STORM2K

I filed my federal back in January - H&R block rapid refund. Paid off Christmas.

I did my state return electronically tonight (Owed $1 - no payment due), and my local taxes on the paper return. The local will go in a couple days late, but I overpaid $120. The late filing is costing me a $20 penalty, so I'm still ahead $100.

Yep It went in along with a major portion of my bank account!!!!

Extension!

I filed mine in January. I got a nice return. It's already spent on my plane tickets for next week.

Yep, a few months ago. We don't file state returns in Texas.

southerngale wrote:Yep, a few months ago. We don't file state returns in Texas.

"we don't" or "you don't"

there is no state tax in texas.... i filed mine back in Jan too... got a nice refund back... and thats been gone for months!!

AussieMark wrote:

southerngale wrote:Yep, a few months ago. We don't file state returns in Texas.

"we don't" or "you don't"

We, as in everybody in Texas. See YankeeGirl's post.

I wouldn't just not file because I didn't feel like it. lol

Sent it in in January, got refund and put refund away for house payment fund.

Because I made a math error last year and had a big refund coming, I did mine in February this year. I'd have done them earlier, but my accountant was slow in getting my my K-1 from my corporate return.

Apparently they made a mistake last year and want me to pay an extra $750 dollar. No returns for me I guess...

Yarrah, we would be interested in hearing about taxes in the Netherlands. How are they paid? Is there one national tax? Is it an income tax? Is it withheld from your pay? Are there sales taxes? Are some items exempt? Are there local taxes? What kind of rates do you pay?

Very curious.

vbhoutex wrote:Yep It went in along with a major portion of my bank account!!!!

What is a refund????

Be happy you didn't get a refund. A tax refund is nothing but a free loan to the government. I try to have as little as possible withheld during the year, as I'd much rather write a big check to the IRS in April than receive one.

That's a lot of missed tax Yarrah. I'm owed money from the 2006-2007 tax year, and already am this year due to some very odd tax rates I've been charged, (Tax year ends at the end of March) so looking forward to getting my form in.

gtalum wrote:Be happy you didn't get a refund. A tax refund is nothing but a free loan to the government. I try to have as little as possible withheld during the year, as I'd much rather write a big check to the IRS in April than receive one.

I keep trying to educate Dave on that fact, gt - just not getting anywhere fast. As it turns out, we're getting a fairly large refund, and after I calculated what that money could have earned us had we kept it and invested it in something even moderately decent, I'm getting a tiny blip on Dave's antennae.

@ Coriolis

Pfew, taxes in The Netherlands, rocket science is easier. I'm not a tax expert, but I think I can answer your questions.

The taxes are paid in two ways. There are direct taxes (they are withheld from your pay, such as income tax) and indirect taxes. The latter often involves filling in a form and sending it to the Tax Agency. This insitution then checks if you should pay a certain tax and if your're unlucky, you'll recieve a bill within a few weeks.

There are dozens of different taxes, so we don't have one national tax. Also, not only the state levies taxes; the 12 provinces, the municipalities and the Water Boards (special governmental institutions which handle the water management and keep our feet dry) also levy taxes. The government levies taxes such as the income tax (2.5% for the lowest incomes, 52% for the highest), corporate tax and the very high withholding tax (used to pay all the national insurances). All of these taxes are withheld from your pay. The provinces mostly levy eco-taxes which apply mostly to polluting companies. The municipalities levy taxes to keep the cities and towns clean and healthy. Examples of these taxes are sewertax, parkingtax and a special tax which people who own a house have to pay. The Water Boards levy taxes to keep the system of dikes and pumps up to date (yes, dike-tax )

Along with all these taxes, there are also special sales taxes (Value Added Tax, or BTW, as it is known here). This means that 19% of the price of a product or service goes to the state. Of products which are necessary, such as water, vegetables and bread, only 6% of the price goes towards the state. Also, some products, alcohol, tabacco, fuel and especially cars, have a special excise duty.

As for the local taxes, the fact that municipalities and provinces can levy taxes also means that they can decide how much should be paid. This means that the amount of tax that should be paid is different in every province and municipality.

My own situation is pretty relaxed. I don't have a real job (I work one month a restaurant, then I work in a call-center for a few months, etc) and I still live with my parents. This means that I don't have to pay a lot of taxes. I only pay the withholding tax when I'm paid by my temporary employer and whenever I recieve my student grant.

Now, why did I have to pay $750? Well, the amount of student grant I recieve is based on a lot of things. The income of my parents is one of them. The higher their income, the lower my student grant is. My mom's income increased in june '06 and the Tax Agency didn't notice this. I was given 'too much' money and now I have to pay it back.

Hope this clarifies everything a bit.

Lucky you that you don't have to pay it all as you earn it. Here you get charged income tax of 10% (Up to £2k), 22% (£2k to £35k), and 40% over (£35k). On top of that you pay National Insurance, no idea how that works but I've been paying around 8% on that. Then there is council tax based on the size of your house at a couple of thousand pounds a year. VAT is 17.5%, oh and when I reach £15k in a year I have to pay an additional 7% to pay back my student loan.... Means not much money left at the end of the day.

My income is €240 per month, so there's not much left pay

you have taxes on food in the Netherlands?

Good grief you are being over taxed. Nothing of the sort here (we have a single digits sales tax on non food and medicine here... usually in the 7-8 percent range). Some states have income taxes while others do not. Also property taxes