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Thread: 2 weeks to go until April 15th ...

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    Default 2 weeks to go until April 15th ...

    ... no wonder that April always makes me so depressed! The thought of shelling out all of that money for income taxes ruins the whole month.

    Also, don't forget that besides having to file your income tax return and pay income taxes on 2003 income by April 15th, that date is also the deadline for sending in a check for estimated tax payments on income you earned in Jan, Feb and March 2004. Double Whammy!

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    Default Re:2 weeks to go until April 15th ...

    I second that Melonie. I handle the financials for 4 companies and this time of the year is just plain stressful, I've spent the last 2 weeks reviewing our books and preparing reports to turn everything over to our tax accountant, it wears me out.

    Can't wait to be done.

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    Veteran Member NVJosh's Avatar
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    Default Re:2 weeks to go until April 15th ...

    Hey...I love these 10-12 hour days...they build character.

    I pulled 8 returns out of the review box today, got to #7, wandered by the review box and saw 3 more...sheesh. And its billing day, too. Wheeeee.

    Guess I'll be here for a while.

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    God/dess Zofia's Avatar
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    Default Re:2 weeks to go until April 15th ...

    I just love it when you talk about compliance! :-) Just makes me tingle all over. hehe

    XOXO
    Z

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    Banned Melonie's Avatar
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    Default Re:2 weeks to go until April 15th ...

    Well I also get a feeling from income tax season - nausea !

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    God/dess montythegeek's Avatar
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    Default Re:2 weeks to go until April 15th ...

    Well Melonie I had a little worse than nausea when I did mine today. Seems I owe over $2K because I grossly underwitheld. Seems I forgot the deductions I would have would go down sharply this year because of a switch from contractor to full time employee in early 2002 and had been lulled into a false sense of security by small refund last year. Not what I was expecting like needing to pay $200. Oh well, no SC next weekend for the geek + I need to adjust withholding.

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    Veteran Member NVJosh's Avatar
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    Default Re:2 weeks to go until April 15th ...

    Speaking of 2 weeks to go...I apologize in advance if I get testy or assholey on any of my responses...the fatigue/stress is setting in.

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    Default Re:2 weeks to go until April 15th ...

    I thought that when I quit my old job (accounting firm..lol) my April headaches would go away. Ugh... :'(

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    Banned Katrine's Avatar
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    Default Re:2 weeks to go until April 15th ...

    Also, don't forget that besides having to file your income tax return and pay income taxes on 2003 income by April 15th, that date is also the deadline for sending in a check for estimated tax payments on income you earned in Jan, Feb and March 2004

    Errrrr, what is this and what do I have to do about it? I just do my taxes once a year. Now I know that business owners must submit their estimated earnings quartlerly, is this what you are talking about?

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    God/dess montythegeek's Avatar
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    Default Re:2 weeks to go until April 15th ...

    Yes Kat, Melonie is referring to quarterly estimated taxes. Be aware there are penalties for only paying once a year. If you want the forms go to irs.gov and in the search type 1040ES for EStimated. Also be aware some states are even nastier than the IRS on penalties.

    And Josh, we refer to that phenomenon as an "asshole-ier than thou" attitude. Relax Josh, you will save your hair. LOL

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    Default Re:2 weeks to go until April 15th ...

    Errrrr, what is this and what do I have to do about it? I just do my taxes once a year. Now I know that business owners must submit their estimated earnings quartlerly, is this what you are talking about?
    Katrine, as an independent contractor you ARE a business owner ! You're required to write a check for estimated taxes to the IRS and your state tax department in April, June, Sept, and Dec in lieu of the paycheck tax withholding as is done for employees by their employers. If you attempt to wait until April and then pay in ALL of the taxes you owe for the previous year, it's highly likely that you'll get hit with a 10% penalty for failure to pay estimated taxes every three months on top of the taxes you owe.

    The basis for this is the "time value of money". By hanging onto all of your income and then only paying taxes due in April, you are in effect depriving the IRS of earning interest on your tax money throughout the year compared to an employee whose employer is sending your tax money to the IRS every single week. The 10% penalty is designed to recoup that lost interest income for the IRS.

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    Banned Katrine's Avatar
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    Default Re:2 weeks to go until April 15th ...

    Wow, after the incredible earnings of superbowl week.....I do believe I am SCREWED!!!!!!

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    Default Re:2 weeks to go until April 15th ...

    Quote Originally Posted by Katrine link=board=6;threadid=7871;start=msg92641#msg92641 date=1081226343
    Wow, after the incredible earnings of superbowl week.....I do believe I am SCREWED!!!!!!
    Yup, the IRS will expect a check for 25%-30% (or whatever your tax bracket actually is) of everything you earned from January 1st to March 31st as an estimated tax payment by April 15th, along with anything additional you owe through your 2003 tax return vs. 2003 estimated taxes you paid.

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    Banned Katrine's Avatar
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    Default Re:2 weeks to go until April 15th ...

    Well, my day job in 2003 payed quite poorly, and dance EBT was about $3000, since I did not have the time to dance while finishing school...that's a ok, will be getting a refund I believe....

    Spoke with my landlord CPA, he is filing me an extention for 1st quarter 2004 since I had to deposit the $$ I made to pay off credit card debt, big mistake. My accountant also told me that the fee Melonie mentioned will not be as high as 10% due to low interest rates....he thinks all the cash I've made has been through bellydancing...works for me!!!

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    God/dess montythegeek's Avatar
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    Default Re:2 weeks to go until April 15th ...

    Kat, if you don't have an onerously expensive bill to pay with your 2003 refund you can credit it to your 2004 taxes and lessen a chance of a penalty or interest on 2004 taxes. An extension gets you out of penalty issues for 2004 Q1, and crediting the refund shows a good faith effort. They like not having to write checks.

    PS Welcome to the screwed world. Bend over and get used to it for the next 40 some odd years. LOL.

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    Veteran Member Brooklyn's Avatar
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    Default Re:2 weeks to go until April 15th ...

    I thought quarterly taxes were optional ...

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    God/dess montythegeek's Avatar
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    Default Re:2 weeks to go until April 15th ...

    They won't send you to jail but there are penalties for not paying or under witholding more than a thousand dollars.

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    Banned Katrine's Avatar
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    Default Re:2 weeks to go until April 15th ...

    Personally, I have a weird problem with letting someone else see my earnings, especially since my accountant is also my landlord, I might just have to figure this one out myself.......

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    Default Re:2 weeks to go until April 15th ...

    Quote Originally Posted by Katrine link=board=6;threadid=7871;start=msg93603#msg93603 date=1081377300
    Personally, I have a weird problem with letting someone else see my earnings, especially since my accountant is also my landlord, I might just have to figure this one out myself.......
    Kat, doing estimated taxes is not tough at all. On the irs.gov web site type estimated tax or look for 1040-ES/V for the form. The worksheet for estimating is one page long with 17 lines.

    The easy way is to try the computer filing software from Turbo Tax or Tax cut. I think you can estimated 2004 with them doing the math. Knowing how to use a spreadsheet like works makes it really easy. You don't have to worry about hitting anything to the penny, close is all. You just want to be within $1000 dollars or less of what you owe to avoid penalties--try to be closer to avoid a surprise next year but if you underestimate things a little you can make up next quarter (within reason) unless your income by quarter justifies a weird pattern of payments of estimates.

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    Default Re:2 weeks to go until April 15th ...

    If I ever get audited, I am going to hell
    No you won't Miss George. The IRS actually seems to enjoy having people over a barrel, and would much rather have them working every week and sending 50% of their earnings to the government to pay for current and back income taxes !

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    Veteran Member Brooklyn's Avatar
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    Default Re:2 weeks to go until April 15th ...

    Quote Originally Posted by miss george link=board=6;threadid=7871;start=msg94332#msg94332 date=1081528262
    What was I thinking when I opened this thread? I thought the fact that I just made my appointment to get my taxes done would make it bearable. No!

    If I ever get audited, I am going to hell.
    I guess im going with ya cause all this tax stuff is getting on my nerves

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    Default Re:2 weeks to go until April 15th ...

    Quote Originally Posted by Melonie link=board=6;threadid=7871;start=msg94416#msg94416 date=1081537244
    If I ever get audited, I am going to hell
    No you won't Miss George. The IRS actually seems to enjoy having people over a barrel, and would much rather have them working every week and sending 50% of their earnings to the government to pay for current and back income taxes !
    Melonie is not joking. Every person in IRS hell gets at least 25 to start filing and hundreds to cheat less. They love to make people suffer so much they b*tch to all their friends. Nothing makes for better "voluntary compliance" than a good public example.

    And if they want to try you for tax evasion if you do not cooperate there goes any privacy considerations of a deal and the TV news would love a good "stripper tax cheat" story for sweeps month. Willie Nelson should get royalties for all he has done to boost compliance.

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    Default Re:2 weeks to go until April 15th ...

    The part-time-now-switch-careers-later path suggests building a reserve NOW + compliance with paying taxes NOW. Opportunities to make "easy money" now may be severely constrained later by either your age or new career. The possible pain later is most unpleasant if you are embarking on a career where some potential employer might do a credit check on you pre-employment and not hire based on a visible IRS judgement against you.

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    Default Re:2 weeks to go until April 15th ...

    Well, unfortunately for all of us in the NY/NJ area, this lawsuit brought against the VIP club and their new owners Lace/Stiletto/GGR by dancers and waitresses that former VIP management stiffed on "funny money" cash-ins has definitely increased the profile of NY/NJ strip clubs with the Dep't of Labor, the IRS, and NY/NJ state and local tax people. I won't go off the deep end again since this is covered in a different thread, but the odds of a dancer who works in an upscale NY/NJ club being audited later this year is higher than it has ever been because of this lawsuit (and a new NYC councilwoman who thinks she can build a political career in Rudy Giuliani's anti-dance club footsteps). Because the DOL and IRS will be investigating clubs, and will be checking employment records at clubs for Patriot Act compliance, the real names and SS#'s of all of the club dancers are going to be dumped straight into the IRS's lap. It won't matter much if those dancers are 'big fish' or 'little fish' - if they're part of the club investigation it's highly likely that they will be audited.

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    Default Re:2 weeks to go until April 15th ...

    Kudos to Melonie- ALL dancers AND club-owners would be well advised to read the thread she just referred to
    "Club-Chat, New York,New York"- Melonie truly understands this VIP situation and what it could
    mean in the future. The TAX implications are just one
    part of it. Should be required reading!

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