Taxes

  • You are viewing Orangepower as a Guest. To start new threads, reply to posts, or participate in polls or contests - you must register. Registration is free and easy. Click Here to register.
Nov 8, 2007
3,326
1,128
1,743
Bartlesville
#61
Federal return: went up (actual dollar amount was the same, but didn't have daycare to write off this year...so I count that as going up)
State: owed about 75% less than last year (sent more to them throughout the year)

Overall, I count my tax situation as a win.
 
Jul 7, 2004
4,293
2,789
1,743
#63
https://twitter.com/Speciale3886/status/1089627517772881925?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1089627517772881925&ref_url=http%3A%2F%2Fwww.city-data.com%2Fforum%2Fpolitics-other-controversies%2F3013738-i-trusted-you-trump-voters-seethe.html

Refunds have no bearing on amount of tax you pay for the year. Townie do you understand that refunds are simply returning the amount you have overpaid during the year?
 

steross

Bookface/Instagran legend
A/V Subscriber
Mar 31, 2004
27,393
32,368
1,743
oklahoma city
#66
Refunds have no bearing on amount of tax you pay for the year. Townie do you understand that refunds are simply returning the amount you have overpaid during the year?
It is amazing how many people either don't understand this or chose to act like the refund is what matters.

I wish they would get rid of income withholding. Everyone should have to either write a check or go online quarterly and pay their tax actively. Then people would have a better understanding of what they are paying and what they are getting back.
 
Jul 20, 2018
585
165
43
Oklahoma City
#67
Well, by persistently voting in people who spend money on us, lower our taxes, and shuttle the problem on to the future citizen, we are definitely playing the game to benefit ourselves.

Haha, you suckers who do not yet have the right to vote, jokes on you!
I believe in lower taxes AND lower spending and try to vote accordingly for people who share those same principles. But in the end it is what it is and you're a sucker if you don't game the system to your advantage.
 

Jonkr06

Territorial Marshal
Aug 18, 2007
7,380
2,974
1,743
Katy, TX
#68
Refunds have no bearing on amount of tax you pay for the year. Townie do you understand that refunds are simply returning the amount you have overpaid during the year?
It is amazing how many people either don't understand this or chose to act like the refund is what matters.

I wish they would get rid of income withholding. Everyone should have to either write a check or go online quarterly and pay their tax actively. Then people would have a better understanding of what they are paying and what they are getting back.
It's equivalent to someone going in to buy a car and they negotiate based on monthly payment only. Can't see the forest for the trees.
 
Jul 15, 2010
2,605
5,837
743
Dallas and Istanbul
#69
From IBD:
There are additional changes. The personal exemption has been killed. In its place, the standard deduction rises to $12,000 for single filers, to $18,000 for heads of household and to $24,000 for joint filers.
Those are up from $6,500, $9,550 and $13,000 respectively under the old law.
TAXBRACKETS-2-Single-122617.png
TAXBRACKETS-2-Married-122617.png
 

RxCowboy

Has no Rx for his orange obsession.
A/V Subscriber
Nov 8, 2004
71,490
50,713
1,743
Wishing I was in Stillwater
#72
I wish they would get rid of income withholding. Everyone should have to either write a check or go online quarterly and pay their tax actively. Then people would have a better understanding of what they are paying and what they are getting back.
I've been saying this for years. People would demand: 1) real tax reform, and 2) stop throwing money away on useless bullspit.
 

Jonkr06

Territorial Marshal
Aug 18, 2007
7,380
2,974
1,743
Katy, TX
#73
I wish they would get rid of income withholding. Everyone should have to either write a check or go online quarterly and pay their tax actively. Then people would have a better understanding of what they are paying and what they are getting back.
I've been saying this for years. People would demand: 1) real tax reform, and 2) stop throwing money away on useless bullspit.
Which is exactly why it will never happen.
 

Jostate

CPTNQUIRK called me a greenhorn
A/V Subscriber
Jun 24, 2005
18,914
13,953
1,743
#74
Well, by persistently voting in people who spend money on us, lower our taxes, and shuttle the problem on to the future citizen, we are definitely playing the game to benefit ourselves.

Haha, you suckers who do not yet have the right to vote, jokes on you!
This is clearly a bipartisan issue as both sides have been guilty.

My age old debate, do I vote for the party that states they intend to grow government and increase either taxes or debt, or do I vote for the one that says they will cut government but lies.
 

wrenhal

Territorial Marshal
Aug 11, 2011
8,481
3,880
743
49
#75
Refunds have no bearing on amount of tax you pay for the year. Townie do you understand that refunds are simply returning the amount you have overpaid during the year?
It is amazing how many people either don't understand this or chose to act like the refund is what matters.

I wish they would get rid of income withholding. Everyone should have to either write a check or go online quarterly and pay their tax actively. Then people would have a better understanding of what they are paying and what they are getting back.
Fair Tax. Collect at the register and no need to mess with all this stuff.

Sent from my KIW-L24 using Tapatalk
 
Jul 20, 2018
585
165
43
Oklahoma City
#76
I've been saying this for years. People would demand: 1) real tax reform, and 2) stop throwing money away on useless bullspit.
And many would owe the government more money than they could come up with come April 15th.

I was self employed for over 30 years and had to pay quarterly tax estimates. I messed it up just once, the first time back in 1981, where I had a $13,000 tax bill at the end of the year because I didn't make any quarterly estimate payments. Fortunately I had the money to pay the bill that came due and learned from my mistake, but I can think of dozens of people in the same business who spent it as they got it, paid no quarterly taxes and owed money they didn't have at the end of the year. Many never adapted to paying quarterly taxes and live under a mountain of I.R.S. debt now.

Making people pay as you go is a good idea in theory to let them realize where their money goes, but in actual practice would cause more problems than it solved. IMO Too many people are "children" who can't handle their own affairs, financial or otherwise. Maybe that's why socialism is trending upward these days........ too many people can't, won't or just don't want to manage their own lives.
 
Feb 11, 2007
4,233
1,914
1,743
Oklahoma City
#77
It is amazing how many people either don't understand this or chose to act like the refund is what matters.

I wish they would get rid of income withholding. Everyone should have to either write a check or go online quarterly and pay their tax actively. Then people would have a better understanding of what they are paying and what they are getting back.
Steross...I agree and tried to promote this idea myself. If there were no withholding then people would begin to understand how much tax they are paying. Secondly I would like the government to send us a report yearly telling us how much tax we paid and how each dollar was used to fund each part of the government. That way people would begin to ask their representatives serious questions about each individual item.
 
Jul 20, 2018
1,547
239
193
77539
#78
Fair Tax. Collect at the register and no need to mess with all this stuff.

Sent from my KIW-L24 using Tapatalk

I agree. Plus, combine the consumption tax with a balanced budget amendment that changed the sales tax on a quarterly basis depending on how much the government was spending. People would start voting for small government.
 

wrenhal

Territorial Marshal
Aug 11, 2011
8,481
3,880
743
49
#79
If the creator of that meme believes that all 23 of those children are going to be tax deductions on that person's taxes then they are sorely wrong because there's a limit to the number of kids that you can get your child tax credit off of. I wanna say it's capped at 5.

Sent from my KIW-L24 using Tapatalk
 

steross

Bookface/Instagran legend
A/V Subscriber
Mar 31, 2004
27,393
32,368
1,743
oklahoma city
#80
And many would owe the government more money than they could come up with come April 15th.

I was self employed for over 30 years and had to pay quarterly tax estimates. I messed it up just once, the first time back in 1981, where I had a $13,000 tax bill at the end of the year because I didn't make any quarterly estimate payments. Fortunately I had the money to pay the bill that came due and learned from my mistake, but I can think of dozens of people in the same business who spent it as they got it, paid no quarterly taxes and owed money they didn't have at the end of the year. Many never adapted to paying quarterly taxes and live under a mountain of I.R.S. debt now.

Making people pay as you go is a good idea in theory to let them realize where their money goes, but in actual practice would cause more problems than it solved. IMO Too many people are "children" who can't handle their own affairs, financial or otherwise. Maybe that's why socialism is trending upward these days........ too many people can't, won't or just don't want to manage their own lives.
So you are saying that somehow these same people that cannot do something four times a year (pay quarterly taxes) manage to complete a tax form once per year to reconcile taxes. People are children when allowed to be like children. If our electric bill was pulled from our paycheck every month some would say it has to be that way because we all need electricity. And yet, here we are, the vast majority paying our electric bills so we don't have our electricity shut off.