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View Full Version : UAS and Tax Time in the US...



JMort847
04-13-2016, 04:59 AM
#justsayin
90190

wickedwahine11
04-13-2016, 05:25 AM
Yup. Been broke for a little while, got the tax refund and just ordered a uke. Three years in a row that is how I have paid for my instruments.

Beau Hannam Ukuleles
04-13-2016, 06:17 AM
Tax deduction= trip to Hawaii right?!?!?!??! :)

Rllink
04-13-2016, 06:29 AM
Some people don't get refunds. :(

spookelele
04-13-2016, 07:18 AM
Some people don't get refunds. :(

Do you pay US tax?

Nickie
04-13-2016, 07:27 AM
I'll be lucky to get a refund. I did spend more on my biz than it made, so that might help. Maybe I need a new biz? LOL, I mainly got it for the deductions, I learned that from rich people. If I get a refund, it will probably go to my broke Mommy.

spookelele
04-13-2016, 07:33 AM
Well.. in case you have 3k burning a hole in your pocket.. there's those anniversary kamaka's getting listed today.

Kalei... makes it look sooooo effortless.

Rllink
04-13-2016, 08:56 AM
Do you pay US tax?Yes I do. My primary residence is still the US.

KoaDependent
04-13-2016, 09:03 AM
Yeah, for me, "tax time" = "forget about that new ukulele"
(wife screwed up the w4 for her part time job and so had no taxes taken out, plus a daughter turned 17 last year - goodbye child tax credit!)

janeray1940
04-13-2016, 09:19 AM
Yeah, for me, "tax time" = "forget about that new ukulele"


Same deal here, different reasons. Silly me, I forgot to have children or buy a house or do any of those other things that people get to deduct in the US, so each year about this time I'm just thankful to break even!

igorthebarbarian
04-13-2016, 09:26 AM
Haha yes! I just did this with my Clara

vinceherman
04-13-2016, 10:18 AM
I manage my taxes to owe.
I would rather have the money in my paycheck, use it to reduce debt or earn interest as the case may be, and prepare for paying come tax day.
A lot of people I know overpay their taxes as a forced savings account. I could never understand that.

70sSanO
04-13-2016, 11:38 AM
As for tax refunds.... all is not lost if UAS forces you to cheat on your taxes.

https://www.youtube.com/watch?v=si9HJEfzbUo&nohtml5=False

John

cpmusic
04-13-2016, 12:38 PM
We owed taxes to the IRS this year, so no refund. :(

wickedwahine11
04-13-2016, 02:00 PM
I manage my taxes to owe.
I would rather have the money in my paycheck, use it to reduce debt or earn interest as the case may be, and prepare for paying come tax day.
A lot of people I know overpay their taxes as a forced savings account. I could never understand that.

My spouse and I are the exact opposite. We purposely have the max withheld and each year get a big refund. One year we each bought ourselves a big gift (Moore Bettah for me, motorcycle for the spouse). One year it saved our hide when a pipe burst. Most years it pays for all our vacations. I am a horrible saver, so for me it is the only way to manage big ticket purchases. I know it isn't fiscally smart but it works great for us.

natchez
04-13-2016, 02:16 PM
My spouse and I are the exact opposite. We purposely have the max withheld and each year get a big refund. One year we each bought ourselves a big gift (Moore Bettah for me, motorcycle for the spouse). One year it saved our hide when a pipe burst. Most years it pays for all our vacations. I am a horrible saver, so for me it is the only way to manage big ticket purchases. I know it isn't fiscally smart but it works great for us.

Deliberately overpaying taxes is like an old-fashioned Christmas Club that comes due in the spring. With today's low interest rate environment there is not much harm. And, if it works for you, it is fiscally smart :-).

igorthebarbarian
04-13-2016, 03:17 PM
I'm happy to hear I'm not the only one. Logically I know I should have them withhold less since I'm "loaning" the government my money. But I do look at it as a big "bonus" / as a forced savings account too.


My spouse and I are the exact opposite. We purposely have the max withheld and each year get a big refund. One year we each bought ourselves a big gift (Moore Bettah for me, motorcycle for the spouse). One year it saved our hide when a pipe burst. Most years it pays for all our vacations. I am a horrible saver, so for me it is the only way to manage big ticket purchases. I know it isn't fiscally smart but it works great for us.

plunker
04-14-2016, 02:02 AM
I'll be lucky to get a refund. I did spend more on my biz than it made, so that might help. Maybe I need a new biz? LOL, I mainly got it for the deductions, I learned that from rich people. If I get a refund, it will probably go to my broke Mommy.

Good for you Nickie

plunker
04-14-2016, 02:04 AM
Some of us have to pay, No, the converse is not true, I am not selling a uke. Eating Chef Boyar dee for a while, but not selling a uke.

Booli
04-14-2016, 02:26 AM
...If I get a refund, it will probably go to my broke Mommy.

You and me both. My Mommy has first dibs. :(

kvehe
04-14-2016, 02:43 AM
Usually I don't do that, however.....this has been such a trying year, and I've been **so** good, so maybe if I can get exactly what I want....

Down Up Dick
04-14-2016, 03:55 AM
Paying our taxes is a big grumble every year, but I guess we owe it and just hafta do it. But it's all the darned paperwork I have to bust my head doing and filling out all the dumb forms that I hate. And then the government spends a lot of my money on stuff that I don't want 'em to.

Well, at least it gives us somethin' to gripe about. :old:

plunker
04-15-2016, 02:11 AM
Deliberately overpaying taxes is like an old-fashioned Christmas Club that comes due in the spring. With today's low interest rate environment there is not much harm. And, if it works for you, it is fiscally smart :-).


Do they pay you the same interest rate they charge if you are late?

natchez
04-15-2016, 04:58 AM
Do they pay you the same interest rate they charge if you are late?

No, the IRS only pays you interest if they are more than 45 days late in paying you your refund. But, with savings accounts paying < 1%, there is not much lost by parking your money with the Feds. In Europe, Germany for example, the yields on short term government bonds is effectively zero.