October 21, 2014, 11:54:53 AM

Author Topic: The tax monster is coming soon. What are you planning on doing with your refund?  (Read 21027 times)

awinphoto

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While it's not as sexy as cameras and lenses... maybe radio poppers and promo promo promo... custom leather albums, canvas samples, metal samples... cant sell it if you dont show it. 
Canon 5d III, Canon 24-105L, Canon 17-40L, Canon 70-200 F4L, Canon 100L 2.8, Canon 85 1.8, 430EX 2's and a lot of bumps along the road to get to where I am.

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awinphoto

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What the hell is a tax refund:o :o  ;D

If you overpaid in taxes (in the USA), you can typically get the refunded taxes back in a refund.  =)  no guarantees in other countries. 
Canon 5d III, Canon 24-105L, Canon 17-40L, Canon 70-200 F4L, Canon 100L 2.8, Canon 85 1.8, 430EX 2's and a lot of bumps along the road to get to where I am.

Wildfire

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Student loans.  :(

2n10

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It will go towards something in one of my hobbies.  I just haven't decided yet.
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bluegreenturtle

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What the hell is a tax refund:o :o  ;D

If you overpaid in taxes (in the USA), you can typically get the refunded taxes back in a refund.  =)  no guarantees in other countries.

He was being sarcastic.  I thought the same question...the only people the get refunds are the people have "jobs".   

awinphoto

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What the hell is a tax refund:o :o  ;D

If you overpaid in taxes (in the USA), you can typically get the refunded taxes back in a refund.  =)  no guarantees in other countries.

He was being sarcastic.  I thought the same question...the only people the get refunds are the people have "jobs".

I had that suspicion... but erred on the thought he could be from Europe or the like that do not get tax refunds =) 
Canon 5d III, Canon 24-105L, Canon 17-40L, Canon 70-200 F4L, Canon 100L 2.8, Canon 85 1.8, 430EX 2's and a lot of bumps along the road to get to where I am.

robbymack

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Given that with the latest tax changes we are about $1200 poorer every month, I do not believe I'll be buying anything. :(

I would say that sucks, but if you are loosing $1200 a month to a 2% tax increase I don't feel sorry for you.

It's a lot more than 2%.

Then you are doing something wrong and need a better accountant

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gmrza

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What the hell is a tax refund:o :o  ;D

If you overpaid in taxes (in the USA), you can typically get the refunded taxes back in a refund.  =)  no guarantees in other countries.

He was being sarcastic.  I thought the same question...the only people the get refunds are the people have "jobs".

.. and if you overpaid taxes, you were giving an interest-free loan to the taxman!  That's why it's better to owe - that way the taxman can give you an interest-free loan for a few months...
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stoneysnapper

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For the first year in about 10 I wont be getting a tax rebate (UK terminology). I had a lucrative business deal last year that sees me needing to pay a low end 6 figure tax bill by the end of January. There'll be tears in my eyes that day at the Bank.... I'll be paying more tax in the UK this year than Amazon did probably, joke.
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FatDaddyJones

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Spent mine already (and then some) to compliment my 7D video rig. I'll probably be spending next year's tax return very shortly on some new glass. :)

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RC

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Nothing from tax refunds.  I try to break even so I don't have to pay or receive a refund.  I've already been taxed on my income, I don't want to be double taxed by getting a refund. 

I too use side money to fund my hobby, but now that the government is stealing more of our money ( new tax increases), my photography will take a hit. 

cayenne

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Nothing from tax refunds.  I try to break even so I don't have to pay or receive a refund.  I've already been taxed on my income, I don't want to be double taxed by getting a refund. 

I too use side money to fund my hobby, but now that the government is stealing more of our money ( new tax increases), my photography will take a hit.

I do the same, I try to juggle my W4 entries throughout the year, when I'm working W2 jobs (rather than 1009 contracting which I'd MUCH rather do)...so that in the end, I either only get back $100 or I pay $100 in taxes.

I see no reason to give the govt a tax free loan throughout the year, just so they can waste that too.

One thing I'd suggest....incorporate yourself, and that way...you can make all those photography purchases tax deductions.

Make it work for you, rather than have the tax man take your 'toy' money.
« Last Edit: January 18, 2013, 12:56:01 PM by cayenne »

bluegreenturtle

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Given that with the latest tax changes we are about $1200 poorer every month, I do not believe I'll be buying anything. :(

I would say that sucks, but if you are loosing $1200 a month to a 2% tax increase I don't feel sorry for you.

It's a lot more than 2%.

Then you are doing something wrong and need a better accountant

If he is in a very high tax bracket, then it could indeed be a lot more than 2%.  But if he's making that much he's probably not a pro photographer/videographer and is a hobbyist.

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cayenne

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If he is in a very high tax bracket, then it could indeed be a lot more than 2%.  But if he's making that much he's probably not a pro photographer/videographer and is a hobbyist.

I dunno, I saw this guy on Creative Live, and he billed out over $1M this year. He started in about 2008 and over $1Million in business this past year.

http://salcincotta.com/

It can be done....

crasher8

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We also do our best to limit a refund and not being overtaxed and allowing the govt to earn interest on our own money (too much) and this is coming from a staunch liberal!
However with many business deductions and mortgage interest lowering our taxable income it just happens!

So I think an EF 70-200 2.8 IS ll should be a great way to pump some more money into the economy through B&H.

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