View Full Version : Anyone else get hammered on their taxes this year?
I need to double check mine. Nothing really changed from last year. Income and withholding are pretty much the same as well as my d deductions. Last year I only had to send them an additional $1,600. This year it's more than double that amount.
[Mad]
SideShow Bob
04-07-2016, 18:53
That's because you are one of the 1%. You got to pay your fair share.......
No, but this year is probably going to be difficult as it will be my first year being 1099'd. Quarterly payments and tax sheltered retirement accounts, here I come!
Great-Kazoo
04-07-2016, 19:03
Deductions my good man, lot's of verified deductions.
However there was one year i needed to cough up $4500.
Still cheaper then sending the .gov quarterly payments i'm never going to see again.
Rucker61
04-07-2016, 19:08
I need to double check mine. Nothing really changed from last year. Income and withholding are pretty much the same as well as my d deductions. Last year I only had to send them an additional $1,600. This year it's more than double that amount.
[Mad]
I presume you avoided the ACA penalty? It went way up this year.
Rich people need to pay more. That's what I've been told
Yes this year sucked bad. I doubled all my 2015 quarterly estimate payments over the 2014 estimates and still sent in an additional $3500 when I filled.
Nope got a refund, the first after 5 years of owing on average $2,500 each year. The only reason I got one this year is because my income dropped 50%.
Bailey Guns
04-07-2016, 20:35
Ugh... Still haven't done them. I have to file in 3 states and the deadline is rapidly approaching. Guess I know what I'll be doing this weekend. Not sure if we'll owe a small amount or not. I'm thinking (hoping!) so.
hurley842002
04-07-2016, 20:40
Ugh... Still haven't done them
You and me both, I'm thinking it will be an extension this year, and will likely be having our taxes done by someone as well. It's been an odd year tax wise for us.
Grant H.
04-07-2016, 20:41
I'm part owner of a company, 1099'd contractor for several groups, and a few other things...
I get hammered every year.
Zundfolge
04-07-2016, 20:47
We got slightly more back this year (both state and fed) ... I expected to get hammered because I changed my withholding a couple years ago to keep more money but it didn't hit us that hard this year.
I think switching to CHM (http://www.chministries.org/) for health care has helped us tremendously (which is why the libtards of this state are going to bend me over and anally rape me with the Socialized Medicine ballot initiative ... oh well, there's always Rapid City).
ColoradoTJ
04-07-2016, 20:53
We didn't do bad this year. Actually received some of the money back that Uncle Sam uses so loosely. This year we claimed 0, and that helped. In 12' we had to write a check for 14,000.00. That will never happen again...hopefully.
spqrzilla
04-07-2016, 21:07
I'm getting screwed up the ass end pretty bad.
Yes. A recent raise put me in the bottom of the next bracket and wiped out most of the benefit from my raise. That shouldn't happen if the tax code was properly structured...
Wife and I both claim Married and 0. This year we have to come up with over $19K in addition to withholdings to send to our wonderful govt. Wife sold her rental property (the condo she owned before we got married), so we got hammered. Sure sucks to be middle class.
Grant H.
04-07-2016, 22:27
Wife and I both claim Married and 0. This year we have to come up with over $19K in addition to withholdings to send to our wonderful govt. Wife sold her rental property (the condo she owned before we got married), so we got hammered. Sure sucks to be middle class.
Ouch.
Selling real estate can really suck if you aren't putting it back into real estate.
HoneyBadger
04-07-2016, 22:32
Income dropped significantly last year, and we bought a house and had a baby... So we got most of our taxes back. I'm not exactly complaining about not paying enough taxes, but It's no wonder our government doesn't have any money when they waste so much and collect so little from so many.
Limited GM
04-07-2016, 22:41
I'm curious as to if anyone was fined for not keeping health insurance?
Circuits
04-08-2016, 00:10
I'm taking it hard without lube - left my job, so had to convert a bunch of stock options, which incurred biggest-ever taxable income for me. Might even have to sell some of the stock to pay the taxes on exercising the options :(
I know, #1%Problems
Ouch.
Selling real estate can really suck if you aren't putting it back into real estate.
On,y if it isn't your primary residence. You could net you a profit of 250K without paying any taxes. Double that married.
I'm taking it hard without lube - left my job, so had to convert a bunch of stock options, which incurred biggest-ever taxable income for me. Might even have to sell some of the stock to pay the taxes on exercising the options :(
I know, #1%Problems
Stock? Is that stuff like in the cans at the store...like chicken stock? You must have a big building to keep all those cans in!
On,y if it isn't your primary residence. You could net you a profit of 250K without paying any taxes. Double that married.
Assuming you've lived there for two of the last five years.
Took a lot of late 2014 income at the beginning of 2015, s the estimated taxes were off a good bit, and had a good year. I still have to do a final review and hopefully find a few more deductions, but it's pretty close right now.
The number I'm looking at having to send is super painful.
StagLefty
04-08-2016, 07:40
Paid 0 getting back 0 SS isn't enough for me to file anymore. Guess I should have planned better [dig]
I got a little back this year. Not much but its better than what I had to pay last year. But last year, I adjusted some deductions to get more money up front for some things so I knew the hit was coming.
hghclsswhitetrsh
04-08-2016, 08:59
Yes.
First time in my life I have had to send a check. Got a raise last year and it pushed me up to the next bracket... EEEK I didn't need that 5k I guess
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Our tax bracket went up this year with both of us getting promotions, but we also bought a house and got deductions from interest and origin point so we still got a little back.
gnihcraes
04-08-2016, 09:43
Yup, both of us got promotions and salary increases. Will end up paying $~4000 or so the wife said.
colorider
04-08-2016, 09:47
I got clobbered, raped, killed, abused with taxes this year.
I'm paying a little under a grand, so not so bad. My CPA definitely earns his keep, as Turbo Tax missed a bunch of deductions and had me paying right at 3400. I double check my accountant every couple of years to make sure what I pay him is worth it. It is, absolutely.
I love being single and having absolutely nothing going for me. Makes taxes super easy.
http://www.weaselzippers.us/wp-content/uploads/2016/04/CfikJF8W4AAY-Xk-450x450.jpg
Wife moved out in April, so I got to file Head of Household - went from owing $800 to receiving $4K.
jerrymrc
04-08-2016, 20:58
Wife moved out in April, so I got to file Head of Household - went from owing $800 to receiving $4K.
[Beer] We are not able to deduct anymore so it is just the standard. I claim M2 and normally we get $5-600 after paying in $8k. This year there was a settlement at work and they gave me a 1099 for it. $4300 extra meant a couple of cases of beer or a bad bottle of scotch back.[fail]
Nope. Got a decent refund due to various things going bad and well LOL. And before any smart ass says "Ooo, don't give the gov't a loan with your own money" trust me I didn't. Won't divulge the intricacies of my tax filing to strangers (or friends for that matter) on any internet forum. Sorry if I'm grumpy, been a rough week.
I'm just trying to get to where I pay 6 figures... because that will mean I made a shit load of $$$. [Beer]
sellersm
04-09-2016, 14:48
I got clobbered, raped, killed, abused with taxes this year.
This. Don't get me started with the stupid rules about dependents or the new ACA-inspired tax tables. "Render unto Caesar"...
Obama's last year, us peons gotta pony up for their comfy retirement ya know.
HoneyBadger
04-09-2016, 17:42
Just remember this: nobody pays taxes. The government takes taxes.
sellersm
04-09-2016, 20:13
+1 to what foxtrot said
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Honey Badger282.8
04-10-2016, 12:10
My effective tax rate for 2015 according to Turbo Tax was 0.00%. After pressing the file taxes button I was immediately offered help applying for a Lifeline-Obama phone and SNAP.
No, I did not apply for welfare. That whole active duty to reservist student plan didn't go so smoothly lol.
I ended up paying. Being my first FULL year in business I got out of paying quarterlies and just saved my butt off all year.
Pretty sad to see a saving account that can pay ALL of my business and credit card debt off in one final swoop, and still have some left over to only have it get confiscated by the federal government.
I still saved more than I had to pay, so I was still able to pay one credit card off, though.
I'm a proponent of 0% tax. But if we must, the only fair way to tax a population is a FLAT tax with no deductions.. Your take home pay is your take home pay.. Everyone pays 10%.. No games, no gaming the system... Everyone pays the same rate.
sellersm
04-12-2016, 11:18
Michael Snyder has a good look at why we hate taxes so much! As foxtrot mentioned above, Snyder lists 97 "fees" that contribute to our tax burden!
Americans spend more than 6 billion hours preparing their taxes...
http://theeconomiccollapseblog.com/archives/hate-taxes-you-certainly-are-not-alone
Wolfshoon
04-15-2019, 20:53
My effective tax rates fell 3% and 4% state and federal. A lot simpler this year without all the deduction calculation BS and associated headaches. Trump's tax plan is a win for me.
One of my kiddos aged out on me...but when u do the math my tax rate went down a bit
I'll paying last years taxes all of this year.
Bailey Guns
04-15-2019, 21:49
Based on total income (not AGI) our tax rate went up about 3% from last year. But our income went up almost 35%. So, even though I was bitching about it earlier, when I look at the real numbers I don't feel too bad. The $24K standard deduction is a lot more than we would've had itemizing.
The real problem was my wife worked a part time job, made a pretty substantial sum over the year, and the employer didn't deduct any federal taxes. My wife never said anything about it so I didn't know until I started looking at W2 information. She knows not to let that happen again.
This year's check was about the same as last year's. Allegedly, I made more, but I had more business deductions.
I did much better this year. Tax plan worked for me
Couldn't get hammered this year, not enough money..[emoji849]
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No, a very few hundred better off and less headache with the standard deduction rather than itemizing.
Rich people need to pay more. That's what I've been told
Rich people = anyone that makes more than minimum wage
I still had a very small benefit to itemizing, entirely because my mortgage is only 2 years old... but I expect to use the standard deduction for the foreseeable future.
Great-Kazoo
04-16-2019, 08:39
no.
Well no refund but owe half to fed and double to the state.
Media did a fine job of convincing people their taxes went up when opposite is true.
The IRS made a mistake and will not correct it. I can pay only what they say now, but when they catch up to their mistake, I'll owe an additional $10k. So I'm going to be proactive and start paying it all now.
Bailey Guns
04-16-2019, 11:18
The IRS made a mistake and will not correct it. I can pay only what they say now, but when they catch up to their mistake, I'll owe an additional $10k. So I'm going to be proactive and start paying it all now.
Good idea. They fucked us over royally in the 2004-2010 time period. Went as far as garnishing bank accounts to the tune of almost $7k. Withheld almost $20k from refunds over those years and charged us penalties and interest on what they said we owed. The IRS claimed we didn't file taxes during the period but, miraculously, they were able to intercept refunds...you know...from the tax returns we didn't file. It was just complete insanity and gov't run amok. Finally got it resolved and got our money back along with $88 in interest. Yeah...$88.
It all happened because we filed our 04 taxes listing my wife's name first. We'd always listed my name first in the past. In that year she became the one with the higher income so we listed her first. Apparently the IRS couldn't figure out Me/Her was the same as Her/Me. Seriously. That's what caused the problem...at least according to the IRS.
I put the IRS in the same category as the TSA. I hate them. When I become Emperor the first thing I'm gonna do is abolish the IRS and TSA (and many other gov't agencies) and jail every last one of them. Then I'm going to order all their offices, records, buildings, signs, stationery, business cards and homes destroyed and all references to them in the history books will be removed. Mentioning the IRS or TSA will be punishable by death.
When I read that it sounds a little harsh. I'll probably just throw people in prison for mentioning either agency rather than execute them.
Yeah but two months later you'll end up having to create the RIS and the STA.
Bailey Guns
04-16-2019, 12:13
I'm just gonna confiscate everyone's wealth. By the time my bad policy decisions bite me in the ass I'll be dead.
I still had a very small benefit to itemizing, entirely because my mortgage is only 2 years old... but I expect to use the standard deduction for the foreseeable future.
With zero kids, even with a new (refi) mortgage, and interest paid on a new RV as well (yes, still deductible), I still ended up with the standard deduction.
That said, I also owed (total) more than the poverty level of a family of 6, and underwithheld by about $12K (fed) thanks to my wife once again effing up her withholding. 1st world problems, I know. Sucky part is getting penalized for the underwithholding.
The IRS made a mistake and will not correct it. I can pay only what they say now, but when they catch up to their mistake, I'll owe an additional $10k. So I'm going to be proactive and start paying it all now.
Use their online direct pay...
For those that don't know, you can also use direct pay to make a partial payment if you're filing an extension, and specify "extension" to automatically file it. No need to mail one in or use an online service and get 5 rejections because something isn't right (PIN). Too late now, but good for next year's extension (I always file for extension.)
Good idea. They fucked us over royally in the 2004-2010 time period. Went as far as garnishing bank accounts to the tune of almost $7k. Withheld almost $20k from refunds over those years and charged us penalties and interest on what they said we owed. The IRS claimed we didn't file taxes during the period but, miraculously, they were able to intercept refunds...you know...from the tax returns we didn't file. It was just complete insanity and gov't run amok. Finally got it resolved and got our money back along with $88 in interest. Yeah...$88.
It all happened because we filed our 04 taxes listing my wife's name first. We'd always listed my name first in the past. In that year she became the one with the higher income so we listed her first. Apparently the IRS couldn't figure out Me/Her was the same as Her/Me. Seriously. That's what caused the problem...at least according to the IRS.
I put the IRS in the same category as the TSA. I hate them. When I become Emperor the first thing I'm gonna do is abolish the IRS and TSA (and many other gov't agencies) and jail every last one of them. Then I'm going to order all their offices, records, buildings, signs, stationery, business cards and homes destroyed and all references to them in the history books will be removed. Mentioning the IRS or TSA will be punishable by death.
When I read that it sounds a little harsh. I'll probably just throw people in prison for mentioning either agency rather than execute them.
They like to fuck me over by not sending letters and claim they did.
Last year when I went to refi, they said I owed money. I NEVER got anything via mail. Of course, I had to pay online and then wait for the system to show as paid before I could close.
A few years prior they sent me INTENT TO LEVY and LIEN NOTICE warnings (claimed 3rd notice). I never received shit in the mail from them. It was for something absurdly petty like $178 too. Try to call about it and give up after 4 hours in the queue.
This year, I go to pay part of what I owe and see they nailed me again for "late filing" penalties and interest. Another $1K.
scratchy
04-16-2019, 20:21
We had to pony up an additional 11k
The new standard deductions for me was $24,000 (I think that is what my CPA said). So it cost me over $3000.
DenverGP
04-16-2019, 23:18
The new standard deductions for me was $24,000 (I think that is what my CPA said). So it cost me over $3000.
Yeah, for married filing jointly, the standard deduction went up to $24,000... but you are still allowed to itemize if that comes out better than the $24,000... not sure how that cost you over $3000....
This was the first time in a long time that I actually used the standard deduction.
Fentonite
04-17-2019, 00:03
This was the first time in a long time that I actually used the standard deduction.
Me too. And I got my usual refund, which we use as our discretionary spending through the year. An accountant would say I’m unwise for withholding more than I need to, but I’m a stooge, and I wouldn’t invest it, would just spend it, so even a zero-interest savings account saves me some headaches. With a possible job change, I might have to make an LLC and be a 10-99 guy. Gonna need a financial guy, I think. I’m not smart enough to use TurboTax for the complexities that loom.
Me too. And I got my usual refund, which we use as our discretionary spending through the year. An accountant would say I’m unwise for withholding more than I need to, but I’m a stooge, and I wouldn’t invest it, would just spend it, so even a zero-interest savings account saves me some headaches. With a possible job change, I might have to make an LLC and be a 10-99 guy. Gonna need a financial guy, I think. I’m not smart enough to use TurboTax for the complexities that loom.
You're supposed to guess your annual income and pay ahead every 3 months. I usually make anywhere from 0-$5,000 in the first three months and start the year by not paying like I'm supposed to. So the point is, get a tax guy, get a plan, and stay on top of it so you don't end up like me every year and have to scramble to pay taxes at the last second.
Fentonite
04-17-2019, 00:41
I’ll do that. I have a lead on a financial planner / CPA who specializes in my area. Hopefully he pans out.
osok-308
04-17-2019, 11:23
I owe substantially more this year, but I also sold property last year, so they had my total income as being about double what I actually made.
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belltec19
04-17-2019, 11:46
Finally getting a refund this year! For the past 10+ years I have had to send in an extra payment to Uncle Sam but this year the refund was large.
Thanks to "The Don"
Got 20% more back this year than the normal return. OK by me.
Our total federal tax due was 32% less than the amount due last year even though our taxable income was marginally higher. I'm counting that as a win. (Still had to write a check for >$1000 to Uncle Sam, so withholding tables did not translate 100%)
Got a refund this year.
Going to put it towards that bathroom remodel I had done.
Little changed for me, owed the Feds slightly more than last year and Colorado went from $4 owed last year to $55 refund this year. I donated it to one of the charities they have on the form.
Nothing special about my income or deductions.
[Dunno]
electronman1729
04-18-2019, 20:11
Only owe $75 to the feds this year
Only owe $75 to the feds this year$75 for the whole year! Nice! .... I'm guessing it's in addition to what they stole from you already.
..https://uploads.tapatalk-cdn.com/20190419/bae55f8b42cdf1361f7da0f066e8fc91.jpg
electronman1729
04-19-2019, 16:09
$75 for the whole year! Nice! .... I'm guessing it's in addition to what they stole from you already.
I also had $7600 of income from a 401k refund that went un-taxed!
electronman1729
04-19-2019, 16:11
77854
77854Stealing this. [emoji23]
77854
Confirmed that Bernie did not check this box.
Fukn hypocrite. Gave a pittance to charity too.
OneGuy67
04-20-2019, 11:09
I got back a bit more in my refund and didn't have to itemize (I did, but the standard deduction was better).
whitewalrus
04-20-2019, 11:57
Mine was about the same as last year.
This year tax was 14.1% of taxable income.
Last year tax was 15.9% of taxable income.
We never withhold for refunds- prefer gov't to loan us a little for the year.
If by hammered you mean bent over and raped yup...
Bailey Guns
05-04-2019, 13:56
"Danger, Will Robinson..."
I keep hearing that robot's voice in my head. Like the good citizens we are we sent a pretty hefty check to pay the balance of our taxes due. Some of that included penalties for under-withholding by my wife's employer.
Now, outta the blue, we get a refund check from the IRS for $106. The only explanation is that an explanation will be sent in "a few weeks". I know it's not a lot but I'm still afraid to cash it. Unexpected money from the government in general, and the IRS in particular, just has warning signs all over it.
Guess I'll wait and see what they say.
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