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Old 03-22-2007, 10:11 PM   #1
DrDRum
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Default Well oh ****...I get a tax return...

Yeah, that's right...its gonna' be another one of those threads.

Just got back from my accountant's place.
I get a return this year. First return I've gotten in 5 years . Last year...owed $4200...that hurt.

Now, its not so bad that I get a little return, and I don't mind the money...
But $6,250?!?!

Well, I guess I really f'd last year's withholding. I mean...not. even. freaking. close. :Picard:
I hope I can get in an open enrollment this year and reduce my withholding...


EDIT: We got $2600 back for the kid, alllllmost $1000 for my photography "business", and the rest was from a difference in withholding from last year.

DRum

Last edited by DrDRum; 03-23-2007 at 08:40 AM.
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Old 03-22-2007, 10:12 PM   #2
Joe Boxer
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Maybe you should keep the withholding, Justin. Sock the money away for BabyDRum...I mean, you guys got by without it.
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Old 03-22-2007, 10:15 PM   #3
DrDRum
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Quote:
Originally Posted by Joe Boxer View Post
Maybe you should keep the withholding, Justin. Sock the money away for BabyDRum...I mean, you guys got by without it.
Think of all the extra debt I can pay down with an extra $500 a month!
Well, can't complain too much...we close on the house April 30...so, this is welcome $$$.

And BabyDRum already has a healthy flow into his college fund.
Just don't want it to happen next year. *shrug*

DRum
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Old 03-22-2007, 10:13 PM   #4
555*
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Hold on and I'll PM the address to send the money too...
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Old 03-22-2007, 10:17 PM   #5
Joe Boxer
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I understand, DRum.

Wasnt aware of the debt...that is the best move for you guys.
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Old 03-22-2007, 10:20 PM   #6
DrDRum
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Tis why I prefer to owe.
I pay enough interest in debt (school debt, about 90% of it...the OXT being the last 10%).

I'll take all the interest free loans I can get *sigh*

DRum
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Old 03-22-2007, 11:00 PM   #7
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Where I work, you don't have to wait till open enrollment to change withholding. You could probably march down to HR with your w-4 tomorrow if you felt like it.

Of course, my financial planner is recommending that we take extra out .... damned marriage penalty + living in a freaking expensive state + having the drive to succeed. If we were single and living in sin, we would pay less taxes and have a hell of a return this year, my wife would probably get an even bigger return as a "single mother".

damn government grumble grumble time for another tea party
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Old 03-22-2007, 11:00 PM   #8
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just did mine the other day, after not getting anything taking out of the unemployment i figured i'd owe big, nope i'm getting back $58!!!!!!
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Old 03-22-2007, 11:05 PM   #9
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I know a great Charity for Multiple Sclerosis you can get rid of that dirty ol money to!
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Old 03-22-2007, 11:12 PM   #10
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I just did my taxes saturday night, I _OWE_ $6400. Not too happy about that. And thats with house deductions and everything.
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Old 03-22-2007, 11:12 PM   #11
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Tax withholdings in every company I've worked for was never during an enrollment period. It was anytime you felt like it. I mean if you got married, or had a kid, and had to wait 3 months for the next qtr, that wouldn't make sense.
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Old 03-23-2007, 08:36 AM   #12
DrDRum
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Originally Posted by Akirasoft View Post
I just did my taxes saturday night, I _OWE_ $6400. Not too happy about that. And thats with house deductions and everything.
S'Ok, man. I was there last year. So we went and declared Married "as single" for the first time this year. Sounds like you and I need to meet in the middle somehow


Quote:
Originally Posted by teiva-boy View Post
Tax withholdings in every company I've worked for was never during an enrollment period. It was anytime you felt like it. I mean if you got married, or had a kid, and had to wait 3 months for the next qtr, that wouldn't make sense.
I should pay them a phone call today then, thanks

DRum
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Old 03-23-2007, 08:40 AM   #13
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Yeah, anything to do with taxes and W4 are at any time. You can change it today by filling out a new W4.

--kC
(KC also believes in owing instead of getting back...)
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Old 03-23-2007, 08:41 AM   #14
DrDRum
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--kC
(KC also believes in owing instead of getting back...)
That's prefered, in my eyes.


DRum
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Old 03-23-2007, 09:09 AM   #15
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That's prefered, in my eyes.


DRum
I get pretty close to breaking even every year...this year I owed $26 in state taxes
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Old 03-23-2007, 09:17 AM   #16
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Quote:
Originally Posted by DrDRum View Post
EDIT: We got $2600 back for the kid, alllllmost $1000 for my photography "business", and the rest was from a difference in withholding from last year.

DRum
explain?

And I need to sit down and do mine... We aim for breaking even every year, but I'd like to know if I'm getting or giving that little bit this year as I'm trying to work out a budget for some new camera gear right now, and that little bit could make a difference in what I get....
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Old 03-23-2007, 09:39 AM   #17
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explain?

And I need to sit down and do mine... We aim for breaking even every year, but I'd like to know if I'm getting or giving that little bit this year as I'm trying to work out a budget for some new camera gear right now, and that little bit could make a difference in what I get....
The first question is “do you do your photography for profit”? Most photographers make some form of money from their freelance photography, in some way. That's all that's needed to establish a "for profit" business.

Well, I’ve made some money doing portraiture now, so I’m working for profit, with an assumed (though not defined) business plan. Some of those photos made it to the photo thread, and one was in a photoshop thread, if you recall. So expenses that go towards that business may be written off. Go to your local clerk (varies by state) to file a “Doing Business As”. Cost me $10, and I have it filed with my bank as a separate account for convenience (incl. tax recording puposes…I just save the statements for tax time), ect. JBRoose Photography .

I posted a loss this year…a significant one, actually, but that’s not a bad thing . I wrote off the RebXT, Canon PIXMA printer, bag/tripod/camera cards, lenses, computer upgrades for Photoshop CS2, photography books, proofbooks for clients, “cost of business” prints for clients, car milage to photoshoots and to clients homes…ect. I also sold a few photos from a trip I took, so I wrote off parts of the trip (I’ll actually be posting some of those pix in the photo thread this weekend). If you’d like, I can send you my spreadsheet of expenses, cashflows and milages…its at home. 

You’re allowed to post losses “question free” for 3 years, in establishing your business. Thereafter you may post losses with explaination, otherwise you may still post loses equal to your profits. This year, I’ll likely be picking up a stupio lighting setup (couple of umbrellas, light box, hotshoe transmitter), and a lens or two (perhaps a sigma 12-24 or canon 10-22, a 24-70 f/2.8…and maybe that 85mm portrait prime)…and the writeoff next year will defer a good chunk of that. I still suck at photography…but am getting better, and people want to buy my stuff *shrug* . It occurred to me halfway through last year…”I should start a business for a shelter”. My accountant has talked me through the basic of the rest.

But yeah, I set it up originally as a tax shelter when I started getting "very minimal" payments. In the long run though, this is all for the purpose of making more of a profit with this all.

There’s a big thread about businesses as tax shelters…lemme’ find it for you.
There’s more, but ask away, I’ll answer to the best of my ability

DRum
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Old 03-23-2007, 09:45 AM   #18
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Quote:
Originally Posted by DrDRum View Post
I also sold a few photos from a trip I took, so I wrote off parts of the trip (I’ll actually be posting some of those pix in the photo thread this weekend).
Who'd you sell them to?, and I want pics...

I'm working on figuring out a way to make money from our road trip this summer, so I'd love to know how/to who/why you sold yours....

Quote:
Originally Posted by DrDRum View Post
If you’d like, I can send you my spreadsheet of expenses, cashflows and milages…its at home. 
yes please (email in my profile is fine)

Quote:
Originally Posted by DrDRum View Post
But yeah, I set it up originally as a tax shelter when I started getting "very minimal" payments.
DRum
So would you say this just basically reduces the costs of equipment for you? IE you spent well over the $1000 you got back, it just takes the sting out of it for you? Also do you have to buy the gear in that tax year? I haven't bought much this (2006) year... But I'll at least track it for next year... Also it's probably too late to set any of this up for this year anyway right?

Worth looking into for next year though.

Thanks!
Ben
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Old 03-23-2007, 10:05 AM   #19
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awesome thanks!

I don't think I bought much in 2006, but I'll do this for 2007 for sure....
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Old 03-23-2007, 12:33 PM   #20
DrDRum
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Here's that thread on tax shelters. Its good stuff. The initial article is potentially misleading if you don't know your tax stuff from a business side, but OTters provide detail to correct and clarify on out.

http://forums.nasioc.com/forums/show...ht=tax+shelter

DRum
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Old 03-23-2007, 12:38 PM   #21
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damn it i still haven't done my tax return yet. time is running out!!
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Old 03-23-2007, 12:41 PM   #22
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Don't you end up paying penalties if you get back that much each year?

I know I owed an assload this year, and will owe more next year, so now I'm on the retarded schedule of pre-paying my '07 taxes at 4 intervals throughout the year.

I thought it works the same way if the IRS owes you a lot year after year.
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Old 03-23-2007, 12:43 PM   #23
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Quote:
Originally Posted by DrDRum View Post
Well, I guess I really f'd last year's withholding. I mean...not. even. freaking. close. :Picard:
I hope I can get in an open enrollment this year and reduce my withholding...
I thought you can change your withholding anytime you want.
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Old 03-23-2007, 02:23 PM   #24
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I thought you can change your withholding anytime you want.
correct. anytime.
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