Tax Question

[LALDAAS]

I am work sitting around talking to assistant. (He works for me.)

We are talking about taxes. I just finished my taxes and my return was an amazing $2200. Well it was amazing to me I almost never get a return. I make about 60-70k year it varies from yr to yr depending on how much I work.

So he hangs up the phone with his tax guys and has a grin from ear to ear. Then he tells me his return this year is $7,200?????????????????????????? [img]/images/graemlins/shocked.gif[/img]

How is this possible???

He only makes 33,000 a year I know because I do his pay roll.

Is he even paying any tax? He has a child (divorced and from what I am understood his wife declares the child). Does a Child really make this much of a diffrence?

My return last year was $320 and his was $6400.

I dont get it

[RunDownHouse]

Just as an aside, you know that that's not a good thing, right? That it probably means he's drastically overpaying throughout the year?

EDIT: OK, its good for idiots with no compunction about spending everything they can get their hands on, but for those with any sort of fiscal responsibility its not good.

[guids]

When I was in HS/early college, I made about 25-29,000 a year, and would routinely get all the taxes I paid (2-3500$) back, due to educational tax cuts, itemizing etc.

[Shajen]

depends on what all he's claiming, and if he pays child support, etc. If he owns a home and is doing an interest only loan he's getting a big break there as well.

Be happy for the guy, he still has a lot less than you [img]/images/graemlins/smile.gif[/img]

[The Dude]

Anybody who brags about getting a tax return of a bunch, I laugh at. I cannot even begin to imagine how much money the government makes every year on the interest of those who overpay their taxes. Scandalous.

[LALDAAS]

[ QUOTE ]
Just as an aside, you know that that's not a good thing, right? That it probably means he's drastically overpaying throughout the year?


[/ QUOTE ]

Yes I see your point. I am still like WTF!

[ QUOTE ]
When I was in HS/early college, I made about 25-29,000 a year, and would routinely get all the taxes I paid (2-3500$) back, due to educational tax cuts, itemizing etc.

[/ QUOTE ]

Well, That is a student, He is not.

I guess what gets my goat most of all is he actually makes a hellva lot more then I a year. He DJ's on the side. Both in a club and weekend parties.

It is not a surprize any more for him to come in and tell me he cleared 2k on any given weekend.

He reports NOTHING! Its completely cash transactions

[LALDAAS]

[ QUOTE ]
depends on what all he's claiming, and if he pays child support, etc. If he owns a home and is doing an interest only loan he's getting a big break there as well.

Be happy for the guy, he still has a lot less than you [img]/images/graemlins/smile.gif[/img]

[/ QUOTE ]

He is not paying child support he is a good father and has a terriffic relationship with his ex wife.

I wouldnt think any interest he accurd is a factor. considering I had to beat him over the head with a stick to put his $$$ any where aside from a %1 savings account.

However he did in sept. get a condo. via a hook up through a friend. I belive his taxes are around 3,400 a year.