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View Full Version : Taxes - Arrrrggggghhhhhhh!!!

RevSmoke
03-21-2012, 12:18 PM
Want to vent a bit, as i just got my taxes back.

As self-employed, I need to pay quarterly payments. So, next year's quarterly payments are figured according to this year's filing and estimates for next year.

This coming year, as son is now 17, I lose a child tax credit (although he is still considered a dependent). I took on a 3rd congregation this year, adding a little over $5,000 to my yearly income.

Somehow, my quarterly payments went up over $2,000 a quarter - that's $8,000 a year.

Ouch!!!

I don't even know where that money will be coming from.

Ridiculous.
hotreds
03-21-2012, 12:29 PM
Born free, taxed to death.
blugill
03-21-2012, 12:34 PM
They enjoy billing us for killing us.
maninblack
03-21-2012, 01:15 PM
Ouch Rev! That's a real kick in the butt.
irratebass
03-21-2012, 01:19 PM
Sorry to hear this Rev, but I am sure the lord will help you find a way to make those payments. Best of luck to you sir.
RevSmoke
03-21-2012, 02:03 PM
Sorry to hear this Rev, but I am sure the lord will help you find a way to make those payments. Best of luck to you sir.

Im sure He will indeed. I hate to have to do rebudgeting.

What gets me is that we no longer get the child tax credit, but this is the time that a child gets to be the biggest financial burden as you have to pay for college/university.

I just had to vent.
Reaver2145
03-21-2012, 02:34 PM
Come to England and talk about taxs.....nuff said.

But being self employed helps ive been unemployed for the last 20 or so years.
BC-Axeman
03-21-2012, 03:03 PM
Come to England and talk about taxs.....nuff said.

But being self employed helps ive been unemployed for the last 20 or so years.
^LOL^

I just finished sorting my stack of papers into piles before I started my three week away trip here in China. Now I get to look forwared to entering it all in to TuriboTaxd when I get back. I think I can be done a day before filing date.
hammondc
03-21-2012, 03:21 PM
Yep..I have to pay the man about 8 Boxes of VR Unicos....
longknocker
03-21-2012, 03:41 PM
Sorry To Hear, Brother.;s I Never Know From Year To Year What My Situation Is Until I Talk With My Accountant. I'm Happy I'm Getting A Little Something Back This Year. GL With Your Situation.:tu
poker
03-21-2012, 03:47 PM
I could only wish my estimated tax payments were 2K per quarter.
Silound
03-21-2012, 03:51 PM
I could only wish my estimated tax payments were 2K per quarter.

Quoted for the absolute truth. Truthfully, I'd take a modest pay cut (IE 2-3000 tops) just to avoid dealing with the IRS an additional 4 times per year.
shark
03-21-2012, 03:53 PM
...and my advice for those who die...declare the pennies on your eyes...TAXMAN!!!!! :td
markem
03-21-2012, 04:11 PM
I could only wish my estimated tax payments were 2K per quarter.

Well, he did say that they went up 2K per quarter. Last year was a miserable one and I am hoping that my quarterlies drop to less than 10K.
Smokin Gator
03-21-2012, 04:22 PM
I could weigh in here... but I won't. It would get the thread shut down in a minute!!! All I will say is taxes are brutal!!!
CRIMPS
03-21-2012, 05:06 PM
We got nailed this year, too. Sucks. :(
RevSmoke
03-21-2012, 08:34 PM
I could only wish my estimated tax payments were 2K per quarter.

I wish were 2K per quarter. They went up 2K per quarter.
oooo35980
03-21-2012, 08:37 PM
Man that's crazy, I paid in like 3k last year and got back 5k, still haven't figured that one out but not gonna complain.
poker
03-22-2012, 07:57 AM
I wish were 2K per quarter. They went up 2K per quarter.

Gotcha! Yeah, I'm right there with you.
RevSmoke
03-22-2012, 08:33 AM
Man that's crazy, I paid in like 3k last year and got back 5k, still haven't figured that one out but not gonna complain.

You only paid $3K? Are you self-employed? Or are receiving wages from an employer who pays a portion of your taxes - so that you only see what your share is on your wage stub?

It is amazing how many people see only what they paid in, and not how much their employer pays for them.

To see the total that you paid, you need to look at your tax return.

Are you sure that only $3K was paid?
oooo35980
03-22-2012, 01:15 PM
No idea, that is what came out of my check and was on my w-2. I'm in the Navy and claim 3 dependants so they go pretty easy on my checks usually.
Da Klugs
03-22-2012, 03:26 PM
I could only wish my estimated tax payments were 2K per quarter.


:tpd:


The good news in paying taxes is that you get to keep/spend the difference.... at least until you die and the govt. gets the other half. :D
G G
03-22-2012, 04:38 PM
I could weigh in here... but I won't. It would get the thread shut down in a minute!!! All I will say is taxes are brutal!!!
yessir, you are a sage buddy.