Moxie Posted April 18, 2017 Share Posted April 18, 2017 Happy Tax Day to all my fellow self-employed peeps! Here's hoping all our hard earned cash goes where it is needed and not to buy gold plated toilet seats! 17 Quote Link to comment Share on other sites More sharing options...
DawnM Posted April 18, 2017 Share Posted April 18, 2017 I wrote a check last night! DH is sending it off today. No gold plated anything coming to our house! But man, DH had some boating show on TV in the background yesterday and these yachts! WHOAH! I can't even imagine having a $5M boat that is just mine, and just for weekends. 10 bedrooms, state of the art everything, etc...... Cannot even fathom being that wealthy. Heck, we are even second guessing our decision to go on a lakeside dinner cruise for my birthday dinner! :lol: 1 Quote Link to comment Share on other sites More sharing options...
ILiveInFlipFlops Posted April 18, 2017 Share Posted April 18, 2017 Yep, right there with you. We need some of these: :cheers2: 1 Quote Link to comment Share on other sites More sharing options...
Happy Posted April 18, 2017 Share Posted April 18, 2017 Happy Tax Day to all my fellow self-employed peeps! Here's hoping all our hard earned cash goes where it is needed and not to buy gold plated toilet seats! Amen and Amen! I try to remind myself that writing the whopping check today means we had a great year last year. And, I pray, this tax money goes to truly benefit people and this country. Sigh. Off to the post office to send the check by certified mail. 5 Quote Link to comment Share on other sites More sharing options...
PrincessMommy Posted April 18, 2017 Share Posted April 18, 2017 Oddly enough, we owed to the feds and got back almost the same amount from state. I'm just happy we're not in the hole. We just sent it out yesterday. 2 Quote Link to comment Share on other sites More sharing options...
Anne in CA Posted April 18, 2017 Share Posted April 18, 2017 We, also, had a whopping bill, we had a great year last year and the bill really was proportional. We just had to let it goooo. 4 Quote Link to comment Share on other sites More sharing options...
QueenCat Posted April 18, 2017 Share Posted April 18, 2017 We've owed for several years now. I was just glad that we saved more for taxes than we actually needed. Usually I don't calculate right and we haven't saved enough for them......... we usually owe a penalty for underpayment but it's not much (never been more than around $50). So far, no requirement to pay quarterly. Quote Link to comment Share on other sites More sharing options...
madteaparty Posted April 18, 2017 Share Posted April 18, 2017 I have to say, the IRS is completely efficient in taking taxes out. We e-filed yesterday afternoon, the $ was out this morning. I don't mind paying taxes; if not us, who. I'm a bit of a communist though :) 3 Quote Link to comment Share on other sites More sharing options...
G5052 Posted April 18, 2017 Share Posted April 18, 2017 We owed this year because I forgot that we were losing the child tax credit. Thankfully not much over that, so I wasn't too much off, and no penalty. About 2/3 of my income is through self-employment. DH retired though, and trying to figure out 2017 with his pensions and the drop in income is tough. Our tax lady said to call her in early August, and she'll run a to-date return to see if we're close. Too many moving parts! Quote Link to comment Share on other sites More sharing options...
Miss Peregrine Posted April 18, 2017 Share Posted April 18, 2017 My car took a dump and after 3 weeks in the shop the bill came out to the amount of our tax return. What a coincidence! Oh well, at least we had it. 2 Quote Link to comment Share on other sites More sharing options...
TravelingChris Posted April 18, 2017 Share Posted April 18, 2017 We wrote a hefty rcheck, though about a thousand less than last year. We always get a few thousand back from the state. We are supposed to do estimated tax payments this year. Quote Link to comment Share on other sites More sharing options...
TravelingChris Posted April 18, 2017 Share Posted April 18, 2017 We owed quite a bit for federal but since we pay such high taxes anyway, we don't get a penalty. Though the accountant did tell us to do estimated taxes this year in addition to what is taken out. What really also is annoying is we can't get any credit at all for educational expenses. Considering next semester we will pay full freight minus a student loan my dd will take out and this is at a private college, it hurts. Only reason we are not paying even more is that we give so much to charity. We are now giving quite a bit more than our mortgage deduction and that isn't that little since we put no money down and have only had this mortgage for five years now. What is kind of stupid is that we pay the taxes and then we get all the money back again anyway since my dh is retired military. Quote Link to comment Share on other sites More sharing options...
MooCow Posted April 18, 2017 Share Posted April 18, 2017 We were happily surprised. ....apparently having a kid in college wiped our tax bill to the lowest we've ever owed. 3 Quote Link to comment Share on other sites More sharing options...
creekland Posted April 18, 2017 Share Posted April 18, 2017 Due to family medical issues and related travels, we sent ours out early last week. Generally I like to hang on to it until the last minute, but that was still the 15th for our state and local, so it was better just to do them all at once. I like to assume everything we pay out goes to programs I support - roads, National/State Parks, Pell Grants, medicare, medicaid, etc. That way I'm not worried about waste. I want those programs to exist. 1 Quote Link to comment Share on other sites More sharing options...
Guest Posted April 18, 2017 Share Posted April 18, 2017 Oy. Capital gains. In another state. Ack. Poor dh; had to file as usual plus the additional state income tax. AND our car tabs went up more than double this year; last year, I paid $120; this year, $250; DH $68, this year $130. Ugh. AND our property tax went up $1000. There is a government vacuum and it is sucking up all my money. (Of course, I know all of these tax increases were voted on.) Quote Link to comment Share on other sites More sharing options...
Spryte Posted April 18, 2017 Share Posted April 18, 2017 We filed ours early this year, and yep - they wasted no time in taking the funds out of our account. :) Just glad we had enough saved to cover it all, and a little extra left over. Whew! I don't mind paying taxes, knowing they'll benefit others, contribute to infrastructure, whatever. I'd gladly pay more to do more for us all. I'm not so keen on contributing to gold plated nonsense or gilded anything, though, that part burns a bit. 1 Quote Link to comment Share on other sites More sharing options...
The Girls' Mom Posted April 18, 2017 Share Posted April 18, 2017 I will be joining your ranks next year, as I am officially a 1099 contract employee. Wooo. I keep trying to remind myself to set aside MORE than enough, so I don't cry next April. 2 Quote Link to comment Share on other sites More sharing options...
eternalsummer Posted April 18, 2017 Share Posted April 18, 2017 amen Quote Link to comment Share on other sites More sharing options...
Happy Posted April 18, 2017 Share Posted April 18, 2017 I will be joining your ranks next year, as I am officially a 1099 contract employee. Wooo. I keep trying to remind myself to set aside MORE than enough, so I don't cry next April. If anyone asks, I tell them I make a third. :) One third is set aside for taxes. That's a bit on the generous side, but I like a bit of cushion. One third of what I make goes to pay dues, fees, education, and marketing. That's hefty for my business.... Then I get a third....woohooo! 1 Quote Link to comment Share on other sites More sharing options...
SKL Posted April 18, 2017 Share Posted April 18, 2017 Just mailed mine off at the 6:30 cutoff. Basically I get distributions just to pay taxes. Seriously. I don't even see it. I guess it's less painful that way. :P Quote Link to comment Share on other sites More sharing options...
SKL Posted April 18, 2017 Share Posted April 18, 2017 I remember the old days when I filed early to get my refund. HA HA HA!! Quote Link to comment Share on other sites More sharing options...
SKL Posted April 18, 2017 Share Posted April 18, 2017 Our CPA told us over the weekend that our income was way higher than he expected. (We have flow-thru entities and the numbers come in at different times.) This is why I always advise my partners to keep extra cash in the bank to cover taxes. So we covered it, but we're kind of sick about the amount. Oh well, no point dwelling on it .... Quote Link to comment Share on other sites More sharing options...
eternalsummer Posted April 18, 2017 Share Posted April 18, 2017 Haha, I remember that too! Oh, I was so excited to see what TaxAct said the refund amount would be - beautiful. Quote Link to comment Share on other sites More sharing options...
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