Income Tax Return

flav8r

flav8r

Line Up and Wait
Joined
Jan 20, 2009
Messages
644
Location
Extreme Northeastern Florida
Display Name
Display name:
David
I'm curious to see how many other fellow pilots spend their income tax return on anything aviation related.

For example: Flight time, lessons, hangar rental, aircraft parts, new plane, flying club dues, new headsets and such.

I'm personally looking forward to getting my seaplane rating with my returns.

How about you?
 
Haven't filed yet, but I'm hoping we break even or owe a very small amount.
 
No return here. I calculate heavily to make sure I don't make the government an interest-free loan, while still avoiding underpayment penalties.

That's my cash. Not theirs. I'd rather have it working for me than wasted on them since they don't need it anyway.

What a racket.
 
It has been a Very Long Time since I last had an income tax return which did not involve me writing a Very Large (for me) Check.

I suspect that a pretty good number of PoA-ers are experiencing that joyful noise called the Alternative Minimum Tax, which was designed to ensure that rich folks pay more, based upon a 1968 definition of "rich," no indexing. You know, 1968, when a typical nice residence cost around $25,000, and a new Cadillac was six grand.
 
Last edited:
I suppose the OP meant 'refund' and not 'return'.

A lot of people think that receiving a tax refund is something to celebrate and enjoy. It might seem strange to them, but I view it as a bad thing.

If I could do a good job of planning, I would pay about 95% of my taxes by December, and the remaining 5% will get paid in April when I file the return. Unfortunately, it's not so easy to plan that precisely. The AMT is one of many reasons that a tax forecast can go astray.
 
NoHeat said:
I suppose the OP meant 'refund' and not 'return'.
Click to expand...

[SARCASM]Nah! I don't consider it much of a refund since that would indicate that I was unhappy with how my tax dollars were spent and demanded my money back thereby getting a refund.[/SARCASM]
 
Hay! -if you are getting a refund it must be my money because I am having to pay the IRS. You can just send it directly to me, I also accept paypal. TYVM!
 
NoHeat said:
If I could do a good job of planning, I would pay about 95% of my taxes by December, and the remaining 5% will get paid in April when I file the return. Unfortunately, it's not so easy to plan that precisely. The AMT is one of many reasons that a tax forecast can go astray.
Click to expand...

We've moved money into our IRAs before the April filing deadline in order to fine-tune the amount of tax we owe. This has so far worked for us but will not work for everyone.
 
I haven't had a tax refund in several years. Not by choice.
 
Celebrating a large tax refund is like paying for a McDonalds happy meal with a $100 bill, and celebrating the change.
 
1) Refund? That would mean that I failed to plan my taxes.

2) Spend it??? Why wouldn't you save it???? Too many people treat a refund like it's "free money." That ****es me off, because I am going to have to pay for their health care AND their retirement. :mad:
 
flyersfan31 said:
Spend it??? Why wouldn't you save it???? Too many people treat a refund like it's "free money." That ****es me off, because I am going to have to pay for their health care AND their retirement. :mad:
Click to expand...

Another off-topic response with the added unqualified rant, my lucky day.

First off, I'll spend MY money for flying as I see fit, that's why I got divorced.

Second, you don't pay for my health care or retirement, I DO.

I have an ample retirement savings account, 401k, great health benefits and retirement from my non-government employer to keep you from having to take care of me.
In my family we take care of each other and we don't look for hand outs from you or anyone else.
 
flyersfan31 said:
1) Refund? That would mean that my wife failed to plan her taxes.

2) Spend it??? Why wouldn't you save it???? Too many people treat a refund like it's "free money." That ****es me off, because my wife is going to have to pay for their health care AND their retirement. :mad:
Click to expand...


FTFY. :rolleyes:
 
I'd be happy if I just break even - but I've been piling money for the last few months with the expectation that Uncle Sam is going to make me hurt.
 
flav8r said:
Finally an on topic answer!:crazy:

That is definitely the best way to spend your money.:thumbsup:
Click to expand...

Why on earth would anyone WANT a refund????? :rolleyes2:

I pay as little in per check as I can legally get away with.... Then put what I'm going to owe into a savings account so I can write a big check ON (Not before) April 15th. I've been enjoying my money (Plus the interest that I earn on it) that would have been stuck in DC all year long for my Instrument rating, new carpet, floor mats, new wall panels, a new IFR GPS, new COMM, getting my 6 primary instruments overhauled etc... so that I can enter a cloud and trust my avionics/instruments as much as I trust my engine.

I WISH everyone had to cut a check for 100% of their taxes due in full on April 15th... I would gladly do it.
 
bartmc said:
I wish everyone had to cut a check for 100% of their taxes due in full on April 15th... I would gladly do it.
Click to expand...
There would be a whole lot of Amerians unable to pay their taxes. Those that live above their means will continue to do so regardless of their income.
 
jesse said:
There would be a whole lot of Amerians unable to pay their taxes. Those that live above their means will continue to do so regardless of their income.
Click to expand...

Well, maybe, but it would sure help folks to better understand just how big a bite the Feds were taking from "their" earnings.
 
Steve Foley said:
Celebrating a large tax refund is like paying for a McDonalds happy meal with a $100 bill in March, and celebrating when they give your change back the following February.
Click to expand...

Great quote, I updated it a little...

I'm firmly in the 'owe some each year' camp, refusing to over pay the rest of the year. I max out my 401k to IRS limits, too.

This year I'll owe more than usual due to some unusual transactions and a job change, which will likely result in less flying this year than last, but I still wouldn't change my method...
 
SCCutler said:
Well, maybe, but it would sure help folks to better understand just how big a bite the Feds were taking from "their" earnings.
Click to expand...

If they can't understand that from reading their 1040ez then I don't think that writing a check will help them too much.
 
alaskaflyer said:
I WISH everyone had to cut a check for 100% of their taxes due in full on April 15th... I would gladly do it.
//
I would too. Instead I pay quarterly.
Click to expand...

Well, you can wait until April if you like instead of paying quarterly estimated taxes. You'll have to pay interest, of course, which isn't the end of the world. Most people don't, however. Maybe that's partly because the IRS uses the clever marketing trick of calling it a 'penalty' instead of 'interest.'
 
Steve Foley said:
Celebrating a large tax refund is like paying for a McDonalds happy meal with a $100 bill, and celebrating the change.
Click to expand...

That's a clever metaphor.

Except that I never thought of government in terms of something so cheerful sounding as a happy meal. Maybe if I did I would enjoy it more.
 
jesse said:
I'd be happy if I just break even - but I've been piling money for the last few months with the expectation that Uncle Sam is going to make me hurt.
Click to expand...

Heh. Out here I'm Uncle's slave for 5 months out of evey year. In prison I'd be someone's b---- for 12.

So for the moment, I guess Uncle's still a better deal. ;)
 
NoHeat said:
Well, you can wait until April if you like instead of paying quarterly estimated taxes. You'll have to pay interest, of course, which isn't the end of the world. Most people don't, however. Maybe that's partly because the IRS uses the clever marketing trick of calling it a 'penalty' instead of 'interest.'
Click to expand...

In a better market that *might* have made sense. No more.
 
denverpilot said:
Heh. Out here I'm Uncle's slave for 5 months out of evey year. In prison I'd be someone's b---- for 12.

So for the moment, I guess Uncle's still a better deal. ;)
Click to expand...

If you'd just quit working, think of the money you'd save in taxes! :D
 
alaskaflyer said:
I would too. Instead I pay quarterly.
Click to expand...

I don't think I have that option, I started to hire on at my employer with a 1099 (I'm a contractor) then realized I'd have to pay at least quarterly, then realized that my employer pays half of some fed taxes that don't even show up on my check stub that I'd be responsible for too.
 
I miss getting refunds.

FWIW, I treated it like it was free money because it was. Those with 0 tax liability that get more money back than they put in (for example, those that qualify for the EITC), are getting free money.

In other words, 50% of the United States population at working age.
 
SkyHog said:
I miss getting refunds.

FWIW, I treated it like it was free money because it was. Those with 0 tax liability that get more money back than they put in (for example, those that qualify for the EITC), are getting free money.

In other words, 50% of the United States population at working age.
Click to expand...

Grrr!
 
One could argue that with the current interest being paid on savings, have uncle take it out of your check each pay period is a cheap way to enforce savings.
 
jtheune said:
One could argue that with the current interest being paid on savings, have uncle take it out of your check each pay period is a cheap way to enforce savings.
Click to expand...

(Double take...)

Wow. Just... Wow.

My dad asked a bank teller what her New Year's resolution was a few days ago.

She said, and I quote...

"To budget my checkbook."

...

After recovering from being stunned he said, "You mean balance your checkbook right?"

"Oh yeah! That's what I meant! It's been seven days, and so far, so good!", she replied cheerfully.

A bank teller. Seriously.

Dad's private commentary on the phone went something like this...

"We're f---ed."
 
I thought I was going to owe, since I claimed more than 0 this year, but so far I only owe the Feds $3 and am getting a small CA refund. I need to find out if my Mom's company will be sending me a 1099 which could suck, but hopefully I didn't earn $600 with them last year.

I will spend it on the checkout I have scheduled, moving "up" to a 180hp conversion 172 for a great rate at a new flight school at my airport.
 
Sigh... "claimed more than 0"... don't get me started on how our system penalizes the childless.

(Of course, the majority -- the parents up to their eyeballs in non-logical behavior anyway, just barely holding on to sanity while dealing with their offspring -- see it differently. They "deserve" to pay less in taxes so they can support their ankle-biters... and the usual argument is 'kids are more expensive than you pay in taxes for not having them!', which they seem to think is a logical, reasonable point... when talking about taxation fairness. They really get cranky when I say I and the retirees with grown kids are the ones actually paying the property taxes that pay for their kid's education, not them... heh heh.)
 
SkyHog said:
I miss getting refunds.

FWIW, I treated it like it was free money because it was. Those with 0 tax liability that get more money back than they put in (for example, those that qualify for the EITC), are getting free money.

In other words, 50% of the United States population at working age.
Click to expand...

Sure you want to say "50% of the United States population at working age"?? That is really, really hard to quantify. I would agree that +/-50% of the tax forms filed meet that. It's tough to get tax revenue from people who don't have that much money to begin with.

http://www.taxpolicycenter.org/UploadedPDF/1001547-Why-No-Income-Tax.pdf

Of course (as we have beat to death in the past), this applies only to Federal income tax.

Gary
 
kimberlyanne546 said:
I thought I was going to owe, since I claimed more than 0 this year, but so far I only owe the Feds $3 and am getting a small CA refund. I need to find out if my Mom's company will be sending me a 1099 which could suck, but hopefully I didn't earn $600 with them last year.

I will spend it on the checkout I have scheduled, moving "up" to a 180hp conversion 172 for a great rate at a new flight school at my airport.
Click to expand...

Even if they don't send the 1099, I believe you're still supposed to report it.

That said, I'd be surprised if more than a single digit percentage of Americans report all their income (eBay, CraigsList, garage sale income) on their returns... I bet most only report what gets reported to the IRS on a form.
 
TangoWhiskey said:
Even if they don't send the 1099, I believe you're still supposed to report it.

That said, I'd be surprised if more than a single digit percentage of Americans report all their income (eBay, CraigsList, garage sale income) on their returns... I bet most only report what gets reported to the IRS on a form.
Click to expand...

I report what they know. For all intents and purposes, and because this is the internet, that's all I make.
 
TangoWhiskey said:
Even if they don't send the 1099, I believe you're still supposed to report it.

That said, I'd be surprised if more than a single digit percentage of Americans report all their income (eBay, CraigsList, garage sale income) on their returns... I bet most only report what gets reported to the IRS on a form.
Click to expand...
If it gets deposited into my bank account I report it. Even if it's just a hundred dollars and they'd never know. Call me crazy.

But a garage sale is generally not taxable income, unless you're selling things for more then you paid.
 
Last edited:
You must log in or register to reply here.
Back
Top