01-30-2007, 09:51 PM | #1 |
Senior Member
Join Date: Jan 2006
Posts: 6,177
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Did my taxes
www.esmarttax.com
There might be better sites, but I shopped for the cheapest one a few years ago and have stuck with them. I pay $15 to file fed and state and seem to get the direct deposit within a week and a half or so. Took me about an hour this time. Thanks to bonus getting taxed at high rates, five kids, big mortage, tithing, healthy 401K and health care flex account payment rates, I'm getting a TON of money back. |
01-30-2007, 10:04 PM | #2 |
Charon
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Location: In the heart of darkness (Provo)
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Meaning you paid too much during the year. Free loan to Uncle Sam.
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"... the arc of the universe is long but it bends toward justice." Martin Luther King, Jr. |
01-30-2007, 10:22 PM | #3 |
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Hey if there was a way around it, I wouldn't do it that way. But it does make for a happy February. Actually forced savings is not a bad concept when you have a wife that spends 1.1 times what you bring home, no matter the number.
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01-30-2007, 10:56 PM | #4 | |
Charon
Join Date: Jan 2006
Location: In the heart of darkness (Provo)
Posts: 9,564
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Quote:
True. Hard to argue with that.
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"... the arc of the universe is long but it bends toward justice." Martin Luther King, Jr. |
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01-30-2007, 11:23 PM | #5 |
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01-30-2007, 11:34 PM | #6 |
Charon
Join Date: Jan 2006
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So how did you get so much witheld?
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"... the arc of the universe is long but it bends toward justice." Martin Luther King, Jr. |
01-30-2007, 11:40 PM | #7 |
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01-30-2007, 11:41 PM | #8 |
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Plus with five kids that's five grand in your pocket even if you don't pay or owe any taxes.
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01-31-2007, 12:01 AM | #9 |
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w4 deductions dont cover bonus?
If you have tons of deductions on your W4 it should also apply to your bonus, no?
On my w4 there are two items, deductions and extra per month. I put the appropriate number of deductions to account for my salary and an extra per month (as a dollar amount) to cover other income (taxable investments, consulting). If my other income starts to get too high in a particular year I have the lovely experience of filing estimated taxes every 3 mos. In your case I guess you need to write "10" or something large for Federal deductions. I try to automate savings withdrawals and don't tell the wife much about the extent of "other income" to keep the spending side under control. Last edited by hyrum; 01-31-2007 at 03:23 AM. |
01-31-2007, 12:13 AM | #10 |
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Yes, the deductions still apply but bonuses are almost always taxed too much because the withholding schedule assumes that you get paid that same (extra) amount every week/month/payment cycle. So if you make $4000 a month and receive an one time $4000 bonus in December, the withholding schedule thinks you are making $96,000 a year and not $52,000 (so it overwithholds in December).
Last edited by pelagius; 01-31-2007 at 12:18 AM. |
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