I finished mine in record time this year: one day. I got the W-2's from my employer on Friday (weekends don't count) and did them today. Any horror stories? (To those who live outside the USA: Is this "filing for tax returns" an American phenomina, or is it pretty much universal to the human experience?) ~String
I used to file on my birthday, second week of January, after all the forms came in the mail. Took me about a half an hour - twice that if I had to itemize. Then came computers. Now I don't even get all the forms until February. And my government badgers me to file on the computer, which takes longer and costs more. On the other hand, it's less secure. I file on St Patrick's day now, after staying up all night drinking for St Urho's Day.
That's quite illegal, you know (unless they are postmarked in Jan). Less secure, how? I suppose you have (or know a slew of people who have) filed online and suffered for the endeavor? I use H&R Block's simple and cost-effective service online ($19.95), and get my money about five days later. Also, Ohio let's us file for free online, so there's no middleman. ~String
WORST time of the year for me. UGH! SOOOO complicated even the accountants hate it. Please Register or Log in to view the hidden image! But I usually wait until March 1 to start working on them...
A dear friend of mine (who's one of those ladies who's overcome every adversity in life: both parents dieing, homelessness as a teenager, drug abuse, etcetera, put herself through college) who's a CPA said that she's basically a slave from Jan 1st thru the end of April. ~String
I have a shoe box wrapped in tin foil with spongebob stickers on it. All year long I put paperwork (medical bills, work expenses, car registration costs, etc) in there. Our accountant says its the most organized and yet the oddest thing he gets all year. Please Register or Log in to view the hidden image!
Imagine having 62 of those. Please Register or Log in to view the hidden image! Please Register or Log in to view the hidden image!
I'll be doing mine next week once I get the last of my forms, can't wait for the returns. Please Register or Log in to view the hidden image!
tax time is great in australia, its when we get all our money that we have overpaid the goverment back. Out of intrest how are taxs colected in the US? does your employer take it out every pay and then you claim it back or do you PAY tax's at tax time?
Payroll. When one is hired at a job they can claim up to 12 deductions (the number of people they support). At the end of the year we have to claim "real" number of deductions (dependents). The advisable number of people that a single guy like myself claims up front is zero: this ensures that too much tax is taken out. Then when I file my taxes in January, I claim the one dependent that I can (myself) and I get that money back. A person can also ask the government to take out "extra" money to be sure they don't owe: I ask for $25 per paycheck, which increases my refund. Yeah, I don't earn interest, but when I get that two grand check back in February, it sure feels good. ~String
weird why would you need to do that? The only people i have ever herd needing to PAY tax are people paid fortnightly once every 8 years and people who are self employed. Everyone else gets taxed as if what they are paid this week is what they will be paid EVERY week so basically everyone ends up with a refund unless you get a salery Then there are the things you can deduct ect but its not that hard. would send you the link to the tax programe but if you dont have a TFN you cant get into it unforutunatly Its quite easy though
The employer withholds a certain percentage of your paycheck. They usually withhold too much, which means getting a refund when you file. In some cases they don't withhold enough, because of various reasons (there's a lot that gets factored into how much tax you have to pay). It's always a hassle for me because my permanent residence is in one state, but I'm going to school in another state. This means I have to file 3 times - federal, state, and other state. Each state taxes me on income I earned in the other state, and it all gets weird. Last year I ended up getting a $300 refund from Oregon, $40 from federal, but I owed $1 something to the state of NY (plus, I worked 3 jobs that year, so it was even more complicated).
wierd The tax system here works like this State tax comes from the GST and some other tax's like petrol tax and stamp duty which are paid on goods. Payrol tax is a tax on the amount of imployies you have and i think is another state tax Now for income tax its called PAYG here and is a fed tax so everyone in the country works off the same system Tax rates 2007-08 Taxable income Tax on this income $1 – $6,000 Nil $6,001 – $30,000 15c for each $1 over $6,000 $30,001 – $75,000 $3,600 plus 30c for each $1 over $30,000 $75,001 – $150,000 $17,100 plus 40c for each $1 over $75,000 $150,001 and over $47,100 plus 45c for each $1 over $150,000 oh then there is the 1.5% medicare levy This is all then calculated on a weekly basis and then the tax is taken out and sent to the goverment. This happens automatically The only reason people paid fortnighly have to PAY some tax is because there is an extra fortnight in the year once every 8 years (think its 8) Self employed people have to do the same for themselves so they pay tax but most people in the country wouldnt even be able to GIVE you the tax brackets except for the tax free threshold. After the start of july the companies you work for send you a group certificate telling the goverment what you have paid, you fill out all the things you can claim, your total tax is worked out on your yearly income rather than your weekly one and you get sent back the rest.
