Tax time cometh
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So how? Figured out if you owe or are owed this year? Hope everyone gets back lots of money this year.
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I felt dizzy after my calculations .....
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You're all done? Awesome. I have yet to start. Don't know when I'll get to organizing all the tax papers. Procrastinators unite.Originally posted by Fatum:I felt dizzy after my calculations .....
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not quite, but I'm handing it over to an accountant friend ... he gave me a preliminary figure, haven't sit down with him yet ....
but ... I never thought I'd say Singapore's tax rates are so low ...
AND ... I think I should get married soon ... more tax breaks that way ... -
Yah, I paid nothing while in Sg.Originally posted by Fatum:not quite, but I'm handing it over to an accountant friend ... he gave me a preliminary figure, haven't sit down with him yet ....
but ... I never thought I'd say Singapore's tax rates are so low ...
AND ... I think I should get married soon ... more tax breaks that way ...
Yah get married and have kids, great tax breaks. -
an excellent reason to get marriedOriginally posted by Fatum:AND ... I think I should get married soon ... more tax breaks that way ... -
Yeah. Just make sure you sign an ironclad prenuptual agreement before you dive into wedded bliss!Originally posted by skid:an excellent reason to get married 
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And one wife at a time ah.Originally posted by Meia Gisborn:Yeah. Just make sure you sign an ironclad prenuptual agreement before you dive into wedded bliss! unless you're Mormon? -
its a must to get a prenuptial agreement?
oh dear -
my mom dont wanna help me with this dunnowhat crappy thing
nb
how come mi this small boi boi also need -
I get back $$$$ 'cos I contribute to a retirement pension fund at year end. It brings down my taxable income. Just so u know, taxmen takes OUR money first eh!Originally posted by jetta:So how? Figured out if you owe or are owed this year? Hope everyone gets back lots of money this year.
Then return you at year end if they over-tax you!
If I owed Revenue Canada, I will need to cough out blood! Our taxes are so darn high liao!!!! -
I hear taxes here are high but I've yet to find out how high. Our situation is complex so we have to engage the services of a CPA. Everyone says that as a homeowner, we'll get back alot. I want to know just how alot is alot. I'm still gathering all our tax papers together. Damn daunting task!Originally posted by littlestream:I get back $$$$ 'cos I contribute to a retirement pension fund at year end. It brings down my taxable income. Just so u know, taxmen takes OUR money first eh! Then return you at year end if they over-tax you!
If I owed Revenue Canada, I will need to cough out blood! Our taxes are so darn high liao!!!! -
MG. Bet you've done your taxes already. Slow poke here has finally gotten her act and the relevant papers together and seeing the CPA next month. I talked to him over the phone earlier and he told me that new windows are not a tax deduction unless it's for a rental. Those people who say they are, to convince us to buy are bloody liars.
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jetta,Originally posted by jetta:MG. Bet you've done your taxes already. Slow poke here has finally gotten her act and the relevant papers together and seeing the CPA next month. I talked to him over the phone earlier and he told me that new windows are not a tax deduction unless it's for a rental. Those people who say they are, to convince us to buy are bloody liars.
I was holding off on doing my taxes as I had the feeling I was going to pay in this year (due to the @#$%&!!!! capital gains reported by the @#$%&!!! fund managers of my investments ), but I wanted to get that off my plate and I completed the returns last night.
@#$%&!!!!
For the first time in over 15 years of paying taxes, I owe tax money to both the state and federal governments, to the tune of a total of nearly $1400.
Let me say it again: @#$%&!!!!
Excuse me while I go shoot something/someone... -
Originally posted by Meia Gisborn:
Wah, you poor thing. I hope we're not talking about alot of money. Have you shot it out of your system already?
jetta,
I was holding off on doing my taxes as I had the feeling I was going to pay in this year (due to the @#$%&!!!! capital gains reported by the @#$%&!!! fund managers of my investments ), but I wanted to get that off my plate and I completed the returns last night.
[b]@#$%&!!!!
For the first time in over 15 years of paying taxes, I owe tax money to both the state and federal governments, to the tune of a total of nearly $1400.
Let me say it again: @#$%&!!!!
Excuse me while I go shoot something/someone...[/b]
We finally saw our CPA yesterday. We're getting money back again but not as much as I had thought. I guess I'm surprised because people keep saying that as a homeowner, you'll get this and that back, so I was expecting lots of $$$. Oh well. But guess what? The new windows we put in got us $220 back. Orthodontic treatment and optical stuff were all tax deductible too, boy am I happy. -
How did you managed to file no tax for so long ? ....
damm ! ... your personal accountant is good MG ...
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You misinterpret.Originally posted by Fatum:How did you managed to file no tax for so long ? ....
damm ! ... your personal accountant is good MG ...
I have been paying taxes all this while. My employer withholds a certain amount of my salary for state and federal taxes, but the employer is under no obligation to ensure that the withholdings are sufficient to cover your entire tax bill, especially if you incur tax liabilities outside of your work (for example, interest and dividends on private investments and bank accounts).
The amount of the withholdings can be adjusted by the employee, and I've done a good job of making sure they cover slightly more than my anticipated tax liability for a given year (the excess is returned as a tax refund). However, recent changes in tax laws require financial firms to report annual capital gains in addition to dividend payouts on private investments. In other words, prior to the changes, any increase in the principal value of an investment (i.e., a capital gain) would incur a tax liability only when that fund is liquidated. Since most people hold these funds for the long term, they don't incur a capital gains tax until they sell the investment, years down the line. However, after the tax law changes went into effect, investors are now required to pay taxes on the funds' capital gains annually.
The capital gains on my investments weren't reported until late last year, by which time I could not adjust my tax withholdings to cover the anticipated taxes on the gains.
@#$%&!!! -
ah ... so now you have to dig into the pocket eh .....
well ... if I did my sums right, I'd be getting something back this year .... -
yup, lots of zero to fill up again.
should look something like this.
xxxxxxxxxxxx 0
xxxxxxxxxxxx 0
xxxxxxxxxxxx 0
xxxxxxxxxxxx 0
xxxxxxxxxxxx 0
xxxxxxxxxxxx 0
xxxxxxxxxxxx 0
xxxxxxxxxxxx 0
xxxxxxxxxxxx 0
xxxxxxxxxxxx 0
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NNH, I did my taxes last night and WTH!!! I am only getting back C$28!!!!
I've been robbed!!!! -
i still dunno what the hell to do leh...
have to go ask pple liao
but mi mom said i should be getting back some
hohohohoho~~~
marneeeee~~~ -
at least u get more social n medical benefits mahOriginally posted by littlestream:I get back $$$$ 'cos I contribute to a retirement pension fund at year end. It brings down my taxable income. Just so u know, taxmen takes OUR money first eh! Then return you at year end if they over-tax you!
If I owed Revenue Canada, I will need to cough out blood! Our taxes are so darn high liao!!!!
unlike singapore, the govt said that we have one of the lowest tax rate in the world, of cos lah, u don't provide so much benefits n u dare to tax so much
GST rising to 7%, most likely will end at least 10%. -
yeap, i tink u get gst rebate. and u can claim your tuition fees, text books. or pass the claims to your parents. something something.Originally posted by udontknowme:i still dunno what the hell to do leh...
have to go ask pple liao
but mi mom said i should be getting back some
hohohohoho~~~
marneeeee~~~
i am doing it for sonny! -
I'm just wondering ... you guys filling the taxes yourself or do you hire the services of a personal accountant ? .... -
i neber file
cos i cant claim anything this year anyways