So I've received my W'2s and such. I am very deligent to have my income tax withhold to be very close to what I owe so I don't let the gov't have my money free for the year. For Fed income tax + r/e tax on my house + state income tax ( I live in an income tax free state but work in another state) I am paying 30%. this does not include SS or anything else. I estimate I pay about 40% of my income in taxes, add in the additional expenses I have if I get sick due to the ACA and that is up to 50%. This has got to end.
What about the rest of you?
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Sometimes you're the windshield, and sometimes you're the bug.
Got all the papers (and the tax forms) by Jan 30, filled them out today and will file on the 16th of Feb for a refund. (Remember, I am not in the US). But even just filling out the forms is a nervous strain, fearful I might enter data in the wrong box; on the wrong line, etc. Always glad when it is over....
Prefecture and city taxes are figured from the National Tax return, so no need to file any additional papers for those. Never pay National Taxes, but cannot escape paying some Prefecture and city taxes (about the equivalent of $350 every year).
-- Edited by karl271 on Sunday 31st of January 2016 12:29:20 AM
It's ridiculous. You aren't yet even including any sales tax you pay if you live in a state that has sales taxes, or any property taxes if you own property.
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I'm not arguing, I'm just explaining why I'm right.
Well, I could agree with you--but then we'd both be wrong.
I didn't pay quarterly. I had set up a new S Corp with a new partner and we started in Jan 2015. So, i was kind of just ignoring it until the end of the fiscal year. Anyway, i plan to set up quarterly payments going forward.
I owe money every year. This year, I work in one state and live in another, so they didn't witthold state tax. That will suck.
Uuugggghhhh! That sucks. We always owe. We never know whats Gs income is going to be from year to year. We hold back as much as we think, and then hes busier than the year before...
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America guarantees equal opportunity, not equal outcome...
I love turbo tax. So simple and easy... and I never have to worry if I am going to be audited.
That is what I use. Easy, done quick.
I've used TT for decades, this year I am going to give H&R software a try, TT is becoming cumbersome and not easy to change things, such as how much income should be taxed by a state you work in but not live. The state tells these tax software companies what the regs are, but the regs are just a wish list in many cases. TT takes it as gospel.
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Sometimes you're the windshield, and sometimes you're the bug.
I owe money every year. This year, I work in one state and live in another, so they didn't witthold state tax. That will suck.
You are supposed to file quarterly taxes in that case. You can get away with it for one year, but after that you will be penalized.
Not if the 2 states have reciprocity. We had 3 years of income in one state and living in another and it was never an issue because the two states neighbored each other and had reciprocity. You file for a refund in one state and use it to pay the state you owe.
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Out of all the lies I have told, "just kidding" is my favorite !
I owe money every year. This year, I work in one state and live in another, so they didn't witthold state tax. That will suck.
You are supposed to file quarterly taxes in that case. You can get away with it for one year, but after that you will be penalized.
Not if the 2 states have reciprocity. We had 3 years of income in one state and living in another and it was never an issue because the two states neighbored each other and had reciprocity. You file for a refund in one state and use it to pay the state you owe.
All states have that, but it only works if both have an income tax. the state I work in does not, so they have no system for even collecting one.
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I'm not arguing, I'm just explaining why I'm right.
Well, I could agree with you--but then we'd both be wrong.
My accountant told me to call him before sending mine off because he was hoping to retire after last season. I'll be lost. He has always done my taxes.....for free. He was a friend of my dad's & never charged me.
I usually pay in about 30% but always get a return. It depends on how badly my rental has bled me that year. Last year because of all the expenses & the time vacant I got $10,000 return. It didn't touch what I had paid out but it was a nice little surprise.
