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holy taxes batman!

Discussion in 'The Lounge' started by supersize75k5, Apr 5, 2007.

  1. supersize75k5

    supersize75k5 OrganDonorRacing.com

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    I am self employed..

    I chose not to pay every quarter..

    this year I made quite a bit more than last year.. I did save and deduct money and set it aside, however... its still alot of money to hand out!

    ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
    hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
    hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh



    next year I am going to a pro, this was a all night headache and my floor looks like a paper factory blew up in my home.

    just venting.. seems the harder you work the harder it hurts...

    I need to get a house, wife and some kids...but that aint cheap either..so n matter what I am loosing the money I guess :crazy:
     
  2. 73k5blazer

    73k5blazer Unplug the matrix cable from the back of your head Premium Member

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    Schedule C is your friend.
    Schedule SE is your enemy.
     
  3. supersize75k5

    supersize75k5 OrganDonorRacing.com

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    so true yet so sad
     
  4. 4by4bygod

    4by4bygod 1/2 ton status

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    I miss the days of W2's and the 1040 EZ form..

    Having a pro doing your taxes is good.. self employed people can really get hurt if you don't know the ins and outs of filling out the forms..
     
  5. garlicbreath

    garlicbreath 1/2 ton status

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    Thats why they went to paycheck deductions. If everyone in the US payed once a year, they would revolt.
    They've already taken out 4300 from my checks this year, thats almost a ramjet motor!
     
  6. pauly383

    pauly383 Daddy383 Staff Member Moderator

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    Dude , get the wife , wife = Bookeeper with benefits .

    Or just go to a CPA .
     
  7. nc87k5

    nc87k5 3/4 ton status

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    have the house and a mobile home, so that's 2 mortgages, have the wife (who works), and yet I still have to pay. :mad: :doah:
     
  8. Corey 78K5

    Corey 78K5 1 ton status

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    You guys need to quit your jobs and start selling crack. It's non taxable:D
     
  9. thatK30guy

    thatK30guy 1 ton status Premium Member

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    You need more deductions thru itemizing.

    Theres so many stuff to itemize, I'm not even gonna waste the bandwidth with the list.
     
  10. CustomChevy

    CustomChevy 1/2 ton status

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    yeah,i feel your pain man.


    Last year i was technicly self employed and contracted to the company i work for now. I was a little nieve on how much tax could build up over that time, and damn neer **** myself when the govt figured i owed them 3500$.



    ITs ok, i got them back this year to the tune of 2200 !
     
  11. nerraw117

    nerraw117 1/2 ton status

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    what is it you do anyway? if you dont mind me asking
     
  12. kgillyk5

    kgillyk5 1/2 ton status

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    :haha::haha::haha:

    Thats me. I just work here. She deals with all the business B.S.

    Three kids also equals $4500.00 a year back...;), but they are expensive. This was the first year we lost one:doah:, once they turn 16 no more deduction...WTF, that's when they just start gettin' REAL expensive.
     
  13. 79k20350

    79k20350 3/4 ton status

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    Um, 18??? I though it was longer if they were a student too...

    But I KNOW i was calimed as a dependent till I was 18.
     
  14. supersize75k5

    supersize75k5 OrganDonorRacing.com

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    my girl friend is 21 a student and lives at home, her parants get to use her as a deduction
     
  15. Confedneck79K30

    Confedneck79K30 3/4 ton status

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    i paid a guy 375 bucks to do mine, i am self employed and am only paying 2600 and some change, and i made a good amount last year...
     
  16. Jishory

    Jishory 1/2 ton status

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    im getting some money back, gonna get some tires! my girlfriend's work doesnt deduct her taxes i keep telling her shes going to regret it
     
  17. supersize75k5

    supersize75k5 OrganDonorRacing.com

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    are you single, own a home or have kids? im curious how ours compare .

    do you choose to pay every quarter?
     
  18. Confedneck79K30

    Confedneck79K30 3/4 ton status

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    i pay at the end of the year...
    married, one kid, house, car payment as business writeoff...
    if everything goes as planned, i'll have 2 house payments to write interest off on this year...
     
  19. thatK30guy

    thatK30guy 1 ton status Premium Member

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    I think each state varies.

    Here in Kans-Ass, its 18 unless the child is a student in college in which the parents get to claim them til they turn 24.

    The same goes for health insurance, too. As long as the child is in school/college, they can be claimed til they turn 24.
     
  20. supersize75k5

    supersize75k5 OrganDonorRacing.com

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    I deal with fire safety, installs, yearly fire ex. inspections, evac plans. demos, ugrades and everything to do with exit and emergency lighting as well.
     

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