Tax Day
- Thread starter Gilligan
- Start date
SoMDGirl42
Well-Known Member
Chasey_Lane
Salt Life
I'll be finishing up tonight.
I just had finished and cut the checks before I posted. Then I went and had myself a good long cry....
Vince
......
Done long ago and got my return back.
Done long ago and got my return back.
As a business owner...I only owe money on tax day. There is no "getting any back" going on...
Tilted
..
Ugh.
That is all.
It isn't Tax Day. It is Tax Extension Day.
I can't remember the last time I filed a return (for myself) on or before April 15th (or 18th). Tax Day comes in October for me.
Yeah..same here...but I try to avoid the big penalties by sending in the ole 'estimated tax owed' amount with the extension applications.
Great objective..great outcome, IMO.
This the time every year where I rue the fact that:
1. I don't collect a paycheck and ..
2. I didn't spend more on the business before 31 Dec to avoid giving it to Uncles Sam and Martin instead....
mmesser0
C-A-P-S CAPS CAPS CAPS!
Is there a website/calculator type thing of the sorts that will be able to tell me how many allowances my husband and I can take from our paychecks and not owe anything come tax time? Every year, we get a good amount back. I'm tired of giving the government an interest free loan. TIA!
awpitt
Main Streeter
I use TurboTax which has a new year W4 tax estimater. It's been working pretty well so far. There might be better ones out there.
wharf rat
Smilin on a cloudy day
Great objective..great outcome, IMO.
This the time every year where I rue the fact that:
1. I don't collect a paycheck and ..
2. I didn't spend more on the business before 31 Dec to avoid giving it to Uncles Sam and Martin instead....
Sums it up for us.We did pretty well last year but the gubment seems to think we did much better. There were things we just didn't need from years prior so the bottom line was pretty nice. Mileage deductions were a little less as well.
It was an expensive lesson.
We sent ours on Friday.
mmesser0
C-A-P-S CAPS CAPS CAPS!
That's how I do our taxes.. never paid attention to that part I guess, haha. I'll have to check it out. Thanks!
With a two income household you have to be careful. Back in the day you could tell your payroll people you had 20 dependents and that's what they withheld. Now if you tell them you have a dependent you have to document it. The IRS got all pissy because people were taking the money and investing it in short term deposits - that was when interest rates were pretty good on a 6 month CD. Now not only do you have to show evidence that your depends are legit, the government (IRS) will hit you with penalties and interest if you don't have enough withheld. (I think if you owe more then 10 % you qualify).
So be careful, use any tool you want but make sure you and hubby don't do the same thing. Remember there is also that little old marriage penatly thing going on, married people don't get double the deduction of two singles, you get more like one and a half.
awpitt
Main Streeter
Very good points here. I check each year to try and make it so my net result is that I have to pay a small amout or get a small refund. As far as payroll people making me verify my dependant claims on the W4, I have not had that happen at any employer. Then again, I haven't made any outragous claims (20 dependants) on my W4s.
We haven't run in to that either. And our employees run the full range from those claiming enough dependants to owe nothing at tax time to those that withhold a lot and use the IRS as a zero-interest savings deposit.....
Earlier post is correct about the fact that there are penalties associated with under-withholding and owing too much at tax time. Isn't that ironic though?
desertrat
0_0
I saw one somewhere, you should be able to figure it out from this years return though. Unless your circumstances keep changing like me.
RPMDAD
Well-Known Member
We did fair this year think we got $1250,00 back from Feds owed Md. states just under $400.00 not a wash but close enough not to tweak....