creekland Posted February 23, 2011 Share Posted February 23, 2011 We found out yesterday that there is one advantage of having a lower income (to us) from our business. For the first time since the first year of owning our business (over 10 years ago) we actually get a REFUND on our taxes instead of having to pay a considerable amount in. While this is good for us right now as it will allow us to pay our electric bill and catch up on a couple of things that got behind, I shudder to think of what it's doing to the US economy. We've never been on any unemployment rolls. We used to pay a significant amount in taxes - though less the last couple of years due to the economy. Now we're getting a refund that is MORE than what we put in (and we need it, otherwise I'd refuse it). If we aren't alone (if there are thousands of "us" across the US) it doesn't bode well for the US financial future. And for what it's worth, I'd rather be making enough to still have to pay in, but again, considering the here and now and our bills, I'm thankful for the refund. May the economy recover soon. Quote Link to comment Share on other sites More sharing options...
mommaduck Posted February 23, 2011 Share Posted February 23, 2011 Yep, we always look forward to that return :) Quote Link to comment Share on other sites More sharing options...
melissel Posted February 23, 2011 Share Posted February 23, 2011 We found out yesterday that there is one advantage of having a lower income (to us) from our business. For the first time since the first year of owning our business (over 10 years ago) we actually get a REFUND on our taxes instead of having to pay a considerable amount in. While this is good for us right now as it will allow us to pay our electric bill and catch up on a couple of things that got behind, I shudder to think of what it's doing to the US economy. We've never been on any unemployment rolls. We used to pay a significant amount in taxes - though less the last couple of years due to the economy. Now we're getting a refund that is MORE than what we put in (and we need it, otherwise I'd refuse it). If we aren't alone (if there are thousands of "us" across the US) it doesn't bode well for the US financial future. And for what it's worth, I'd rather be making enough to still have to pay in, but again, considering the here and now and our bills, I'm thankful for the refund. May the economy recover soon. :grouphug::grouphug::grouphug: Quote Link to comment Share on other sites More sharing options...
FaithManor Posted February 23, 2011 Share Posted February 23, 2011 My parents are in that same boat. Always, always paying in and it's usually a ridiculous amount of tax for what the business actually makes. But, this year the gross is down $200,000 on a small business that generally only, in it's best years, generates $350,000.00 Do the math and then consider that dad employs four people full time and one part-time. By the time he meets payroll, there is hardly anything left for he and my mom. She's buying groceries on a low interest credit card right now because dad can't take a pay check this week or next. They are getting a refund and they've haven't had one since dad exited the Air Force in 1966. He was feeling bad about it the other day. I told him he needed to accept the money with grace. Small businesses in America have paid way more than their fair share for decades because they aren't allowed the tax loop holes that big companies get. Plus they are a lot easier to audit so the IRS goes after them long before they'll go after a big firm. He's paid more than he should and the taxpayers, though it hurts, owe him. So, that's it. We owe you. Thanks for your contribution to our nation! Faith Quote Link to comment Share on other sites More sharing options...
creekland Posted February 23, 2011 Author Share Posted February 23, 2011 She's buying groceries on a low interest credit card right now because dad can't take a pay check this week or next. I've been there this past year too. I wonder what we would have done if we hadn't had the emergency credit cards. They are getting a refund and they've haven't had one since dad exited the Air Force in 1966. He was feeling bad about it the other day. I told him he needed to accept the money with grace. Small businesses in America have paid way more than their fair share for decades because they aren't allowed the tax loop holes that big companies get. Plus they are a lot easier to audit so the IRS goes after them long before they'll go after a big firm. He's paid more than he should and the taxpayers, though it hurts, owe him. So, that's it. We owe you. Thanks for your contribution to our nation! Faith Thanks, but I will fully admit, our feeling about accepting the refund is definitely mixed - thankful, but... Sorry to hear your folks are in a similar boat. Quote Link to comment Share on other sites More sharing options...
TravelingChris Posted February 23, 2011 Share Posted February 23, 2011 We are getting a refund too. Once we have children out of college, we will be able to adjust our withholdings more accurately so we don't get a refund. But with tax changes all the time and kids in college and uncertainty, we withheld more than enough and will get a nice chunk back. Quote Link to comment Share on other sites More sharing options...
milovany Posted February 23, 2011 Share Posted February 23, 2011 Right there with you -- we always get a significant refund; much more than we paid in. Either we take it or the government gets it (and I'm not impressed with the way they handle money), but I do wish the system were different in this respect. I didn't expect y'all to pay us for having a large family, you know? :glare: Quote Link to comment Share on other sites More sharing options...
mommaduck Posted February 23, 2011 Share Posted February 23, 2011 Right there with you -- we always get a significant refund; much more than we paid in. Either we take it or the government gets it (and I'm not impressed with the way they handle money), but I do wish the system were different in this respect. I didn't expect y'all to pay us for having a large family, you know? :glare: Yep, but it also gets chucked right back into the system in a positive way. Schooling, paying off bills (and we don't even go into debt), and other necessities. Quote Link to comment Share on other sites More sharing options...
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