View Full Version : I owe the IRS $2430.00 !!!!!
Freaking Vampires!
:mad::mad::mad::mad:
Don Robison
02-03-09, 21:13
Just apply for a cabinet position. That should buy you some time.:eek:
hah... i've been paying myself with stockholder draws all year- i dont even want to know how much i owe this year. i'm gonna block my accountant's phone number.
CarlosDJackal
02-03-09, 21:24
I feel your pain, except in my case I owed the State. The year after I completed Flight School as a National Guardsman I found out I owed the State of MD about $3,000. As it turns out, the Army was not taking State Income Taxes out which I did not know until I filed my Tax Returns the following year.
It would nothave been that large except in the great State of MD they have what is known as "Piggyback Taxes". Basically, each County piggybacks onto whatever State taxes you have to pay by as much as 55% (depending on the County).
What really sucked was the fact that I was at that point a full-time student with no source of income other than being a "Traditional: Guardsmen. So I had to ask for a deferment on when I had to pay the money I owed them.
i trust you will decline the appointment obongo nominated you for .
I owe on my state taxes because my wife's new employer neglected to withhold the local (county) taxes, and instead just withheld the state taxes. The employer is out of state and she works at home, so they just don't know about how Indiana taxes work. Oh well, my Federal refund will cover it.
Just apply for a cabinet position. That should buy you some time.:eek:
bwaaaaaaaaaaaaaaaaaaaaaaahahahahahaah. Awesome.
OP: Is this your first year owing the IRS? If so, welcome to the club. It sucks ass.
I feel your pain, except in my case I owed the State. The year after I completed Flight School as a National Guardsman I found out I owed the State of MD about $3,000. As it turns out, the Army was not taking State Income Taxes out which I did not know until I filed my Tax Returns the following year.
It would nothave been that large except in the great State of MD they have what is known as "Piggyback Taxes". Basically, each County piggybacks onto whatever State taxes you have to pay by as much as 55% (depending on the County).
What really sucked was the fact that I was at that point a full-time student with no source of income other than being a "Traditional: Guardsmen. So I had to ask for a deferment on when I had to pay the money I owed them.
When I went to basic training, the Army withheld state taxes but for the wrong state; had my address in Iowa, but did Minnesota withholding.
I didn't know until tax time.
Try getting money from one state to pay another.
Fortunately, I was poor enough to get all my money back from Iowa, but of course, I had to pay it first.
I owed 2k last year. Hopefully I'll break even this year...
Yeah this is my first time ever owing the IRS.
Bites big time!
I neglected to change my status from married to single when I divorced last year at work. So they've been taxing my check at the married rate. I filed single and the IRS bent me over...
:eek:
Don't feel bad. Last year I owed 1900.00 and this year God only knows. The only thing that will save me is a new house purchase, interest payments, etc..etc.. If I am lucky I won't owe, but damn sure won't get anything back.
fabulous45s
02-04-09, 04:56
Don't feel bad. Last year I owed 1900.00 and this year God only knows. The only thing that will save me is a new house purchase, interest payments, etc..etc.. If I am lucky I won't owe, but damn sure won't get anything back.
Gunz,
Look into the first-time homebuyer credit that opened up this year. It may or may not apply to you. Some quick points on it:
*Purchase between APR08-JUN09
*Haven't owned a home 3 years prior
It equates to a $7500 interest free loan with up to a 17 year payback.
That is the deal I was referring to above. But, I have a very complicated tax return and there are factors such as having to file married-separate, plus my 89K tax exclusion, etc... It's a headache for sure.
Gunz,
Look into the first-time homebuyer credit that opened up this year. It may or may not apply to you. Some quick points on it:
*Purchase between APR08-JUN09
*Haven't owned a home 3 years prior
It equates to a $7500 interest free loan with up to a 17 year payback.
We owe every year. I see it as a good thing.
Either the gov't owes you money (which means you've been floating the federal government an interest-free loan) or you owe them money (which means you've benefited from an interest-free loan).
I got $9,000 back last year. LOL. Not expecting much this year. It's cuz my wife gets paid w/ commission only.
The goal, IMHO, should be to absolutely break even. No refund, no payment. There is an argument to be made that you should always just pay, and that if you save/invest the money throughout the year you're actually using their money to earn interest over the course of the year. I think, if you're a regular W2 employee, you can get in trouble for not having a high enough deduction though.
Break even works best for me. I do understand the attraction of the "refund" for some though as it's kind of a forced savings account. I had a friend that had it balanced so that his income tax refund equaled his property tax payment every year, so it was a net $0 to him at this time of year.
I'm with you there Rob. Break even or owe just a tiny bit. That's my goal.
3CTactical
02-04-09, 10:24
I started my own business in 2007 and owed $18,000 last year, but I just put aside money every month and earn interest on it, then just write a big ol check at tax time. It does suck seeing that amount of money leaving the account though. When I was working for someone else I always tried to break even and usually got pretty close.
tango-papa
02-04-09, 12:11
...plus my 89K tax exclusion...
Ssssschwiiiiing!
Did I miss something??
Ssssschwiiiiing!
tango-papa
02-04-09, 12:50
Did I miss something??
Ssssschwiiiiing! means something is very, very, very good.
Think Wayne & Garth of Wayne's World.
You getting an $89k tax exclusion is most worthy of a 'schwing'!
tp
What it means is because I work OCONUS and stay outside of the U.S for at least 330 days I get to exclude the first 89K of my earnings. Down side is I can't go back to the U.S on my R/R time.
Ssssschwiiiiing! means something is very, very, very good.
Think Wayne & Garth of Wayne's World.
You getting an $89k tax exclusion is most worthy of a 'schwing'!
tp
theJanitor
02-04-09, 13:02
i owe $22 this year. hard to get more accurate than that ;) first time since 97 that i didn't have a mortgage.
HAMMERDROP
02-04-09, 17:15
Its marital status ...my wifes boss bought her out of accumilated sick time in 2007 and it jacked us into a higher tax bracket. Its such a mess at the IRS ... especially now. Glenn Beck sez yesterday the IRS should start at Capitol Hill and work their way down according to earnings ... there would be no need for a stimulus of any type. I am inclined to agree with him.
Michael
MarshallDodge
02-04-09, 19:17
We owe every year. I see it as a good thing.
Either the gov't owes you money (which means you've been floating the federal government an interest-free loan) or you owe them money (which means you've benefited from an interest-free loan).
I agree. Although we pay too much in taxes, I would rather owe a little than get some back.
We owe every year. I see it as a good thing.
Either the gov't owes you money (which means you've been floating the federal government an interest-free loan) or you owe them money (which means you've benefited from an interest-free loan).
There you go with that math stuff again.:cool:
I'd like to live in a state where there is no State Income Tax like NV or FL but If I lived in MD where there is County and State income tax, I'd definitely move.
I'd like to live in a state where there is no State Income Tax like NV or FL but If I lived in MD where there is County and State income tax, I'd definitely move.
Property tax in Fl. more than makes up for it.
Unfortunately, I am not wealthy, but as far as Uncle Sam goes, this year I am. I sold my small partnership interest in the company I work for, and now I owe AMT and all sorts of crap, on top of the taxes from my "gain".
You want to see complicated tax law, liquidate your ownership in an LLC. I hired an accountant over the summer just to calculate what my gain on the sale would be, and I ended up figuring it out myself - he apparently couldn't understand the partnership tax rules. He didn't charge me - but I wouldn't have paid anyway.
Fortunately, I planned for the taxes and kept enough of my "fortune" aside. It's OK - I didn't earn the money nor do I deserve it, so I am happy to spead some of it around.
I elected to sell in 2008 before "Uncle Obama" jacks up the capital gains taxes.
Property tax in Fl. more than makes up for it.
Arrrgh!!
variablebinary
02-05-09, 08:57
The goal, IMHO, should be to absolutely break even. No refund, no payment.
Probably the best way to go once you get the formula down.
tango-papa
02-05-09, 11:46
Property tax in Fl. more than makes up for it.
Same in Texas!
SecretAgentMan
02-05-09, 13:40
Come to Tennessee. No income tax and low property taxes.
Filed at about midnight Tuesday night/Wednesday morning.
Refund had been submitted to bank, pending posting by 15:30 this afternoon.
Roughly 63 hours.
And next Wednesday I'll go give it all to the surgical center, surgeon, and aniste.....gist.
And yes, I know all the arguments for and against refunds and all but I kind of like the check each spring.
I have been lucky.....mostly that is. i have not owed the federales in quite a few years and i only pay them a token amount in my quarterlies. i have gotten back everything from the feds and 3 states however the city of philadelphia seems to have converted to a different accounting system since they discovered their deficit 2 years ago. they want my 1st born
Filed at about midnight Tuesday night/Wednesday morning.
Refund had been submitted to bank, pending posting by 15:30 this afternoon.
Roughly 63 hours.
And next Wednesday I'll go give it all to the surgical center, surgeon, and aniste.....gist.
And yes, I know all the arguments for and against refunds and all but I kind of like the check each spring.
Well then, allow me to help. Pay me 500 a month and I'll give you a check next spring. :cool:
Well then, allow me to help. Pay me 500 a month and I'll give you a check next spring. :cool:
We may be able to work something out.
Tell you what, I'll send you the $33 dollars a month my refund works out to and each spring you send me a refund check based on the $500/month you mentioned. :D
Man, I'm gonna have to rethink this socialism thing; sounding better all the time. :p
As I recall, my withholding is single with myself as a dependent.
I changed to that from single with 0 dependents after having to pay $400+ one year.
I guess I would say I am just barely above living check to check, but that $400 was a bitch to come up with.
hah... i've been paying myself with stockholder draws all year- i dont even want to know how much i owe this year. i'm gonna block my accountant's phone number.
I pay myself out of stock holder draws as well. But I think Im going to do pretty well this year.
I cut myself short this past year. I paid in about $13k to Fed and still owe $3k.
The $87.6k exclusion is nice but I still pay an ass load of taxes. Thank god no state tax though.
As for owing $2430, quit complaining.
Property tax in Fl. more than makes up for it.
Florida has also historically relied on sales tax from tourism to offset the need for a state income tax. If tourism continues to fall off, guaranteed some geniuses will decide that we need a state income tax. Watch for it to be generated by a county like Dade which has allowed it's corrupt third-world way of running things to put their school district millions of dollars in the hole. They'll push for more money from the state, the state will say "where do you expect us to come up with this", and the third-worlders will cry out for a state income tax to pay for it. They know that most of their gutter-dwellers will be unaffected and that the rest of the state will wind up footing the bills for their screwups.
I would also expect to see them figure out a way to exempt retirement payments so that they can get the bitter old carpet-baggers (who already begrudge paying for education in this state but who have the highest voter turnout) to go for it.
Freaking Vampires!
:mad::mad::mad::mad:
I know how you feel
Powered by vBulletin® Version 4.2.5 Copyright © 2024 vBulletin Solutions, Inc. All rights reserved.