Did my taxes today Owe $3,000

**JHayesLS1** · 03-12-2009, 06:31 AM

Thats a damn good plan.

**gwballin** · 03-12-2009, 06:52 AM

Originally Posted by FasstChevys

I made interest all year long on that 13K instead of Uncle Sam - it worked out for me. I just decided that I didn't want to have that kind of money laying around and get a dumb idea and spend some of it and not have enough at tax time, so I restructured.

The current income tax is a “pay as you go” system. That is why federal income taxes are withheld from every paycheck and why individuals/corporations that do not have taxes withheld are required to make quarterly estimated tax payments.

If you are too underpaid (a.k.a. owe) when filing time comes you may be subject to underpayment penalties and interest that may exceed any interest you earned throughout the year.

In order to avoid penalties (safe harbor) you must have paid in the lesser of 100% (110% once you reach a certain amount of income) of your prior year tax or 90% of your current year tax by the end of the year.

**FasstChevys** · 03-12-2009, 06:56 AM

Originally Posted by gwballin

In order to avoid penalties (safe harbor) you must have paid in the lesser of 100% (110% once you reach a certain amount of income) of your prior year tax or 90% of your current year tax by the end of the year.

I knew you'd chime in

This is probably why I didn't have any issues.

**jambofla** · 03-12-2009, 07:03 AM

Did our taxes in Feb. 1st time ever
Gettin more back than ever but its all going in a house fund.
This sucks!
Wish I had known before I ordered SFC's, LCA's and PHB.
I would have ordered more. (springs, torque arm, etc.)

**gwballin** · 03-12-2009, 07:14 AM

Originally Posted by FasstChevys

I knew you'd chime in

This is probably why I didn't have any issues.

Just doing what I can to help clear up any confusion

**Modulistic** · 03-12-2009, 07:44 AM

Originally Posted by gwballin

Just doing what I can to help clear up any confusion

how much did sarge make if he paid 1.6 million in taxes?

**Detroit Power** · 03-12-2009, 07:46 AM

I was in a similar situation the first year I got married. I did my taxes online and was getting back something like $4,000....

then added my wife's information and it dropped to $2k

I found out she only had $16 taken out of each paycheck for Federal.

PWN.T

**gwballin** · 03-12-2009, 08:10 AM

Originally Posted by Modulistic

how much did sarge make if he paid 1.6 million in taxes?

There are too many variables to do a proper calculation:
How much (if any) of his income is capital gains and dividends taxed at favorable rates?
How much (if any) of his income is tax exempt?
Was all of the tax liability his personally or did he combine amounts from his business holdings for effect?
Etc.

The most conservative estimate of his taxable income I can make is assuming that all income is taxed as ordinary rates and that the tax quoted is only Federal income tax is ~4.7 million.

**Modulistic** · 03-12-2009, 08:21 AM

I call shenanigans

**gwballin** · 03-12-2009, 08:25 AM

Originally Posted by Modulistic

I call shenanigans

On the calc or on Sarge’s claim?

**toi tyme** · 03-12-2009, 08:34 AM

I owe one dollar

So I got out my checkbook and wrote a effin check for a buck. Hahaha

**grouch0jr** · 03-12-2009, 08:48 AM

Originally Posted by toityme

I owe one dollar

So I got out my checkbook and wrote a effin check for a buck. Hahaha

thats almost an insult, haha.

**Sarge** · 03-12-2009, 08:50 AM

Originally Posted by Modulistic

how much did sarge make if he paid 1.6 million in taxes?

That is the running number to date for my companies....April1 to April1 is our year....

**grouch0jr** · 03-12-2009, 09:08 AM

Originally Posted by Sarge

That is the running number to date for my companies....April1 to April1 is our year....

isnt the taxes that your company pays different than the taxes you pay?

**Sarge** · 03-12-2009, 09:12 AM

Originally Posted by grouch0jr

isnt the taxes that your company pays different than the taxes you pay?

Of course...but when your self employed it is taxes man...I was making the point to make the OP feel a little better....is what it is though....

**toi tyme** · 03-12-2009, 11:06 AM

Originally Posted by grouch0jr

thats almost an insult, haha.

Yeah I know.. its all kinds if ridiculous.

**Y2KPewterSS** · 03-12-2009, 12:03 PM

Originally Posted by Jays00ss

God damn it. My wife didn't pay anything at all into federal last year. (She wondered why she got paid more everyweek. DAH!!!!) So we got stuck with a $3,075 Tax bill.

AGH I could just fucking kill her!!!!! That $ was going to a 71 Formula Firebird I had my eye on.!!! AGHHHHHHH!!!!!!

END RANT

DISCUSSSSS

Make her get a part time job of an evening and replinish the $3000.

**toi tyme** · 03-12-2009, 12:09 PM

Originally Posted by Y2KPewterSS

Make her get a part time job of an evening and replinish the $3000.

I am trying to think of a second job.. But I dont know where.. Something with little hours but making some $$.... waitressing maybe..

**toi tyme** · 03-12-2009, 12:11 PM

Originally Posted by Jays00ss

God damn it. My wife didn't pay anything at all into federal last year. (She wondered why she got paid more everyweek. DAH!!!!) So we got stuck with a $3,075 Tax bill.

AGH I could just fucking kill her!!!!! That $ was going to a 71 Formula Firebird I had my eye on.!!! AGHHHHHHH!!!!!!

END RANT

DISCUSSSSS

Yeah sorry dude,, tell her to get a night job workin with the poles. Youll have that money back in like a week.

**Y2KPewterSS** · 03-12-2009, 12:17 PM

Originally Posted by toityme

I am trying to think of a second job.. But I dont know where.. Something with little hours but making some $$.... waitressing maybe..

Waitressing would be good if you have the personality and hustle to rake in the tips.

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