Shauna Posted February 16, 2012 Share Posted February 16, 2012 Yay! Finished filing federal taxes (no state here!) and local business taxes. Not bad. Love all those deductions for the business. With our refund, we are going to be buying as many machines as possible to continue to expand our business. This is an exciting time for us. What are you doing with your refund? Link to comment Share on other sites More sharing options...
AngryChris Posted February 16, 2012 Share Posted February 16, 2012 I'm glad to hear it. At this point in time, I feel as if my business isn't doing so well... but when I step back for a second and think, I realize it's because I have no other income but my business profits and I am spending all of those profits to pay my personal expenses! No wonder! I plan on taking my refund and preparing to expand as well. Good luck with your choices! Link to comment Share on other sites More sharing options...
mission vending Posted February 16, 2012 Share Posted February 16, 2012 Yay! Finished filing federal taxes (no state here!) and local business taxes. Not bad. Love all those deductions for the business. With our refund, we are going to be buying as many machines as possible to continue to expand our business. This is an exciting time for us. What are you doing with your refund? What's a refund? Link to comment Share on other sites More sharing options...
Shauna Posted February 16, 2012 Author Share Posted February 16, 2012 What's a refund? Haha. I know. I would love to find that happy medium where I don't loan the federal government my money interest free and I don't have to pay them any extra. Link to comment Share on other sites More sharing options...
lurtsman Posted February 16, 2012 Share Posted February 16, 2012 I wouldn't mind getting it back after such a long loan if I didn't have educational loans waiting to be paid off where I was having to pay interest...with after tax money no less. (Interest exceeds the cap for write offs of educational loan interest, and if your loan is in forebearance you don't get the write off unless you pay the interest in the year it accrues.) I haven't even started mine yet. I'm putting in 72 hours this week so I can make headwork on all the problems facing me. I'm hoping for a refund of a couple grand though, and I'll put it towards the downpayment on a house. These federally subsidized interest rates combined with depressed prices from the foreclosure fall out following CRA abuse is too much to pass up. Unless I hear they are taking away the mortgage interest deduction (I'll still standardize because it's more effective if you have a low balance and low interest rate--unless you give huge amounts to charity). If they take away the mortgage interest deduction housing prices will drop further--but the government is determined to prevent that and the deduction is popular so touching it is like aids to a politician. Can you imagine a politician suggesting it if it didn't already exist? Lets make mortgage interest a deduction, but people who are renting get nothing! It's the very definition of a loophole that people rage against until they realize it's one of the ones they like. I guess that was the long way of saying, "I'll buy a house with mine". Link to comment Share on other sites More sharing options...
AngryChris Posted February 16, 2012 Share Posted February 16, 2012 What's a refund? I generally get a refund due to my seasonal job. My taxes are taken out based off of my pay check yet I only work about 32 weeks out of the year. I am one of those guys that would rather no one have refunds but the beneficial part is that it's out-of-sight and out-of-mind until I get it back! I've tried saving money in my savings account before and I ended up investing all of it into my business. My problem is that I am a little too frugal to save money to spend on myself! So when I get my refund check, I will probably invest 50% of it, save 25% of it, and spend the other 25% and spoil myself. Note: spoiling myself usually involves investing more money. Link to comment Share on other sites More sharing options...
dogcow Posted February 17, 2012 Share Posted February 17, 2012 My old tax guy was known as the magician cause he could make 1099 tax liability disspear. His philosohy was it costs $x to open an investifation so unless you owe that in tax and penalty they ont bother you. Who knows if its true prob not lol He once told me if u get regular income max out ur withholding then file extensions for just under 3yrs then file U get the $ back plus 15% interest..cant beatthat for a risk free return this guy was shady as they come so take the advice at ur own risk lol Link to comment Share on other sites More sharing options...
Shauna Posted February 17, 2012 Author Share Posted February 17, 2012 I think I'll try to stay as honest as possible. Really don't want the hassle of an audit. Not that the two are mutually exclusive. Link to comment Share on other sites More sharing options...
treadmill Posted February 17, 2012 Share Posted February 17, 2012 Since my main job is driving for a living I am set up as a S corp and enjoy all of it's benefits. I usually file before Jan. 15 of every year. I don't usually get a refund since I pay quarterly est. taxes. Last year was the first time I got a refund in many many moons. I spent that on some of my current equipment and put the rest toward 2012 taxes. Link to comment Share on other sites More sharing options...
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