The Down Range Forum
Member Section => Down Range Cafe => Topic started by: TAB on March 26, 2016, 07:29:31 PM
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just finally got my taxes done.
it really, really hurt.
I though I was doing really good and saved quite a bit of cash last year.... nope. savings drops down to almost nothing.
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Perfect timing: now you can be a Bernie voter
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I break even, year after year... I have it figured out.
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Have more withheld.
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Owed 'Uncle Sugar' $500, my state refunded me $488. Have changed withholding on W-4 for $10 more dollars per week.
TAB, since you are self-employed, pay estimated taxes quarterly. It will help, if you don't already do so.
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I owed last year more than I will make this year...
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I was having too much federal tax withheld, an extra $50 a month, so I changed it and thought I would get $400 back. I must not have changed it soon enough because I got $800. My goal is to get something back but not that much.
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Have more withheld.
self employed, I pay quarterly. This year it was the unearned income that got me.
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http://www.vox.com/policy-and-politics/2016/3/25/11293258/tax-plan-calculator-2016
punch in your last years numbers and see what you get....
$70070 more. granted that's earned income only not unearned... yes I did very well, but it came from flipping houses. ( 29 in total) my construction company didn't do so well last year. only made me 38k and change. ALL OF MY EMPLOYEES MADE MORE THEN I DID! all but 2 made more then twice what i did.
yet at the end of the year, after I write the check to the feds I will have a whole $941.17 in my personal savings. $1000 in my checking( min for the bank with out getting fees, I always transfer what I need from my saving into my checking to pay the bills. ) so i busted my ass for a entire year and only have 1 gun, $1500 in new tools and 2k in the bank. yet people wonder why the hell i think the system is crap. every thing else went into keeping people employed.
PS i live in a 1400 sqft house, i drive a 22 year old truck.... yeah sure feels like i am working to pay the bills of those that mooch off the system.
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http://www.vox.com/policy-and-politics/2016/3/25/11293258/tax-plan-calculator-2016
punch in your last years numbers and see what you get....
$70070 more. granted that's earned income only not unearned... yes I did very well, but it came from flipping houses. ( 29 in total) my construction company didn't do so well last year. only made me 38k and change. ALL OF MY EMPLOYEES MADE MORE THEN I DID! all but 2 made more then twice what i did.
yet at the end of the year, after I write the check to the feds I will have a whole $941.17 in my personal savings. $1000 in my checking( min for the bank with out getting fees, I always transfer what I need from my saving into my checking to pay the bills. ) so i busted my ass for a entire year and only have 1 gun, $1500 in new tools and 2k in the bank. yet people wonder why the hell i think the system is crap. every thing else went into keeping people employed.
PS i live in a 1400 sqft house, i drive a 22 year old truck.... yeah sure feels like i am working to pay the bills of those that mooch off the system.
And you have a hot doctor wife and child ;)
You need to look at something with your financial people - Knowing a little about property and equipment, it doesn't sound like they are reporting your financial transactions correctly - unless you are not in the business of buying and selling or if you do not intend to reinvest the procedes. Second, they need to do a better job of estimating through the year, or your large sums will cost you larger penalties for not making large enough contributions through the year.
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Sanders would raise my taxes from less than $9,000 to almost $13,000. He needs to be defeated at all cost. Trump would somehow lower my taxes to under $6,000, less than half of the Bern. He would probably raise the national debt because the money has to come from somewhere.
How your tax liability changes under...
Trump
Yuuuge tax cuts, without explicit offsetting spending cuts.
Pay $2,930 less (Tax rate: 11.7%)
Cruz
For most, 10% flat rate on income tax and 16% value-added tax.
Pay $1,740 less (Tax rate: 14%)
Clinton
Taxes stay about the same.
Pay $30 more (Tax rate: 17.5%)
Sanders
Big tax increases, mostly on the rich, to pay for big programs.
Pay $3,850 more (Tax rate: 25.1%)
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And you have a hot doctor wife and child ;)
You need to look at something with your financial people - Knowing a little about property and equipment, it doesn't sound like they are reporting your financial transactions correctly - unless you are not in the business of buying and selling or if you do not intend to reinvest the procedes. Second, they need to do a better job of estimating through the year, or your large sums will cost you larger penalties for not making large enough contributions through the year.
in my case its keeping people in other business employed, which is deep in tge red, but qon't be once production starts.I also run a nonprofit which I fund the overhead. Still it sucks that I send them 40+% of my income.
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I ended up owing a little to the Fed and getting back a little from the State, Oregon (same a TAB). What hurts this year is my Health Insurance premiums. Started a new job and to cover my family my portion is $1700 a month. That is more than my mortgage, Car payment and insurance combined. ::)
I almost quit my job over it but they helped out a bit.
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Thankfully my wife is a doc, so that is covered by her employer, otherwise it would be about 1900/ month.
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I ended up owing a little to the Fed and getting back a little from the State, Oregon (same a TAB). What hurts this year is my Health Insurance premiums. Started a new job and to cover my family my portion is $1700 a month. That is more than my mortgage, Car payment and insurance combined. ::)
I almost quit my job over it but they helped out a bit.
Wow. If I had to pay that much for insurance I'd be left with $1,000 to pay for everything else.
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Wow. If I had to pay that much for insurance I'd be left with $1,000 to pay for everything else.
That's a family plan, Frank.
My premiums here in MA based on my unemployment income of about $2800/month are $250 bucks/month since my wife is on Medicare already. They're going up if my next employer doesn't carry me or I work on contract.
Thank you to the taxpayers paying the rest of my premiums...
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Sanders would raise my taxes from less than $9,000 to almost $13,000. He needs to be defeated at all cost. Trump would somehow lower my taxes to under $6,000, less than half of the Bern. He would probably raise the national debt because the money has to come from somewhere.
<snip>
Sensible spending by the fed and you can lower your taxes without the media mantra of "..the money has to come from somewhere." Sure, it comes from somewhere and that is from you and I....and Tab, of course! I think Tom, Path and Mike pay some...but I dunno... :o
Anyway, the outright pissing away of your money and my money is criminal. The Congress has set itself up as an imperial council sheltered from the laws and restrictions imposed on you and I. They even have an exemption for insider transactions on stock trades. The rat bastards don't have to adhere to Obamacare and their staffs are exempted to....I'm paying $850 a month more than I was 2-1/2 years ago becase of Obamafornicare. Happy to have a job and I've held the line...but no raise for 4 years.
Hey, we just don't matter. Our productivity is theirs to enjoy....not ours. So they steal it....and they tax it sneaky by doing things like printing more money to make ours worth less, call taxes fees instead of taxes, and pit us against ourselves in the rich-poor thing which the media loves.
So I pay a lot of tax, my kinfolk that make a lot less than I do not so much. So when you figure the exemptions I can't take because of income level when it's all said and done I'm putting in 60-70 hours a week (sound familiar Tab) and my cousins are able to afford vacations and hunting trips I can't....but then they say I'm the rich one...lost 3 weeks vacation because I couldn't take it last year. The guys working for me got theirs...and their holidays too because I saw to it (familiar Tab?)...me, I could have taken mine if I had wanted because I can do anything I want on my last day (at work).
So I know about 40-50 people who lost their jobs in this downturn....no job and no exemption from buying Obamafornicare. Borrowing money on credit cards hoping for a job to pay for the insurance the rat bastards imposed on us.
Heck, I am rambling all over the place...rant off.
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I hear ya Rastus about them pissing away our money. Some of the pork barrel spending is beyond ridiculous. If they got rid of that BS they could lower our taxes and our multi-trillion dollar debt at the same time and I'd be a happy camper. I just have a hard time believing it will get done when the majority in both parties want to stick to the status quo.
I have good health insurance that I pay into every month as a GM retiree. I only see the doctor for a few minutes and used to pay a $25 co-pay. Now I have a deductible of $70 for every office call since Obomanation care was passed. That's like $20 a minute and was quite a jump but I know a lot of people have it way worse off than I do.
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End foreign aid for starters.
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I'm for ending foreign aid. We should start in Chicago, San Antonio, Los Angeles, Detroit....anywhere illegals have planted themselves. That would include illegals made legals illegally by the government especially to include Syrians, and others of the mooslim religion etc.
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Cut Federal government spending to what is required by the constitution, with military spending being near the top of the list.
Federal Government would be able to run on maybe a 4-8% flat tax. Is a flat tax fair? No, but it would be wonderful.
Make a reasonable standard deduction for food and housing and a deduction for all legitimate medical expenses and it gets a bit fairer.
Welfare is gone Obamacare is gone and the list will go on for quite awhile.
It is theft to force folks to pay for any service delivered directly to individuals, the borderline exception might be schools, but all funded and managed at the local level, state, county, large metropolitan area or city/town or a combination of these that works locally.
Gasoline tax goes for upkeep of roads and nothing else. If more is needed, it can come from state tax. The more local the tax, they more control of it's use and amount the people will have.
There are some states that will not be able to provide the level of service of the more wealthy states but that might be because they had their budgets supplemented with federal taxes taken from the wealthier states allowing them to not become competitive over the years. These states, if managed properly, should be able to become very competitive quickly. Lower state and local taxes will be a magnet for consideration in corporate expansion and for new businesses. Idle land for sale at attractive prices to both the buyer and seller and expanded job opportunities for unemployed or low paid citizens will make a dramatic growth in the local economy.
Just keep the Fed's noses out of it and it will fine...and with the reduced funding at the federal level, there won't be any noses available to stick into local government.
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Finally got around to the tax thing...
Owe the drunken uncle $96 bucks and getting $152 back from the commies on Beacon Hill!
Science and third grade math...
And, I don't own anything or owe anything...