Taxes: How's it looking this year?

Faktory 47

Kobayashi

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Mar 25, 2015
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In years past I've handled my own tax preparation. This year I had some extra complication so I opted to hand things over to my accountant. Of course he knew exactly how to handle it, so I ended up with a decent federal refund and only paid a few additional dollars in state tax.

One thing I that really bugs me: In years passed I set up my w4 using additional exemptions. The net effect was that my taxes were fairly well balanced and I only received a few hundred dollars refunded each year. The IRS sent me letter letting me know that they had instructed my employer to remove the additional exemptions, so now the government is holding far too much of my money each year and my refunds are fairly large. :(
 

Waterguy

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Mar 26, 2015
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I got screwed again. I had to pay over 10k in federal alone. If I hear one more person say they got a "refund" when they actually got my money I am gonna let em have it. Haha
 

Willy Leadwell

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Mar 26, 2015
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I got screwed again. I had to pay over 10k in federal alone. If I hear one more person say they got a "refund" when they actually got my money I am gonna let em have it. Haha
How do you figure? Your W4 is an estimation of what you will owe in taxes on your earnings. If you owe it's because you underestimated. Or you made untaxed income during the year that you now have to pay on.
 

Waterguy

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How do you figure? Your W4 is an estimation of what you will owe in taxes on your earnings. If you owe it's because you underestimated. Or you made untaxed income during the year that you now have to pay on.

My 1040 says I paid over 10k. I have already done my taxes. I did not get a refund. I never said I owed 10k.
 

Woodstock

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Jun 29, 2015
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Paid more taxes this year with less refund with almost identical return as last year. Tiny refund :classicdoh:
 

Waterguy

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I thought you were saying you filed your taxes and had to pay $10k.

No sir.

I just hate when someone says that they got a refund when in fact they got more back than they paid in, a net tax recipient. Don't call it a refund.
 
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Willy Leadwell

Purveyor of Polyurethane
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No sir.

I just hate when someone says that they got a refund when in fact they got more back than they paid in, a net tax recipient. Don't call it a refund.
"The top 10 percent of income earners paid 68 percent of all federal income taxes in 2011 (the latest year available), though they earned 45 percent of all income. The bottom 50 percent paid 3 percent of income taxes, but earned 12 percent of income."

But you don't pay your "fair share" you rich bastard!
 

Waterguy

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"The top 10 percent of income earners paid 68 percent of all federal income taxes in 2011 (the latest year available), though they earned 45 percent of all income. The bottom 50 percent paid 3 percent of income taxes, but earned 12 percent of income."

But you don't pay your "fair share" you rich bastard!

The whole thing should be voluntary ie fair tax.
 

Laufen

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Mar 23, 2015
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It'll be about the same as always, Uncle Sam will have one hand out and one in my back pocket.
 

SouthernSlammed

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Aug 29, 2015
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Was a bit worried about my taxes this year, filed with Turbo Tax and it went rather smooth! I paid an ass load in taxes, but managed to pay too much, so I did get a refund... me and the o'lady went out to eat!!!
 

Willy Leadwell

Purveyor of Polyurethane
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Mar 26, 2015
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Success is a double edged sword.
You just have to plan for it. The benefits certainly outweigh the cost. I'm incorporated as an LLC, but I elect to be taxed under S corp status. So 100% of my taxes are paid through payroll. I file a zero return for the business. I pay myself a "reasonable salary" throughout the year from which all the normal taxes are deducted, SSI, Medicaid, FUTA, SUTA, Federal and state. When I draw from the business account it's not taxed until I file at year's end, but when I do I only have to pay fed & state.
 

Kobayashi

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Mar 25, 2015
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You just have to plan for it. The benefits certainly outweigh the cost. I'm incorporated as an LLC, but I elect to be taxed under S corp status. So 100% of my taxes are paid through payroll. I file a zero return for the business. I pay myself a "reasonable salary" throughout the year from which all the normal taxes are deducted, SSI, Medicaid, FUTA, SUTA, Federal and state. When I draw from the business account it's not taxed until I file at year's end, but when I do I only have to pay fed & state.
Sounds like you've organized it to be less complicated than it could be.