C6 Corvette General Discussion General C6 Corvette Discussion not covered in Tech
Sponsored by:
Sponsored by:

Tax Season

Thread Tools
 
Search this Thread
 
Old 02-08-2018, 09:25 AM
  #1  
Chase0808
Instructor
Thread Starter
 
Chase0808's Avatar
 
Member Since: Jun 2017
Location: GA
Posts: 129
Received 9 Likes on 8 Posts
Default Tax Season

What are you getting your Corvette with your tax return? I'm thinking about going with some cf skirts and splitter.
Old 02-08-2018, 09:29 AM
  #2  
Travlee
Race Director
 
Travlee's Avatar
 
Member Since: Jul 2015
Location: Frisco, TX
Posts: 14,114
Received 1,090 Likes on 595 Posts
Default

not getting enough back to even pay my cable bill.... but i am fine with that
The following users liked this post:
Z0SIS (02-10-2018)
Old 02-08-2018, 09:48 AM
  #3  
Bruze
Team Owner
 
Bruze's Avatar
 
Member Since: Mar 2014
Location: Below the bottom of Berby Hollow, NYS
Posts: 21,631
Received 1,136 Likes on 882 Posts
Default

I haven't had a tax return since around 1985. Before that I would keep it to the minimum anyway. I'm not into loaning the gov't interest-free money.
Old 02-08-2018, 10:08 AM
  #4  
gliot1
Safety Car
 
gliot1's Avatar
 
Member Since: Jun 2002
Location: Buckeye, AZ
Posts: 3,747
Received 1,450 Likes on 755 Posts
St. Jude Donor '12-'13

Default

Tax return??? lol I just did mine and I owe $6k! So much for any large $$$ parts soon!
Old 02-08-2018, 10:08 AM
  #5  
jbc1995fb
Safety Car
 
jbc1995fb's Avatar
 
Member Since: Aug 2006
Location: San Antonio, TX
Posts: 4,153
Received 1,339 Likes on 883 Posts

Default

I bought some used black headlights. I still need to get the lenses replaced.
Old 02-08-2018, 10:24 AM
  #6  
jrose7004
Team Owner
 
jrose7004's Avatar
 
Member Since: Mar 2004
Location: Oklahoma City OK
Posts: 58,255
Received 1,673 Likes on 1,296 Posts
C6 of Year Finalist (appearance mods) 2019

Default

I'm self employed, I don't get a tax refund.
Old 02-08-2018, 10:30 AM
  #7  
BlindSpot
Le Mans Master
 
BlindSpot's Avatar
 
Member Since: May 2016
Location: LWR, FL
Posts: 5,090
Received 1,364 Likes on 904 Posts
Default

As said above by others...

If you're getting a tax refund of any sizable amount, you're not doing it right.
Old 02-08-2018, 10:37 AM
  #8  
n3v3rtrstamor0n
Racer
 
n3v3rtrstamor0n's Avatar
 
Member Since: Nov 2017
Location: Fort Wayne Indiana
Posts: 291
Received 61 Likes on 54 Posts
Default

What's a refund?
Old 02-08-2018, 10:39 AM
  #9  
Travlee
Race Director
 
Travlee's Avatar
 
Member Since: Jul 2015
Location: Frisco, TX
Posts: 14,114
Received 1,090 Likes on 595 Posts
Default

Originally Posted by n3v3rtrstamor0n
What's a refund?
what pisses me off is that earned income credit for broke *** people with kids they cant afford

a 20 something girl at work gets back 4-5k a year because of earned income credit.
The following users liked this post:
Randy_in_MD (02-11-2018)
Old 02-08-2018, 10:40 AM
  #10  
Bruze
Team Owner
 
Bruze's Avatar
 
Member Since: Mar 2014
Location: Below the bottom of Berby Hollow, NYS
Posts: 21,631
Received 1,136 Likes on 882 Posts
Default

Originally Posted by jrose7004
I'm self employed, I don't get a tax refund.
Yup, me too.
Old 02-08-2018, 10:53 AM
  #11  
BlindSpot
Le Mans Master
 
BlindSpot's Avatar
 
Member Since: May 2016
Location: LWR, FL
Posts: 5,090
Received 1,364 Likes on 904 Posts
Default

Originally Posted by Travlee
what pisses me off is that earned income credit for broke *** people with kids they cant afford

a 20 something girl at work gets back 4-5k a year because of earned income credit.
Yeah...real story...one of the car valets at a plaza in Scottsdale was bragging about getting a $6,000 refund last year. He made a total of $18,000 parking cars. $18K, that is, on the tips he reported.

He wasn't able to comprehend that he didn't pay any taxes in the first place, but he and his live in (unemployed) girlfriend and their 6 month old child got him the $6K to which I contributed. Ya gotta just love this country...

So, he did the "responsible" thing and promptly purchased a motorcycle....with the "free money". I usually tip the valets well, but I shorted him that night....tip already given!

Last edited by BlindSpot; 02-08-2018 at 10:55 AM.
Old 02-08-2018, 10:57 AM
  #12  
n3v3rtrstamor0n
Racer
 
n3v3rtrstamor0n's Avatar
 
Member Since: Nov 2017
Location: Fort Wayne Indiana
Posts: 291
Received 61 Likes on 54 Posts
Default

Originally Posted by Travlee
what pisses me off is that earned income credit for broke *** people with kids they cant afford

a 20 something girl at work gets back 4-5k a year because of earned income credit.
Wish I could get free money but because I choose to be self employed and my wife a nurse we make to much to get free money .
Old 02-08-2018, 11:03 AM
  #13  
Travlee
Race Director
 
Travlee's Avatar
 
Member Since: Jul 2015
Location: Frisco, TX
Posts: 14,114
Received 1,090 Likes on 595 Posts
Default

Originally Posted by n3v3rtrstamor0n
Wish I could get free money but because I choose to be self employed and my wife a nurse we make to much to get free money .
i know the feeling.... not married yet, but the fiancee is a nurse as well
Old 02-08-2018, 11:41 AM
  #14  
dmk0210
Burning Brakes
 
dmk0210's Avatar
 
Member Since: Oct 2013
Posts: 1,061
Received 130 Likes on 107 Posts
Default

I'm giving mine a nice big principal payment.
Old 02-08-2018, 12:00 PM
  #15  
gliot1
Safety Car
 
gliot1's Avatar
 
Member Since: Jun 2002
Location: Buckeye, AZ
Posts: 3,747
Received 1,450 Likes on 755 Posts
St. Jude Donor '12-'13

Default

I guess someone is a tax expert above. I am doing it right, unfortunately when you get laid off, collect unemployment, invoke the rule of 55 on a 401k plan, get rehired as a contractor and have sizeable investments with some great capital gains posted it is very hard to predict tax liability. Ideally yes, you don't want a refund or you don't want to pay, but the requirement on the rule of 55 is that 20% be withheld, and then that is relative to your income bracket! Now with all of the other BS in this year relative to wages I endured, I had no clue where my tax liability may be until I actually did my return and yes, next year I will make adjustments to offset it. It appears that I will soon have full time employment rather than contractor status soon as well! The upside.....at least with this admin in DC we are making money and jobs are popping up again and it appears wages will start moving up again, something the last 8 years never did for a soul.

Last edited by gliot1; 02-08-2018 at 12:01 PM.
Old 02-08-2018, 12:03 PM
  #16  
Corvette_Ed
Race Director
 
Corvette_Ed's Avatar
 
Member Since: May 2012
Location: Phoenix area, AZ
Posts: 15,236
Received 2,839 Likes on 1,800 Posts

Default

No refund here. I owe just a little, but that's ok.
Old 02-08-2018, 12:05 PM
  #17  
gliot1
Safety Car
 
gliot1's Avatar
 
Member Since: Jun 2002
Location: Buckeye, AZ
Posts: 3,747
Received 1,450 Likes on 755 Posts
St. Jude Donor '12-'13

Default

As someone above noted, my gf works with girls who get back $8k or more, making only about $30k. The kids get food, housing, schooling, school lunches, etc. and yet they take vacations nicer than most folks. We should all be PO'ed...real PO'ed at this system, when those of us who work hard, earn and pay taxes have to continually subsidize others and then be told how we are somehow evil because we don't believe taxes should go to non US citizens.....the whole country is upside down these days.

Beyond that, what parts are you buying for those getting refunds?

Get notified of new replies

To Tax Season

Old 02-08-2018, 12:36 PM
  #18  
kevinjm
Instructor
 
kevinjm's Avatar
 
Member Since: Nov 2017
Location: SoCal
Posts: 172
Received 40 Likes on 28 Posts
Default

Buying LED reverse lights. And if I can decide on a vendor, likely upgraded low beams, high beams, and DRL switchbacks.
The following users liked this post:
jbc1995fb (02-08-2018)
Old 02-08-2018, 01:00 PM
  #19  
jbc1995fb
Safety Car
 
jbc1995fb's Avatar
 
Member Since: Aug 2006
Location: San Antonio, TX
Posts: 4,153
Received 1,339 Likes on 883 Posts

Default

I hardly ever rant, but I knew this thread was going to turn into a **** storm about who gets a refund, who deserves a refund, if you get a return you're ******* stupid because uncle sam has your money.

if you're not buying anything, STFU. no one asked for your political or financial advice.

ok, rant over.
The following 3 users liked this post by jbc1995fb:
Gotta-Qik-C7 (02-09-2018), Jeff-Ford (02-08-2018), kevinjm (02-08-2018)
Old 02-08-2018, 03:27 PM
  #20  
Chase0808
Instructor
Thread Starter
 
Chase0808's Avatar
 
Member Since: Jun 2017
Location: GA
Posts: 129
Received 9 Likes on 8 Posts
Default

I should’ve know this thread would take a turn for the worst lol. I didn’t mean to offend anyone or start any lecturing. I was just wondering. I also consider myself pretty fortunate to be a 19 year old with a payed off corvette(no, not by mom and Dad). Not dumb, just a stupid millennial.

Last edited by Chase0808; 02-08-2018 at 03:28 PM.


Quick Reply: Tax Season



All times are GMT -4. The time now is 03:44 PM.