BB27 Posted February 18, 2010 Posted February 18, 2010 Well, with the news that a complete whack job has decided to make the IRS pay for what they've done, I figured it was a good time to start the annual "how is tax day going to treat you thread." Now time for my sad story..... I switched jobs last year, wife quit her job (60k job), and we moved the family to CT. It has been tough living on one salary, but we have been making it work. We even bought a house before moving here, so we though all would be well in tax land. IT'S NOT!!! We owe $3600 in taxes. I feel like Clark Griswald when he got the membership in the jelly of the month club instead of his Christmas bonus (sorry must be more PC, Holiday Bonus). Obviously I won't be sending in my taxes until the last possible minute. We had to ammend last years taxes to get our $8000 home purchase check since we were hurting with the loss of my wifes income. You really can't get ahead in this world. And, with the Bush tax cuts expiring at the end of this year I envision a better screwing next year as well. So how are you guys making out on your taxes this year?
Chef Jim Posted February 18, 2010 Posted February 18, 2010 I moved to open a new regional center for my company last year so my income dropped considerably. I'm 50% 1099 50% W-2 so I owe taxes on my 1099 income but I'll get it down a bit with write-offs and my SEP. I don't own a place up here I'm still renting so I don't have the mortgate write off (but I also don't pay property taxes ). I also don't pay estimated taxes. Having the liquidity throughout the year is more important than the small penalty I havae to pay. I'll probably owe around $10k.
BB27 Posted February 18, 2010 Author Posted February 18, 2010 I moved to open a new regional center for my company last year so my income dropped considerably. I'm 50% 1099 50% W-2 so I owe taxes on my 1099 income but I'll get it down a bit with write-offs and my SEP. I don't own a place up here I'm still renting so I don't have the mortgate write off (but I also don't pay property taxes ). I also don't pay estimated taxes. Having the liquidity throughout the year is more important than the small penalty I havae to pay. I'll probably owe around $10k. I feel slightly better now. Thank You. Sucks paying the man in April though.
Chef Jim Posted February 18, 2010 Posted February 18, 2010 I feel slightly better now. Thank You. Sucks paying the man in April though. But you have to remember that I have paid zero taxes on half my income for the whole year. I earn $10k my check is $10k. Add that $3600 to your taxes that have already been taken out of your check you probably will cease feeling better.
ricojes Posted February 18, 2010 Posted February 18, 2010 Well, with the news that a complete whack job has decided to make the IRS pay for what they've done, I figured it was a good time to start the annual "how is tax day going to treat you thread." Now time for my sad story..... I switched jobs last year, wife quit her job (60k job), and we moved the family to CT. It has been tough living on one salary, but we have been making it work. We even bought a house before moving here, so we though all would be well in tax land. IT'S NOT!!! We owe $3600 in taxes. I feel like Clark Griswald when he got the membership in the jelly of the month club instead of his Christmas bonus (sorry must be more PC, Holiday Bonus). Obviously I won't be sending in my taxes until the last possible minute. We had to ammend last years taxes to get our $8000 home purchase check since we were hurting with the loss of my wifes income. You really can't get ahead in this world. And, with the Bush tax cuts expiring at the end of this year I envision a better screwing next year as well. So how are you guys making out on your taxes this year? Getting money back, the question is when, Patterson wants to hold NYS's returns until June'ish. I just love this state...
KD in CA Posted February 18, 2010 Posted February 18, 2010 You really can't get ahead in this world. And, with the Bush tax cuts expiring at the end of this year I envision a better screwing next year as well. Oh, don't worry about that. The Bush tax cuts were only for "the rich", so very few will have to worry about their tax rate going up.
PromoTheRobot Posted February 18, 2010 Posted February 18, 2010 Oh, don't worry about that. The Bush tax cuts were only for "the rich", so very few will have to worry about their tax rate going up. God forbid people who earn a quarter-mil a year pay 4% more in taxes. The horror. PTR
Chef Jim Posted February 18, 2010 Posted February 18, 2010 God forbid people who earn a quarter-mil a year pay 4% more in taxes. The horror. PTR $250,000 is pretty middle class here in SF. You want the middle class to pay an extra $10k? And most of those people making $250k or more are business owners. Guess what will happen if you take $10k or more out of their bottom line. And do you really think that taking an additional $10k out the the economy for every $250k in income earned will be good for the economy?
PromoTheRobot Posted February 18, 2010 Posted February 18, 2010 $250,000 is pretty middle class here in SF. You want the middle class to pay an extra $10k? And most of those people making $250k or more are business owners. Guess what will happen if you take $10k or more out of their bottom line. And do you really think that taking an additional $10k out the the economy for every $250k in income earned will be good for the economy? You are incorrect, Chef. The extra 4% applies only to anything above $250K. So if you earn $251,000, you pay an extra $40. In order to owe an extra $10K you would have to earn $500K. Sorry if I fail to shed tears for those unfortunate souls making half-a-million a year. PTR
mead107 Posted February 18, 2010 Posted February 18, 2010 How about the feds just stop spending so much money and veryone can pay less.
Just Jack Posted February 18, 2010 Posted February 18, 2010 How about the feds just stop spending so much money and veryone can pay less. You been drinking again mead?
Fezmid Posted February 18, 2010 Posted February 18, 2010 You are incorrect, Chef. The extra 4% applies only to anything above $250K. So if you earn $251,000, you pay an extra $40. In order to owe an extra $10K you would have to earn $500K. Sorry if I fail to shed tears for those unfortunate souls making half-a-million a year. PTR Yeah, heaven forbid people who scratch and claw their way up the food chain not be smacked down again.
Chef Jim Posted February 18, 2010 Posted February 18, 2010 You are incorrect, Chef. The extra 4% applies only to anything above $250K. So if you earn $251,000, you pay an extra $40. In order to owe an extra $10K you would have to earn $500K. Sorry if I fail to shed tears for those unfortunate souls making half-a-million a year. PTR Argument still stands. You take $10k out of the economy for every $500k made that is not good for the economy. Yup those evil bastards making money they don't deserve it. How dare they work hard to create a lifestyle for them and their families. Do you have any idea how much the economy relies on people like that? You take that money and give it to the government it doesn't make it back to the economy. A good chunk is wasted.
PromoTheRobot Posted February 18, 2010 Posted February 18, 2010 How about the feds just stop spending so much money and veryone can pay less. 2010 federal budget. Defense, Social Security, Medicare and Medicaid make up $2.1 Trillion of a $3.3 Trillion budget. Almost 2/3. PTR
mead107 Posted February 18, 2010 Posted February 18, 2010 You been drinking again mead? Just starting.
Chef Jim Posted February 18, 2010 Posted February 18, 2010 2010 federal budget. Defense, Social Security, Medicare and Medicaid make up $2.1 Trillion of a $3.3 Trillion budget. Almost 2/3. PTR What's your point?
Chef Jim Posted February 18, 2010 Posted February 18, 2010 You been drinking again mead? Yes, he's been drinking mead again.
mead107 Posted February 18, 2010 Posted February 18, 2010 State of NY just as bad as the feds. They spend more money on themselves and close the state parks.
Fezmid Posted February 18, 2010 Posted February 18, 2010 Back on topic -- I usually get a decent chunk back because I have too much taken out during the year. I need to fix that... Next year is going to absolutely suck for my taxes though because Minnesota and Wisconsin are getting into a pissing match with each other. My wife and I both work in Minnesota, but live in Wisconsin (right across the border - it's pretty much a suburb). We used to just have Wisconsin tax taken out and then during the next year the states would figure out how much extra Wisconsin had to give to Minnesota (roughly 60k people live in WI and work in MN, and roughly 30k people live in MN and work in WI). Due to the "budget deficit," Minnesota basically said, "Give us our money quicker or we'll cancel this reciprocity agreement!" Heads butted, and the deal was canceled. Normally, not a big deal - I'd have Minnesota taxes taken out, would file a MN and WI state return and be done with it. But no.... My company has a "nexus" with Wisconsin. I'm not really sure what that means, but the short of it is that Wisconsin forces my company to take money out of my check, and Minnesota wants to take some too -- basically double taxing me. My HR department called me and said that I could block Minnesota taxes because at the end of the year, I apparnetly shouldn't have to pay anything to Minnesota from my income... (but my wife will). I can't block the Wisconsin taxes from my check due to this "nexus." I don't see this ending well. Good thing I don't have a pilot's license. (too soon?)
mead107 Posted February 18, 2010 Posted February 18, 2010 Yes, he's been drinking mead again. Mead is to sweet.
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