Foo - I don't like (under)paying taxes

I owe like $2K in taxes this year. My heating bill was $284 this month. I do not like it. I want to buy a dinotte tail light and a magicshine head lamp for my bike. But I cannot because I gave all my money to Sam and to Piedmont Natural Gas.

And I know that 90% of you are getting a tax rebate this year you lucky dogs.

People who take my money are ****ers.

I sent the IRS $17K in the last month. And I'm not done paying them for 2009 yet.

It never really ends. This country is so totally, totally, utterly F'd. A spendthrift moron Republican followed by an oblivious spendthrift Democrat. F us all.

Now that's a lot of taxes.

USD 280 per month for heating? :eek: My electricity bill is about USD 125 per month, but that covers heating, water boiler and electricity to appliances. Heating is maybe 40% of the total, averaged over the whole year (crappy electrical company has yet to upgrade to remote readable meters that would enable more accurate and up-to-date billing).

As far as taxes go, I'm eagerly awaiting April 19th. By then my gross earnings this calendar year should roughly equal my yearly income tax. On April 20th and onwards I'm actually earning something for myself and family.

--J

Yes, I currently pay for my heat in US dollars. However, they may begin asking for blood or some other bodily fluid - or someday I might be reduced to doing favors for my landlady. Ever see that movie with Woody Harrelson where he is the pro bowler who can't make rent? Something like that, maybe?

Anyway, thanks for the post. And did you say that your earnings EQUAL the tax that you pay? If that is the case I would expect a VERY hefty return. But I think that you might need to re-evaluate. But who knows, I'm no tax expert.

I sent the IRS $17K in the last month. And I'm not done paying them for 2009 yet.

It never really ends. This country is so totally, totally, utterly F'd. A spendthrift moron Republican followed by an oblivious spendthrift Democrat. F us all.

you think?
oh, and welcome to the club of paying way to F'ng much.

I owe like $2K in taxes this year. My heating bill was $284 this month. I do not like it. I want to buy a dinotte tail light and a magicshine head lamp for my bike. But I cannot because I gave all my money to Sam and to Piedmont Natural Gas.

And I know that 90% of you are getting a tax rebate this year you lucky dogs.

People who take my money are ****ers.
Sounds to me like you could benefit from both some energy efficiency measures and the tax breaks that come with them.

I owe like $2K in taxes this year. My heating bill was $284 this month. I do not like it. I want to buy a dinotte tail light and a magicshine head lamp for my bike. But I cannot because I gave all my money to Sam and to Piedmont Natural Gas.

And I know that 90% of you are getting a tax rebate this year you lucky dogs.

People who take my money are ****ers.According to my tax accountant friend, it's smarter to either end up breaking even or owing just a little bit when filing income taxes, than it is to receive any kind of refund. His reasoning is that if you're receiving a refund, you're giving the US Government an interest free loan of the money that you're getting back.


USD 280 per month for heating? :eek: My electricity bill is about USD 125 per month, but that covers heating, water boiler and electricity to appliances. Heating is maybe 40% of the total, averaged over the whole year (crappy electrical company has yet to upgrade to remote readable meters that would enable more accurate and up-to-date billing).

As far as taxes go, I'm eagerly awaiting April 19th. By then my gross earnings this calendar year should roughly equal my yearly income tax. On April 20th and onwards I'm actually earning something for myself and family.

--JMy highest electric bill is around $90, which includes heating/AC, water heater, and all electronics, of which I have a bunch. And that's during the height of summer, when temps are at or above 100°F. My last electric bill was probably $35.



Anyway, thanks for the post. And did you say that your earnings EQUAL the tax that you pay? If that is the case I would expect a VERY hefty return. But I think that you might need to re-evaluate. But who knows, I'm no tax expert.What he said was that the income he'll have earned as of April 19th will be equal to the income tax he'll owe for the entire year. Starting with April 20, all income he earns is actually his to spend/save as he sees fit. It's one way of looking at income vs. taxes.

According to my tax accountant friend, it's smarter to either end up breaking even or owing just a little bit when filing income taxes, than it is to receive any kind of refund. His reasoning is that if you're receiving a refund, you're giving the US Government an interest free loan of the money that you're getting back.

True. But taxes still suck. You will not convince me otherwise.



My highest electric bill is around $90, which includes heating/AC, water heater, and all electronics, of which I have a bunch. And that's during the height of summer, when temps are at or above 100°F. My last electric bill was probably $35.

Gas heat/water heater. I'm thinking of switching to something that runs off of upper-shelf caviar in order to save money.



What he said was that the income he'll have earned as of April 19th will be equal to the income tax he'll owe for the entire year. Starting with April 20, all income he earns is actually his to spend/save as he sees fit. It's one way of looking at income vs. taxes.

Ah, very interesting. I'm off to figure out when I can start keeping my money this year.

According to my tax accountant friend, it's smarter to either end up breaking even or owing just a little bit when filing income taxes, than it is to receive any kind of refund. His reasoning is that if you're receiving a refund, you're giving the US Government an interest free loan of the money that you're getting back.+ a lot. Actually, the best strategy around where I live would be to pay as little as you can get away with and invest the money you loaned from government. When they throw the obscene bill your way (here this happens almost full calendar year later), cash the investments, pay taxes and pocket the interest. In addition to nerves you need a solid investment plan. And some other plan B besides running, in case your solid investments go South after all.


What he said was that the income he'll have earned as of April 19th will be equal to the income tax he'll owe for the entire year. Starting with April 20, all income he earns is actually his to spend/save as he sees fit. It's one way of looking at income vs. taxes.Exactly. We call it the break-even day.

--J

... pay as little as you can get away with and invest the money you loaned from government. When they throw the obscene bill your way (here this happens almost full calendar year later), cash the investments, pay taxes and pocket the interest.
isn't there a penalty if you end up owing them too much at the end of the year? or is that what you mean by "as little as you can get away with?"

isn't there a penalty if you end up owing them too much at the end of the year? or is that what you mean by "as little as you can get away with?"

yes there is a penalty for underpayment, which can be avoided a couple of ways.

such as? the only way to reduce the payments is to increase your exemptions right? (i'm an employee)

such as? the only way to reduce the payments is to increase your exemptions right? (i'm an employee)

Not saying to reduce the payment, but to avoid the penalty for underpayment:
http://www.irs.gov/taxtopics/tc306.html
http://www.irs.gov/publications/p505/ch04.html#en_US_publink10007521

isn't there a penalty if you end up owing them too much at the end of the year? or is that what you mean by "as little as you can get away with?"I don't know enough about the system in US. Around here, not. But we do have a minimum tax rate your employer must deduct from salary, and to get that you would have to seriously fool our IRS (who calculate the tax rate for your employer). That in itself could be criminal. But you have some wiggle room, which is what I meant. And if you're self employed, you have a lot more wiggle room.

--J

isn't there a penalty if you end up owing them too much at the end of the year? or is that what you mean by "as little as you can get away with?"

thats why I pay quarterly (2 years ago I had to pay monthly!)

The bad news is I have payroll deduct alot of my moneys for income tax. The good news is I get a big refund. I had to pay back one year and it wasn't fun!
Ernest

you think?
oh, and welcome to the club of paying way to F'ng much.

I've been in that club for 10+ years. Can't complain, that means I'm making some money. I'm just upset they're blowing all of it, half of it on utter nonsense.

It isn't a tax here in Canada, it is income redistribution. I hate working through the taxes long form and seeing all the credits that don't apply but instead supplement my neighbors and those that choose welfare over work. I have paid 68k in taxes and owe another 30 or so... Beware of state run health care y'all!

It isn't a tax here in Canada, it is income redistribution. I hate working through the taxes long form and seeing all the credits that don't apply but instead supplement my neighbors and those that choose welfare over work. I have paid 68k in taxes and owe another 30 or so... Beware of state run health care y'all!

the solution is simple, contract some sort of bacterial or viral infection that's not fatal but does require attention at the hospital.
I recommend brokemyhumerisitis.

You only owe $2K? I'll gladly trade you tax bills. I pay on a quarterly basis, and frankly, the amount really sucks when you're in the 29.4% effective tax bracket. :p.
I owe like $2K in taxes this year. My heating bill was $284 this month. I do not like it. I want to buy a dinotte tail light and a magicshine head lamp for my bike. But I cannot because I gave all my money to Sam and to Piedmont Natural Gas.

And I know that 90% of you are getting a tax rebate this year you lucky dogs.

People who take my money are ****ers.

I've been in that club for 10+ years. Can't complain, that means I'm making some money. I'm just upset they're blowing all of it, half of it on utter nonsense.

starting to like you, amigo.

I sent the IRS $17K in the last month. And I'm not done paying them for 2009 yet.

It never really ends. This country is so totally, totally, utterly F'd. A spendthrift moron Republican followed by an oblivious spendthrift Democrat. F us all.

OK, not trying to start a flame war here, but $17K in taxes paid in the last month? Try LIVING on that for a year! (Can't spend the gross, remember....)

I make about 20% more than the national average for a bike mechanic w/ 1/3 of my experience, and the ONLY reason I do is because I don't work at the LBS. (Big-box, the one that tells you how to 'live better') Oh -- BTW -- my 17K, net, includes the child support I pay, so I don't see that, either.

Trade ya.

the real killer for us quarterly payment folks is the FICA - a whopping 15.3% BEFORE we get to the actual income tax!!! I bank what I think I need to pay, pay what my CPA tells me the minimum is, and stand ready to empty the savings account on 4/15. I have found that buying farm equipment and expensing it in one year has saved me gobs on actual tax, but FICA remains almost the same..... and it's not like I can count on Social Security BEING there for me! I'm supporting the trailer trash down the road.

If it makes you feel any better, we appreciate it.

the real killer for us quarterly payment folks is the FICA - a whopping 15.3% BEFORE we get to the actual income tax!!! I bank what I think I need to pay, pay what my CPA tells me the minimum is, and stand ready to empty the savings account on 4/15. I have found that buying farm equipment and expensing it in one year has saved me gobs on actual tax, but FICA remains almost the same..... and it's not like I can count on Social Security BEING there for me! I'm supporting the trailer trash down the road.

Since I started SS in Dec. I really appreciate your contributions :D
Stay healthy, work hard.


The only trailer I have is the one I pull with my bike:)

paying $17k in taxes.....I didnt even make that much last year. Compared to 4 years ago where I ended the year at $47k (and now I have nothing to show of it...It really sucks making a lot of money at a young age.)

I haven't done my taxes yet (waiting to see if any FA info comes from the school). But I'm scared, the amount of Fed tax paid was less than $90!

What's got my goat is that the IRS wants me to pay taxes on the interest they gave me from my last refund...

The one that they didn't finish until Oct., then sent to SBBT, even though I indicated on the amended return to sent the check directly to me. Filed in April, finally got the refund in Nov.

you think?
oh, and welcome to the club of paying way to F'ng much.

He just sold $110,000 in APPL, I think he's doing ok.