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 Post subject: TAXES
PostPosted: Sat Mar 04, 2006 1:28 pm 
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frostingspoon
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Anyone ever done the ol' installment plan with the IRS? I got a bigger tax bill than I expected this year, and I'm probably going to be finding new living spaces in April, so a lump sum payment is seriously going to hinder the search for new digs and the deposits and shit that go along with it.

Any success stories? Horror stories?

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PostPosted: Sat Mar 04, 2006 1:39 pm 
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Failed Reunion
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I'm so screwed in taxes this year I don't even want to think about it

How do you do this installment thing?


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PostPosted: Sat Mar 04, 2006 1:45 pm 
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frostingspoon
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Apparently if you owe <$25,000 and haven't bungled one before, they'll give you one without much hassle, you just have to fill out the form.

You still incur interest and penalties though.

From IRS

In more plain English

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PostPosted: Sat Mar 04, 2006 1:49 pm 
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taxes blew for me this year. ugh.


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PostPosted: Sat Mar 04, 2006 3:05 pm 
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Have kids and all your tax woes will magically disappear.

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PostPosted: Sat Mar 04, 2006 3:27 pm 
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FT® Wrote:
Have kids and all your tax woes will magically disappear.


Buying a house does wonders as well.

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PostPosted: Sat Mar 04, 2006 3:30 pm 
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FT® Wrote:
Have kids and all your tax woes will magically disappear.

cant you just get a harem? cause its pretty much the same thing. except for the sex though. thats much different.


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PostPosted: Sat Mar 04, 2006 3:38 pm 
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we used to owe a lot (before buying a house) so we would just send them some money and our return by apr. 15th, they send us a bill sometime in late summer/early fall, then we send some more. that seems to work fine.

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PostPosted: Sat Mar 04, 2006 3:43 pm 
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I've never owed money on my taxes.

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PostPosted: Sat Mar 04, 2006 3:57 pm 
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frostingspoon
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rparis74 Wrote:
we used to owe a lot (before buying a house) so we would just send them some money and our return by apr. 15th, they send us a bill sometime in late summer/early fall, then we send some more. that seems to work fine.


God bless you, Rodney. This was the real world shit I was hoping for. You rule.

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PostPosted: Sat Mar 04, 2006 4:00 pm 
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Go Platinum
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I'm getting a shit-load back this year.


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PostPosted: Sat Mar 04, 2006 5:06 pm 
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i made $9K on paper last year and got $1200 back. i don't know how that works, but it made me happy.

as for paying back taxes, my ex got hit with a $1500 tax bill about six years ago and he's still paying it off. i think if you approach the irs versus them hunting you down, they're more likely to work with you (as with any debt collection). he pays like $25 a month... sure, he's paying a ton of interest on that, but it's a manageable payment for his broke ass.


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PostPosted: Sat Mar 04, 2006 6:20 pm 
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frostingspoon
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$25 a month? Jesus. I was looking at paying it off in about six months.

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PostPosted: Sat Mar 04, 2006 7:02 pm 
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one year i had to pay about $2K. that sucked. this time around i get $1K.

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PostPosted: Sat Mar 04, 2006 7:33 pm 
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Secretary of Scratch
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Elvis Fu Wrote:
$25 a month? Jesus. I was looking at paying it off in about six months.


obviously you can pay more per month. he's just a cheap and lazy bastard that pays the bare minimum on everything so he can have beer money.


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PostPosted: Sat Mar 04, 2006 7:43 pm 
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frostingspoon
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I too have never owed anything. It's like christmas #2, except I paid for the second one. Come to think of it...

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PostPosted: Sat Mar 04, 2006 9:07 pm 
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frostingspoon

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we used to have to pay 3 or 4 k per year. this year we are even steven with a few hundred to feds and a few hundred back from state.

of course we have this pesky county income tax to pay - 1500 bucks or so.

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PostPosted: Sun Mar 05, 2006 1:50 pm 
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Honestly, if someone owes 2k unexpectedly, you may want to check the number of exemptions on your W4-lower them and more taxes will be withheld. Similarly, if you are getting 2k back come tax time, it means you are having too much withheld- and loaning money to the government interest free.

Taxes are not mysterious- there is no 'free' money one way or another- you should be able to plan so that you arent surprised come tax time.

Oh, and having kids gives you tax breaks, but I can tell you that in the long run, youll be paying out more than you ever get in tax breaks lol


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PostPosted: Sun Mar 05, 2006 1:53 pm 
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f4df Wrote:
Honestly, if someone owes 2k unexpectedly, you may want to check the number of exemptions on your W4-lower them and more taxes will be withheld. Similarly, if you are getting 2k back come tax time, it means you are having too much withheld- and loaning money to the government interest free.

Taxes are not mysterious- there is no 'free' money one way or another- you should be able to plan so that you arent surprised come tax time.

Oh, and having kids gives you tax breaks, but I can tell you that in the long run, youll be paying out more than you ever get in tax breaks lol


My problem is that I have a source of income that's cash...and I have a hard time keeping 15-20% separate for taxes :)


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PostPosted: Sun Mar 05, 2006 1:56 pm 
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frostingspoon
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Spade Kitty Wrote:
f4df Wrote:
Honestly, if someone owes 2k unexpectedly, you may want to check the number of exemptions on your W4-lower them and more taxes will be withheld. Similarly, if you are getting 2k back come tax time, it means you are having too much withheld- and loaning money to the government interest free.

Taxes are not mysterious- there is no 'free' money one way or another- you should be able to plan so that you arent surprised come tax time.

Oh, and having kids gives you tax breaks, but I can tell you that in the long run, youll be paying out more than you ever get in tax breaks lol


My problem is that I have a source of income that's cash...and I have a hard time keeping 15-20% separate for taxes :)


Right. Part of mine was my lack of discipline with own withholding, but I had it set up before where my PT income withholding covered most of my freelance tax bill, but I screwed around some shit and then made more than I had expected, so it doesn't cover. It's not entirely unexpected, just easy to ignore up until now.

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 Post subject:
PostPosted: Sun Mar 05, 2006 2:27 pm 
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I should be getting a refund of $1200 or so. Haven't filed yet.


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 Post subject:
PostPosted: Sun Mar 05, 2006 2:43 pm 
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I don't know what to do with my taxes this year. I had a job for three months in IL before I moved, and never got a W2 from them. So do I just not claim that or what? This question is why I'll be waiting until April 14th to do my taxes.


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 Post subject:
PostPosted: Sun Mar 05, 2006 2:59 pm 
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thisotherkingdom Wrote:
I don't know what to do with my taxes this year. I had a job for three months in IL before I moved, and never got a W2 from them. So do I just not claim that or what? This question is why I'll be waiting until April 14th to do my taxes.


Did you try to contact them & ask for the W-2?

I wouldn't blow this off if I were you.


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 Post subject:
PostPosted: Sun Mar 05, 2006 3:26 pm 
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Major Label Sell Out

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Kiev Wrote:
FT® Wrote:
Have kids and all your tax woes will magically disappear.


You don't have kids, do you? The minimal tax break you get is more than offset by the cost of having kids.

The only true, no strings attached benefits of kids is the pre boarding on airline flights :roll:


I think he was just referring to taxes specifically, not making a broad statement about the overall cost of kids


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