income tax returns

Who has recieved theirs? When i filed they sent me a notice saying 1-2 weeks for direct deposit yet i read online they still have like a 6 month backlog from last yr. Which is true?

Been waiting on ours this Monday will be a month. Our son got his back in 1 1/2 weeks.i know others getting them back in around 2 weeks.

My wife filed electronically and had her return directly deposited in less than two week.

I'm a business owner, I don't get a tax return.

I didn't even get a 1099R sent to me.

Well Gary I didnt the last 2 yrs,i just keep records and file electronically. Last yr they took forever for my return.

We got ours back in a couple weeks. They were filed electronically by my tax guy.

I did ours electronically through Turbo Tax. Got direct deposit of both State and Federal in under 2 weeks.

Last year it took over 5 months to get the federal back,hope this year it will be 2 weeks or less,find out next tue.

Here are a few reasons it may take longer, 1 being the Recovery Rebate Credit.
https://www.irs.gov/refunds

My CPA told us to expect an extension because he was late receiving his software changes for 2021.

Same here. That Turbo Tax is a handy piece of software!

Paid this year. They cashed the check 8 days after I sent it……

Had mine in 8 days. Already converted into firearms.

Same here. Filed electronically and had it direct deposited in less than 2 weeks

Have not filled mine out yet.

What's a tax return?

Got a ton back for childcare credit this year. If i still had student loans Biden could pay, it would practically be like i was on welfare!!

Haven't had one since '89 when I went in business.....nothing but writing them checks since.

I'm still waiting too, I was supposed to get 2150$ back, because of a high amount of house improvements

Nobody should get back more than they pay in.

I filed little over a week ago and needed to get a tax return transcript for income verification. What a royal pain! Have to show pics of your drivers license and passport and then a selfie. They looked at all of that and said they couldn't verify my identification. Finally had to go get a haircut so that I looked like my drivers license and then got my transcript! Anyway, point is they already had my 2021 transcript available to download.

We got ours in about 2 weeks.

Never heard about home improvements being deductible. Was it a subsidy/credit for some kind of green energy or something?

I'm going to be siding my place this summer, just wondering.

What's a return? I got to pay in $6900 this year. Was beautiful.

I ordered my software on January 25 and just received it yesterday !!! Two months via UPS !

Certainly won't have anything coming back.

Needs to be an energy saving retrofit like more efficient windows, more insulation, better appliances

Thanks, figured it had to be something like that.

We owe so we are not filing for a few weeks. We e-file so they will get our final payments quickly. We file quarterly also.

Bryce

Just curious what kind of house improvements qualify for tax deductions?

How much did you spend to qualify for $2150 worth of refunds?

Just did my taxes.
Ever since I gave away all my money I have been getting huge tax returns.
Guess I'll have to give away some more after I spend some.
Seems like no matter what you do money just keeps rolling in from all over.

We will send them our checks April 18th. Bryce. That quarterly crap. Really sucks

If you have certain types of income you can be penalized for not filing quarterly, so that is why we do it. Maybe now in the next year when interest rates rise to slow inflation one will get more than .25% interest. Sure does not pay to hold back when there is no income to gain.

Bryce

Idk, I have pay in, they suck

You must have claimed 6....

I claim myself an got screwed bad tax , owe $1400 so u know what kinda attuide I have toward welfare rats

Did mine last 2 with turbotax...last yrs took around 5 months.......this yr 9 days so far.

Got my $$$$$ direct deposit ten days after tax Lady filed it.

Return vs refund

so Rick,,did u get it in 2 weeks?

My wife and I are among the 43% carrying the water for the other 57% . We will be paying dearly again this year.

^^^^^^^^^^^^^^^ Welcome to the club !

The top 10% of tax payers pay 71% of the tax, so the rest of us out of the 33% that pay benefit from their lion's share paid by the 10%.

Bryce

How many here have done the ID-Me thing took 3 times to get it done, big pain so whats the reason behind it,just red tape.

Wonder what a flat tax and anyone receiving gov assistance gets $0 would look like?

If we had a 4 trillion dollar federal budget and those who don't pay get no monies the amount that the rest of us would pay would take most of the income from those that earn middle class incomes up to probably upper middle class incomes. We talk a lot about all those subsidies, credits and give aways and lets say we lowered the federal budget to 3 trillion it would still take a ton of money from the middle classes.

Bryce

Bbliw our government has not had a budget in several administration's. Just continuing stop gap measures.

We have not filed yet guess we should get on it.

Getting mine done today, Still not sure of the damages but its not going to be pretty. Good thing I put away that covid money so I can send most of it back now.

The tax bracket club awarded the wife and I the honor of jumping up into another tax bracket this year! No plaque for the wall though just staggering quarterly payments. Even though we’ve paid quarterlies for many years, they pale in comparison to this year’s. On the flip side, it was a unbelievable year in the market and if you want to play, ya gotta pay!

To be expected when a society is trained to despise and punish success.

I am 69 years old and never have I received a federal income tax refund. Even though I have tax taken from my pay or other income they always want more. This year $7,000.00 more. Reminds me of feeding a hog, Never satisfied. A few years ago on a snowy weekend in February the wife and I went over all our bills and finances. Conclusion was we pay about 60% of our income back to the feds, state or local government. So many of the bills we pay are almost 50% tax. Phone, electric and cable internet are over 50% tax, not including sales tax on everything we buy. Over $14,000.00 a year taxes on my house!

Which is why a tax on those that can pay would be very high. The percent flat tax for millions would mean they would have no money at all at current rates or they would have to receive the difference between what is owed and what they have as a subsidy. As we move further and further into very wide and high income disparities, resolving tax or revenue issues becomes much more difficult.

Bryce

Seldom I agree. Last year we paid the highest quarterly's ever. Just found out we fell shy a significant amount. Wife and I worked our butts off and made a pile of money. Beats the many years we worked as hard to just get by. Don't mind paying my fair share but not sure I agree with how "fair share" is defined.

Yep, usually paying a lot in taxes is a good thing.

If you had to pay a lot, then you made a lot.

It hits home when I realized I had more taxes removed from my check that I used to make in a year.

I got my state right away my federal came today. 1.5 weeks.

Don’t let them take more than they require, then you never have to “worry” about how long it takes.

That is never a good thing. Hire a better accountant.

sounds like theft to me...

Wow, would I like to keep everything I make? Yep! Is there a lot of waste? Yep! Is the government a good steward of my money? Nope! Does the tax system need overhauled? You bet!! But until then I’ll pay as little as legally possible. Now would I like to make $50,000 a year and pay nothing, maybe even collect a little (I’ve still got kids at home)? Or would I prefer to make$150,000 and pay $25,000 to support our troops and everything else that makes this the best country on earth? I’ll take the $150,000.

And buy a farm. Last year I finally claimed my farm income and expenses for the first time. I went from owning $8,500 to getting a $3200 return. I can't believe I didn't start claiming my expenses sooner. I think I wanted to make a profit first. But it was generating an income but still at a slight loss but getting closer to profitable. It would be profitable if I were home more to help develop markets but it's getting there.

It may have been a money pit the last several year but because I claimed my expenses it saved the difference in what I owed and got back and that I could put back into equipment to save time and efficacy that should lead to being able to become profitable sooner.

I did taxes for farmers for a bit over 30 years and do one yet now. Owning a self employed business and filing on a cash basis is one of the easiest ways to manage taxes I have ever worked with. I went to tax preparer courses for decades and there were no other businesses that were able to manage taxable income like cash filing farmers could. There are some issues when selling out or having an auction and paying back lots of depreciation but there are ways to move depreciable property and minimize that as well. Today with a capital gain tax rate where it is, not a bad time to move some property one plans to sell anyway. Prices are high, gains are big and rates are low. Finding a safe and decent return investment may take some time but if I had land I wanted to sell I would sell it when corn is $7 and beans are $14 and wheat at $8-9. Hay is horribly short in supply as well.

Bryce

I get my stuff from the accountant tomorrow morning. I always hate this time of year. One big bite in the butt.

Yup. Fishing and farming are very similar in this way. Seems like everything you do is for the business and therefore a business expense. Hope to have my numbers in to the accountant by Monday. Gonna owe.

I wonder if I would be pushing it to buy a new thermal with NV overlay optic, new supresed rifle for predator comtrole
Can't have the lights and noise spooking the livestock after all. It would be a good deduction;)

Finished mine today. Lots of people I know say they have been getting a check in 2 weeks or so.

What baffles my mind is in my case, with only my income I pay in $3172 a month between Federal and State. Have to file quarterly. At the end of the year I got $47 back from state and paid in $6900 Federal. Yet someone that doesn't work an hour in the year gets a "return." If you can explain how that's a good thing I will let my mind be at ease.

Hire a better accountant eh? That’s got to be a “tongue-in-cheek” answer! LOL

They don't get a return, they may get a refund. A return is what you send in, a refund is what you get back if you get a refund. Those that don't work don't get refunds, refunds are monies returned to you that you overpaid. If you don't work and receive money it is some type of credit.

Bryce

LOL Bryce, that’s doesn’t make us feel better! LOL

mine was 2 weeks to the day,filed with turbotax

Just picked up our year end taxes from our accountant today. We have a refund this year. However, our refund will be used up and more paid out in our 1st quarter Federal and state estimated payment due 4/18. We try to keep our estimated payments high enough in an effort to avoid a big pay out come the end of the tax year. We have many deductions and donations each year that help at the end of the year but there isn't much wiggle room with the Gov't. if you are running things legit.

We had our taxes done last Friday and got a notice that the refund should show in our bank on 4-4-22, Just nine days after filing. We'll see if it's true on Monday.

Turn in our records to our accountant on Monday. I hate tax time. We will see what line we fall on. Never good. I have paid in my entire life. I think I got a refund check when I was 18 or 19. But have paid in ever since then. I will be 58 this year. This is the only club where I keep paying higher dues each year.
. This is a picture of a penny. 1798 is the date. This thing is the size of a silver dollar. Pay more for less. How times have changed. Still Love our country. But the tax’s need to change. And we need to stop rewarding those for not working.

Lots of times this is true but total bull in the bigger picture. Let's say you collect $10,000 a month rent on a commercial property. Your income is $120,000 a year. Of course you can expense certain things. Let's say you also owe a mortgage on that property that is $9,000 a month. You still made $120,000 minus what you can deduct as legal expenses toward the property. What you can NOT expense is the $9,000 per month mortgage. Only interest on the mortgage can be deducted. Anything paid toward principal can not. So adjusted gross income does not always equate to making a lot. Many people/entity's with massive income drown due to having greater tax burden than cash at hand. You can call it bad planning. Truth is it is one of the many reasons it is hard to climb to the top in our tax system. IMO

If you have a 9k per month mortgage payment for say a 20 year mortgage which means you borrowed several million dollars to generate $120 K per that is not the IRS's fault you did that. Also if you paid that much for the properties your depreciation would be high enough to wipe out any profit you may have. You could own this for many years with no taxable income but when you sell you would need to claim as income all the depreciation you claimed. If the selling price goes up enough there will be gain to cover if not you could have a substantial tax liability to pay. I did taxes for several rental owners and almost all were losing monies even when they were able to do almost all the remodeling and maintenance themselves. Many chose to invest in these to hide income and grow assets. Many were carpenters, plumbers, etc. that were handy, made very good money and chose to invest in rental RE.

Bryce

HA HA,you guys are paying for all the fat cats like Trump and Gates that dont pay any tax,lol.

In my experience noting is the the IRS's fault. LOL Just pointing out to yousowise that paying taxes on a bunch of money does not mean you have a dime.

My example was not real life. The one in real life was an land contract amortized much shorter then 20 years with a triple net lease. Was a small part of a bigger deal with a business being purchased separately. Was still the losing part of the deal. As you say does erase a bit of income and hopefully it is a asset that maintains or grows in value.

filed in Feb , got fed check back paid the state their piece and good to go for another year

You say you paid close to $45,000 in State and Federal taxes. Your income had to be in the neighborhood of $200,000. You still had $150,000 left to live on. My question would you rather pay taxes on $200,000 or taxes on $50,000.

Don’t get me wrong I don’t like to pay taxes any better than anyone else, but given the choice of paying taxes on $50,000 and $200,000. I chose $200,00.

Exactly. Bunch of (This word is unacceptable on Trapperman) thieves.

He might Sleep in.

I’ll stand by the large income equals large taxes. A good chunk of that payment would have been paying down your mortgage giving you lots of equity. Like I said above, no one likes taxes and our tax system is messed up, but I would rather make a lot and pay a lot, than make little and pay little.

I have problems with the dregs of society who pay nothing but make a lot.........relatively speaking

Me too, I also have problems with social security, the largest Ponzi scheme known to man. But I still have to pay in.

X2

Hope to sign for them tomorrow so hopefully in 2 weeks they will show up at the bank.

Net worth or equity comes in handy when you die or when you want to borrow money. Those that know how to leverage their equity and borrow against their equity and make sound investment or business decisions do very well. Especially over the last couple decades where we have incredibly low interest rates, and until recently very low inflation which many tangible assets have risen considerably in value. The proof of that to me is the massive decline in small to medium sized businesses in almost all sectors. The growing firms are willing to pay small business owners more to work for them then they feel or know they can make for themselves and their life is not as vulnerable.
Yes we are in times of high inflation and yes that hurts everyone but the wealthy have more equity to leverage over the long term than those with less. Also inflation for living things like housing, food, energy, education etc. costs the lower income earners percentage of total income far more than the wealthy. Job turnover rates are at extremely high levels and with UE low that means many positions are vacant and my stay that way for a while. Several moving for more money and benefits. Also we are seeing that many that moved for higher pay the las year or two are not satisfied with their choices and thus more turnover and lower productivity and performance. Many tech school enrollments are down a lot. Many taking on 15-20 per hour with no training, suggests we will be short of higher tech industrial skills in a few years or businesses paying for the education over time. Many concrete and mortar schools may really struggle in the near future.
Bryce

"You say you paid close to $45,000 in State and Federal taxes. Your income had to be in the neighborhood of $200,000. You still had $150,000 left to live on. My question would you rather pay taxes on $200,000 or taxes on $50,000.

Don’t get me wrong I don’t like to pay taxes any better than anyone else, but given the choice of paying taxes on $50,000 and $200,000. I chose $200,00."

I agree, I live very well and I'm not saying even close to I can't live off what I make. Just because I can live comfortably doesn't make me want to give up money I earned to deadbeats. I guess that's just my philosophy. I'd like to go out and buy a thermal tomorrow because I can but now that I've paid for $6900 worth of someone sitting on a couch I guess I'll have to wait a month or two

I will file for an extension and pay it off while I'm working.

You will feel differently about it when you reach retirement age.

Its all good,if you want to hoard money and not share it with the unfortunate the govèt will do it for you.

Spoken like a true socialist.

Calm down cowboy,never said I agree with it-pointing out how govt dis-incentivises people accumulating wealth.
The more money you have the less they can control you.
I prefer to give extra money to support causes that are important to me instead of giving it to the gov't to use against me.
That way I control where it goes and keep it out of the hands of the beurocrats as much as possible.
Just spending it adds to what the govt gets of your hard earned money.
Barter is the way to go whenever possible,I use the barter system extensively.
Lots of country/rural folk have a great many skills that fit into the barter system very well.

I agree with that Boco.