Taxes

[garbon]

Ugh, just got all my tax forms. I'm now depressed about all the monies they've already taken out - and if last year is any indication - how much more they will be requiring of me.

[Valmy]

Having kids and spending money on daycare, education, and a mortgage have seriously lightened my burden I am happy to say.

[CountDeMoney]

Thankfully for mortgage interest, I'll be getting back a few thousand that will help carry me over for a bit, until I can throw my last severance payment onto the Preppers pile in March.

[Malthus]

No mortgage interest deduction here. But we do get a nice RRSP tax deferral.

My big beef is with the organization that asesses houses for property tax purposes. They have seriously inflated views about how much my house is worth. They assessed it at $1 million. Frankly, they are welcome to buy it at that price ... we have appealed.

[Grey Fox]

Americans complaining they pay too much taxes.

You aint paying your fair share!

@Malthus, my house gain 18% year to year. My in laws a staggering 25%.

[mongers]

Ugh, just got all my tax forms. I'm now depressed about all the monies they've already taken out - and if last year is any indication - how much more they will be requiring of me.

You've always got death to look forward too. 

[garbon]

[Brazen]

Am I right in saying all USAnians have to do their own self-assessment whatever their employment status?* And it's mroe commmon to get a rebate than to have more to pay? Here it's usually only if you're self-employed, and pay as you earn (PAYE) does for the rest of us, with little hope of rebates.

* I learnt this mainly from The Simpsons.

[Malthus]

Americans complaining they pay too much taxes.

You aint paying your fair share!

@Malthus, my house gain 18% year to year. My in laws a staggering 25%.

There ain't no way the house has gained that much. I'm pretty aware of real-estate values in my neighbourhood, and houses that are full renovated and have a two-story addition *may* go for that price. Mine is neither renovated nor has an addition.

[Sheilbh]

Am I right in saying all USAnians have to do their own self-assessment whatever their employment status?* And it's mroe commmon to get a rebate than to have more to pay? Here it's usually only if you're self-employed, and pay as you earn (PAYE) does for the rest of us, with little hope of rebates.

I learnt this mainly from The Simpsons.

I think so. I'd hate to have to do tax returns

[Admiral Yi]

Am I right in saying all USAnians have to do their own self-assessment whatever their employment status?* And it's mroe commmon to get a rebate than to have more to pay? Here it's usually only if you're self-employed, and pay as you earn (PAYE) does for the rest of us, with little hope of rebates.

I learnt this mainly from The Simpsons.

If you earn a tiny amount of money ($2,000??) you don't have to file a return.  Everyone else does.

Rebates are much more common than payments due because of the way withholding is calculated.

Shelf: at the easiest you're entering something like 5 numbers.

[dps]

Am I right in saying all USAnians have to do their own self-assessment whatever their employment status?* And it's mroe commmon to get a rebate than to have more to pay? Here it's usually only if you're self-employed, and pay as you earn (PAYE) does for the rest of us, with little hope of rebates.

I learnt this mainly from The Simpsons.

Well, you don't have to file if you don't have any income (or a very, very low earned income;  I'm not sure of the exact limits, but it's something like under $10K, and even under that level there are some situations where you still have to file), but otherwise, generally, yeah, everybody has to file an income tax return.

The reason most American get a refund is that how much is withheld from you pay is determined by how many exemptions you tell your employer you'll claim.  Most people claim fewer for withholding purposes than they will actually be able to claim, so more is withheld than is really necessary.  People do this for 2 main reason:  first, to be really sure that enough is withheld (nobody wants to be in the position of actually having to cut a check to the IRS when it's time to file;  for a single income household, this isn't really necessary, but for households with more than 1 wage earner, it can be a valid consideration) and second, people tend to use their refund check to pay for their vacation or otherwise treat themselves in some way--it's kind of looked at as a form of found money.

Americans complaining they pay too much taxes.

You aint paying your fair share!

@Malthus, my house gain 18% year to year. My in laws a staggering 25%.

There ain't no way the house has gained that much. I'm pretty aware of real-estate values in my neighbourhood, and houses that are full renovated and have a two-story addition *may* go for that price. Mine is neither renovated nor has an addition.

I thought that Malthus was Canadian. 

[Brazen]

I think so. I'd hate to have to do tax returns

Self assessment used to quite literally keep me awake at night for months every year when I was self-employed.

[Grey Fox]

He is.

[Valmy]

second, people tend to use their refund check to pay for their vacation or otherwise treat themselves in some way--it's kind of looked at as a form of found money.

Which is retarded.