Tax Refund 2010

[jim5cents]

So, I just signed onto XBL, and Xbox actually has an advertisement wanting you to spend your refund on MS points. Made me giggle a little bit.

So, assuming most people aren't going to spend their refund (if eligible) on MS points, what are you planning on using it for?

[CrispyChicken]

I don't know what my parents will be doing, but it'll probably go towards bills, clothes, or maybe if I'm lucky, something for me :p

[elrod21]

Repairs to my house so I can sell it and some bills. Nothing too exciting. :p

[ZedIsDead]

Mine went into savings.

[Tails]

Savings.

[tanc24]

Refund? What refund? I owe $3,200

[jim5cents]

Did you forget to list a dependent or something?

[warghoul]

Pay off a vehichle or down payment on a house I don't know.

[joz]

I spent almost half of mine on a trip to NY and some things around the house. The rest went into savings.

[Kong]

Mine is zero - zero paid and zero returned.

[Demon-Mask]

My parents got about twenty dollars, needless to say it's all gone at this point.

[warghoul]

Mine is zero - zero paid and zero returned.
That don't sound legal to me buddy.

[Demon-Mask]

That don't sound legal to me buddy.
Really? If you get zero income, you should still have to pay income taxes even though you have no income on which to pay it. You should get money in return for the taxes you didn't pay because you had no income to tax?
You are operating under the assumption that every adult has an income that is taxable.

[warghoul]

Lets be honest no adult lives with zero income even hobo's pan handle a bit and I highly doubt kongs only source of income is shaking a cup.
Either way I don't care if he's braking the law I just don't believe a grown ass man has no taxable income when he can run a sizable web site.
I'm not saying he has to pay warghoul size taxes just saying it can't be 100% on the legal front.

[Kong]

Someone can correct me if I have some of the details wrong but here is the gist.

I am an independent contractor so I will not get a refund.

The standard single head of household deduction is $5,700. So if you make less than that then you will owe zero.

If you are single and make less than $9,300 then you do not have to do your taxes.

RU donations are nearly my only source of income and you can see how much that is. My cost of living is around $1,000 a year. Nearly everything that everyone thinks of as a necessity I have found how to live without or obtain without money.

[tanc24]

Did you forget to list a dependent or something?

I wish. Like Kong, I'm an independent contractor. I am supposed to pay quarterly taxes based on my estimated income, but considering I've been a little light in the wallet these past 12-18 months, I have been neglecting to pay them in full.

I was actually surprised the bill was only $3,200. I was afraid it would be closer to $6,000, so this was actually good news. 8)

@ Kong - I think your math is probably correct. Knowing what I know of you, I believe that you don't generate enough real income requiring you to pay taxes. While definitely not for everyone, it's truly admirable the way you roll! :worship:

[warghoul]

RU donations are nearly my only source of income and you can see how much that is. My cost of living is around $1,000 a year. Nearly everything that everyone thinks of as a necessity I have found how to live without or obtain without money.
Thats crazy awesome. I spend that much every week or two how is that even posible.

[jim5cents]

If you are single and make less than $9,300 then you do not have to do your taxes.


I think you still have to file, but the end result is that you would have no taxes due.

Yeah, I only learned about that independent contractor thing earlier this year. The gf worked as one for 6 month, owes about 500 clams that she doesn't have.

[Kong]

how is that even posible.I don't buy stuff. I don't pay for rent, food, entertainment, clothes, soap, car, gas, alcohol, cigarettes, etc.

I have posted some explanations in the donor only section ;)

Do I have to File a Tax Return? (http://www.irs.gov/newsroom/article/0,,id=105097,00.html)
You must file a federal income tax return if your income is above a certain level; which varies depending on your filing status, age and the type of income you receive.http://www.irs.gov/pub/irs-pdf/i1040.pdf
The IRS 1040 PDF says if you are single and under 65 then you are not required to file if you make under $9,300.

It is $400 if you are self employed. Which is odd because I thought 1099s said you don't have to report jobs that pay less than 800. I'm probably wrong about that though. Still seems like a waste of the IRS's and the tax payer's time to bother with just $400.

[Demon-Mask]

So basically, you can make some income and still not have to pay any money. It isn't much, but you really don't need all that much money to live.
Kong does it, so it cannot be impossible.