My Taxes

Discussion in 'General Chat' started by SJCSue, Mar 6, 2011.

  1. SJCSue

    SJCSue Member

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

    radioman farming for love! Premium Member

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

    SJCSue Member

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    I always do my taxes by myself.
     
  4. Tousi

    Tousi Well-Known Member

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

    SJCSue Member

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    I used a computer program. I still remember my parents their returns by hand and it took all day.
     
    Last edited: Mar 6, 2011
  6. SJCSue

    SJCSue Member

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

    Reba Retired Terp Premium Member

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    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!
     
  8. Reba

    Reba Retired Terp Premium Member

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    It took them only one day? Lucky them! :lol:
     
  9. Foxrac

    Foxrac Well-Known Member Premium Member

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

    Reba Retired Terp Premium Member

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    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.
     
  11. Foxrac

    Foxrac Well-Known Member Premium Member

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    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.
     
  12. Reba

    Reba Retired Terp Premium Member

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    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....
     
  13. Foxrac

    Foxrac Well-Known Member Premium Member

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

    Reba Retired Terp Premium Member

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    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.
     
  15. radioman

    radioman farming for love! Premium Member

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    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.:mad:

    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. :evil: 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.
     
  16. Foxrac

    Foxrac Well-Known Member Premium Member

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    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.
     
  17. Reba

    Reba Retired Terp Premium Member

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    Exactly.

    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. :dizzy:


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

    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.
     
  18. Reba

    Reba Retired Terp Premium Member

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

    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. ;)
     
  19. Foxrac

    Foxrac Well-Known Member Premium Member

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    Yup, it is and everyone hate IRS, no doubt. :lol:
     
  20. Reba

    Reba Retired Terp Premium Member

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    Fair Tax! Fair Tax! Fair Tax! :D
     

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