I just did my taxes this year

[sho'nuff]

Like every year, we file jointly on the EZs and had to pay about $1200 in net taxes in April. Last year it was a wash due to the stimulus check.

However, this year, we owe a whopping $3500! No changes to our W4s, slight increase in income, but did not expect to pay this much. Basically, are we just paying back the stimulus check we received last year?

Anyone else did their taxes this year and got surprised as to how much they owe or how little they are getting in return?

 

[Piobaire]

We did not have the problem of receiving a stimulus cheque. Mainly due to pre-paying some long term charity pledges, we are expecting back a total of about 10k.

 

[fredfred]

I'm ******* surprised every single year I do my taxes. It's not how much you owe at the end of the year and have to send in on April 15th. It's how much the SCUM in Washington DC take in total.

If you work for yourself and you actually SEE

the 15% social security tax PLUS
the 20% Federal Tax PLUS
the 8% State/Local PLUS
the 8% sales tax when you spend your money

You realize the ******* GOVERNMENT is taking approx. 50% of your working life and spending on whatever they want to spend it on, including 50% wasted in administration costs.

(If you live in the US) You are a slave to the US government for half your working life.

 

[MetroStyles]

Originally Posted by fredfred

I'm ******* surprised every single year I do my taxes. It's not how much you owe at the end of the year and have to send in on April 15th. It's how much the SCUM in Washington DC take in total.

If you work for yourself and you actually SEE

the 15% social security tax PLUS
the 20% Federal Tax PLUS
the 8% State/Local PLUS
the 8% sales tax when you spend your money

You realize the ******* GOVERNMENT is taking approx. 50% of your working life and spending on whatever they want to spend it on, including 50% wasted in administration costs.

(If you live in the US) You are a slave to the US government for half your working life.

It's not exactly much better in most other countries.

 

[fredfred]

I don't care about other countries. I care about the United States of America. They can all have their own problems. This country became great due to little government intervention, not because of it.

 

[visionology]

Originally Posted by sho'nuff

Like every year, we file jointly on the EZs and had to pay about $1200 in net taxes in April. Last year it was a wash due to the stimulus check. However, this year, we owe a whopping $3500! No changes to our W4s, slight increase in income, but did not expect to pay this much. Basically, are we just paying back the stimulus check we received last year? Anyone else did their taxes this year and got surprised as to how much they owe or how little they are getting in return?
Yeah, I owe around $10,000. Lovely... If I didn't do an investment deduction I think it would have been something like $16,000. I nearly fainted.

 

[JoshC]

Originally Posted by visionology

Yeah, I owe around $10,000. Lovely... If I didn't do an investment deduction I think it would have been something like $16,000. I nearly fainted.

Ouch! I guess I should stop complaining that I am only getting $400 back this year.

 

[mink31]

Originally Posted by sho'nuff

...had to pay about $1200...

...this year, we owe a whopping $3500!

Originally Posted by visionology

Yeah, I owe around $10,000. Lovely... If I didn't do an investment deduction I think it would have been something like $16,000. I nearly fainted.

How does this happen? Do you not pay any taxes on your income during the year? I've always had refunds, aside from city taxes.

 

[visionology]

I have to estimate income at the beginning of the year and there were a number of deductions and whatnot that didn't happen this year. Also my income was higher than expected. I paid higher throughout the year once I saw a pattern developing but evidently it wasn't enough. It's always tricky because there are self employment taxes and such that add up real quick.

Next year should be better after I get married, buy a house and take the new house deduction.

Normally it wouldn't be such a big deal but I have some major purchases this year including required investments, this tax for 08', downpayment for home, marriage, ring, and a new car. When it rains it pours.

 

[thekunk07]

i don't pay all year; just finished paying 07 taxes. will owe @22k for 08.

 

[kwilkinson]

How can you not pay all year as a business owner?
Do sole proprietorship businesses count as 1099 taxes or something? I know my moms does that as an independent contractor.

 

[thekunk07]

i pay my corp/business taxes but not my personal til the last minute. interest is lower than my other bills so they take precedence.

 

[randallr]

Originally Posted by kwilkinson

How can you not pay all year as a business owner?
Do sole proprietorship businesses count as 1099 taxes or something? I know my moms does that as an independent contractor.

You don't have to pay taxes until the end of the year. Though most like to set out 4-5 estimate payments to smooth out the damage.

 

[fredfred]

Already paid $33K. Still owe $14K.

And do I even get a thank you note? No, I get "We need to (FURTHER) spread the wealth around". We need to further increase the gap between rates many pay (zero, or negative rate) and those who actually earn money (high rate, which will be made higher YET)

50% of my working life is NOT ENOUGH????? It's too damn much. What's a reasonable amount? Certainly something much less than that. Half your working life working for the government? And we say we are "Free"?

 

[thekunk07]

^**** you're worse than me.