Taxes are completed

[jerrybob]

I'm happy for you. I'm expecting to owe a five figure tax bill. Not thrilled about that. Paid in plenty more than last year too.

Sounds like a nice problem to have.....if you owe a lot.....you must make a lot.......that's a good thing in today's economy! Congrats!

 

[J F]

...or you're just being robbed at a higher rate.

 

[mjarrels]

Seven forever stamps later, their in the mail.

mark

 

[tractchores]

...or you're just being robbed at a higher rate.

I can vouche for being robbed at a higher rate... best not to think about it too much, it sure hurts to write those checks or to look at how much you pay.

 

[BobsMassey]

I finished mine last night ! Nicer weather coming and wanted it over and done ! At least Jessie James had a gun !!!!

 

[tractchores]

Sounds like a nice problem to have.....if you owe a lot.....you must make a lot.......that's a good thing in today's economy! Congrats!

The size of the check you have to cut isn't nessisarily a measure of income. If you have certain kinds of income you may have to pay the taxes either quarterly or yearly as it comes in vs a witholding out of a paycheck. Being self employed profiting from selling stocks or something else or minimizing witholdings from a paycheck are all ways to be in the 'pay' category, you just have to be careful because if you don't do it righ they tack on a nice penalty...

 

[jerrybob]

The size of the check you have to cut isn't nessisarily a measure of income. If you have certain kinds of income you may have to pay the taxes either quarterly or yearly as it comes in vs a witholding out of a paycheck. Being self employed profiting from selling stocks or something else or minimizing witholdings from a paycheck are all ways to be in the 'pay' category, you just have to be careful because if you don't do it righ they tack on a nice penalty...

I hear you but I bet he still is doing fine financially if he's paying 5 figures in taxes. I wish him all the best!:thumbsup:

 

[keegs]

I did ours in February. I used TaxAct again for the Federal return (it's a few bucks less than Turbo but maybe not as comprehensive as some of the Turbo offerings) and did our State return online for 0$.... don't like being billed for paying a bill.

We got something back from both...put the cash in the savings account.

 

[Bird]

One time in my life (1969) I used H&R Block. The old gentleman who did it then said he had to send it in to their office to be checked and then they'd mail it to me to sign and send to the IRS. When I got it in the mail (on a Saturday), about half the pages were mine and half were someone else's. Naturally, they said their man made a mistake, since numbers came out a bit different. I just went ahead and re-did it myself and mailed it to the IRS. Then Monday morning, I called and told H&R Block I thought they owed me a refund. The guy said to send it back and they'd correct it. I told him I'd already done it and mailed it to the IRS. He said, "Oh yeah, after you have our figures you could do it yourself" so I told him I was mailing it back to him and if he thought anyone could use his numbers for anything, to just forget it, but otherwise I'd expect a refund. A check came in the mail a few days later.:laughing:

Since that time, and before that time, I've always done it myself. In 1990, after I did it, I wasn't sure of some things, so I made an appointment with one of the biggest accounting firms in Dallas. The guy reviewed it, asked lots of questions for nearly an hour, then said he couldn't help me; that I had it done right. I expected to pay him, but he said there was no charge since he hadn't helped me. I mailed it, along with a check for more than $6,000 (we had sold a house and had a bit of profit). Later that year, I got a letter from the IRS wanting nearly $200 more "penalty" for not having enough withheld during the year or filing a quarterly return.

I figure if I owe the IRS, I'll wait until the last minute, but if they owe me a refund, I file early. This year I received my refund on February 15.:laughing: And yes, that's letting them use some of my money without paying me interest but the amount was so small that I wouldn't have made much interest anyway.:laughing: And I've used TurboTax for so many years that I don't even remember when I started.

 

[jinman]

Later that year, I got a letter from the IRS wanting nearly $200 more "penalty" for not having enough withheld during the year or filing a quarterly return.

That's a classic example of the "you can't beat city hall" syndrome. They fine you if you don't pay in, but there's no fine, penalty, or even interest if you pay them thousands more than you owe.

I also have been using TurboTax for as long as I can remember. This year my refund was deposited to my bank account in less than a week after e-filing in February. I know I'm giving the gov't free money, but I always have 10% deducted from my Social Security and also 10% anytime I take money out of my IRA. I get almost all of that back each year due to deductions.