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Thread: I hate this time of year

  1. #1
    God/dess FBR's Avatar
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    Default I hate this time of year

    Well, spring being a month or so away sounds good but right now I'm doing prelim work on my personal income taxes. 66 large FIT witheld and based on some number crunching I'm still short? WTF? And where did that $20,000 K-1 income come from? I swear, I didn't get a nickle of it in spendable cash. They want you to pay taxes on money you didnt receive and probably won't live long enough to enjoy. And don't get me started on the Alternative Minimum Tax...AMT. The fuckers are dyslectic...they should have called it ATM instead.

    I mean, I don't mind paying my fair share but this is rediculous. And while I do OK I don't have enough wealth to be able to escape through the loopholes. And I pay a shitload of additional taxes through my corporation...even when I don't show much of a profit. Ugh.

    OK I feel better now for the moment. I bitch like this every year at tax time. Any of you guys get pissed like I am? I don't mean mildly irriated and slightly begrudging...I mean mad enough for another Boston Tea Party

    FBR
    Once again I have embraced my addiction and have put off the moral dilemma to another day.

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    God/dess xdamage's Avatar
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    Default Re: I hate this time of year

    Yea, I hear you man. 6 digits --- so much goes to Uncle Sam I want to cry.

  3. #3
    God/dess FBR's Avatar
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    Default Re: I hate this time of year

    Makes you want to disappear into the underground cash economy

    FBR
    Once again I have embraced my addiction and have put off the moral dilemma to another day.

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    Featured Member gameover's Avatar
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    Default Re: I hate this time of year

    Yeah, I pay twice as much in taxes as I earned in my first job out of college. it's really depressing when you see the bottom line of the 1040

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    God/dess xdamage's Avatar
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    Default Re: I hate this time of year

    No shit gameover. When I think about my income and how much I pain taxes, seriously, it's just plain out fucked up.

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    Featured Member GenWar's Avatar
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    Default Re: I hate this time of year

    You want to hear a nice one?

    Mrs. Gen "accidently" claimed inf exemptions. They barely took $2500 out of her over the whole year. Before I added her to the tax software, I had a HUGE refund coming. After, I now have a BIG check. It took me a couple of days to get over THAT one.

    -gen
    "See, believe it or not (and I don't care whether you do), it's never been about the sex. I get sex at home, anytime, and we like it, and it's good for both of us. No, my stripclub experience has been about acceptance, and affirmation, and desirability...There have been some women who have a personality that just clicks with mine, and in the faux-sex atmosphere of the club, it's a mix that is completely seductive." - Jay Zeno

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    Default Re: I hate this time of year

    I always thought those who bitched loudest about their income tax bite were really bragging about how much they made. Me, I got an additional $14k due 4/17/06 and I need another $8k to fund my IRA. We've had 6 years of tax cuts, but AMT seems to be eliminating a lot of those.

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    Default Re: I hate this time of year

    Quote Originally Posted by FBR View Post
    Makes you want to disappear into the underground cash economy

    FBR
    You should then lose the right to bitch about the government.

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    Default Re: I hate this time of year

    The more you owe the taxman without paying a penalty, the better off you are. At least you earned interest on that money.

    Don't forget to enter your phone tax credit.

    I just wish federal taxes were going to more constructive uses.

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    Featured Member lunchbox's Avatar
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    Default Re: I hate this time of year

    Quote Originally Posted by FBR View Post
    And don't get me started on the Alternative Minimum Tax...AMT. The fuckers are dyslectic...they should have called it ATM instead.
    No, they got it right. IT is the AMT. YOU are the ATM.

    And I pay a shitload of additional taxes through my corporation...even when I don't show much of a profit. Ugh.
    You're not an s-type?

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    God/dess doc-catfish's Avatar
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    Default Re: I hate this time of year

    All I can say is thank God for my IRA deduction. If not for that, I'd be paying in myself this year. I might have enough of a refund left over for a pizza once everything is settled.
    Former SCJ now in rehab.

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    Banned Katrine's Avatar
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    Default Re: I hate this time of year

    Taxes are at the 3rd lowest level they have been for the history of this country.

    The phone tax credit is like $40-70, not much to make a dent.

    And yup, I owe this year. Good news for me, I did very well, so I am somewhat bragging.

    FBR, I suppose you are S-corp if you receive K1 income. Flow through taxation baby. You pay on it whether or not you get it.Perhaps you should reincorporate as a C-corp? Talk to your tax attorney and CPA.

    There are diversification options available moving forward, you don't have to be super-wealthy. I help people with these matters all the time.

    "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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    Featured Member GenWar's Avatar
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    Default Re: I hate this time of year

    anybody find it worth it to go to one of those places that advertise on the radio?

    I never did that...always did it myself but I never made quite as much money as I did last year...and I also bought a house for the first time. :/

    Thoughts?

    -gen
    "See, believe it or not (and I don't care whether you do), it's never been about the sex. I get sex at home, anytime, and we like it, and it's good for both of us. No, my stripclub experience has been about acceptance, and affirmation, and desirability...There have been some women who have a personality that just clicks with mine, and in the faux-sex atmosphere of the club, it's a mix that is completely seductive." - Jay Zeno

  14. #14
    God/dess Casual Observer's Avatar
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    Default Re: I hate this time of year

    Third time in four years I'll have to pay in at least four digits, and this year was a terrible year for me financially. This doesn't even include the money I have to pay to work in this damn state in the first place.

    Now that I'm a whore in a corporate machine, I'm thinking about making all my freelance work be strictly cash-based. How the hell else can I maintain my stripper spending?
    Idealism is fine, but as it approaches reality, the costs become prohibitive.

    William F. Buckley, Jr.

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    Default Re: I hate this time of year

    Filed my returns Saturday - plan on 'investing' some of my refund with a stripper in Tulsa.

  16. #16
    Banned Katrine's Avatar
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    Default Re: I hate this time of year

    Quote Originally Posted by GenWar View Post
    anybody find it worth it to go to one of those places that advertise on the radio?

    I never did that...always did it myself but I never made quite as much money as I did last year...and I also bought a house for the first time. :/

    Thoughts?

    -gen
    Who advertises what on the radio? Tax preperation, or actual CPA? Its seldomly worth it for simple tax prep if you have half a brain.

    "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

  17. #17
    Banned Katrine's Avatar
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    Default Re: I hate this time of year

    Quote Originally Posted by Casual Observer View Post
    Now that I'm a whore in a corporate machine, I'm thinking about making all my freelance work be strictly cash-based. How the hell else can I maintain my stripper spending?
    Hahaha, yes, spend your UTR income at the club!! The first and last time that cash saw the inside of a government agency was at the mint!

    "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

  18. #18
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    Default Re: I hate this time of year

    Fuck all y'all; I owe four figures every three months and am paying the lovely 15.3% it costs to be self-employed.

  19. #19
    Featured Member aggieed's Avatar
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    Default Re: I hate this time of year

    I don't know...I happen to like this time of year...even if my refund was the lowest it's been in the last seven years, it was still rather substantial. I filed as soon as I could so I had my refund in hand by mid-February. About a week later I made a very, very short trip to Houston. I had to make a contribution to the "Save Treasures" fund.
    I'm a simple man, making my way through the universe.

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    Featured Member lunchbox's Avatar
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    Default Re: I hate this time of year

    Quote Originally Posted by aggieed View Post
    I had to make a contribution to the "Save Treasures" fund.
    i intend to be make several contributions next weekend.

  21. #21
    God/dess FBR's Avatar
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    Default Re: I hate this time of year

    Quote Originally Posted by Katrine View Post
    Taxes are at the 3rd lowest level they have been for the history of this country.

    The phone tax credit is like $40-70, not much to make a dent.

    And yup, I owe this year. Good news for me, I did very well, so I am somewhat bragging.

    FBR, I suppose you are S-corp if you receive K1 income. Flow through taxation baby. You pay on it whether or not you get it.Perhaps you should reincorporate as a C-corp? Talk to your tax attorney and CPA.

    There are diversification options available moving forward, you don't have to be super-wealthy. I help people with these matters all the time.
    Kat, my main business is a C corp. I'm an employee of it just like the other 40 or so people. The net profit before taxes is not that big a number so often the corporate tax rate is less than my personal rate. The K-1 comes from my LLC which owns two business properties that my corporation rents. I dont take a "salary" out but the income still gets passed along to me on the K-1. I call it "funny money" but obviously its there for down the road.

    Dont mind me. I always bitch this time of year I'm blessed to be where Im at in life especially considering my education and I doubt it would have been possible in any other country.

    FBR
    Once again I have embraced my addiction and have put off the moral dilemma to another day.

  22. #22
    Banned Katrine's Avatar
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    Default Re: I hate this time of year

    Quote Originally Posted by Susan Wayward View Post
    Fuck all y'all; I owe four figures every three months and am paying the lovely 15.3% it costs to be self-employed.
    Actually, anyone who anticipates a huge tax hit is supposed to pay quarterly est taxes or risk penalty. Also, a self-employed person can offset more expenses than an employed person who employer pays half of their FICA. Many of these expenses do not get phased out as AGI increases compared to Schedule A standardized deductions.

    My underpayment penalty was relatively low though. Its not nearly that huge a deal that Melonie makes it out to be.

    All things being equal, being self-employed versus receiving all W2 income isn't better or worse.

    I kinda want to become a CPA sometimes. Once you pass the hurdles of certification, there is always good work with good money.

    "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: I hate this time of year

    Quote Originally Posted by FBR View Post
    I'm an employee of it just like the other 40 or so people.
    FBR
    40 employees? How do you keep from going home at night and blowing your brains out? I've hired two in 10 years. One quit as soon as she started producing enough to cover her salary and the other I fired because I had to redo everything she did. I figure it's just as easy to do it all myself. This doesn't count my partner or our two secretaries. Oops, I mean administrative assistants.

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    Default Re: I hate this time of year

    Quote Originally Posted by GenWar View Post
    anybody find it worth it to go to one of those places that advertise on the radio?

    I never did that...always did it myself but I never made quite as much money as I did last year...and I also bought a house for the first time. :/

    Thoughts?

    -gen

    No.

    And No.

    Buy Turbo Tax. If your return in not that complicated and you have the time to go thru the tutorials, its a pretty good value.

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    Featured Member lunchbox's Avatar
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    Default Re: I hate this time of year

    Quote Originally Posted by Howie View Post
    40 employees? How do you keep from going home at night and blowing your brains out?
    He stops at a titty bar on the way home.

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