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Old 01-04-2007, 02:56 AM   #1
v8eaterWRX
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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.
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Old 01-04-2007, 03:04 AM   #2
szeny
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ive paid in like 5grand. i better not get gayed
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Old 01-04-2007, 03:25 AM   #3
v8eaterWRX
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i messed up my exemptions earlier in the year and paid in next to nothing, only like 3500
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Old 01-04-2007, 03:26 AM   #4
v8eaterWRX
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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.
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Old 01-04-2007, 08:02 AM   #5
Valhakar
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My wife and I paid in 40K in 2005 and still owed 8K in 2006. We both take zero deductions.
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Old 01-04-2007, 08:23 AM   #6
06STi
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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.
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Old 01-04-2007, 10:26 AM   #7
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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.
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Old 01-04-2007, 11:43 AM   #8
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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?
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Old 01-04-2007, 11:54 AM   #9
v8eaterWRX
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so how do you avoid the underpayment penalty?
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Old 01-04-2007, 12:15 PM   #10
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Thank gawd im 17...For now.
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Old 01-04-2007, 12:18 PM   #11
DroppedClutch
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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."
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Old 01-04-2007, 12:31 PM   #12
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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.
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Old 01-04-2007, 01:06 PM   #13
06STi
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Quote:
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Thank gawd im 17...For now.
Ah you still owe... just because your under 18 doesnt keep you free of texas
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Old 01-04-2007, 01:07 PM   #14
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texas?
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Old 01-04-2007, 01:20 PM   #15
v8eaterWRX
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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.
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Old 01-04-2007, 01:36 PM   #16
DroppedClutch
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Sorry, man. I personally have no clue how the sliding scale to calculate penalties works.
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Old 01-04-2007, 02:47 PM   #17
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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.
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Old 01-04-2007, 06:52 PM   #18
SubeSTIle
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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!
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Old 01-04-2007, 08:38 PM   #19
06STi
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underpayment penalty
Is this a state law?
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Old 01-04-2007, 09:43 PM   #20
v8eaterWRX
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both state and federal
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