dammit, i owe taxes this year...

Discussion in 'General Discussion' started by Lumpy, Feb 4, 2009.

  1. Lumpy

    Lumpy Taylor Swift Actionmaster Super Mod

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    so, not sure how, or why, since nothing on our W2's changed since last year, other then me adding a job, but we owe taxes this year. not sure how much, but i'm so bummed about this. i thought we had everything setup to take out too much, so we'd get something back, and now that's totally not gonna happen...i was hoping to use the money to buy this years botcon set, now i'm not sure if i'll be able to get it...ugh...i'm just so bummed by this...i totally didn't expect to owe anything...

    we might have someone else look at it, my buddy FREEFALL's dad is an accountant, so maybe my dad missed something that will help us...

    but i'm getting new W2's today from my wifes job and my 2nd job so that we can change this so it doesnt happen again...

    just needed to get it out there...
     
  2. Bryan

    Bryan ΜΟΛΩΝ ΛΑΒΕ

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    Think of it this way--it's not that you owe taxes, it's that you DIDN'T give the government an interest free loan for the last year.

    Also, be happy you don't live in CA--they're withholding income tax refunds this year because they're hurting so bad budget-wise.
     
  3. Jeremy.B

    Jeremy.B Formerly Leader Blackout TFW2005 Supporter

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    Wow! If I lived in Cali I would be PISSED!
     
  4. Lumpy

    Lumpy Taylor Swift Actionmaster Super Mod

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    wow, i had heard something about CA, but that's ridiculous...i'd be super pissed...and its really sad, cuz if a citizen was late with their tax payment, theyd be in trouble, but the Gov is late (or non existent) with its refund, and there's nothing that's gonna happen...
     
  5. Paladin

    Paladin Have Zord, Will Travel

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    Because as a taxpayer you're now expected to contribute to the 900+ billion bailout requested by greedy douchbags in suits.
     
  6. atlianz

    atlianz TFW2005 Supporter

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    I owe money this year too..
     
  7. cbff

    cbff Destroyer of Botcon

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    I'm not sure how I file my taxes this year.

    I've been on work comp the entire year, so I've had no taxable income.
     
  8. Bryan

    Bryan ΜΟΛΩΝ ΛΑΒΕ

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    Unemployment is considered taxable income. Are you sure workman's comp isn't?

    I would definitely get someone to check that. If nothing else, you may be eligible for a tax "credit."
     
  9. Voiceroy

    Voiceroy Trans-fo-mahs!

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    I've noticed in the last three years that putting "0" on your W4 does not even come close to taking out the maximum amount anymore. I think it's a conspiracy.
     
  10. Darkravager

    Darkravager Zombie Hunter

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    I was talking with the HR person in my office and they said that the tax codes changed so that they won't be taking out as much anymore. This way they can get you owing money at the end rather than them owing you. If you want to make sure you get something back, you'll have to adjust your W2.
     
  11. Bryan

    Bryan ΜΟΛΩΝ ΛΑΒΕ

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    The banks and the auto companies requested a bailout, sure. But the bulk of the proposed bailout you're talking about wasn't requested by said "greedy douchebags." It's a government proposal.
     
  12. jourdo

    jourdo TFW2005 Supporter

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    Personally, I think I am in the clear and getting a big fat refund (yes, I was one of the stupid give the governement an interest free loan people). However, on the corporate side... I don't know yet. I think I've run out of equipment write-offs this year and will have to pony up some dough. Hopefully between the two I will balance out.
     
  13. Lupis Convoy

    Lupis Convoy Paw Prince Veteran

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    A word of advice, get it double checked.

    My stepdad had done my taxes one year, and it ended up saying I owed the government $600. Mind you this guy works for the IRS as an auditor. I couldn't figure out why, as I claimed 0 on the I9, and have an extra $10 taken out a week.

    In reality, I got $1200 back that year after I redid them myself. A big difference.

    Always get a second opinion, or a second look at them.
     
  14. Bryan

    Bryan ΜΟΛΩΝ ΛΑΒΕ

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    Ahh!

    For real, check it out--you owe the government X number of dollars for the year no matter what they withheld. If you get a refund, all you're getting back is money that was yours in the first place. You should have had it, and you should have put it somewhere it could work for you--a CD or even just a savings account. Because the government won't pay you interest on the money they "borrowed" from you.

    You don't want anything back. Breaking even is best, but it's better to owe them a little than get a large refund, because the latter--if you manage your finances correctly--actually costs you money.
     
  15. Foster

    Foster Super Mod

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    Lumpy, if you took a second job, the additional income may have crossed you over the line into a higher bracket on the added money. If you're keeping the same jobs all this year, increase your withholding.

    We're due a refund this year because we got married in October and were previously withholding at the higher single rate. I expect to break even for '09, unless she spits out a preemie before New Year's.
     
  16. Razerwire

    Razerwire 99 Problems... Super Mod

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    Yeah all my friends in California are screaming bloody murder right now. It just SUCKS. Glad we got out of there.

    I was thinking we owe taxes this year but after a mock calculation, we should be getting around $100 or so back, which is fine by me. Breaking even when it comes to taxes is the best situation in my mind.
     
  17. Max-prime

    Max-prime Supreme-Commander

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    So is claiming 0 the best thing to do ? I claimed 1 ( myself ) and am getting back a couple hundred.
     
  18. Poho

    Poho That's MISTER Poho to you

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    taxes really are a bitch. lucky for me im a starving student below the poverty line (though strangely i'm still living comfortably), so the government gives me back most of my money. last year, however, my father made about $160,000 and had to pay about $40,000 in taxes, then wound up still owing them about $1,000.
     
  19. Vector Sigma

    Vector Sigma <b><i><font color=FFFF00>Crazy Colon Burner!!!!</b Veteran

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    Tax is one of those things I've never really been able to grasp how it works.

    All I know for sure is that I cry a little everytime I open my paycheque and see the amount of tax and national insurance that gets taken from me.

    On the mildly up side I'm part of something called a SMART pension scheme which involves various monetary juggling that somehow saves both myself and my company some tax money. This is acheieved by them theoretically paying me less, but contributing to my NI payments or something, that has the net effect of leaving me with more take home pay.

    The understanding of any of that just passes me by. As does tax returns in general, thankfully I won't have to file my first one on my own till next year...
     
  20. Lumpy

    Lumpy Taylor Swift Actionmaster Super Mod

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    yeah, that's also what i was thinking...i may 30k a year teaching, and between my wifes job, and my 2nd job, i think that might nudge us just over 50k a year...i usually work 15-20 hours a week at my other job, and my wife hits 30 a week pretty regularly, and my job pays better, and i think it totals to about 10k each...ugh...damn...gonna have to adjust for next year...as of right now, we owe 700...

    definitely see what squirrelcar is saying though, that's the plan then, is to try and break even next year...gotta see what i can change to make that happen...having more money throughout the year is a great plan...instead of one big sum that usually gets blown on something frivolous like botcon toys...
     

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