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  1. #1
    Senior Member Zboner's Avatar
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    Aug 2005
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    cincinnati/northern ky
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    37
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    9,035

    Black
    99 SS

    who OWES money in taxes?

    I do, just wondering if anyone else on here owes money.

    I owe

    Federal $1,500
    State $285

    that sucks

  2. #2
    I'm with him \l/ bmyers's Avatar
    Join Date
    Mar 2006
    Location
    Don't @#!% with LimeCat
    Posts
    5,692
    havent done mine yet...

  3. #3
    Impounded
    Join Date
    Oct 2007
    Location
    Beaver Dam KY
    Posts
    7,745

    79 T/A -91 Firebird
    1998 Trans Am -Oynx Black

    My friend who won a solitice owes over 6 k.

  4. #4
    Senior Member KyleLs1's Avatar
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    Aug 2005
    Location
    Canada eh
    Posts
    3,533

    NBM
    99 TA

    i got like 3500 back this year

  5. #5
    Beer Pong Champ Nitro_Junkie97's Avatar
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    Feb 2008
    Location
    Texas
    Age
    38
    Posts
    1,118

    White and Orange
    1997 Z/28

    im getting back 700.

  6. #6
    Exalted Cyclops 67CamaroRSSS's Avatar
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    Feb 2007
    Location
    San Diego, CA
    Posts
    5,823

    2002 Z28 A4 NBM
    Sadly now demodded :(

    If you owe money then you're doing something wrong. Only way that should happen is if you're self employed and didn't pay enough quarterly (I've had that happen). Are you sure there isn't a way to offset what you owe? Are you doing your own taxes or having a pro do it?

    I myself pay a pro to do my taxes. I also own a house. He gets me a rediculous amount back each year (about $4k this year between federal and state - I adjust things but he's good + I had a lot of unexpected hospital bills early in 07). This indicates that I could up my dependants on my W4 and get more back every week if I wanted to. Instead I've elected to throw more into my 401k (this pays less taxes every week). Either way you go you want to work it out so it's close to a zero sum game: You don't get much back and the feds don't make $$$ in interest off of your money.

  7. #7
    Senior Member gwballin's Avatar
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    May 2006
    Location
    nola
    Posts
    1,165

    Black/Red
    2005 GTO

    Quote Originally Posted by 67CamaroRSSS View Post
    Are you doing your own taxes or having a pro do it?
    Both But I got a refund.

  8. #8
    Senior Member Zboner's Avatar
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    Aug 2005
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    cincinnati/northern ky
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    37
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    Black
    99 SS

    my uncle is a CFO and has been doing it for 40 years, I made 11k this year and was 1099 on it, thats why I owe so much money

  9. #9
    Senior Member
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    Apr 2006
    Location
    Colorado
    Age
    42
    Posts
    2,924

    pie
    free

    feds owe me $2400 because I overpaid in estimated payments... owe the state $900

    I am going to tell the feds to just use the $2400 for part of this quarters estimated payment which is why I haven't sent off the forms yet.

  10. #10
    Senior Member
    Join Date
    Aug 2005
    Location
    TN
    Posts
    1,265

    Silver
    2016 Dodge Challenger

    I was just informed today we owe $9900. We are screwed.I have to pick themn up monday and file for payments.

  11. #11
    Formulatastic yellowv's Avatar
    Join Date
    Dec 2006
    Location
    S. Florida
    Age
    45
    Posts
    1,271

    Red
    98 Formula /93 Z28

    I got 4 grand back.

  12. #12
    Exalted Cyclops 67CamaroRSSS's Avatar
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    Feb 2007
    Location
    San Diego, CA
    Posts
    5,823

    2002 Z28 A4 NBM
    Sadly now demodded :(

    Quote Originally Posted by Zboner View Post
    my uncle is a CFO and has been doing it for 40 years, I made 11k this year and was 1099 on it, thats why I owe so much money
    I hear ya. At one point I was self employed and didn't pay enough quarterly. That was 1 of only 2 years I owed the feds. I ended up paying ~$4k because I only paid half of the SS money. Self employed had to pay 12% at the time. If I was working on somebody elses payroll I would have had to have only paid 6% while they paid the other 6%.

    The other was when I got audited by the feds (I owned my own business at the time). I ended up having to pay about $900 due to my (at the time) wife not declaring enough "tip allocation" (she was a waitress). Shit happens.

  13. #13
    Senior Member SeVeReDiStOrTiOn's Avatar
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    Aug 2005
    Location
    Roseville, CA
    Posts
    8,164

    05 Wrangler
    00 Z28 sold :-(

    I owe fed about $150...I prefer to owe a little instead of loaning the gov'ment a couple grand for a year.

  14. #14
    Senior Member
    Join Date
    Aug 2005
    Location
    TN
    Posts
    1,265

    Silver
    2016 Dodge Challenger

    Quote Originally Posted by 67CamaroRSSS View Post
    If you owe money then you're doing something wrong. Only way that should happen is if you're self employed and didn't pay enough quarterly (I've had that happen). Are you sure there isn't a way to offset what you owe? Are you doing your own taxes or having a pro do it?

    I myself pay a pro to do my taxes. I also own a house. He gets me a rediculous amount back each year (about $4k this year between federal and state - I adjust things but he's good + I had a lot of unexpected hospital bills early in 07). This indicates that I could up my dependants on my W4 and get more back every week if I wanted to. Instead I've elected to throw more into my 401k (this pays less taxes every week). Either way you go you want to work it out so it's close to a zero sum game: You don't get much back and the feds don't make $$$ in interest off of your money.

    We normally pay a little but not this much. My wife is 1099 but last year she thought most of the people she worked for took out taxes. We are using an accountant. We had interest from 2 houses to write off and all kinds of other stuff.She made less with more write offs but somehow we got screwed.

  15. #15
    Party Time, Excellent... Kingc8r's Avatar
    Join Date
    Jan 2008
    Location
    Bay Area, California
    Posts
    256

    Arctic White
    2000 Z-28

    I owe $400. When I did it on turbo tax it was $1200.00 My tax guy is pretty good.

  16. #16
    Party Time, Excellent... Kingc8r's Avatar
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    Jan 2008
    Location
    Bay Area, California
    Posts
    256

    Arctic White
    2000 Z-28

    My previous employer filed me wrong and not enough was taken out per check. Thank you guys!

  17. #17
    Junior Member cheap80z28's Avatar
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    Aug 2005
    Location
    milw, wi
    Age
    58
    Posts
    61
    chicken feed, we found over 300 thou in lost stocks from when I was a kid,
    owed over 42 thou to the fed, and 6 thou to wi state

  18. #18
    Slow'er'Ass Mr. Luos's Avatar
    Join Date
    Aug 2005
    Location
    Thornton, CO
    Posts
    23,773

    Red Tint Jewelcoat
    2008 Trailblazer SS

    Got $5400 back between Julie and I.


    I ahve already spent it.
    Koni 4/3's.
    Hoosier QTP's.
    Nitto DR's
    Mamo ported FAST.

  19. #19
    Awaiting Activation
    Join Date
    Feb 2008
    Location
    los angeles
    Age
    39
    Posts
    237

    black
    98 Z-28

    i'm 23, no kids, no debt, pretty decent job, made 42k first year they took 7500 throughout the year i got back 1100. it's like why be responsible if a person can have a couple of rugrats(kids) and not make to much and get 4-6 g's back. its like i just gave somebody my hard earned mney. and don't forget we pay for welfare and system cheaters too.

  20. #20
    Veteran Hi-Po's Avatar
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    Nov 2005
    Location
    Florida
    Posts
    10,467

    Black
    1999 TA WS.6

    Im getting 911$ back combined.

    Plus my 600$ stimulus money. Not a bad Sunday.

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