TAX DAY.. April 15th... Comments?

  • HndsmKansan

    Posts: 16311

    Apr 15, 2008 6:17 PM GMT
    It was one of those "pale moments". I'm self employed (and pay estimated quarterly taxes). Last year was the best year I've ever had. I knew I was going to owe more despite tracking all expenses... everything
    including those receipts from meals we talked about in another thread (when its with a client). I had even increased my quarterly estimated payments.

    I file and pay when I have to, my return has been sitting here for 2 weeks. I opened it and almost passed out. Thank God for a mortgage, a huge retirement plan and mileage. It still didn't save me this time.

    My assistant even noticed my reaction. "What happened", she asked... "My God".... what else can you say when it comes to April 15th.

    icon_mad.gif
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    Apr 15, 2008 6:22 PM GMT
    I'm saying all sorts of things that aren't fit to be aired publicly at this moment...
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    Apr 15, 2008 6:36 PM GMT
    My employer does not deduct taxes from my paycheck, so I pay them all at once come tax day.

    Why do I owe New York state 50% more than I do the federal government? This is on top of our 8.75% sales tax.
  • redheaded_dud...

    Posts: 408

    Apr 15, 2008 7:47 PM GMT
    It must be the Republicans' fault.











    icon_neutral.gif




  • vindog

    Posts: 1440

    Apr 15, 2008 7:54 PM GMT
    I am self-employed as well. I had to file an extension as 2007 was our best year too. Thankfully we bought tons of new equipment, a portion of the house is an office and I bought a house, I live in Nevada so NO STATE INCOME TAXES....and I'm a student.

    Cross fingers....I think I'm getting $$ back.

    What I need is a bookkeeper to manage all receipts and stuff.
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    Apr 15, 2008 7:59 PM GMT
    Do I thank god for all the medical deductions I had this past year? Kind of a Catch-22, isnt it?

    But they did off-set the addition 23 grand I made this past year, which was a total surprise. I need to sit in my chair and not fiddle with my investments more often. (Yes, I am bragging and smiling) ... icon_biggrin.gif

    I have mentioned that I am reading a book about the american debt...One Nation Under Debt...quite interesting and eye-opening for someone not involved in financial matters.
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    Apr 15, 2008 8:01 PM GMT
    atlnvmasc saidI am self-employed as well. I had to file an extension as 2007 was our best year too. Thankfully we bought tons of new equipment, a portion of the house is an office and I bought a house, I live in Nevada so NO STATE INCOME TAXES....and I'm a student.

    Cross fingers....I think I'm getting $$ back.

    What I need is a bookkeeper to manage all receipts and stuff.


    What about that Quicken software? Have you tried that? The problem I see is keeping up with entering everything.

    I bought a version for managing rental properties...my mom has a boat load....but I have not felt well enough to use it.
  • vindog

    Posts: 1440

    Apr 15, 2008 8:06 PM GMT
    Caslon said[quote][cite]atlnvmasc said[/cite]I am self-employed as well. I had to file an extension as 2007 was our best year too. Thankfully we bought tons of new equipment, a portion of the house is an office and I bought a house, I live in Nevada so NO STATE INCOME TAXES....and I'm a student.

    Cross fingers....I think I'm getting $$ back.

    What I need is a bookkeeper to manage all receipts and stuff.


    What about that Quicken software? Have you tried that? The problem I see is keeping up with entering everything.

    I bought a version for managing rental properties...my mom has a boat load....but I have not felt well enough to use it.[/quote]

    Keeping up is the problem. I feel my biz partner needs to do it, I do enough
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    Apr 15, 2008 8:09 PM GMT
    I am glad I live in Canada mine are not due until the end of the month and I owe!icon_cry.gif
  • HndsmKansan

    Posts: 16311

    Apr 15, 2008 8:12 PM GMT
    atlnvmasc said[quote]

    What about that Quicken software? Have you tried that? The problem I see is keeping up with entering everything.

    Keeping up is the problem. I feel my biz partner needs to do it, I do enough




    I use Quicken for everything almost... Its like anything with physical fitness or things you automatically.... record everything and formulate a routine!
  • Posted by a hidden member.
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    Apr 15, 2008 10:34 PM GMT
    Comments? Yeah, just one -

    What a ripoff!
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    Apr 15, 2008 10:41 PM GMT
    suck_it_img1.gif

    Still have to refile for the past 3 years.
  • auryn

    Posts: 2061

    Apr 15, 2008 11:23 PM GMT
    Between my job and my self-employment, I'm actually getting more back than I did last year. So, I'm not too worried about it all. I just have to figure out where I'm spending my "Thanks for letting me rape you for the past 8 years" gift from Bush.

    Since my plans have changed and I'm not going to Japan afterall, I may just invest it in gold.
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    Apr 15, 2008 11:25 PM GMT
    I had to pay in $4000.oo thanks to my freelance career that I keep as a hobby to get away a few days a month from the business I own with my partner.

    So if I seem a little salty today.. there you go.
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    Apr 15, 2008 11:29 PM GMT
    I'm a wholly-owned subsidiary, incorporated in the Cayman Islands.

    The problem is that I can't visit myself very often, because of the tax implications.

    So I sit by the window, lonely, pining away for myself, living for those two little days each quarter when I can take myself out for a nice meal, and if I get lucky, perhaps a little....well, you know...afterwards.

    The board meetings are fun, though.
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    Apr 15, 2008 11:30 PM GMT
    Grateful for a good accountant, the office in my home, and the fact that I claim fewer exemptions than I should.

    The paltry refund will be going to reduce credit card debt. Responsible. Boring. And will help me sleep at night.
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    Apr 15, 2008 11:32 PM GMT
    My taxes gave me such a headache this year! Selling my home, moving, working from home and living in two states made it very complicated. Plus my work screwed up my W-2 and I thought I owed NY State a whole bunch of money till I discovered the error.

    I've done my roommates' taxes (2) and my boyfriend's taxes. I think I have a new career. I can't believe people don't save receipts!!!!!!! I set up a system for my boyfriend, who's self-employed, to track all of his expenses and to store receipts. My dad would be proud. I used to have absolutely no interest in this kind of stuff!
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    Apr 15, 2008 11:38 PM GMT
    HndsmKansan saidIt was one of those "pale moments". I'm self employed (and pay estimated quarterly taxes). Last year was the best year I've ever had. I knew I was going to owe more despite tracking all expenses... everything
    including those receipts from meals we talked about in another thread (when its with a client). I had even increased my quarterly estimated payments.

    I file and pay when I have to, my return has been sitting here for 2 weeks. I opened it and almost passed out. Thank God for a mortgage, a huge retirement plan and mileage. It still didn't save me this time.

    My assistant even noticed my reaction. "What happened", she asked... "My God".... what else can you say when it comes to April 15th.

    icon_mad.gif


    That's just what I'm dreading for next year. I just opened my own business this year - so had a ton of write-off's and even got a hefty rebate back from Federal and State. I have a feeling next year will be a different story since I'm earning 3 times what I did working for someone else. Hopefully my Quarterlies will take care of it.
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    Apr 15, 2008 11:39 PM GMT
    icon_biggrin.gif taxes pay my salary.
  • redheaded_dud...

    Posts: 408

    Apr 16, 2008 12:18 AM GMT
    I was going to do a little cut-and-paste of this article, but it was all so danged good, you just gotta read the whole thing!

    http://www.heritage.org/Research/Taxes/bg1866.cfm
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    Apr 16, 2008 12:30 AM GMT
    i got a $500 refund icon_biggrin.gif and i filed at the beginning of march icon_biggrin.gif

    yeay!
  • Posted by a hidden member.
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    Apr 16, 2008 12:32 AM GMT
    Flat tax will never be because there is a tax industry that would suffer from elimination of the current system...an industry "amount­ing to more than $100 billion. This is the cost of tax preparation, lawyers, accountants, and other resources used to comply with the Internal Revenue Code"

    They are not going to go quietly into the night.
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    Apr 16, 2008 12:37 AM GMT
    atlnvmasc saidI am self-employed as well. I had to file an extension as 2007 was our best year too. Thankfully we bought tons of new equipment, a portion of the house is an office and I bought a house, I live in Nevada so NO STATE INCOME TAXES....and I'm a student.

    Cross fingers....I think I'm getting $$ back.

    What I need is a bookkeeper to manage all receipts and stuff.


    u can hire me icon_biggrin.gif
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    Apr 16, 2008 12:52 AM GMT
    Boy, I sure was happy paying my "Gay tax".
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    Apr 16, 2008 12:58 AM GMT
    Is it true that US income tax is incredibly complicated?

    In Ontario I have to calculate Federal Tax and Provincial Tax. I have deductions and tax credits for both. A real pain to complete.