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taxed!!

DelayDelay 4,530 Posts
edited April 2008 in Strut Central
the IRS just JACKED me for $2200!!!! ooouuucch.note to sef: 1. file earlier2. start a tax savings account3. do not rely on write-offs.

  Comments

  • SouthCrackalackSouthCrackalack 3,853 Posts
    It's almost 7pm and I have not filed yet. I wonder how long I am going to be waiting at H&R Block this evening.
  • The_Hook_UpThe_Hook_Up 8,182 Posts
    I e-filed yesterday...I had a nice "refund", but seeing how I still owe from a year or two ago, my refund will merely be applied to my outstanding balance...
  • SouthCrackalackSouthCrackalack 3,853 Posts
    That is exactly why I still haven't filed yet. I too owe them from last year.
  • empanadamnempanadamn 1,462 Posts
    i think if you didn't file, you don't get that tax kickback check that's supposed to go out in may. if you file late, they send them out in december. just file for an extension, late heads.
  • JoeMojoJoeMojo 720 Posts
    Haha, I'm self-employed and I never got around to doing my quarterly payments. Just wrote out checks for about $18k and that's after a raft of deductions. I knew it was coming but it was still painful.
  • kitchenknightkitchenknight 4,922 Posts
    the IRS just JACKED me for $2200!!!! ooouuucch.

    note to sef:
    1. file earlier
    2. start a tax savings account
    3. do not rely on write-offs.

    Yup. Paid out $2700 a couple weeks back...

    BUT, #2 saved me. I started an ING account strictly for next year's taxes after burning myself in the past. I had $2600 in the account, and only had to throw in $100 from the bank.

    Seriously, if you're looking at any 1099 forms, do yourself a favor and start a separate tax savings account.
  • pacmanpacman 1,114 Posts
    the IRS just JACKED me for $2200!!!! ooouuucch.

    note to sef:
    1. file earlier
    2. start a tax savings account
    3. do not rely on write-offs.

    Yup. Paid out $2700 a couple weeks back...

    BUT, #2 saved me. I started an ING account strictly for next year's taxes after burning myself in the past. I had $2600 in the account, and only had to throw in $100 from the bank.

    Seriously, if you're looking at any 1099 forms, do yourself a favor and start a separate tax savings account.

    SERIOUSLY! I only lost about $600.00
  • bruceforcebruceforce 92 Posts
    That is exactly why I still haven't filed yet. I too owe them from last year.

    after having just settled with IRS over non payment of taxes, do yourself a favor and save yourself interest applied to your balance. after battling for six months, and getting a reduction, i still owed a shit-ton in interest

    don't procrastinate like me, i am a jerk-off for letting it get that way.
  • bull_oxbull_ox 5,056 Posts
    I did well this year, seriously looking forward to a much needed refund






    AND that extra rebate check too

  • Deep_SangDeep_Sang 1,081 Posts
    Seriously, if you're looking at any 1099 forms, do yourself a favor and start a separate tax savings account.

    Are you talking about something like a money market or similar account that earns some interest on its own? I use a money market, but I just paid $2100 to Uncle Sam straight out the checking account. I guess it's all the same money really.
  • Jonny_PaycheckJonny_Paycheck 17,825 Posts
    I think he was just advising to put that money aside because some folks (myself included) will use it for other things.

    And I suppose it's good to get that interest as well although it won't be a lot of $$ unless you're like JoeMojo paying $18k.
  • asstroasstro 1,754 Posts
    I already got nice refunds from the feds and NY state. Proof that kids are good for something and having a good accountant is worth the money.
  • RAJRAJ tenacious local 7,779 Posts
    We're getting back like $60 Federal and paying out state like $60.

    But we're getting $800 back from the IRS for the economic stimulus act (?)

    That will be a fun shopping spree at Woodbury Commons.
  • 4YearGraduate4YearGraduate 2,945 Posts
    I think he was just advising to put that money aside because some folks (myself included) will use it for other things.

    And I suppose it's good to get that interest as well although it won't be a lot of $$ unless you're like JoeMojo paying $18k.

    I feel your pain, the wife and I got hit with having to pay $13K last year, this year will be alot less as i am now NOT depositing every greenback i get overseas, knowwhatimean...
    in the meantime, Johnny I recommend opening an ING account and dropping a little cash in every month - the interest rate is outstanding (higher than many long term CD's) there is no withdrawal penalty and the fact that it is online makes it tougher to get the money - which is good if your prone to kneejerk equipment and record purchases like me.
  • Deep_SangDeep_Sang 1,081 Posts
    I think he was just advising to put that money aside because some folks (myself included) will use it for other things.

    And I suppose it's good to get that interest as well although it won't be a lot of $$ unless you're like JoeMojo paying $18k.

    Gotcha. You can make some worthwhile interest just having a bit of money sitting around though. Don't save money in a checking account, it's a waste of your money. I made over $400 last year just by having a little bit of money sitting in an account. Obviously I'm not gonna retire off kinda interest, but I can buy a killer record with it.

    I'm sure I don't need to tell you this, but I'm not sure everyone realizes how easy it is.
  • kitchenknightkitchenknight 4,922 Posts
    Yeah, for the reasons above, I recomended the ING route. High interest rate and somewhat out of reach being the top two. The middling interest I earned on the $3000 or so that I had in there is minor. BUT, knowing the money is there and not available via ATM is huge. Have I spent some of records in the past?? Absolutely!

    But, not being able to access without a three-day transfer period is great. Keeps the discretionary spending to a minimum.
  • mylatencymylatency 10,475 Posts

    Gotcha. You can make some worthwhile interest just having a bit of money sitting around though. Don't save money in a checking account, it's a waste of your money. I made over $400 last year just by having a little bit of money sitting in an account. Obviously I'm not gonna retire off kinda interest, but I can buy a killer record with it.

    I'm sure I don't need to tell you this, but I'm not sure everyone realizes how easy it is.


    ^^^ Truth

    Here is a site that breaks down a few of the big name high yield Savings Accounts:

    http://www.getrichslowly.org/blog/2007/03/21/which-online-high-yield-savings-account-is-best/

    Easy way to get that 3% if you're not into gaming the market, especially with the volatility right now.

    You can always go with your bank's CDs, too, if you're lazy, but their rates are usually a bit lower.
  • JoeMojoJoeMojo 720 Posts
    And I suppose it's good to get that interest as well although it won't be a lot of $$ unless you're like JoeMojo paying $18k.

    Yeah, I guess one advantage of being self-employed is that you can earn some interest or invest with your tax money before you pay the bill. But it's kind of painful to hand it all over as a chunk instead of through biweekly withholdings (aka death of a thousand papercuts).
  • The-gafflerThe-gaffler 2,190 Posts
    That will be a fun shopping spree at Woodbury Commons.

    hahahaha, don't just limit yourself to the outlets!
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