Welcome to the North American Subaru Impreza Owners Club Tuesday March 19, 2024
Home Forums Images WikiNASIOC Products Store Modifications Upgrade Garage
NASIOC
Go Back   NASIOC > NASIOC Miscellaneous > Off-Topic

Welcome to NASIOC - The world's largest online community for Subaru enthusiasts!
Welcome to the NASIOC.com Subaru forum.

You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, free of charge, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join our community today!

If you have any problems with the registration process or your account login, please contact us.







* As an Amazon Associate I earn from qualifying purchases. 
* Registered users of the site do not see these ads. 
Reply
 
Thread Tools Display Modes
Old 03-22-2007, 10:11 PM   #1
DrDRum
Scooby Newbie
 
Member#: 41589
Join Date: Aug 2003
Chapter/Region: MWSOC
Location: Restless Genital Syndrome
Vehicle:
Suff erer Club
Founder (RGSSC)

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
* Registered users of the site do not see these ads.

Last edited by DrDRum; 03-23-2007 at 08:40 AM.
DrDRum is offline   Reply With Quote
Sponsored Links
* Registered users of the site do not see these ads.
Old 03-22-2007, 10:12 PM   #2
Joe Boxer
Scooby Newbie
 
Member#: 63119
Join Date: Jun 2004
Chapter/Region: International
Vehicle:
22 AEV PXL
Blanco

Default

Maybe you should keep the withholding, Justin. Sock the money away for BabyDRum...I mean, you guys got by without it.
Joe Boxer is offline   Reply With Quote
Old 03-22-2007, 10:13 PM   #3
555*
Scooby Specialist
 
Member#: 82744
Join Date: Mar 2005
Chapter/Region: South East
Location: Panama City, FL
Vehicle:
2003 WRX
WRB

Default

Hold on and I'll PM the address to send the money too...
555* is offline   Reply With Quote
Old 03-22-2007, 10:15 PM   #4
DrDRum
Scooby Newbie
 
Member#: 41589
Join Date: Aug 2003
Chapter/Region: MWSOC
Location: Restless Genital Syndrome
Vehicle:
Suff erer Club
Founder (RGSSC)

Default

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
DrDRum is offline   Reply With Quote
Old 03-22-2007, 10:17 PM   #5
Joe Boxer
Scooby Newbie
 
Member#: 63119
Join Date: Jun 2004
Chapter/Region: International
Vehicle:
22 AEV PXL
Blanco

Default

I understand, DRum.

Wasnt aware of the debt...that is the best move for you guys.
Joe Boxer is offline   Reply With Quote
Old 03-22-2007, 10:20 PM   #6
DrDRum
Scooby Newbie
 
Member#: 41589
Join Date: Aug 2003
Chapter/Region: MWSOC
Location: Restless Genital Syndrome
Vehicle:
Suff erer Club
Founder (RGSSC)

Default

Tis why I prefer to owe.
I pay enough interest in debt (school debt, about 90***37; of it...the OXT being the last 10%).

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

DRum
DrDRum is offline   Reply With Quote
Old 03-22-2007, 11:00 PM   #7
jasonallenross
Scooby Specialist
 
Member#: 125978
Join Date: Sep 2006
Chapter/Region: NESIC
Location: Shrewsbury, MA
Vehicle:
2002 WRX Wagon
Silver

Default

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
jasonallenross is offline   Reply With Quote
Old 03-22-2007, 11:00 PM   #8
Jtree
Scooby Specialist
 
Member#: 84697
Join Date: Apr 2005
Chapter/Region: NESIC
Location: western massachusetts
Vehicle:
2003 Camry...
greenish

Default

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!!!!!!
Jtree is offline   Reply With Quote
Old 03-22-2007, 11:05 PM   #9
Nightwing
Scooby Newbie
 
Member#: 45007
Join Date: Oct 2003
Chapter/Region: South East
Location: Jefferson City, TN
Vehicle:
2010 Forester 2.5 S
White

Default

I know a great Charity for Multiple Sclerosis you can get rid of that dirty ol money to!
Nightwing is offline   Reply With Quote
Old 03-22-2007, 11:12 PM   #10
Akirasoft
Scooby Guru
 
Member#: 2973
Join Date: Nov 2000
Chapter/Region: MWSOC
Location: Inverness, IL
Vehicle:
2018 Camaro ZL1 1LE
Red

Default

I just did my taxes saturday night, I _OWE_ $6400. Not too happy about that. And thats with house deductions and everything.
Akirasoft is offline   Reply With Quote
Old 03-22-2007, 11:12 PM   #11
teiva-boy
Scooby Guru
 
Member#: 22825
Join Date: Aug 2002
Chapter/Region: NWIC
Location: Seattle, WA
Default

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.
teiva-boy is offline   Reply With Quote
Old 03-23-2007, 08:36 AM   #12
DrDRum
Scooby Newbie
 
Member#: 41589
Join Date: Aug 2003
Chapter/Region: MWSOC
Location: Restless Genital Syndrome
Vehicle:
Suff erer Club
Founder (RGSSC)

Default

Quote:
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
DrDRum is offline   Reply With Quote
Old 03-23-2007, 08:40 AM   #13
KC
Scooby Guru
 
Member#: 442
Join Date: Oct 1999
Chapter/Region: NESIC
Location: RI/SE Mass
Vehicle:
17 Imp Spurt
00 S2k

Default

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...)
KC is offline   Reply With Quote
Old 03-23-2007, 08:41 AM   #14
DrDRum
Scooby Newbie
 
Member#: 41589
Join Date: Aug 2003
Chapter/Region: MWSOC
Location: Restless Genital Syndrome
Vehicle:
Suff erer Club
Founder (RGSSC)

Default

Quote:
Originally Posted by KC View Post
--kC
(KC also believes in owing instead of getting back...)
That's prefered, in my eyes.


DRum
DrDRum is offline   Reply With Quote
Old 03-23-2007, 09:09 AM   #15
VengeanceRider
Scooby Newbie
 
Member#: 107946
Join Date: Feb 2006
Chapter/Region: NESIC
Location: Massachusetts
Default

Quote:
Originally Posted by DrDRum View Post
That's prefered, in my eyes.


DRum
I get pretty close to breaking even every year...this year I owed $26 in state taxes
VengeanceRider is offline   Reply With Quote
Old 03-23-2007, 09:17 AM   #16
jacobsen1_
Scooby Specialist
 
Member#: 34474
Join Date: Mar 2003
Chapter/Region: NESIC
Location: N. Kingstown RI
Vehicle:
2oo4 WRX PSM Sedan
2oo3 MINI cooper RED/WHT

Default

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....
jacobsen1_ is offline   Reply With Quote
Old 03-23-2007, 09:39 AM   #17
DrDRum
Scooby Newbie
 
Member#: 41589
Join Date: Aug 2003
Chapter/Region: MWSOC
Location: Restless Genital Syndrome
Vehicle:
Suff erer Club
Founder (RGSSC)

Default

Quote:
Originally Posted by jacobsen1 View Post
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***8230;I just save the statements for tax time), ect. JBRoose Photography .

I posted a loss this year***8230;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***8230;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***8230;its at home. ***61514;

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***8230;and maybe that 85mm portrait prime)***8230;and the writeoff next year will defer a good chunk of that. I still suck at photography***8230;but am getting better, and people want to buy my stuff *shrug* . It occurred to me halfway through last year***8230;"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***8230;lemme' find it for you.
There's more, but ask away, I'll answer to the best of my ability

DRum
DrDRum is offline   Reply With Quote
Old 03-23-2007, 09:45 AM   #18
jacobsen1_
Scooby Specialist
 
Member#: 34474
Join Date: Mar 2003
Chapter/Region: NESIC
Location: N. Kingstown RI
Vehicle:
2oo4 WRX PSM Sedan
2oo3 MINI cooper RED/WHT

Default

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. ***61514;
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
jacobsen1_ is offline   Reply With Quote
Old 03-23-2007, 10:02 AM   #19
DrDRum
Scooby Newbie
 
Member#: 41589
Join Date: Aug 2003
Chapter/Region: MWSOC
Location: Restless Genital Syndrome
Vehicle:
Suff erer Club
Founder (RGSSC)

Default

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....


You're welcome to anything I have...you've been a tremendous help!

We took some lanscape shots in florida that turned out good, and a few friends and family bought some (at my priting cost through the lab). I've also done a few portrature gigs (that gal's senior pic for one, some christmas photos, family photos)

The key is that you're establishing(ed) a business, for profit.
IIRC, you don't NEED to have your "doing business as" (DBA), but its very benificial to have it. Plus, its so cheap, why not? You can file this year if you choose to...I don't think you "need" the DBA.


yes please (email in my profile is fine)
I will remember to do this over the weekend. Remind me if I forget though



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?
That's what it was this year. I mean, you write off whatever you can on your taxes for the writeoff, right? This was for my business. When you post a loss, the loss reduces your taxable income directly off of the bottom line, so you end up having less taxable income, and less taxes that need to be paid...as a result, larger refund. Anything that is reasonalby used in the process of your business. For example, I've bought paper, vinyl and fabric for back drops and props...I write off those expenses, and the milage to get to the fabric store. I write off milage to go to the clients house to drop off proofbooks or prints. Its all game. My total loses (including milage) were $3,2xx.xx. Income was close to $400 (mostly from portraiture).

You use a website to display your stuff...write off the site and bandwidth. New lens for landscapes, write it off. New body with better high-ISO capabilities for wedding or low-light portraiture, write it off. AS long as the expense is reasonable in the usage for the business, its a legal writeoff.

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. [/i]
Jan1'06 - Dec31'06. If you're starting this year, just start saving receipts.
It may also be strategic on when you start, as you have 3 years before you "need to make" profit.

I have a meeting that I'm late to...but I'll find that thread when I get back.

Thanks!


Ben[/quote]


No prob
DRum
DrDRum is offline   Reply With Quote
Old 03-23-2007, 10:05 AM   #20
jacobsen1_
Scooby Specialist
 
Member#: 34474
Join Date: Mar 2003
Chapter/Region: NESIC
Location: N. Kingstown RI
Vehicle:
2oo4 WRX PSM Sedan
2oo3 MINI cooper RED/WHT

Default

awesome thanks!

I don't think I bought much in 2006, but I'll do this for 2007 for sure....
jacobsen1_ is offline   Reply With Quote
Old 03-23-2007, 12:33 PM   #21
DrDRum
Scooby Newbie
 
Member#: 41589
Join Date: Aug 2003
Chapter/Region: MWSOC
Location: Restless Genital Syndrome
Vehicle:
Suff erer Club
Founder (RGSSC)

Default

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
DrDRum is offline   Reply With Quote
Old 03-23-2007, 12:38 PM   #22
NDMac
Scooby Newbie
 
Member#: 41011
Join Date: Aug 2003
Chapter/Region: MAIC
Vehicle:
2004 WRX STi (RIP)
WRB/Gold

Default

damn it i still haven't done my tax return yet. time is running out!!
NDMac is offline   Reply With Quote
Old 03-23-2007, 12:41 PM   #23
sperry
Scooby Specialist
 
Member#: 8636
Join Date: Jul 2001
Chapter/Region: BAIC
Location: Portland, OR
Vehicle:
OBXT 987S Miata F250
no more SVX or WRX :(

Default

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.
sperry is offline   Reply With Quote
Old 03-23-2007, 12:43 PM   #24
Harv_
Scooby Newbie
 
Member#: 99044
Join Date: Oct 2005
Chapter/Region: NESIC
Location: www.cantgetworse.com
Vehicle:
97 BMW 540i
90 Miata, 94 325ic

Default

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.
Harv_ is offline   Reply With Quote
Old 03-23-2007, 02:23 PM   #25
NDMac
Scooby Newbie
 
Member#: 41011
Join Date: Aug 2003
Chapter/Region: MAIC
Vehicle:
2004 WRX STi (RIP)
WRB/Gold

Default

Quote:
Originally Posted by Harv View Post
I thought you can change your withholding anytime you want.
correct. anytime.
NDMac is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
I was going to get ___ w/ my tax return but I've HAVE to get ___. smurfwrx Off-Topic 83 02-24-2009 11:47 AM
Oh, Happy day! TAX Returns! djerickd Off-Topic 19 02-23-2007 12:35 PM
Who's stoked about getting a tax return in '06? boosted84wagonmonster Off-Topic 45 12-28-2005 02:14 PM
Oh Tax Return oh Tax Return... Oh Canada Off-Topic 2 02-05-2005 06:21 AM
How much extra will I get on my tax return if I donate a car? Space Boy Matt Off-Topic 6 12-17-2003 06:05 PM

All times are GMT -4. The time now is 04:29 AM.


Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Powered by Searchlight © 2024 Axivo Inc.
Copyright ©1999 - 2019, North American Subaru Impreza Owners Club, Inc.

As an Amazon Associate I earn from qualifying purchases.

When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission
Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.