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01-04-2007, 02:56 AM | #1 |
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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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01-04-2007, 03:04 AM | #2 |
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ive paid in like 5grand. i better not get gayed
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01-04-2007, 03:25 AM | #3 |
Scooby Guru
Member#: 108547
Join Date: Feb 2006
Chapter/Region:
SWIC
Location: boondock camping
Vehicle:2017 Tundra 1794 Lifted, Armored, Muddy AF |
i messed up my exemptions earlier in the year and paid in next to nothing, only like 3500
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01-04-2007, 03:26 AM | #4 |
Scooby Guru
Member#: 108547
Join Date: Feb 2006
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SWIC
Location: boondock camping
Vehicle:2017 Tundra 1794 Lifted, Armored, Muddy AF |
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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01-04-2007, 08:02 AM | #5 |
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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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01-04-2007, 08:23 AM | #6 |
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Last edited by 06STi; 01-04-2007 at 09:37 AM. |
01-04-2007, 10:26 AM | #7 |
Scooby Specialist
Member#: 39514
Join Date: Jul 2003
Chapter/Region:
SWIC
Location: Avondale, AZ
Vehicle:2003 WRX 2.5L Hybrid Mostly Blue |
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. |
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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01-04-2007, 11:54 AM | #9 |
Scooby Guru
Member#: 108547
Join Date: Feb 2006
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Location: boondock camping
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so how do you avoid the underpayment penalty?
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01-04-2007, 12:15 PM | #10 |
*** Banned ***
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Thank gawd im 17...For now.
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01-04-2007, 12:18 PM | #11 |
Scooby Specialist
Member#: 52313
Join Date: Jan 2004
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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." |
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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01-04-2007, 01:06 PM | #13 |
Scooby Specialist
Member#: 97561
Join Date: Oct 2005
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01-04-2007, 01:07 PM | #14 |
*** Banned ***
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texas?
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01-04-2007, 01:20 PM | #15 | |
Scooby Guru
Member#: 108547
Join Date: Feb 2006
Chapter/Region:
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Location: boondock camping
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Quote:
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01-04-2007, 01:36 PM | #16 |
Scooby Specialist
Member#: 52313
Join Date: Jan 2004
Chapter/Region:
SWIC
Location: Chandler, AZ
Vehicle:2005 STiOmgWtfBbq20G 2007 MS3 Black |
Sorry, man. I personally have no clue how the sliding scale to calculate penalties works.
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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. |
01-04-2007, 06:52 PM | #18 |
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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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01-04-2007, 08:38 PM | #19 |
Scooby Specialist
Member#: 97561
Join Date: Oct 2005
Location: GT30R Cosie-Hybrid
Vehicle:2006 Widebody WRB/Carbon/Primer |
underpayment penalty
Is this a state law? |
01-04-2007, 09:43 PM | #20 |
Scooby Guru
Member#: 108547
Join Date: Feb 2006
Chapter/Region:
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Location: boondock camping
Vehicle:2017 Tundra 1794 Lifted, Armored, Muddy AF |
both state and federal
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