comes slow until you can grow the herd large enough to start taking some of them to market to make a buck.
And I have no idea what a "big kid" job is because I don't have one. Apparently you do because you admit to it.
Now, do you know where I'm coming from? If it went right over your head, like it appears to have done, I offer absolutely no apologies to arrogant know-it-alls who think they know more about how to run other people's businesses and do their taxes. I have run two of my businesses for 20 years now and one for 5 years. I've done my own taxes since I was in high school and made my first buck at a summer job. I have done just fine without your advice. I just don't know how I have gotten along without you all these years.
Thanks for the display of asshattery in your response too.
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