Tax Refund

[outside looking in]

I'm thinking about buying a house.

With your tax refund?

btw, had to double check there to make sure that was actually you, where's the four other paragraphs describing the house?

lol, on both counts. No, the refund would be used for a downpayment, and I'd have a mortgage like all other normal Americans. If I could buy a house with just my tax refund, let alone what I paid in taxes... well, OTC wouldn't have any more funding problems!

 

[greenfreak]

Flavio, I enjoy your posts immensely.

Me too!!!

greenie, are you all squared away with the 1099 thing? Rusty may be allowed more or different deductions from the income declared in the 1099. I couldn't really give you too much advice. We have an accountant. He's a crook, he hates the irs...we like him alot

Yea, I think for me, I'll just do my own like I normally do but for him, we'll be taking a trip to the tax guy again. We went a few years back to this guy who was good. I think we'll need to do some deductions (travel, etc.) in order to offset the amount we'll probably wind up paying.

I just think that this place is playing with numbers to their liking as far as what actually goes on a 1099 and what doesn't. And of course, Rusty has no proof.

 

[dan]

is it normal to get a tax refund?

don't think i've ever heard of someone getting refunded tax before...

seems like a strange way of saving to me

and isn't there something broken about a system that can't get it right the first time??

 

[Q]

and isn't there something broken about a system that can't get it right the first time??

Yeah, but the last time we did anything constructive about it was when we tossed the tea in the harbor

 

[HomeLAN]

Ack!! There are enough threads about Jerrek. Take it outside people!

Q, can I ask you a question about 10-99's if you don't mind? I'm assuming that since Rusty got all that money tax-free that he's going to have to pay taxes on them now that it's tax time. Is all your income on a 10-99 and not W-2? Do you have to pay every year? (if I'm being too personal, just tell me, that's cool. )

Watch out for this!

#1 - Have you got all RUsty's stubs? Go through 'em and make sure the totals match.

#2 - In most cases, not only will you owe income tax on the 1099 stuff, but you also owe both employee AND employer portions of social security and medicaire taxes. That's right, kids, an additional 15.3%.

Go see a pro. Pay his fee, and call it audit insurance.

 

[Gonz]

Got married and suddenly we have this check coming every year.

How the hell did you pull that off? We got married & ended up owing every year until she became a full time mom & quit working outside the home.

I was debt free once, about 5 years ago. It feels great. Not any longer though.

 

[HomeLAN]

He probably has only one income. If you both work, you're hosed.