My Taxes

SJCSue · 03-06-2011, 06:38 AM

My taxes are done! Now I just need to file the returns.

radioman · 03-06-2011, 09:58 AM

good for you. learn anything from doing it this year?

SJCSue · 03-06-2011, 10:14 AM

Quote:

Originally Posted by radioman

good for you. learn anything from doing it this year?

I always do my taxes by myself.

Tousi · 03-06-2011, 11:39 AM

Quote:

Originally Posted by SJCSue

My taxes are done! Now I just need to file the returns.

You mean you did your taxes by hand without some kind of program that prompt you along the way?

SJCSue · 03-06-2011, 03:28 PM

Quote:

Originally Posted by Tousi

You mean you did your taxes by hand without some kind of program that prompt you along the way?

I used a computer program. I still remember my parents their returns by hand and it took all day.

SJCSue · 03-29-2011, 09:34 PM

I e-filed my returns this morning before going to school.

**Reba** · 03-29-2011, 11:10 PM

We got all our tax information organized and now have to make an appointment with our tax man.

My part of the taxes is a real pain. I have to sort out which jobs include mileage and how many miles I drove. Then, I have multiple sources of income, and each one is reported differently.

Hubby takes care of the parts covering his business, and then all the regular joint personal parts.

I dread finding out how much we owe. It goes up every year. What a nightmare!

**Reba** · 03-29-2011, 11:11 PM

Quote:

Originally Posted by SJCSue

I used a computer program. I still remember my parents their returns by hand and it took all day.

It took them only one day? Lucky them!

**Foxrac** · 04-01-2011, 11:46 PM

Quote:

Originally Posted by Reba

We got all our tax information organized and now have to make an appointment with our tax man.

My part of the taxes is a real pain. I have to sort out which jobs include mileage and how many miles I drove. Then, I have multiple sources of income, and each one is reported differently.

Hubby takes care of the parts covering his business, and then all the regular joint personal parts.

I dread finding out how much we owe. It goes up every year. What a nightmare!

Oh really, ouch and my parent got first huge tax refund at first time in 16 years.

**Reba** · 04-02-2011, 12:07 AM

Quote:

Originally Posted by Foxrac

Oh really, ouch and my parent got first huge tax refund at first time in 16 years.

I can't even remember when we got any refund. We never got a huge refund. Maybe we got a small one about 20 years ago.

**Foxrac** · 04-02-2011, 12:18 AM

Quote:

Originally Posted by Reba

I can't even remember when we got any refund. We never got a huge refund. Maybe we got a small one about 20 years ago.

If your hubby runs the small business so he is supposed to get tax refund or tax credit but something is wrong with IRS or tax preparation, unless you are expert in tax and know to use loopholes.

GE pay no taxes at all, that's seems unfair to me.

**Reba** · 04-02-2011, 12:51 AM

Quote:

Originally Posted by Foxrac

If your hubby runs the small business so he is supposed to get tax refund or tax credit but something is wrong with IRS or tax preparation, unless you are expert in tax and know to use loopholes....

The only way a taxpayer gets a refund is if they either had more withheld than necessary, or paid too much during the previous year. We seem to underpay every year, during the year, so we have to pay the difference in what we owe.

We use a professional tax preparer. He knows that we don't want to claim any sketchy loopholes or expenses; nothing that will raise a red flag with IRS. We claim as much as we legally and ethically can.

Bottom line is, we pay over a third of our income to the IRS. Sigh....

**Foxrac** · 04-02-2011, 01:39 AM

Quote:

Originally Posted by Reba

The only way a taxpayer gets a refund is if they either had more withheld than necessary, or paid too much during the previous year. We seem to underpay every year, during the year, so we have to pay the difference in what we owe.

We use a professional tax preparer. He knows that we don't want to claim any sketchy loopholes or expenses; nothing that will raise a red flag with IRS. We claim as much as we legally and ethically can.

Bottom line is, we pay over a third of our income to the IRS. Sigh....

Oh I see, interesting and in bold, you means 30%?

**Reba** · 04-02-2011, 09:30 AM

Quote:

Originally Posted by Foxrac

Oh I see, interesting and in bold, you means 30%?

Yes, at least. Sometimes more.

For example: Suppose I earn $3,000 each month. I send $1,000 to the IRS (technically, the U.S. Treasury) each month. Then, in April, we get our taxes figured. We find out how much we owe, and then send in the difference.

We also have our taxes withheld from our monthly Navy retirement checks.

radioman · 04-02-2011, 09:55 AM

reba- I feel for you. seriously I do. I rather pay some to IRS instead of getting a huge check from them since they are using my money interest free.

I used to travel to various customers all over the state and worked for 2 different companies. company A will pay me the IRS recommended mileage rate in cash. company B will only pay 25 cents peer mile and I have to figure the difference for EACH customer I do for EACH day for the whole calender year. ITS A NIGHTMARE when working out the taxes. Its like counting pennies and only get a small reduction in my overall taxes owed. ARRRGGGHHHH!!! That part takes me a few days as there were more then 5 customers a day plus the whole calender year.

damned IRS. nevertheless I do it anyways.

1/3 is about right but 27-28% is more accurate I'd say. Hope things goes well for you.

**Foxrac** · 04-02-2011, 11:13 AM

Quote:

Originally Posted by Reba

Yes, at least. Sometimes more.

For example: Suppose I earn $3,000 each month. I send $1,000 to the IRS (technically, the U.S. Treasury) each month. Then, in April, we get our taxes figured. We find out how much we owe, and then send in the difference.

We also have our taxes withheld from our monthly Navy retirement checks.

Yup, i checked calculate about 30% so it will be $900 and I had seen people with very high income pay more taxes.

I thought that you are married and tax bracket seems lower for jointly.

**Reba** · 04-02-2011, 11:22 AM

Quote:

Originally Posted by radioman

reba- I feel for you. seriously I do. I rather pay some to IRS instead of getting a huge check from them since they are using my money interest free.

Exactly.

Quote:

I used to travel to various customers all over the state and worked for 2 different companies. company A will pay me the IRS recommended mileage rate in cash. company B will only pay 25 cents peer mile and I have to figure the difference for EACH customer I do for EACH day for the whole calender year. ITS A NIGHTMARE when working out the taxes.

Yep. That's one of the hasells that I confront, too. Some clients pay mileage, some don't. Then, the ones who do pay, don't pay the same rate. Grrr!

Hubby uses actual expenses for his work van because his customers don't pay mileage. Also, because his van engine runs even when he's not moving, mileage wouldn't be as good as gas receipts.

So we have a big combination of figures to deal with between us.

Quote:

Its like counting pennies and only get a small reduction in my overall taxes owed. ARRRGGGHHHH!!! That part takes me a few days as there were more then 5 customers a day plus the whole calender year.

damned IRS. nevertheless I do it anyways.

Yep. Pages and pages of forms, receipts, etc. Hours of time figuring. For what? A few dollars deducted from the taxes owed.

Quote:

1/3 is about right but 27-28% is more accurate I'd say. Hope things goes well for you.

We are conservative in our deductions and expenses. No potential red flags, like offices in the home. If we grabbed every expense possible (but risky) we could save a little bit more. But we don't.

**Reba** · 04-02-2011, 11:25 AM

Quote:

Originally Posted by Foxrac

Yup, i checked calculate about 30% so it will be $900 and I had seen people with very high income pay more taxes.

It's not just the high income people. We definitely aren't in that bracket.

Quote:

I thought that you are married and tax bracket seems lower for jointly.

Yes, we are married and file jointly. It's a better bracket but not a huge savings.

Self-employed people live in another tax universe.

**Foxrac** · 04-02-2011, 11:32 AM

Quote:

Originally Posted by Reba

It's not just the high income people. We definitely aren't in that bracket.

Yes, we are married and file jointly. It's a better bracket but not a huge savings.

Self-employed people live in another tax universe.

Yup, it is and everyone hate IRS, no doubt.

**Reba** · 04-02-2011, 11:37 AM

Quote:

Originally Posted by Foxrac

Yup, it is and everyone hate IRS, no doubt.

Fair Tax! Fair Tax! Fair Tax!

**Foxrac** · 04-02-2011, 11:44 AM

Quote:

Originally Posted by Reba

Fair Tax! Fair Tax! Fair Tax!

No way, high tax on tariff only, please.

**Jiro** · 04-02-2011, 11:45 AM

Quote:

Originally Posted by Foxrac

No way, high tax on tariff only, please.

tariff is the tax... so you mean the feds should collect only tariff rather than income tax.

**Foxrac** · 04-02-2011, 11:48 AM

Quote:

Originally Posted by Jiro

tariff is the tax... so you mean the feds should collect only tariff rather than income tax.

Yup, that what I means - high tariff.

**TXgolfer** · 04-04-2011, 01:46 AM

Quote:

Originally Posted by Foxrac

Yup, that what I means - high tariff.

And shut down international trade plus piss off our trading partners. Genius!

**Foxrac** · 04-04-2011, 08:06 AM

Quote:

Originally Posted by TXgolfer

And shut down international trade plus piss off our trading partners. Genius!

**Jiro** · 04-04-2011, 08:15 AM

Quote:

Originally Posted by Foxrac

is that what you want?

**Foxrac** · 04-04-2011, 08:19 AM

Quote:

Originally Posted by Jiro

is that what you want?

Sure.

**Jiro** · 04-04-2011, 08:21 AM

Quote:

Originally Posted by Foxrac

Sure.

you do realize that it is bad? very bad?

**Foxrac** · 04-04-2011, 08:29 AM

Quote:

Originally Posted by Jiro

you do realize that it is bad? very bad?

Yup but I don't care because I don't believe in free trade and if only alternative to income tax that what I support.

Otherwise, just leave income tax in system.

**Jiro** · 04-04-2011, 08:30 AM

Quote:

Originally Posted by Foxrac

Yup but I don't care because I don't believe in free trade and if only alternative to income tax that what I support.

Otherwise, just leave income tax in system.

that means no cheap products for you. and less products for us. and more business monopoly. and too many bad things.

high tariff = bad idea. bad for us.

it favors rich people than you.

03-06-2011, 06:38 AM	#1 (permalink)
SJCSue Registered User Join Date: Nov 2004 Location: Long Island, NY Posts: 621	My Taxes My taxes are done! Now I just need to file the returns. __________________ I am a proud aunt of 6: 5 nephews and 1 niece.

03-29-2011, 09:34 PM	#6 (permalink)
SJCSue Registered User Join Date: Nov 2004 Location: Long Island, NY Posts: 621	I e-filed my returns this morning before going to school. __________________ I am a proud aunt of 6: 5 nephews and 1 niece.

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03-06-2011, 09:58 AM	#2 (permalink)
radioman Registered User Join Date: Jun 2008 Location: In the good ole USA ! Posts: 2,551	good for you. learn anything from doing it this year?

03-29-2011, 11:10 PM	#7 (permalink)
Reba Granny Terp Join Date: Jun 2004 Location: South Carolina Posts: 39,130	We got all our tax information organized and now have to make an appointment with our tax man. My part of the taxes is a real pain. I have to sort out which jobs include mileage and how many miles I drove. Then, I have multiple sources of income, and each one is reported differently. Hubby takes care of the parts covering his business, and then all the regular joint personal parts. I dread finding out how much we owe. It goes up every year. What a nightmare!

04-02-2011, 09:55 AM	#15 (permalink)
radioman Registered User Join Date: Jun 2008 Location: In the good ole USA ! Posts: 2,551	reba- I feel for you. seriously I do. I rather pay some to IRS instead of getting a huge check from them since they are using my money interest free. I used to travel to various customers all over the state and worked for 2 different companies. company A will pay me the IRS recommended mileage rate in cash. company B will only pay 25 cents peer mile and I have to figure the difference for EACH customer I do for EACH day for the whole calender year. ITS A NIGHTMARE when working out the taxes. Its like counting pennies and only get a small reduction in my overall taxes owed. ARRRGGGHHHH!!! That part takes me a few days as there were more then 5 customers a day plus the whole calender year. damned IRS. nevertheless I do it anyways. 1/3 is about right but 27-28% is more accurate I'd say. Hope things goes well for you.