The tax monster is coming soon. What are you planning on doing with your refund?

[awinphoto]

What the hell is a tax refund? ;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 =)

 

[robbymack]

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

 

[gmrza]

What the hell is a tax refund? ;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...

 

[stoneysnapper]

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.

 

[FatDaddyJones]

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.

5D Mark III
Battery Grip
Lexar 800x 64Gb CF
DSLR Shoulder Rig w /Follow Focus & Matte Box
Zoom R16 & Sure PG42 Studio Mics
Rode VideoMic with dead cat
Benro tripod and ball head
New overclocked Core i7 desktop PC for editing w/ Nvidia GTX 660ti also overclocked

 

[RC]

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]

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.

 

[bluegreenturtle]

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.

 

[cayenne]

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]

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.

 

[dstppy]

Where's the obligatory "humph, not everyone lives in the US post" ;D

Unfortunately, two or three years back, I joined the 'what's a refund?' crowd.

I wish I were as rich as my taxes say I am!

 

[RMC33]

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.

I was in the same situation. I get a huge deduction on my prototyping business since we produce very little waste (on an order of .5% of the material we buy gets turned into waste and 98% of our billing is paperless now) and from a few R&D tax credits that we benefit from. These all came up this year and I was not expecting them.

 

[KyleSTL]

... 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.

It's our civic duty. Yeah ... that's the angle I'll take in my request for discretionary spending.

 

[extremeinstability]

Wild guess between now and April I sell either my Zeiss 21 or Canon 100-400L to help pay my taxes. One of these years I'll learn to pay the quarterly estimates(like it matters). God I love 15% self employment tax, sigh. But yeah yay for all the deductions being self employed. If I was getting money a Samyang TS 24 might be in order when it is out. Gas money instead would probably serve more use however.

 

[Faxon]

In this wonderful country, I use my Federal Tax Refund (my money repaid without interest) to pay most of my Second Installment on my Property Taxes due April 10. No toys for ME.

 

[cayenne]

Wild guess between now and April I sell either my Zeiss 21 or Canon 100-400L to help pay my taxes. One of these years I'll learn to pay the quarterly estimates(like it matters). God I love 15% self employment tax, sigh. But yeah yay for all the deductions being self employed. If I was getting money a Samyang TS 24 might be in order when it is out. Gas money instead would probably serve more use however.

If you don't have one, you need to look into filing for a subchapter "S" corp. Using that, you don't have to pay the 15% SE taxes (SS and medicare) on all of your billable funds coming in.<P>
With S corp...you pay yourself a 'reasonable' salary (talk with CPA, IRS is vague on this, but not hard to figure out)....and you only pay SE taxes on that salary portion, the rest falls through at EOY on personal income and you just pay state and fed taxes on that.

For example, you bill out $100K. You pay yourself a reasonable salary of like $25K or so.
You pay SE taxes only on that $25K...at EOY the remaining $75K comes in through your personal taxes minus all your deductions, etc.

This is one great way to save a bit more of your tax money for yourself. Just get with a CPA and figure out what a 'reasonable' salary is. You needn't be greedy...it all works out.

HTH,

cayenne

 

[extremeinstability]

Thanks for the heads up Cayenne. I'll have to look into that this year. I've always filed myself online but planned to go to a tax account this year and will bring that up.

 

[cayenne]

Thanks for the heads up Cayenne. I'll have to look into that this year. I've always filed myself online but planned to go to a tax account this year and will bring that up.

It is a bit of extra paperwork, but worth it in the long run.

Much better at saving money that just the usual LLC they try to often push you into....

C

 

[7enderbender]

So who is going to buy something fun with their tax refund?

Personally geting close to $4000 back and putting it towards a 7DmkII or 1Dx depending on the stats on the latter.

And what makes you think that everyone is getting a refund? I don't think I'll be making any major "investments" in anything fun any time soon. Especially since taxes just went up (despite what some people are trying to tell us).

 

[sandymandy]

humph, not everyone lives in the US