Taxes - Arrrrggggghhhhhhh!!!

RevSmoke · 03-21-2012, 01:18 PM

Want to vent a bit, as i just got my taxes back.

As self-employed, I need to pay quarterly payments. So, next year's quarterly payments are figured according to this year's filing and estimates for next year.

This coming year, as son is now 17, I lose a child tax credit (although he is still considered a dependent). I took on a 3rd congregation this year, adding a little over $5,000 to my yearly income.

Somehow, my quarterly payments went up over $2,000 a quarter - that's $8,000 a year.

Ouch!!!

I don't even know where that money will be coming from.

Ridiculous.

hotreds · 03-21-2012, 01:29 PM

Born free, taxed to death.

blugill · 03-21-2012, 01:34 PM

They enjoy billing us for killing us.

maninblack · 03-21-2012, 02:15 PM

Ouch Rev! That's a real kick in the butt.

irratebass · 03-21-2012, 02:19 PM

Sorry to hear this Rev, but I am sure the lord will help you find a way to make those payments. Best of luck to you sir.

RevSmoke · 03-21-2012, 03:03 PM

Quote:

Originally Posted by irratebass

Sorry to hear this Rev, but I am sure the lord will help you find a way to make those payments. Best of luck to you sir.

Im sure He will indeed. I hate to have to do rebudgeting.

What gets me is that we no longer get the child tax credit, but this is the time that a child gets to be the biggest financial burden as you have to pay for college/university.

I just had to vent.

03-21-2012, 03:34 PM

Come to England and talk about taxs.....nuff said.

But being self employed helps ive been unemployed for the last 20 or so years.

03-21-2012, 04:03 PM

Quote:

Originally Posted by Reaver2145

Come to England and talk about taxs.....nuff said.

But being self employed helps ive been unemployed for the last 20 or so years.

^LOL^

I just finished sorting my stack of papers into piles before I started my three week away trip here in China. Now I get to look forwared to entering it all in to TuriboTaxd when I get back. I think I can be done a day before filing date.

hammondc · 03-21-2012, 04:21 PM

Yep..I have to pay the man about 8 Boxes of VR Unicos....

longknocker · 03-21-2012, 04:41 PM

Sorry To Hear, Brother.

I Never Know From Year To Year What My Situation Is Until I Talk With My Accountant. I'm Happy I'm Getting A Little Something Back This Year. GL With Your Situation.

poker · 03-21-2012, 04:47 PM

I could only wish my estimated tax payments were 2K per quarter.

Silound · 03-21-2012, 04:51 PM

Quote:

Originally Posted by poker

I could only wish my estimated tax payments were 2K per quarter.

Quoted for the absolute truth. Truthfully, I'd take a modest pay cut (IE 2-3000 tops) just to avoid dealing with the IRS an additional 4 times per year.

shark · 03-21-2012, 04:53 PM

...and my advice for those who die...declare the pennies on your eyes...TAXMAN!!!!!

markem · 03-21-2012, 05:11 PM

Quote:

Originally Posted by poker

I could only wish my estimated tax payments were 2K per quarter.

Well, he did say that they went up 2K per quarter. Last year was a miserable one and I am hoping that my quarterlies drop to less than 10K.

Smokin Gator · 03-21-2012, 05:22 PM

I could weigh in here... but I won't. It would get the thread shut down in a minute!!! All I will say is taxes are brutal!!!

CRIMPS · 03-21-2012, 06:06 PM

We got nailed this year, too. Sucks.

RevSmoke · 03-21-2012, 09:34 PM

Quote:

Originally Posted by poker

I could only wish my estimated tax payments were 2K per quarter.

I wish were 2K per quarter. They went up 2K per quarter.

oooo35980 · 03-21-2012, 09:37 PM

Man that's crazy, I paid in like 3k last year and got back 5k, still haven't figured that one out but not gonna complain.

poker · 03-22-2012, 08:57 AM

Quote:

Originally Posted by RevSmoke

I wish were 2K per quarter. They went up 2K per quarter.

Gotcha! Yeah, I'm right there with you.

RevSmoke · 03-22-2012, 09:33 AM

Quote:

Originally Posted by oooo35980

Man that's crazy, I paid in like 3k last year and got back 5k, still haven't figured that one out but not gonna complain.

You only paid $3K? Are you self-employed? Or are receiving wages from an employer who pays a portion of your taxes - so that you only see what your share is on your wage stub?

It is amazing how many people see only what they paid in, and not how much their employer pays for them.

To see the total that you paid, you need to look at your tax return.

Are you sure that only $3K was paid?

03-21-2012, 01:18 PM	#1
RevSmoke Ain't Never Gonna Leave Join Date: Oct 2008 First Name: Todd Location: Northcentral woods of Wisconsin Posts: 6,861 Trading: (51)	Taxes - Arrrrggggghhhhhhh!!! Want to vent a bit, as i just got my taxes back. As self-employed, I need to pay quarterly payments. So, next year's quarterly payments are figured according to this year's filing and estimates for next year. This coming year, as son is now 17, I lose a child tax credit (although he is still considered a dependent). I took on a 3rd congregation this year, adding a little over $5,000 to my yearly income. Somehow, my quarterly payments went up over $2,000 a quarter - that's $8,000 a year. Ouch!!! I don't even know where that money will be coming from. Ridiculous. __________________ Todd__ "Smoke what you like, and enjoy it!"

03-21-2012, 01:29 PM	#2
hotreds Ephesians 2:8 Join Date: Oct 2008 Location: 5 miles past "Resume Speed" Posts: 11,665 Trading: (63)	Re: Taxes - Arrrrggggghhhhhhh!!! Born free, taxed to death. __________________ God loves you so much, that he made you read this, just to let you know.

03-21-2012, 01:34 PM	#3
blugill Feeling at Home Join Date: Dec 2008 First Name: Andy Location: Enid, Oklahoma Posts: 867 Trading: (10)	Re: Taxes - Arrrrggggghhhhhhh!!! They enjoy billing us for killing us. __________________ My Blog

03-21-2012, 02:15 PM	#4
maninblack Will smoke for food Join Date: Jan 2010 First Name: Kevin Location: Where the hoot owls f$ck the chickens Posts: 10,637 Trading: (80)	Re: Taxes - Arrrrggggghhhhhhh!!! Ouch Rev! That's a real kick in the butt. __________________ Proud member of the GMCGTPWHAFA

03-21-2012, 02:19 PM	#5
irratebass EMPEROR TOMPKINS Join Date: Aug 2011 First Name: Mickey Location: Mooresville, Indiana Posts: 8,313 Trading: (48)	Re: Taxes - Arrrrggggghhhhhhh!!! Sorry to hear this Rev, but I am sure the lord will help you find a way to make those payments. Best of luck to you sir. __________________

03-21-2012, 03:34 PM	#7
Reaver2145 Guest Posts: n/a	Re: Taxes - Arrrrggggghhhhhhh!!! Come to England and talk about taxs.....nuff said. But being self employed helps ive been unemployed for the last 20 or so years.

03-21-2012, 04:21 PM	#9
hammondc Moar Padrons! Join Date: Aug 2010 First Name: Chip Location: Senoia, GA Posts: 2,626 Trading: (17)	Re: Taxes - Arrrrggggghhhhhhh!!! Yep..I have to pay the man about 8 Boxes of VR Unicos....

03-21-2012, 04:41 PM	#10
longknocker Postwhore Join Date: Oct 2008 First Name: Greg Location: Mobile, Alabama Posts: 11,174 Trading: (82)	Re: Taxes - Arrrrggggghhhhhhh!!! Sorry To Hear, Brother. I Never Know From Year To Year What My Situation Is Until I Talk With My Accountant. I'm Happy I'm Getting A Little Something Back This Year. GL With Your Situation.

03-21-2012, 04:47 PM	#11
poker 1:11 Join Date: Oct 2008 First Name: Kelly Location: SoCal Posts: 5,280 Trading: (7)	Re: Taxes - Arrrrggggghhhhhhh!!! I could only wish my estimated tax payments were 2K per quarter. __________________ Cigar Asylum: A cigar board birthed without agendas, without profiting, and without advertisements. Amor puro Character is what you do when no one is watching

03-21-2012, 04:53 PM	#13
shark Cigar Smokin' Patriot Join Date: Sep 2009 First Name: Ron Location: Michigan Posts: 3,584 Trading: (0)	Re: Taxes - Arrrrggggghhhhhhh!!! ...and my advice for those who die...declare the pennies on your eyes...TAXMAN!!!!! __________________ Emancipate yourselves from mental slavery None but ourselves can free our minds

03-21-2012, 05:22 PM	#15
Smokin Gator Just plain insane! Join Date: Oct 2008 Location: The Swamp Posts: 6,237 Trading: (106)	Re: Taxes - Arrrrggggghhhhhhh!!! I could weigh in here... but I won't. It would get the thread shut down in a minute!!! All I will say is taxes are brutal!!! __________________ Check out the Cigar Asylum Newbie Sampler Trade

03-21-2012, 06:06 PM	#16
CRIMPS Benn/Seguin best friends Join Date: Sep 2010 First Name: Zach Location: North Texas Posts: 1,520 Trading: (50)	Re: Taxes - Arrrrggggghhhhhhh!!! We got nailed this year, too. Sucks. __________________ I'm a Dallas Stars fan. So, yes, this is a confusing time for me.

03-21-2012, 09:37 PM	#18
oooo35980 Feeling at Home Join Date: Mar 2011 First Name: Isaiah Location: Huntsville, AL Posts: 569 Trading: (3)	Re: Taxes - Arrrrggggghhhhhhh!!! Man that's crazy, I paid in like 3k last year and got back 5k, still haven't figured that one out but not gonna complain.