Getting a refund, or owing on taxes? - Page 3

LeeNetworX · 02-17-2010, 10:08 AM

Got refunds from both. Went straight into savings.

lauralynne · 02-17-2010, 10:13 AM

refund - I think. We're still waiting on sched. K-1 to know if there's a profit or a loss with the shop.
Reduced our refund amount by about $6,000 though!!

marko138 · 02-17-2010, 10:52 AM

Quote:

Originally Posted by goof2

Small refund from the Feds and Florida has no state income tax.

No state income tax? How high is sales tax and where does the state get their money? Our sales tax is 6%.

I'm getting a refund for the first time in a long time. From both. Getting a good bit back thanks to the gov't tax credits for home improvements. Gotta love that.

lauralynne · 02-17-2010, 10:54 AM

Quote:

Originally Posted by marko138

No state income tax? How high is sales tax and where does the state get their money? Our sales tax is 6%.

WA has no state tax either - but we have 10% sales tax and taxes every time we turn around...

azoomm · 02-17-2010, 10:59 AM

Refund.

No state tax... sales tax is 8.25% and property tax is astronomical.

Rider · 02-17-2010, 10:59 AM

Quote:

Originally Posted by marko138

No state income tax? How high is sales tax and where does the state get their money? Our sales tax is 6%.

Tourism mostly. Hotel/restaurant/rental car taxes are ridiculous plus tolls on the 520 bridge and ferry fees generate large revenue for the state. Even property tax is cheap there.

marko138 · 02-17-2010, 11:04 AM

Prop tax is sorta high here. We legalized slot machines a few years ago, touting that as property tax relief. But I'm not sure much relief has been seen yet. And we just legalized table games at the end of 2009. Revenue from that is supposed to go to prop tax relief in a few years, after we replentish our reserve funds that we burned up on the budget last year.

fasternyou929 · 02-17-2010, 11:09 AM

Writing a massive check to the fed (at least I found a form that qualified me for a waiver of the underpayment penalty) and getting a small one back from the state (which they've already said payments will be made "when they can"

).

goof2 · 02-17-2010, 11:13 AM

Quote:

Originally Posted by marko138

No state income tax? How high is sales tax and where does the state get their money? Our sales tax is 6%.

7% for most (maybe all) of the state. If someone wants to go through the trouble of keeping track they can deduct what they paid in sales tax from their income for federal tax purposes in states where there is no income tax also. Property taxes are relatively high though.

Cory · 02-17-2010, 11:21 AM

Already got both last Friday

View Poll Results: Getting a refund from fed and state, or owing taxes?
Getting a refund from both	28	71.79%
Getting refund from one, owe the other	6	15.38%
Owe both	1	2.56%
Tater's whore of an ex-wife owes me. Bitch betta have my money!	4	10.26%
Voters: 39. You may not vote on this poll

02-17-2010, 10:13 AM	#22
lauralynne 667:Neighbor of the Beast Join Date: Mar 2008 Location: Everett WA Moto: VTR1000, SV650, FZR400, CRF150 Posts: 1,403	refund - I think. We're still waiting on sched. K-1 to know if there's a profit or a loss with the shop. Reduced our refund amount by about $6,000 though!! __________________ WMRRA's slowest Expert! triathalete, mom, racer, rider, friend, sister, wife - all in one tidy package! Married my best friend 8/30/09

02-17-2010, 10:59 AM	#25
azoomm moderator chick Join Date: Feb 2008 Location: Hill Country TX Moto: Pasta Rockets Posts: 8,917	Refund. No state tax... sales tax is 8.25% and property tax is astronomical. __________________ We have enough youth. How about a fountain of "smart"? Come Play at the Track!! http://www.elitetrackdays.com

02-17-2010, 10:08 AM	#21
LeeNetworX SFL Expatriate #1 Join Date: Nov 2008 Location: ATL Burbs Moto: '09 Triumph Speed Triple Posts: 4,712	Got refunds from both. Went straight into savings.

02-17-2010, 11:09 AM	#28
fasternyou929 SFL Expatriate #2 Join Date: Nov 2008 Location: Raleigh, NC Moto: CBR1000 Posts: 2,043	Writing a massive check to the fed (at least I found a form that qualified me for a waiver of the underpayment penalty) and getting a small one back from the state (which they've already said payments will be made "when they can" ).

02-17-2010, 11:21 AM	#30
Cory Kneedragger Join Date: Mar 2009 Location: Alaska Posts: 220	Already got both last Friday