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View Poll Results: Who has done their taxes so far, getting a refund or not
NOT turned in my taxes yet, I am expecting a REFUND 2 6.90%
Have NOT turned in my taxes yet, I am expecting to OWE money 4 13.79%
Have turned in my taxes, I am expecting a REFUND 16 55.17%
Have turned in my taxes, I am expecting to OWE money 7 24.14%
Voters: 29. You may not vote on this poll

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Old 04-14-2008, 08:07 PM   #11
Indy Coug
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I despise owing, so I tweak my W-4 to give me a high likelihood of getting a return without having too much over withheld.

My state return was exactly $0.
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Old 04-14-2008, 08:11 PM   #12
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Quote:
Originally Posted by Indy Coug View Post
I despise owing, so I tweak my W-4 to give me a high likelihood of getting a return without having too much over withheld.

My state return was exactly $0.
I call bull. Your state return was exactly $0 because you fudged some of your deductions so it would come out exactly to $0.
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Old 04-14-2008, 08:14 PM   #13
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Originally Posted by BYU71 View Post
I call bull. Your state return was exactly $0 because you fudged some of your deductions so it would come out exactly to $0.
I don't claim I purposely rigged it ahead of time to come out to $0, it just worked out that way.
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Old 04-14-2008, 08:15 PM   #14
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Originally Posted by BYU71 View Post
I call bull. Your state return was exactly $0 because you fudged some of your deductions so it would come out exactly to $0.
There are BNA software suites that actually allow you to do this, assuming you are entering info at least quarterly. The average person does not use this brand of software, though, as it is really expensive.

For a person to have a zero liability, they usually have to have a serious understanding of expected inflows and expenses for Q4.

It isnt common, but it is definitely possible.

While possible that he has zero liability, what is more likely is that Indy is just lying again.
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Old 04-14-2008, 08:17 PM   #15
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Quote:
Originally Posted by Indy Coug View Post
I don't claim I purposely rigged it ahead of time to come out to $0, it just worked out that way.
It may have, but I can tell you as an auditor (private sector) way back when, if something turned out like that the suspicion flags go up.

Can you imagine the odds of hitting your estimated payments right to the button with what you owed.

Now if I was in the 7% state bracket and owed $70 bucks, what is the harm in kicking in an extra $1,000 in expenses and have it come out even.
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Old 04-14-2008, 08:18 PM   #16
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Quote:
Originally Posted by TripletDaddy View Post
There are BNA software suites that actually allow you to do this, assuming you are entering info at least quarterly. The average person does not use this brand of software, though, as it is really expensive.

For a person to have a zero liability, they usually have to have a serious understanding of expected inflows and expenses for Q4.

It isnt common, but it is definitely possible.

While possible that he has zero liability, what is more likely is that Indy is just lying again.
I think it was just a mathematical fluke.
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Old 04-14-2008, 08:18 PM   #17
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Originally Posted by bluegoose View Post
I just got the dreaded phone call from the CPA last night. As he put it, the good news is I made more this year than last. The bad news is, my quarterly tax estimates did not even sniff how much I actually owe.
I will be moving into the realm of quarterly estimates next year. Oy.
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Old 04-14-2008, 08:24 PM   #18
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Quote:
Originally Posted by Indy Coug View Post
I think it was just a mathematical fluke.
I was only messin' anyway.

But it is possible.

For example, someone who gets paid a few times a year (or once a year) may not plan on any income in Q4 at all. If you have already paid-in estimates to cover any potential interest income on holdings, then zero balance can be a reality.

Although as 71 says, it is not common.
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Old 04-14-2008, 08:30 PM   #19
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I filed an extension, I just did my taxes from 2005 and 2006, so I am at least two years out on 2007. Yes I will owe.
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Old 04-14-2008, 08:44 PM   #20
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I filed an extension, I just did my taxes from 2005 and 2006, so I am at least two years out on 2007. Yes I will owe.
Is there a general reason as to why people wait or file an extension? (Like a benefit of some kind?) or do they just do it because that option is available to them?
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