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View Poll Results: Who has done their taxes so far, getting a refund or not | |||
NOT turned in my taxes yet, I am expecting a REFUND | 2 | 6.90% | |
Have NOT turned in my taxes yet, I am expecting to OWE money | 4 | 13.79% | |
Have turned in my taxes, I am expecting a REFUND | 16 | 55.17% | |
Have turned in my taxes, I am expecting to OWE money | 7 | 24.14% | |
Voters: 29. You may not vote on this poll |
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04-14-2008, 08:07 PM | #11 |
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Join Date: Jan 2006
Location: Between Iraq and a hard place
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I despise owing, so I tweak my W-4 to give me a high likelihood of getting a return without having too much over withheld.
My state return was exactly $0. |
04-14-2008, 08:11 PM | #12 |
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I call bull. Your state return was exactly $0 because you fudged some of your deductions so it would come out exactly to $0.
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04-14-2008, 08:14 PM | #13 |
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04-14-2008, 08:15 PM | #14 | |
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Location: Orange County, CA
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Quote:
For a person to have a zero liability, they usually have to have a serious understanding of expected inflows and expenses for Q4. It isnt common, but it is definitely possible. While possible that he has zero liability, what is more likely is that Indy is just lying again.
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04-14-2008, 08:17 PM | #15 | |
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Quote:
Can you imagine the odds of hitting your estimated payments right to the button with what you owed. Now if I was in the 7% state bracket and owed $70 bucks, what is the harm in kicking in an extra $1,000 in expenses and have it come out even. |
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04-14-2008, 08:18 PM | #16 | |
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Quote:
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04-14-2008, 08:18 PM | #17 |
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Join Date: Aug 2005
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I will be moving into the realm of quarterly estimates next year. Oy.
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04-14-2008, 08:24 PM | #18 |
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Location: Orange County, CA
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I was only messin' anyway.
But it is possible. For example, someone who gets paid a few times a year (or once a year) may not plan on any income in Q4 at all. If you have already paid-in estimates to cover any potential interest income on holdings, then zero balance can be a reality. Although as 71 says, it is not common.
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04-14-2008, 08:30 PM | #19 |
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Location: Utah
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I filed an extension, I just did my taxes from 2005 and 2006, so I am at least two years out on 2007. Yes I will owe.
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04-14-2008, 08:44 PM | #20 |
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Is there a general reason as to why people wait or file an extension? (Like a benefit of some kind?) or do they just do it because that option is available to them?
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