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Using Your Tractor & Crop Talk

Discussion Board - Whats the most you have ever heard............

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Animal

01-26-2013 14:31:02
71.51.217.13



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that anyones ever got back on their taxes? I hear tell of an "old" salt from around the Lake of the Ozark area that got back 15 or 20 K




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LA in WI

02-07-2013 20:56:26
64.251.222.158



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 Re: Whats the most you have ever heard............ in reply to Animal, 01-26-2013 14:31:02  
You do not get anything "back". This means you simply paid too much tax (or deductions) thru the year. It was your money and you gave it to them. The government had fun with your money for the year...and never paid you interest for using it.

Get your deductions in line with what they should be, and if you come out near zero owed then you are on the ball.

Getting money "back" is a joke that tax preparers always laugh about when they get together.

LA in WI

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vernon in ks

01-29-2013 09:03:00
66.210.29.139



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 Re: Whats the most you have ever heard............ in reply to Animal, 01-26-2013 14:31:02  
If cattle prices are high and I don't have any to sell can I claim that as a loss? :)



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Brad Buchanan

01-27-2013 13:08:57
74.71.185.165



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 Re: Whats the most you have ever heard............ in reply to Animal, 01-26-2013 14:31:02  

Wyfe works with welfare recipients to try and get them jobs. One young gal with five kids was pleased as punch at getting a 'earned income' refund of $10,000.

Brad



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MF Poor

01-27-2013 14:50:33
50.96.253.30



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 Re: Whats the most you have ever heard............ in reply to Brad Buchanan, 01-27-2013 13:08:57  
Step daughter of an employee of mine hasn't had a job in 14 years. She'd got 3 kids from 3 different "fathers". None of the 3 pay a penny of child support. She is on every sort of state and/or federal aid known to man. She's getting back a tad bit of $10,000 this year. (I've seen copies of the tax returns being filed)

And yet folks wonder how our country got as broke as it is......



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Brad Buchanan

01-27-2013 19:41:18
74.71.185.165



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 Re: Whats the most you have ever heard............ in reply to MF Poor, 01-27-2013 14:50:33  
She isn't getting anything 'back'.

She is just getting taxpayers money period.

And what adds insult to injury is that they get get that money 100% tax free.

A 'gift' from a smelly politician using you grandchildrens' credit card.

Brad



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paul

01-27-2013 09:54:31
66.44.133.112



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 Re: Whats the most you have ever heard............ in reply to Animal, 01-26-2013 14:31:02  
Years ago and single, I got $200 back. Self emplyeed farmer no other income, no witholding, I had to check with my accountant, as that truely was getting money back, without paying any in during the year.

Was some special deal that year you got a cash grant to apply to taxes, and if you had no income, got the cash.

So, perhaps that is the most I've heard of getting back?

I think corn was bringing $186 that year, so it was real easy to not make money farming back then....

--->Paul

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IaGary

01-27-2013 14:12:35
108.160.237.250



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 Re: Whats the most you have ever heard............ in reply to paul, 01-27-2013 09:54:31  
If you have paid no taxes through out the year, have a loss and are due a refund, you can claim a refund on taxes paid in the previous year.

I did that one time in the 80"s.

gary



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Paul

01-27-2013 15:56:12
66.44.133.112



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 Re: Whats the most you have ever heard............ in reply to IaGary, 01-27-2013 14:12:35  
That was a rough period for farming, I had $900 of deductions never got used up. You could carry that stuff for 3 years, but never had enough income to use it up.

Couldn't apply the loses to previous years, those were negative as well.

Paul



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MF Poor

01-27-2013 16:51:20
50.96.253.30



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 Re: Whats the most you have ever heard............ in reply to Paul, 01-27-2013 15:56:12  
If it wasn't for having a good off farm job and selling off some unproductive ground for way more than it was worth, to a developer who was starting his own industrial park, the '80's would have been far worse for me than what it actually was. Sure wasn't raking it in selling corn and soy beans. There's a lot to be said for dumb luck!



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Animal

01-27-2013 18:48:37
71.51.217.13



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 Re: Whats the most you have ever heard............ in reply to MF Poor, 01-27-2013 16:51:20  
My wife and I worked in the city, before I came to the country to make my fame and fortune. We both claimed single with no dependents, even though we were raising three kids at the time, I even had them take an extra hundred a month out, and still had to come up with money at the end of the year. Last year my accountant told me that I had to buy some big ticket items, or we would be paying again. How are you supposed to stash some money away for old age? I would like to meet that dumb SOB that called this the golden years...

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MF Poor

01-28-2013 13:52:19
50.96.253.30



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 Re: Whats the most you have ever heard............ in reply to Animal, 01-27-2013 18:48:37  
Ah, the life story of a farmer....You work day and night, struggle at times to make minimum wage, operate a business with thousands upon thousands of dollars of cash flow , re-invest most of it, put very little of it in your pocket, risk everything, and die with an estate worth millions.



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Dean Olson

01-27-2013 08:40:03
166.147.120.31



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 Re: Whats the most you have ever heard............ in reply to Animal, 01-26-2013 14:31:02  
Any one getting much back at all isn't paying attention to their money. The perfect scenario is being exactly even when taxes are done. I do not loan the gubment my money. They sure wont pay you any interest. BUT if you owe them too much you darn sure pay them interest and penalties.



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IRS

01-26-2013 21:51:08
77.241.230.245



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 Re: Whats the most you have ever heard............ in reply to Animal, 01-26-2013 14:31:02  
People that pay a lot in through their job and then have business or farm losses will get a lot back, I know someone who got back 23,000 a couple years ago but he had a good job and was paying in a lot of tax, then he and his wife lost 80,000 that year in a restaurant business.



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old

01-26-2013 15:21:37
209.86.226.40



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 Re: Whats the most you have ever heard............ in reply to Animal, 01-26-2013 14:31:02  
Sure wasn't me LOL and never heard of any one around here like that



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charlie M

01-26-2013 17:44:18
74.34.216.81



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 Re: Whats the most you have ever heard............ in reply to old, 01-26-2013 15:21:37  
I believe the IRS can fine you for getting back too much. I know they can fine you for paying in too little.



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GordoSD

01-27-2013 09:00:40
216.106.242.91



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 Re: Whats the most you have ever heard............ in reply to charlie M, 01-26-2013 17:44:18  
If you have enough dependents, and very little income you can actually get money FROM the IRS that you never paid in. Earned Income Credit.
Another layer of welfare.



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Larry NEIL

01-29-2013 12:47:59
75.63.56.224



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 Re: Whats the most you have ever heard............ in reply to GordoSD, 01-27-2013 09:00:40  
Cases documented on illegal aliens claimimg to suppport not only their own 5 kids but 25 more famil dependents back in old Mexico. They are recieveing $10 K to $15 K without paying into the system. IRS asked why they were not stopping this and the head of the IRS said the congress had to change some laws to stop it!!!



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Animal

01-30-2013 15:26:42
71.51.217.13



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 Re: Whats the most you have ever heard............ in reply to Larry NEIL, 01-29-2013 12:47:59  
and is this the same govt. that everyone thinks can confiscate three hundred million fire arms..



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