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Old 01-25-10, 09:07 AM   #1
bryroth
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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.
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Old 01-25-10, 09:33 AM   #2
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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.
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Old 01-25-10, 09:49 AM   #3
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Now that's a lot of taxes.
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Old 01-25-10, 09:56 AM   #4
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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.

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Old 01-25-10, 10:00 AM   #5
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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.
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Old 01-25-10, 10:03 AM   #6
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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.
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Old 01-25-10, 10:06 AM   #7
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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.
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Old 01-25-10, 10:22 AM   #8
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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.

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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.

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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.
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Old 01-25-10, 10:26 AM   #9
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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.

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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.

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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.
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Old 01-25-10, 10:33 AM   #10
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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.

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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
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Old 01-25-10, 10:51 AM   #11
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... 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?"
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Old 01-25-10, 10:54 AM   #12
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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.
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Old 01-25-10, 10:58 AM   #13
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such as? the only way to reduce the payments is to increase your exemptions right? (i'm an employee)
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Old 01-25-10, 11:04 AM   #14
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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
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Old 01-25-10, 11:09 AM   #15
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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.

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Old 01-25-10, 11:10 AM   #16
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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!)
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Old 01-25-10, 08:46 PM   #17
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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!
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Old 01-25-10, 08:56 PM   #18
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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.
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Old 01-25-10, 09:23 PM   #19
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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!
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Old 01-25-10, 09:32 PM   #20
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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.
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Old 01-25-10, 10:22 PM   #21
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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. .
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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.
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Old 01-26-10, 06:23 AM   #22
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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.
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Old 01-26-10, 10:17 AM   #23
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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.
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Old 01-27-10, 11:03 AM   #24
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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.
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Old 01-27-10, 11:18 AM   #25
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If it makes you feel any better, we appreciate it.
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