IRS - You owe or Refund?


Scott_Thomas

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Elite Member

nismos14

I'm movin on
Elite Member

Zgovitz

New Member
I ended up owing around $2400. Own my own little online business in retail and didn't pay taxes all year for it :/ I actually got very lucky, but with business you get A LOT of tax breaks.

I don't know about you guys, but this last year I did something a little different to help bring down the balance on my bike. I use a credit card for like EVERYTHING I purchase. Make sure it is a rewards card, I use BOA, and at the end of the year, i turn in my rewards to make a large payment on my bike. I think it was $1100 this past year. I got ripped off on my 6'er though from the dealer. First time I bought something from a dealer and they hid the fact they were charging me almost 3k in dealer fees very well. I am paying about $9700 for my bike.
 
I ended up owing around $2400. Own my own little online business in retail and didn't pay taxes all year for it :/ I actually got very lucky, but with business you get A LOT of tax breaks.

I don't know about you guys, but this last year I did something a little different to help bring down the balance on my bike. I use a credit card for like EVERYTHING I purchase. Make sure it is a rewards card, I use BOA, and at the end of the year, i turn in my rewards to make a large payment on my bike. I think it was $1100 this past year. I got ripped off on my 6'er though from the dealer. First time I bought something from a dealer and they hid the fact they were charging me almost 3k in dealer fees very well. I am paying about $9700 for my bike.
Don't worry, happens to us all at least once. I paid slightly less than that when I bought mine in July 13'
 

Blue-Sun

Elite Member

latony007

New Member
lucky guys!!! ive had had to pay back past few years and I claim single 0!!!!
JT, your like 25 man, WTF are you doing to have to owe 7k and claiming zero?? Are you in porn? Can you take me with you if you are? :)
I got almost 6 back from feds and almost 3 back from CA this year. I always claim single and zero, i know the government gets to keep and use my money for 9 months or a year but i dont care. My wife was out of work for about 6 months then 1099 the other 6 months paying no taxes so i thought i was going to get killed but she didnt make much so it didnt affect it. I like using it as a little savings account and i NEVER want to have to pay at tax time. This year i will use about 2k to pay off a bill, not the FZ6R interest is so low i never want to pay it off, another 1k will go towards upgrading my cruiser, maybe another 1k on a vacation and the other 5k will probably just go into savings for emergency use during the year, car/house repairs whatever.
 

dart1963

Super Moderator
Elite Member

Marthy

World Most Bad A$$ 6R
Elite Member

Cerebus

New Member
Refund coming, about $6k total. In theory I get the mindset of giving the gov a free loan with my money, but I'm horrible at saving. If it's in my paycheck, it gets spent on bills, with the remainder being wasted on toys, women, liquor, etc, etc. This way, at the beginning of the year, I get a nice chunk of change that I can do something with. Plan to put it toward a bathroom remodel this year.
 

Anthony

Fastest Member
Elite Member

Mguenther

New Member
I'm getting some back this year due to miscalculating on overtime and social security. I try to keep it close to zero because it is better to pay off or buy toys than let the government have it. When I was self employed I always waited until the last minute to file because it was money I could use for the business. It was possible to save 6 to 8 k on interest by paying in april rather than January.
 

JT

Monster Member
Elite Member

CrazyCawi

New Member
This year i will use about 2k to pay off a bill, not the FZ6R interest is so low i never want to pay it off, another 1k will go towards upgrading my cruiser, maybe another 1k on a vacation and the other 5k will probably just go into savings for emergency use during the year, car/house repairs whatever.
interesting math lolz
 


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