Welcome to the North American Subaru Impreza Owners Club Thursday July 31, 2014
Home Forums WikiNASIOC Products Store Modifications Upgrade Garage
South West Impreza Club
Here you can view your subscribed threads, work with private messages and edit your profile and preferences Home Registration is free! Visit the NASIOC Store NASIOC Rules Search Find other members Frequently Asked Questions Calendar Archive NASIOC Upgrade Garage Logout
Go Back   NASIOC > NASIOC Chapters > South West Impreza Club Forum -- SWIC

Welcome to NASIOC - The world's largest online community for Subaru enthusiasts!
Welcome to the NASIOC.com Subaru forum.

You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, free of charge, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join our community today!

If you have any problems with the registration process or your account login, please contact us.
* Registered users of the site do not see these ads.
Reply
 
Thread Tools Display Modes
Old 01-04-2007, 02:56 AM   #1
v8eaterWRX
Scooby Guru
 
Member#: 108547
Join Date: Feb 2006
Chapter/Region: SWIC
Location: boondock camping
Vehicle:
2013 RAM 2500 4x4
6.7l Cummins

Default so.....taxes suck

well, seems early i know, but i already have my w2s as they are done electronically. i owe the irs $1800 this year, and az $400 due to underpaying my taxes this year. thats not all bad, but apparently there is also an underpayment penalty as well, but i think that since i paid more this year than i did last year, and last year i got a refund, i should be exempt from that. i guess making more taxable money this year boned me for tax time. boo.
* Registered users of the site do not see these ads.
v8eaterWRX is offline   Reply With Quote
Old 01-04-2007, 03:04 AM   #2
szeny
Scooby Guru
 
Member#: 81383
Join Date: Feb 2005
Chapter/Region: SWIC
Location: Paradise Valley
Vehicle:
07 335i e90
TiAG/Dakota Black

Default

ive paid in like 5grand. i better not get gayed
szeny is offline   Reply With Quote
Old 01-04-2007, 03:25 AM   #3
v8eaterWRX
Scooby Guru
 
Member#: 108547
Join Date: Feb 2006
Chapter/Region: SWIC
Location: boondock camping
Vehicle:
2013 RAM 2500 4x4
6.7l Cummins

Default

i messed up my exemptions earlier in the year and paid in next to nothing, only like 3500
v8eaterWRX is offline   Reply With Quote
Old 01-04-2007, 03:26 AM   #4
v8eaterWRX
Scooby Guru
 
Member#: 108547
Join Date: Feb 2006
Chapter/Region: SWIC
Location: boondock camping
Vehicle:
2013 RAM 2500 4x4
6.7l Cummins

Default

oh, and any money in parts that you lost on your car should be a deduction too, so it may make you get some money back. when my truck was stolen i got alot of money back.
v8eaterWRX is offline   Reply With Quote
Old 01-04-2007, 08:02 AM   #5
Valhakar
Scooby Specialist
 
Member#: 39514
Join Date: Jul 2003
Chapter/Region: SWIC
Location: Avondale, AZ
Vehicle:
2003 WRX 2.5L Hybrid
Mostly Blue

Default

My wife and I paid in 40K in 2005 and still owed 8K in 2006. We both take zero deductions.
Valhakar is offline   Reply With Quote
Old 01-04-2007, 08:23 AM   #6
06STi
Scooby Specialist
 
Member#: 97561
Join Date: Oct 2005
Location: GT30R Cosie-Hybrid
Vehicle:
2006 Widebody
WRB/Carbon/Primer

Default

Quote:
Originally Posted by Valhakar View Post
My wife and I paid in 40K in 2005 and still owed 8K in 2006. We both take zero deductions.


Wow.. I thought I was getting boned.. Whos the IRS anyways? Isnt that some group in Ireland?

Last edited by 06STi; 01-04-2007 at 09:37 AM.
06STi is offline   Reply With Quote
Old 01-04-2007, 10:26 AM   #7
Valhakar
Scooby Specialist
 
Member#: 39514
Join Date: Jul 2003
Chapter/Region: SWIC
Location: Avondale, AZ
Vehicle:
2003 WRX 2.5L Hybrid
Mostly Blue

Default

If you don't buy a house and make decent money, the IRS rips you a new one. They want to have leverage over you and a house payment is the best way to guarantee you stay at the job you hate and pay your taxes on time.

IRS is not the IRA.

IRS is an Orwellian nightmare come to life.
Valhakar is offline   Reply With Quote
Old 01-04-2007, 11:43 AM   #8
DroppedClutch
Scooby Specialist
 
Member#: 52313
Join Date: Jan 2004
Chapter/Region: SWIC
Location: Chandler, AZ
Vehicle:
2005 STiOmgWtfBbq20G
2007 MS3 Black

Default

I always, always make sure that I will own additional clams come 4/15. Sometimes it's an additional 20 grand, sometimes only 9 or so. Here's why... I'm going to own the same amount regardless, so I see no point in giving the government an interest free loan. I'd rather keep the money and invest it; hell even a short term CD is going to return more than nothing. If I get a refund, that simply means I lost money. Or, at least, lost an opportunity to make more money. Buy a new car part and deny the government at the same time... is there anything better than that?
DroppedClutch is offline   Reply With Quote
Old 01-04-2007, 11:54 AM   #9
v8eaterWRX
Scooby Guru
 
Member#: 108547
Join Date: Feb 2006
Chapter/Region: SWIC
Location: boondock camping
Vehicle:
2013 RAM 2500 4x4
6.7l Cummins

Default

so how do you avoid the underpayment penalty?
v8eaterWRX is offline   Reply With Quote
Old 01-04-2007, 12:15 PM   #10
Evil_STI
*** Banned ***
 
Member#: 106521
Join Date: Feb 2006
Chapter/Region: SWIC
Location: is_gay
Vehicle:
I am an ancient of
chaos. \\ t3hclap.com

Default

Thank gawd im 17...For now.
Evil_STI is offline   Reply With Quote
Old 01-04-2007, 12:18 PM   #11
DroppedClutch
Scooby Specialist
 
Member#: 52313
Join Date: Jan 2004
Chapter/Region: SWIC
Location: Chandler, AZ
Vehicle:
2005 STiOmgWtfBbq20G
2007 MS3 Black

Default

Mostly by doing what my accountant tells me when he tells me. But a few times I have been penalized; even so, it's still possible to come out ahead.

Note I included with my tax return when I was 20: "Dear IRS, next year would you please send me a larger envelop? It's too difficult stuffing the shirt off my back into this small one."
DroppedClutch is offline   Reply With Quote
Old 01-04-2007, 12:31 PM   #12
LastResort
Scooby Guru
 
Member#: 99289
Join Date: Oct 2005
Default

The wife and I are going to be withholding at the maximum rate (single, zero) and an additional 50 bucks, so that we don't owe with penalties next year. I think that may be a bit overkill, but we can adjust the next year.
LastResort is offline   Reply With Quote
Old 01-04-2007, 01:06 PM   #13
06STi
Scooby Specialist
 
Member#: 97561
Join Date: Oct 2005
Location: GT30R Cosie-Hybrid
Vehicle:
2006 Widebody
WRB/Carbon/Primer

Default

Quote:
Originally Posted by Evil WRX View Post
Thank gawd im 17...For now.
Ah you still owe... just because your under 18 doesnt keep you free of texas
06STi is offline   Reply With Quote
Old 01-04-2007, 01:07 PM   #14
Evil_STI
*** Banned ***
 
Member#: 106521
Join Date: Feb 2006
Chapter/Region: SWIC
Location: is_gay
Vehicle:
I am an ancient of
chaos. \\ t3hclap.com

Default

texas?
Evil_STI is offline   Reply With Quote
Old 01-04-2007, 01:20 PM   #15
v8eaterWRX
Scooby Guru
 
Member#: 108547
Join Date: Feb 2006
Chapter/Region: SWIC
Location: boondock camping
Vehicle:
2013 RAM 2500 4x4
6.7l Cummins

Default

Quote:
Originally Posted by DroppedClutch View Post
Mostly by doing what my accountant tells me when he tells me. But a few times I have been penalized; even so, it's still possible to come out ahead.

Note I included with my tax return when I was 20: "Dear IRS, next year would you please send me a larger envelop? It's too difficult stuffing the shirt off my back into this small one."
how much should I expect for the under payment penalty? I can't quite file yet because there are still a few tax forms unavailable online so I may get a few breaks, but I don't think it will total what is due.
v8eaterWRX is offline   Reply With Quote
Old 01-04-2007, 01:36 PM   #16
DroppedClutch
Scooby Specialist
 
Member#: 52313
Join Date: Jan 2004
Chapter/Region: SWIC
Location: Chandler, AZ
Vehicle:
2005 STiOmgWtfBbq20G
2007 MS3 Black

Default

Sorry, man. I personally have no clue how the sliding scale to calculate penalties works.
DroppedClutch is offline   Reply With Quote
Old 01-04-2007, 02:47 PM   #17
AaronB
Worst Mod Ever
Moderator
 
Member#: 369
Join Date: Oct 1999
Chapter/Region: SWIC
Location: Phoenix, AZ
Vehicle:
12 Vagon

Default

I ***think*** there isn't an underpayment penalty if you paid in more than the previous year's tax liability.

Example: You paid in $5000 in taxes and got a refund of $500 in 2005. As long as you paid in $4500 (your 2005 tax liability) in 2006 there isn't a underpayment penalty.
AaronB is offline   Reply With Quote
Old 01-04-2007, 06:52 PM   #18
SubeSTIle
Scooby Specialist
 
Member#: 80736
Join Date: Feb 2005
Chapter/Region: SWIC
Location: West Valley, AZ
Vehicle:
1999 FXT White
E85 is for girls

Default

i got scrwed last year because i hadnt had my house for a full year... should be getting a refund this year though.... which is good since i just bought my STI drivetrain!
SubeSTIle is offline   Reply With Quote
Old 01-04-2007, 08:38 PM   #19
06STi
Scooby Specialist
 
Member#: 97561
Join Date: Oct 2005
Location: GT30R Cosie-Hybrid
Vehicle:
2006 Widebody
WRB/Carbon/Primer

Default

underpayment penalty
Is this a state law?
06STi is offline   Reply With Quote
Old 01-04-2007, 09:43 PM   #20
v8eaterWRX
Scooby Guru
 
Member#: 108547
Join Date: Feb 2006
Chapter/Region: SWIC
Location: boondock camping
Vehicle:
2013 RAM 2500 4x4
6.7l Cummins

Default

both state and federal
v8eaterWRX is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
How can girls have so much suck and so much unsuck at the same time? CosmoTheCat Off-Topic 79 10-03-2008 06:09 PM
So, I Suck at Driving Perpetual Burn Proven Power Bragging 35 11-18-2005 09:28 PM
Taxes suck teiva-boy Off-Topic 9 03-02-2005 11:46 PM
yeah so CATS sucK! They should all die Keith Off-Topic 96 03-30-2004 03:52 AM
Taxes suck Fish Off-Topic 28 03-21-2003 06:53 AM


All times are GMT -4. The time now is 08:23 PM.


Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Powered by Searchlight © 2014 Axivo Inc.
Copyright ©1999 - 2014, North American Subaru Impreza Owners Club, Inc.