Author Topic: Taxes (Read 5977 times)

SilverZ · « **Reply #15 on:** April 15, 2004, 10:18 PM »

Owed $573 to Federal, getting $1600.00 back from State.

Darth Paul · « **Reply #16 on:** April 16, 2004, 10:51 PM »

I'm getting a little over $4000.00 back.

JediMAC · « **Reply #17 on:** March 10, 2005, 04:15 PM »

We got our asses kicked again this year, to the tune of about $1,200 on the Federal side. Probably our fault for not reporting any of Patty's extra contracting income under "self employment".

So how'd everybody else make out this year? Or are you still procrastinating...?

Famine · « **Reply #18 on:** March 10, 2005, 04:19 PM »

No clue how much I get yet.

Kevin

Jeff · « **Reply #19 on:** March 10, 2005, 04:23 PM »

We used TurboTax for the first time this year. The TurboTax software made everything go very quickly (started and finished in only a few hours) and it turned out to be pretty hassle free, even the Schedule A Deductions stuff.

After the Best Buy rebates and incentives, the software for Fed and State only cost about $15, so it was a great deal. Plus, with the software, we got to e-File (for free after another rebate) and ended up getting our tax rebates within 10 business days!

We ended up getting a nice refund from Federal (cha-ching!) and a pretty small one from State (small is better than nothing though).

Jeff

Rob · « **Reply #20 on:** March 10, 2005, 09:07 PM »

As a guy on a freelance contract, it's up to me to set aside and pay all my taxes - and I don't have an employer helping out. So, despite making a very small amount this year (by most standards that is...) I have to pay $2,515.00

Of course, I've been setting aside all year - and more or less I have $485.00 that I get to keep - so midnight madness here I come.

Famine · « **Reply #21 on:** March 10, 2005, 09:27 PM »

I don't understand how you can OWE taxs...dont you pay taxs on everything already? I took buisness and economics courses, but this logic fails me.

Kevin

JesseVader08 · « **Reply #22 on:** March 10, 2005, 09:36 PM »

Taxes + Logic = ?

Don't look for logic, you won't find it.

Rob · « **Reply #23 on:** March 10, 2005, 10:28 PM »

Quote from: Famine on March 10, 2005, 09:27 PM

I don't understand how you can OWE taxs...dont you pay taxs on everything already? I took buisness and economics courses, but this logic fails me.

Kevin

When you get a paycheck, they take a certain amount out each week or two weeks or whatever. In addition to that, your employer pays the same amount towards your taxes.

I'm self-employed. So no one pays half of my taxes, AND no one witholds any of it for me - so at the end of the year I'm paying.

Famine · « **Reply #24 on:** March 10, 2005, 10:31 PM »

I mean in general, not just you Zod. If any offence was taken, I am sorry. I mean in general. How can you OWE money to the govt?

Kevin

Scott · « **Reply #25 on:** March 11, 2005, 10:21 AM »

Its all based on your withholding (The W-4 form you fill out when you get hired). It makes more sense to not withhold anything and pay all of your taxes in at the end of the year. This way you get the interest on the money you usually pay in tax.

Many people have said if you had to write a check each year on April 15th instead of having monthly deductions from your checks there would be anarchy. People have no idea how much you actually are paying in to the governments for tax. Its mind boggling almost

I've done Turbo Tax online for the second straight year, we're getting around $1000 back from Federal and paying in $500 to the state. Not too bad, I used to like big refunds until I realized I'd rather have my money now instead of those bastards keeping it for the year. ALl I know is that MN Taxes suck

Jeff · « **Reply #26 on:** March 11, 2005, 10:28 AM »

Quote from: Nataku on March 10, 2005, 04:23 PM

and a pretty small one from State (small is better than nothing though).

Quote from: Scott on March 11, 2005, 10:21 AM

ALl I know is that MN Taxes suck

Agreed.

As I said earlier, we got a "pretty small" rebate from State taxes = $3.00

Well, $3 is better than nothing I guess...

Jeff

Darth Kenobi · « **Reply #27 on:** March 11, 2005, 11:03 AM »

I ended up using Turbo Tax for the first time this year and thought it was easy to use. My Federal tax return was $340 and my state was $14.

Ben · « **Reply #28 on:** March 11, 2005, 02:44 PM »

Quote from: Scott on March 11, 2005, 10:21 AM

Many people have said if you had to write a check each year on April 15th instead of having monthly deductions from your checks there would be anarchy. People have no idea how much you actually are paying in to the governments for tax. Its mind boggling almost

I agree. My old man used to say that in a given year, all the money you make up until May goes to the government, and the rest of the year is yours.

And then, we get sales tax on top of that.

Deanpaul · « **Reply #29 on:** March 14, 2005, 12:52 AM »

Quote from: Kneel Before Zod on March 10, 2005, 10:28 PM

I'm self-employed. So no one pays half of my taxes, AND no one witholds any of it for me - so at the end of the year I'm paying.

Rob, please tell me you're filing as an S-Corp. If you're not, we need to talk. Seriously, it was the best thing I ever did in my business organization. I got my ass handed to me year one as a sole proprietor, but for the last four years I've come out way ahead being incorporated.