I owe the IRS $2430.00 !!!!!

**tango-papa** · 02-04-09, 13:50

Originally Posted by Iraqgunz

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

**Iraqgunz** · 02-04-09, 13:56

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.

Originally Posted by tango-papa

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, 14:02

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, 18:15

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, 20:17

Originally Posted by ToddG

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.

**Aray** · 02-04-09, 21:06

Originally Posted by ToddG

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.

**hawk** · 02-04-09, 21:55

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.

**ZDL** · 02-04-09, 21:58

Originally Posted by hawk

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.

**mmike87** · 02-05-09, 08:20

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.