Filing 2009 Taxes thread...

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iVillage Member
Registered: 03-19-2003
Filing 2009 Taxes thread...
28
Mon, 02-08-2010 - 7:51am

I don't know how it works in the UK but here in the USA it's basically tax time from now until April 15.

iVillage Member
Registered: 10-01-2009
Mon, 02-08-2010 - 7:14pm

In Canada we have until April 30 (right Kate and Karen and Melissa and Bex)


I still havent received my T4 and still waiting for my RRSP stubs...


Usually I get back anywhere from $500 to $2000


For seven years I had a side business where I contracted out my services and I could write so many things off (this was on top of my fulltime job)...gosh I miss all that extra income but I much prefer my EXTRA TIME...


I never understood why people got excited by tax returns as it is money that was RIGHTFULLY YOURS...to begin with...


I try very hard to get all my money throughout the year as I LIKE it in MY POCKET...lol


Duke

iVillage Member
Registered: 12-10-2009
Mon, 02-08-2010 - 8:22pm

We will be getting about 3700 back. A little more then last year but we made less this year. I personally like the money back because it forces us to save and do something big with it. This year we are fronting the money for my lasiks and paying for our tickets to visit family in Costa Rica. The amount we are getting actually worked out perfectally. If I hadn't gotten the lasik I would have fully funded the e-fund and put the rest towards our car payment.


I understand why people get frustrated when they have to pay in. We use to pre-children. But the other side of the token is that I stay home durring the day to take care of my children and my husband does the same in the evening. Studies show that kids do better if they are at home with a parent versus childcare provider so in a way we are giving the government a deal. We don't get a childcare write off for this which really sucks. Also, my kids cost so much more then the refund which is a choice but the refund dosn't reflect what we are putting out. Don't get me wrong I am not trying to knock anyone who has to use daycare. I also

Liz

student loan paid off 2010

Bathroom remodel loan paid off 2013

Pending Car loan to be paid by the end of 2014!!!!!

 

iVillage Member
Registered: 12-10-2009
Mon, 02-08-2010 - 8:58pm
We haven't filed yet, still waiting for a duplicate of something that did not show up in the mail. I was actually hoping for a refund but then realized that might not happen, my husbands only income was unemployment, those checks did not have taxes withheld so this could be a problem. I promise if I get a refund I will put it in an efund before I even think of paying anything else-- I am learning!


iVillage Member
Registered: 07-26-1999
Mon, 02-08-2010 - 9:55pm

Yes, we have until April 30 for individual tax returns to be filed. If you owe, you have to pay up by then or they add penalty interest. If you *don't* owe, you can wait as long as you like to file...until they come after you.

I still am waiting for my T4...for the last two years they have been sent out Feb. 13 & 14, and I contacted my payroll dept. today and was told they would be emailed out the last week of Feb...I am pretty upset by this since I was totally counting on having the last two weeks of Feb. to play with numbers to see how much I need in RRSPs to get any return.

I guestimated numbers this morning off my last pay slip of 2009 and it says I owe $234!! I am not paying MORE in tax. My job is not permanent and I want to keep my savings as liquid as possible..but I will put some into rrsps to get some of my tax money back. But I need concrete numbers off my T4 in order to figure it all out...and I have to WAIT!! I am not too pleased. I buried my head in the sand for awhile and I am trying to be proactive to help myself and I have to wait til the last minute for the tax info I need from my employer. Oh well...

iVillage Member
Registered: 09-02-2007
Tue, 02-09-2010 - 12:18am

We filed and we are getting back $7,000.

 

iVillage Member
Registered: 04-10-2003
Tue, 02-09-2010 - 8:55am

I am so impressed with people who have everything done already? I JUST got my T4 slip two days ago and am still waiting on a few other slips.


I will get money back, I just don't know how much. I have a feeling this is going to be an audit year because I have so many unrelated deductions. Since I rent out my home, I can deduct 2/3 of the interest on the mortgage, the utilities, cable, internet, etc. I also was officially a part-time student so I can deduct the tuition and get parttime student credit. I have transit passes, donations, interest on students loans, my investment interest . . . Egads my head is swimming just thinking about it! I can see the red flag and sirens going off at CRA when my file comes in :(


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 07-05-2006
Tue, 02-09-2010 - 10:12am

We are actually getting back a lot more than I thought. When I first did our taxes, I did them off of DH's last paychecks. I guess those weren't accurate because when the W-2 came in, we had made $6-7000 dollars less than I thought. Strange! Why would his last check of the year say that he made $58K and then his W-2 claim he only made $52? Whatever!

So instead of the $3852 I thought we were getting back, now we are getting back $5000 dollars. Holy Cow! And that includes the taxes that I paid on my piano money and $900 dollars of canceled debt that we had to pay on! How did that happen? We've been trying to figure this out because honestly, I don't want the government to have more of my money than they need to have and I think it's because when DH started his new job last year, he filled out all his tax information by himself and he has no idea what any of that stuff means so I'm sure he didn't put in as many exemptions as he should have. He's probably paying more taxes out of his check than he should. We're going to fix that real fast.

Here's how we break down:

Adjusted Gross Income $ 63,161.00
Federal | Taxable Income $ 31,513.00
Tax | Total Tax $ 1,237.00
Return | Total Payments/Credits $ 6,237.00
Summary | Amount to be Refunded $ 5,000.00
| Effective Tax Rate 1.42%

This is actually less than I thought we made. I was guessing we made closer to $68K. I wonder how we compare to other families of 5?

I still have one more W-2 to receive but it's only for $2,900 dollars and I already put in the numbers. I just want to make sure it's accurate.

I have a lot of thinking to do about how to spend the $5000 dollars. I certainly have a lot of places that it could go. BUT my consumer debt will be done! That is very exciting!

Community Leader
Registered: 07-26-1999
Tue, 02-09-2010 - 11:00am

Abbie, does he have medical insurance premiums taken out of his pay, flex spending accounts, retirement, etc.?

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iVillage Member
Registered: 08-04-2008
Tue, 02-09-2010 - 11:16am

Issue taken!


Studies show that kids do better if they are at home with a parent versus childcare provider NOT CORRECT!!!




iVillage Member
Registered: 08-04-2008
Tue, 02-09-2010 - 11:25am

Interesting, we are paying in over 25 times more in taxes!


In California, people making over $100k pay 90% of all the state taxes.