Advertise on Bikeforums.net



User Tag List

Page 1 of 2 12 LastLast
Results 1 to 25 of 29
  1. #1
    Senior Member bryroth's Avatar
    Join Date
    Apr 2008
    Posts
    841
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    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.

  2. #2
    Peloton Dog patentcad's Avatar
    Join Date
    Nov 2005
    Location
    Chester, NY
    My Bikes
    2013 Scott Foil, 2009 Scott Addict R2, 2008 Cervelo P3 TT bike, 2008 Motobecane Fly Ti Hard Tail MTB
    Posts
    55,927
    Mentioned
    16 Post(s)
    Tagged
    1 Thread(s)
    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.

  3. #3
    Senior Member bryroth's Avatar
    Join Date
    Apr 2008
    Posts
    841
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Now that's a lot of taxes.

  4. #4
    Formerly Known as Newbie Juha's Avatar
    Join Date
    Mar 2002
    Location
    Helsinki, Finland
    Posts
    5,593
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    USD 280 per month for heating? 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
    To err is human. To moo is bovine.

    Who is this General Failure anyway, and why is he reading my drive?


    Become a Registered Member in Bike Forums
    Community guidelines

  5. #5
    Senior Member bryroth's Avatar
    Join Date
    Apr 2008
    Posts
    841
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    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.

  6. #6
    Banned. ModoVincere's Avatar
    Join Date
    Aug 2006
    Posts
    1,626
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by patentcad View Post
    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.

  7. #7
    Pwnerer Wordbiker's Avatar
    Join Date
    Jun 2005
    Location
    Pagosa Springs, CO, USA
    My Bikes
    Road, MTB, Cruiser, Chopper, BMX
    Posts
    2,878
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by bryroth View Post
    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.
    Quote Originally Posted by ahsposo View Post
    Ski, bike and wish I was gay.

  8. #8
    NFL Owner monogodo's Avatar
    Join Date
    Sep 2004
    Location
    Irving Heritage District
    My Bikes
    7-Eleven Eddy Merckx, Vitus Futural, Catamount FRS, Colnago SL, SS MTB
    Posts
    1,485
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by bryroth View Post
    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.

    Quote Originally Posted by Juha View Post
    USD 280 per month for heating? 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
    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 100F. My last electric bill was probably $35.

    Quote Originally Posted by bryroth View Post
    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.
    198? Colnago Super (Campy Record) | 1989 Eddy Merckx 7-Eleven Team Issue (Dura Ace) | Catamount MFS (1x8) | Top Image Neptune (SS)

  9. #9
    Senior Member bryroth's Avatar
    Join Date
    Apr 2008
    Posts
    841
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by monogodo View Post
    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.

    Quote Originally Posted by monogodo View Post
    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 100F. 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.

    Quote Originally Posted by monogodo View Post
    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.

  10. #10
    Formerly Known as Newbie Juha's Avatar
    Join Date
    Mar 2002
    Location
    Helsinki, Finland
    Posts
    5,593
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by monogodo View Post
    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.

    Quote Originally Posted by monogodo View Post
    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
    To err is human. To moo is bovine.

    Who is this General Failure anyway, and why is he reading my drive?


    Become a Registered Member in Bike Forums
    Community guidelines

  11. #11
    Fax Transport Specialist black_box's Avatar
    Join Date
    May 2008
    Location
    chicago burbs
    My Bikes
    '07 fuji cross pro, '10 gary fisher x-caliber
    Posts
    783
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Juha View Post
    ... 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?"

  12. #12
    Banned. ModoVincere's Avatar
    Join Date
    Aug 2006
    Posts
    1,626
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by black_box View Post
    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.

  13. #13
    Fax Transport Specialist black_box's Avatar
    Join Date
    May 2008
    Location
    chicago burbs
    My Bikes
    '07 fuji cross pro, '10 gary fisher x-caliber
    Posts
    783
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    such as? the only way to reduce the payments is to increase your exemptions right? (i'm an employee)

  14. #14
    Banned. ModoVincere's Avatar
    Join Date
    Aug 2006
    Posts
    1,626
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by black_box View Post
    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...ublink10007521

  15. #15
    Formerly Known as Newbie Juha's Avatar
    Join Date
    Mar 2002
    Location
    Helsinki, Finland
    Posts
    5,593
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by black_box View Post
    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
    To err is human. To moo is bovine.

    Who is this General Failure anyway, and why is he reading my drive?


    Become a Registered Member in Bike Forums
    Community guidelines

  16. #16
    Free @coasting RUOkie's Avatar
    Join Date
    May 2009
    Location
    In a Haggard Song
    My Bikes
    2009 ORBEA Onix Rival. 2012 Felt Breed, 1999 Raleigh 500
    Posts
    9,775
    Mentioned
    33 Post(s)
    Tagged
    2 Thread(s)
    Quote Originally Posted by black_box View Post
    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!)
    Quote Originally Posted by Herbie53 View Post
    Being full of crap and depositing it here consistently is really nothing to be proud of.

  17. #17
    Strong with the Fred Big_e's Avatar
    Join Date
    May 2008
    Location
    Dallas, TX
    Posts
    969
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    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
    I love pho long time.

  18. #18
    Peloton Dog patentcad's Avatar
    Join Date
    Nov 2005
    Location
    Chester, NY
    My Bikes
    2013 Scott Foil, 2009 Scott Addict R2, 2008 Cervelo P3 TT bike, 2008 Motobecane Fly Ti Hard Tail MTB
    Posts
    55,927
    Mentioned
    16 Post(s)
    Tagged
    1 Thread(s)
    Quote Originally Posted by ModoVincere View Post
    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.

  19. #19
    Senior Member jdon's Avatar
    Join Date
    May 2009
    Posts
    4,152
    Mentioned
    3 Post(s)
    Tagged
    0 Thread(s)
    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!

  20. #20
    AEO
    AEO is offline
    Senior Member AEO's Avatar
    Join Date
    Jun 2007
    Location
    A Coffin Called Earth. or Toronto, ON
    My Bikes
    Bianchi, Miyata, Dahon, Rossin
    Posts
    12,245
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by jdon View Post
    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.
    Food for thought: if you aren't dead by 2050, you and your entire family will be within a few years from starvation. Now that is a cruel gift to leave for your offspring. ;)
    http://sanfrancisco.ibtimes.com/arti...ger-photos.htm

  21. #21
    The Site Administrator: Currently at home recovering from a couple of strokes,please contact my assistnt admins for forum issues Tom Stormcrowe's Avatar
    Join Date
    Mar 2006
    Location
    South Florida
    My Bikes
    Techna Wheelchair and a Sun EZ 3 Recumbent Trike
    Posts
    16,009
    Mentioned
    10 Post(s)
    Tagged
    4 Thread(s)
    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. .
    Quote Originally Posted by bryroth View Post
    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.
    on light duty due to illness; please contact my assistants for forum issues. They are Siu Blue Wind, or CbadRider or the other 3 star folk. I am currently at home recovering from a couple of strokes. I am making good progress, happily.


    . He who fights with monsters might take care lest he thereby become a monster. And if you gaze for long into an abyss, the abyss gazes also into you.- Fredrick Nietzsche

    "We can judge the heart of a man by his treatment of animals." - Immanuel Kant

  22. #22
    Banned. ModoVincere's Avatar
    Join Date
    Aug 2006
    Posts
    1,626
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by patentcad View Post
    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.

  23. #23
    Banned
    Join Date
    Jun 2009
    Posts
    4,793
    Mentioned
    2 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by patentcad View Post
    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.

  24. #24
    Caustic Soccer Mom apclassic9's Avatar
    Join Date
    Jun 2005
    Location
    Millstone WV
    Posts
    1,759
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    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.
    As with mud, life, too, slides by.

  25. #25
    Senior Member bryroth's Avatar
    Join Date
    Apr 2008
    Posts
    841
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    If it makes you feel any better, we appreciate it.

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •