Taxes question

DAFU · 02-24-2010, 05:15 PM

I can certainly see the need for intense scrutiny of your taxes as someone who is self-employed. The tax system is complicated and unforgiving and I can emphasize with anyone who is, or has had difficulties with the IRS.
For myself it's pretty easy to figure my deductions and come close to the correct number at the end of the year. I prefer to be on the positive side for various reasons and find the penalty to be negligible.
I also think some use the refund as discretionary income that may be difficulty justifying paycheck to paycheck. That might mean some may have some extra cigars on order at this time of year. But hey..................at least they're not being charged on a CC that might not be paid right away.

Ashcan Bill · 02-24-2010, 05:58 PM

A lot of it also depends on how stable your income is. If you have wide swings, it's a little harder to gauge.

Last year we paid a substantial amount. I had a large capital gain in '08 that was unexpected, and had to cough up some money.

Then my wife and I both took early retirement offers, and our income for '09 dropped considerably. As a result, we have a good refund coming this year.

So for two years, I blew what I had estimated our liability to be.

Hopefully this year I can hit it closer so I don't have either a big payment or a big refund due. But the wife is making noise about going back to work, so who knows?

longknocker · 02-24-2010, 06:42 PM

I Know What You're Saying, Reverend, & I Agree With You, But In My Eyes It's Like A "Bonus".

02-24-2010, 05:15 PM	#1
DAFU Duke of Prunes Join Date: Oct 2008 First Name: Dave Location: Duchess oven Posts: 1,562 Trading: (35)	Re: Taxes question I can certainly see the need for intense scrutiny of your taxes as someone who is self-employed. The tax system is complicated and unforgiving and I can emphasize with anyone who is, or has had difficulties with the IRS. For myself it's pretty easy to figure my deductions and come close to the correct number at the end of the year. I prefer to be on the positive side for various reasons and find the penalty to be negligible. I also think some use the refund as discretionary income that may be difficulty justifying paycheck to paycheck. That might mean some may have some extra cigars on order at this time of year. But hey..................at least they're not being charged on a CC that might not be paid right away. __________________ Remember there's a big difference between kneeling down and bending over: Frank Zappa(1940-1993)

02-24-2010, 05:58 PM	#2
Ashcan Bill Ol' Dude Join Date: Oct 2008 First Name: Bill Location: Henderson, NV Posts: 1,904 Trading: (6)	Re: Taxes question A lot of it also depends on how stable your income is. If you have wide swings, it's a little harder to gauge. Last year we paid a substantial amount. I had a large capital gain in '08 that was unexpected, and had to cough up some money. Then my wife and I both took early retirement offers, and our income for '09 dropped considerably. As a result, we have a good refund coming this year. So for two years, I blew what I had estimated our liability to be. Hopefully this year I can hit it closer so I don't have either a big payment or a big refund due. But the wife is making noise about going back to work, so who knows?

02-24-2010, 06:42 PM	#3
longknocker Postwhore Join Date: Oct 2008 First Name: Greg Location: Mobile, Alabama Posts: 11,259 Trading: (82)	Re: Taxes question I Know What You're Saying, Reverend, & I Agree With You, But In My Eyes It's Like A "Bonus".