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Old 03-01-2007, 08:45 AM   #1
andre3k
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IRS owns me

I went and had my taxes done last nite, my accountant says that I owe 6500this year, this was after about 16k in deductions. I just payed 6300 back in November from when I was audited in 2005. Thats almost 13k to the US goverment in less than 6 months WTF??? Anyone else have to pay this year?
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Old 03-01-2007, 08:59 AM   #2
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You could always move to a lower tax bracket

I dont make much, I dont pay much
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Old 03-01-2007, 09:39 AM   #3
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Quote:
Originally Posted by andre3k
I went and had my taxes done last nite, my accountant says that I owe 6500this year, this was after about 16k in deductions. I just payed 6300 back in November from when I was audited in 2005. Thats almost 13k to the US goverment in less than 6 months WTF??? Anyone else have to pay this year?
Sounds like you need to change your withholding amount. Do you own a house? Might be time to buy one if you don't. :BangHead:

I never have to pay in <knocking on wood>........we usually get back at least in the $6000 range. I call it my annual bonus since my company pretty much cut out the one's they used to give. (yes I know its my money, but the way I look at it its a way for me to get a big chunk at once instead of spreading that out over 12 months.)
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Old 03-01-2007, 09:53 AM   #4
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You are self employed aren't you. When I was self employed I get the taxed out of me. I routinely paid 6k every year. I am an employee of clay walker now so this year I got money back for the first time in several years:icon_smil . I feel your pain though.
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Old 03-01-2007, 09:56 AM   #5
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We own a home and used every deduction imaginable. Mileage on business vehs, sales tax, education credits, mortgage interest, business expenses, etc. I'm also witholding the maximum amount from my checks. But I'm going to have to have them hold out more. Me and my wife both both make decent money but have no kids, thats whats killing us.
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Old 03-01-2007, 10:00 AM   #6
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Quote:
Originally Posted by andre3k
We own a home and used every deduction imaginable. Mileage on business vehs, sales tax, education credits, mortgage interest, business expenses, etc. I'm also witholding the maximum amount from my checks. But I'm going to have to have them hold out more. Me and my wife both both make decent money but have no kids, thats whats killing us.
Self-employed?


Buy a more expensive house. So you pay more mortgage interest. (we did that, not intentionally but that was the result)
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Old 03-01-2007, 10:08 AM   #7
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Quote:
Originally Posted by andre3k
We own a home and used every deduction imaginable. Mileage on business vehs, sales tax, education credits, mortgage interest, business expenses, etc. I'm also witholding the maximum amount from my checks. But I'm going to have to have them hold out more. Me and my wife both both make decent money but have no kids, thats whats killing us.
Ahh yes, I love my little tax deductions.
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Old 03-01-2007, 10:09 AM   #8
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Quote:
Originally Posted by witchdoctor575
Ahh yes, I love my little tax deductions.
I have one of those too....
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Old 03-01-2007, 10:11 AM   #9
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I need about 3 - 4 of those lil tax deductions.
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Old 03-01-2007, 10:15 AM   #10
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I have three. New govt law make sales tax on big purchases tax deductible. That includes cars, motorcycles and houses. Lucky for me we bought a new car and motorcycle last year.
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Old 03-01-2007, 10:32 AM   #11
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Quote:
Originally Posted by witchdoctor575
I have three. New govt law make sales tax on big purchases tax deductible. That includes cars, motorcycles and houses. Lucky for me we bought a new car and motorcycle last year.
Man I forgot about that....I could have written off the tax on my bike. Dang it. Can't remember if we bought the Cobra this year or the very end of last....dang....
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Old 03-01-2007, 10:40 AM   #12
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Quote:
Originally Posted by issanni
Man I forgot about that....I could have written off the tax on my bike. Dang it. Can't remember if we bought the Cobra this year or the very end of last....dang....
You can file an amended return. Worth check out.
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Old 03-01-2007, 11:11 AM   #13
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Get a new CPA.
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Old 03-01-2007, 11:19 AM   #14
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Quote:
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Get a new CPA.
Tried that once, then i got audited. Never again. I'd rather take the hit than go thru another audit. My days of refunds are over, which is cool. You're more likely to get audited over a refund than a payment. 1 -2k is cool but 6500 is a bit much.
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Old 03-01-2007, 11:22 AM   #15
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Quote:
Originally Posted by witchdoctor575
You can file an amended return. Worth check out.
Prolly not going to make enough difference to matter.
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Old 03-01-2007, 11:39 AM   #16
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why don't you move to Mexico or Iraq or something if you don't like the way we do taxes. our soldiers fought and died so we could have those taxes and now you want to complain? what's your problem?
jk
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Old 03-01-2007, 11:42 AM   #17
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IRS owns me.. but i fight back...

im in the 75-150 bracket..

but i own a house and write off ALOT of for work..
and my tax guy knows whats going on...
and i pay SINGLE AND ZERO taxes on my paychecks..
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Old 03-01-2007, 11:52 AM   #18
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User is banned

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Old 03-01-2007, 11:57 AM   #19
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Sounds like its baby making time... I say 3 or 4 will get you about $10k in returns per year.
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Old 03-01-2007, 11:57 AM   #20
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how much does it cost to raise a child?
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