Tax Return Question?

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 6 years ago '07        #1
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dnycem 3 heat pts
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Tax Return Question?
 

 
Im a single 25 year old who made over 60K this past year.I have no kids and no house.I have people telling me that I might have to owe money instead of getting money back due to my status.Is this true??What are some things i can do to improve my tax return?

17 comments for "Tax Return Question?"

 6 years ago '07        #2
stargod 
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Before I had a kid (dont own a home) Ive got money back.Idk if status alone and income means you owe.


Didnt make as much as u tho :nasmad:
 6 years ago '05        #3
bi0 5 heat pts
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Get Ready to pay your good uncle sam $300-3k in taxes you better start adding up them deductions or you gone get fu*kd by he government if you making 60k tho you should be able to pay em off fast
 6 years ago '09        #4
Jacc Blacc 56 heat pts56
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 dnycem said:
Im a single 25 year old who made over 60K this past year.I have no kids and no house.I have people telling me that I might have to owe money instead of getting money back due to my status.Is this true??What are some things i can do to improve my tax return?
start a business...........you can get alot of tax deductions and credits applied then again its probably to late for that

just pay your taxes..if you really made 60k i dont know why you wouldnt be able to set up a payment plan and opay your sh*t in increments, and then start a business so next year you dont have to pay fully
 6 years ago '09        #5
Gonzilla 1 heat pts
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$60,000 at 25. What do you do?
 6 years ago '07        #6
dnycem 3 heat pts OP
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 Gonzilla said:
$60,000 at 25. What do you do?
Electrical engineer
 6 years ago '06        #7
MyStYlEaRt 
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I'm in the same boat. Made just above $60,000. I went on turbo tax's estimator. It says I'll get back about $1000. I live in florida, no state income tax though
 6 years ago '10        #8
82Koo 3 heat pts
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 dnycem said:
Im a single 25 year old who made over 60K this past year.I have no kids and no house.I have people telling me that I might have to owe money instead of getting money back due to my status.Is this true??What are some things i can do to improve my tax return?
You need to look into investing in a small business if interested please inbox me
 6 years ago '09        #9
jtread 16 heat pts16
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Start a business??? To stop from paying taxes??? Get out of here. Being that the business would be a side hustle, you would still end up owing taxes on the money anyway. The government would tax on you on your check from your employer and any money invested into another company would be taxed as well if it returns a profit. The only person seeing the benefit of your investment would be the owner of the company due to in the increase of cash on hand. And the return on investment would probably be trash in most cases unless the business is well established. You would do better to loan the money to a small business than invest until you see the cash flow streams and operations of the business. With a loan you always get paid back (unless the business files bankruptcy; then no one gets anything.)

If you do end up owing and don't want to do so in the future, just adjust your deductions from your check during the year. That will save you from having to make a lump sum payment during tax season.

But the greatest tax deduction of them all (until you have enough money and a.ssets to qualify for capital gains tax rates) is a child...


Last edited by jtread; 01-03-2012 at 12:52 PM..
 6 years ago '04        #10
hockeythug 66 heat pts66
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depends on how much you had withheld.
 6 years ago '04        #11
hockeythug 66 heat pts66
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So basically if you have to pay, bite the bullet and just pay it. Plan accordingly this year and be happy you are making 60 grand.

You will have a more accurate figure once your get your W-2 in the mail.


Last edited by hockeythug; 01-03-2012 at 05:57 PM..
 6 years ago '04        #12
futurexclusives 4 heat pts
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Check me -> for tax tips.
 6 years ago '08        #13
iPunish901 12 heat pts12
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i wasnt making close to 60,000....but back when i was like 23...24...25....i had to pay because my parents were still claiming me as a dependent and i wasnt witholding enough. so i guess in the IRS eyes, i was too old and making enough on my own that i shouldnt be depending on my parents, which i technically wasnt, besides them paying my way through school. as soon as my parents couldnt claim me, my refund check was like

 6 years ago '05        #14
beast14 4 heat pts
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 82Koo said:
You need to look into investing in a small business if interested please inbox me
talk to me..
 6 years ago '09        #15
Jacc Blacc 56 heat pts56
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 jtread said:
Start a business??? To stop from paying taxes??? Get out of here. Being that the business would be a side hustle, you would still end up owing taxes on the money anyway.

But the greatest tax deduction of them all (until you have enough money and a.ssets to qualify for capital gains tax rates) is a child...
i own 2 small businesses that my dad set up for me......my pops taught me how owning business opens up alot of doors for credits, deductions, and a nice way to get anothert outlet credit

bought a new car under my business.....that same car gets credited for tolls, parking, and for driving to meetings that i have in clubs.....and the drinks i buy..credit... and the vip room im in...credited.....

do i drive to meetings??? no lol...im a college kid i go to dinners and clubs for fun but believe you me when i say i get more money from those dinners and club outings at the end of the year then you probably get on your tax return with 2 kids

oh yeah...my business "donates" and that gets credited also lol


Last edited by Jacc Blacc; 01-04-2012 at 04:53 AM..
 6 years ago '10        #16
rdrake 30 heat pts30
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When I use to make 60 a year and was single I really didn't care about taxes....but if you want to get a good return back and want someone to handle your finances get an accountants.....financial planner

I own a business and for someone like you trust me its not worth it the return won't be that much different


Last edited by rdrake; 01-11-2012 at 09:07 PM..
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