who OWES money in taxes?

**pecha** · 04-13-2008, 10:36 PM

I'll know how much tomorrow. But I'm sure I owe them

**redls1** · 04-14-2008, 05:46 AM

Since we owe so much any lawyers or financial professionals wanna give some much needed advice? If so please pm me so I dont have to spill my guts on here.

**Smkn_TA** · 04-14-2008, 06:16 AM

Originally Posted by 67CamaroRSSS

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).

I owed the state 148 dollars, got 1048 back from federal. I take the MAX deduction each paycheck. So I did nothing wrong and I still owed. Sometimes its just your state being a fucking dillhole gready bastard. That's why I changed to to maximum deduction + 10 dollars each check. Btw, ever notice when you get a really really really big check, I mean like 28-32 hours of overtime at least, you get bumped up into a tax bracket that is like the rape zone? I swear I had over half my paycheck took from me once.

**pecha** · 04-14-2008, 07:25 AM

Originally Posted by Smkn_TA

I owed the state 148 dollars, got 1048 back from federal. I take the MAX deduction each paycheck. So I did nothing wrong and I still owed. Sometimes its just your state being a fucking dillhole gready bastard. That's why I changed to to maximum deduction + 10 dollars each check. Btw, ever notice when you get a really really really big check, I mean like 28-32 hours of overtime at least, you get bumped up into a tax bracket that is like the rape zone? I swear I had over half my paycheck took from me once.

yep, after max deductions from every paycheck I end up owing too.

**Tobynine9** · 04-14-2008, 07:39 AM

Originally Posted by 67CamaroRSSS

If you owe money then you're doing something wrong.

You've got it backwards, man. If you get money back, you're doing something wrong. Interest rates may be low but getting at least something is better than nothing.

If you pay as little out of every paycheck to taxes as possible and put what you would have paid otherwise into a money market or high yield savings account, you're making money on the balance. The best way you're not allowed to do it, would be to pay Zero taxes from each paycheck, deposit your estimated taxes into savings and then pay the entire balance at once in April. You'd get the most compounding that way, obviously.

If you give it to Uncle Sam and let him hold it until April he will pay you back what he owes you, but he won't give you interest. You're essentially loaning the Gov't money for free.

Sorta double-minded if you think about it because if you fail to pay adequately by April 15, Uncle Sam will hunt you down and you'll owe interest plus penalties.

**tiny47** · 04-14-2008, 07:43 AM

I got back 2500 from the fed and owed the state 300

**redls1** · 04-14-2008, 09:24 AM

Well I was going on what we owed from what my wife told me. Talked to the guy today nad he got it down to $1197. Thats awesome.

**1fastcamarosss11** · 04-14-2008, 09:31 AM

we did very well but it is our house, our rental house and 3 kids.
paying bills.

**Zboner** · 04-14-2008, 11:46 AM

yea it just kidna sucks, but oh well live and learn i guess, Now I need to set up a payment plan or something im going to call tomorrow

**1fastcamarosss11** · 04-14-2008, 11:49 AM

Originally Posted by Zboner

yea it just kidna sucks, but oh well live and learn i guess, Now I need to set up a payment plan or something im going to call tomorrow

you going to spazs party?

**Zboner** · 04-14-2008, 11:55 AM

hell i cant man, i owe so much money in taxes and bills i can barely keep going, and the price of gas is killing me, unless Jaison heads up i might come with him.

**1fastcamarosss11** · 04-14-2008, 12:00 PM

Originally Posted by Zboner

hell i cant man, i owe so much money in taxes and bills i can barely keep going, and the price of gas is killing me, unless Jaison heads up i might come with him.

yeah i hear ya, could fly here and drive with me.

just an option, is not for a little while.

**Zboner** · 04-14-2008, 12:02 PM

how far is he away from you man? cause from here its 9 hours

**1fastcamarosss11** · 04-14-2008, 12:04 PM

Originally Posted by Zboner

how far is he away from you man? cause from here its 9 hours

last i checked was 7 - 8 if i remember correct.

**Zboner** · 04-14-2008, 12:05 PM

Originally Posted by 1fastcamarosss11

last i checked was 7 - 8 if i remember correct.

dayum, i hope to get my car fixed by then and take it up, i hope i can, if not im sure me and Diph can work something out

**1fastcamarosss11** · 04-14-2008, 12:07 PM

Originally Posted by Zboner

dayum, i hope to get my car fixed by then and take it up, i hope i can, if not im sure me and Diph can work something out

he said he can't go.

**Zboner** · 04-14-2008, 12:26 PM

screw it, ill go i guess, but lets meet up on the way i hope my car is done by then

**1fastcamarosss11** · 04-14-2008, 12:59 PM

Originally Posted by Zboner

screw it, ill go i guess, but lets meet up on the way i hope my car is done by then

i'll pm you when it gets closer.

**Zboner** · 04-14-2008, 12:59 PM

cool

**67CamaroRSSS** · 04-14-2008, 01:20 PM

Originally Posted by Tobynine9

You've got it backwards, man. If you get money back, you're doing something wrong. Interest rates may be low but getting at least something is better than nothing.

If you pay as little out of every paycheck to taxes as possible and put what you would have paid otherwise into a money market or high yield savings account, you're making money on the balance. The best way you're not allowed to do it, would be to pay Zero taxes from each paycheck, deposit your estimated taxes into savings and then pay the entire balance at once in April. You'd get the most compounding that way, obviously.

If you give it to Uncle Sam and let him hold it until April he will pay you back what he owes you, but he won't give you interest. You're essentially loaning the Gov't money for free.

Sorta double-minded if you think about it because if you fail to pay adequately by April 15, Uncle Sam will hunt you down and you'll owe interest plus penalties.

If you are self employed you need to pay a minimum quarterly tax, the amount to be determined by an estimated amount of quarterly earnings. Otherwise Uncle Sam comes after you with a fine same as he would at the end of the year. I had this happen to me only I paid a minimum amount but it was less than what I ultimately owed. No fine but I had to make up the difference. The other time I was doing side work and getting paid with a 1099 statement of gross earnings at the end of the year. They took out Fed & state but no SSI. I was paying quarterly and 6% SSI but I should have been paying 12% SSI. You live and learn.

And my original statement was intended to reflect the fact that if you calculate things correctly you end up not owing and getting only a small sum back (or vice versa). In my case this year having almost $10k in medical deductions brought my tax burden down further than what I thought it would. Viola! Big(ger) return.