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Thread: Taxes still suck

  1. #1
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    Taxes still suck

    But gotta do what you can to make it fun. I been treating myself a little bit with my tax return. Anybody else?

    These items have been on my mind for a bit but I was waiting for a time when there's money to blow. Can't wait

    bm235-eevblog-face-50.jpg
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    I was considering buying two Eminence EM12 and two Eminence Wizards (or Swamp Thangs) and some baltic birch ply and building a 4x12 but maybe I should just chill out and fix up my junky car
    big_teee likes this.

  2. #2
    ToneOholic! big_teee's Avatar
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    We haven''t filed yet.
    I usually have to pay taxes, instead of refund.
    Technicians Run the World, but Bankers, Lawyers, and Accountants, Take All The Credit!
    Keep Rockin! B_T
    Terry

  3. #3
    Senior Member Enzo's Avatar
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    Since retirement, our income is social security, and my Ira. The IRA was pre-Roth, so taxable income. No withholding. I may pay taxes this year.
    Education is what you're left with after you have forgotten what you have learned.

  4. #4
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    My wife generally does the taxes, but has fallen behind. We still have to do our 2015 taxes. We generally overpay taxes, though, so we get back a couple of thousand every year, generally arriving in time to pay our congregational dues. If we get cracking and do both 2015 and 2016 this spring, there'll be a surplus. Huzzah!

    The big question mark is whether they'll be accurate. I don't know how well the news has trickled down south, but the federal government implemented a new database system for paying federal employees a year ago. Senior managers gave it the thumbs up prematurely, and since it was launched there have been nothing but headaches. The federal pay centre is based out on the Gaspé peninsula. Why? Because there used to be a federal long-gun registry there, and when the last government decided to shut it down, the federal pay centre was moved there to provide work. Why was the gun registry there in the first place? Because there had been a military base out there that was shut down by a different previous government, creating unemployment in the region, and catastrophic impacts on house prices.

    Long and the short of it is that the folks who understand the peculiarities of federal pay systems did not wish to move to the new location, and the training provided to the folks working there was insufficient. There are some suspicions that the software system that IBM sold them was not properly tested either. End result is that tens of thousands of employees were either not paid at all, were underpaid, or were overpaid. A lot of university students who had summer jobs in the government didn't get paid until after summer was long over, and there had to be emergency funds set up for them so they could afford to pay their tuition. And when people were overpaid, the attempts to recover the money were similarly inaccurate.

    I work in the province of Quebec, but reside across the river in the province of Ontario.* Because taxation rates are different in the two provinces, calculation of taxes involves adjusting for which province you live in, as well as which one you work in. Needless to say, after being advised to hold off for a bit, we just received the "all clear" that our tax statements have now been verified as accurate and are available for downloading.

    For my part, I never look at my pay stub, whether paper in past or electronic, currently. The right amount seems to show up in my account, and since nothing has changed in my employment (folks who started or changed jobs were most likely to end up having pay problems with the new system), I'm pretty confident that all the info will be accurate enough when I get to it.

    I retire this fall, and will be looking for short-term contract work, in addition to the 4 or 5 different disconnected pension sources coming in (some rather small), so I imagine taxes will begin to get complicated next year. The good news is that I'll have time to do them.

  5. #5
    Senior Member Enzo's Avatar
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    Does Canada have commercial tax software like our TurboTax?
    Education is what you're left with after you have forgotten what you have learned.

  6. #6
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    Yes, there is certified software available that you fill out and it submits the return online. Some of them are free if it's a fairly simple return or your income falls below some level.
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  7. #7
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    ...or if your income sources are simple enough that you don't require the "extra forms". We used to need extra forms when we had to pay for daycare for our youngest, and claim it on taxes. But now that he's nearly finished university, we decided we didn't really need daycare anymore.

  8. #8
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    Last year we got enough back to purchase a nice used motorcycle. I was hoping to upgrade this year if we got enough back but it turns out my old car was really starting to fall apart quickly so my wife pushed me to get a different car. Fortunately we got back just enough to do that so I have a decent car again.
    --Jim


    He's like a new set of strings... he just needs to be stretched a bit.

  9. #9
    ToneOholic! big_teee's Avatar
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    We filed recently, and we didn't have to pay any.
    Getting a little refund.
    I like to break even or near even.
    If you get a lot back, that means you're paying to high a rate.
    I had rather hold my money, and be drawing interest on it, instead of he IRS drawing interest on it!
    T
    Technicians Run the World, but Bankers, Lawyers, and Accountants, Take All The Credit!
    Keep Rockin! B_T
    Terry

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