Author Topic: I owe more money (Read 5228 times)

RadioFreeSeaLab · « **on:** February 10, 2006, 08:20:44 AM »

I am so damned tired of giving the government money. I don't make much as it is, and this year, as last year, I owe money on top of what they already took out of my pay checks. Bastards. End rant.

charby · « **Reply #1 on:** February 10, 2006, 08:25:02 AM »

got student loans? You can use the interest paid as a write off, helps me out a bunch.

RadioFreeSeaLab · « **Reply #2 on:** February 10, 2006, 08:27:09 AM »

Nope, I don't. I have no kids, no wife, and I rent. I'm single, I have one income, no interesting deductions or anything like that. I make less that 40k a year. I don't take a dime from any government program, and I am tired of paying for those who do.

charby · « **Reply #3 on:** February 10, 2006, 08:31:39 AM »

I also make less than 40k a year and I don't have a wife until October (getting married) when I filled out my W4 at work I put down zero so the maximum gets taken out, I don't like giving the gov a interest free loan but I also don't like to have to pay in at tax time either. I normally have to pay the state because the school district has a local tax and this isn't figured on the state W4.

Charby

Sindawe · « **Reply #4 on:** February 10, 2006, 08:39:45 AM »

I hear you loud and clear dasmi. When I was renting, I usually ended up cutting a frelling check to the frelling IRS. Being single and childfree, I did not have any interesting deductions either. The only real ones I've got now are an IRA and my mortgage, and I've learned enough about how the tax system works that I can game it sufficiently so I end up owing less than $50 every year.

It really did hurt though in '95 when I bought my place. I dumped a bunch of stock options from my then employer that I'd earned via sweat equity and had to pay short and long term capital gains on 'em. Nothing like cutting a check to the feds for >$5,000. *OUCH* I too don't pull anything back from 'em in government programs.

Theives, the whole stinking lot of 'em.

garrettwc · « **Reply #5 on:** February 10, 2006, 08:42:39 AM »

Got a 401K or an IRA? That's a way to save some money and defer the taxes so that you owe less at the end of the year.

RadioFreeSeaLab · « **Reply #6 on:** February 10, 2006, 08:43:51 AM »

I have a 403, sort of like a 401k, but for non-profit employees. I don't owe all that much, it's just annoying that I've already paid several thousand this year, but they still want to ding me for another few hundred.

280plus · « **Reply #7 on:** February 10, 2006, 08:45:11 AM »

Try working for yuorself and see what the govt does to your wallet.

RadioFreeSeaLab · « **Reply #8 on:** February 10, 2006, 08:45:33 AM »

My dad works for himself, I've heard from him.

K Frame · « **Reply #9 on:** February 10, 2006, 08:50:32 AM »

I'm going to get positively chumped on taxes this year.

I don't understand it.

I contribute the absolute max to my 401K, I own my own home, and I still owe money.

Stranger · « **Reply #10 on:** February 10, 2006, 09:10:02 AM »

Dont claim any deductions. My fathers an attorney who does my taxes (In Ohio I have to send in 4 forms). He told me if I claimed myself, I would owe around 500 in fed taxes.

The local taxes in this state suck royally. rolleyes

M14rick · « **Reply #11 on:** February 10, 2006, 09:18:52 AM »

I have an accountant do my taxes, I pay him well to do it, but .gov has to give me more back than I pay him.....

280plus · « **Reply #12 on:** February 10, 2006, 10:05:22 AM »

I use an accountant. Mainly so I know .gov won't be coming around later with penalties for some error I may have made. Plus he knows the laws and loopholes better than I do. I'm willing to pay for that expertise.

TarpleyG · « **Reply #13 on:** February 10, 2006, 10:59:29 AM »

I received a somewhat sizable refund (few hundred $$$) every single year that I filed taxes until I got married then bought a house. Don't ask me why because I have been beating my head into the wall trying to figure it out. Wife has student loans, we have 2 mortgages now, I have an IRA. The only thing I can attribute it to is that I make too much money now. I took a close look at my W-4 again this year and made a few changes (have done that for the past 2 years trying to at least break even which I was finally able to do this year) so I can rest assured I wouldn't underpay. F-ing government. Why can't this be simpler? Have you actually tried to make sense of all the crap assosiated with income tax? A flat state sales tax should be the way to go. Let the states pay to run the fed. That way EVERYBODY has to pay so some of us that make too much don't have to shoulder the burden.

Sorry for the rant!

Greg

El Tejon · « **Reply #14 on:** February 10, 2006, 01:41:21 PM »

Preach on, brothers!:D

Standing Wolf · « **Reply #15 on:** February 10, 2006, 04:56:18 PM »

Quote

I don't take a dime from any government program, and I am tired of paying for those who do.

You're apparently not much of a socialist.

RadioFreeSeaLab · « **Reply #16 on:** February 10, 2006, 04:57:55 PM »

Ya, that's true. I'd make a crappy socialist.

Sylvilagus Aquaticus · « **Reply #17 on:** February 10, 2006, 06:07:37 PM »

www.fairtax.org

Hope. See how many congresscritters have signed on as cosponsors?

Regards,
Rabbit.

MillCreek · « **Reply #18 on:** February 11, 2006, 06:53:07 AM »

Well, if it makes you feel any better, in 2005 in terms of federal taxes, I paid $ 20,000 in income tax, $ 5500 in social security and $ 1600 in medicare taxes. Given that one of my children can no longer be claimed as a dependent, I am sure that I will owe a few thousand more come April 15th, even though I have one other child and a mortgage.

DrAmazon · « **Reply #19 on:** February 11, 2006, 11:24:42 AM »

I too will owe dearly this year, due to some funniness with my former employer. Things look grim on the 1040EZ, but I haven't dug into the full 1040 yet to see if anything can be done.

I know it doesn't help the injustice we feel about taxes, and I'm a firm believer that the whole withholding scam has made our country into a bunch of sheep about taxes, but the IRS has a withholding calculator that you can use to make sure that you have enough withheld to cover the tax bill. Since it's the beginning of the year, it's not a bad time to adjust withholding.

http://www.irs.gov/individuals/article/0,,id=96196,00.html

Of course you'd be better served saving the money on your own and at least earning some interest, but this helps if your situation won't let that happen.

I want to puke at the entire refund attitude "Celebrate getting your own money back with no interest!". All the stores having "refund sales" and all that crap. Yuck.

News:

Author Topic: I owe more money (Read 5228 times)