We owe taxes for the first time. Ugh.

[April20]

I''m about 3/4 thru our tax return and we''re going to owe for the first time. I was expecting it as I was a W2 employee for the first half of the year and a 1099 for the last half. It still stings though. It''s not awful at this point- about $700 total for Federal and State but DH hasn''t entered his business information yet. I''m so used to getting a nice little lump of cash! I''m a W2 employee again, so I''m telling myself it''ll be better next year.

No real reason for this point other than to whine....

 

[snowflakeluvr]

(((there there))) everyone needs a little there there once in a while

we owe a huge chunk, our first time ever-it''s painful but dh changed companies and they offered lots of $$$ incentives, so taxed to death this year...next year, we''ll be poorer again and will probably get a return. i keep working it so we receive most monthly as opposed to a return because i still need diaper money! have a great weekend anyway

 

[AmberGretchen]

Ditto snowflake - someone at my DH''s company in HR gave him some misinformation, so our withholdings got screwed up, so we owe a huge chunk as well. Its definitely painful, but we''re fortunate to have the savings to absorb it without it completely ruining our finances. Definitely not fun though...

 

[chrono]

Another positive way to look at it is that you kept all your money in 2008; Uncle Sam wasn''t holding back what is rightfully yours.

 

[Skippy123]

Date: 3/14/2009 12:16:12 PM
Author: Chrono
Another positive way to look at it is that you kept all your money in 2008; Uncle Sam wasn't holding back what is rightfully yours.

Ditto. sorry you owe though and AG too.

 

[mrssalvo]

my husband owns his own business and we have to pay in quarterly taxes. I swear there would be a huge tax revolt in the US if folks had to actually pay in what is automatically being taken out. Sorry about owing...no fun.

 

[LaraOnline]

Date: 3/14/2009 12:52:21 PM
Author: mrssalvo
my husband owns his own business and we have to pay in quarterly taxes. I swear there would be a huge tax revolt in the US if folks had to actually pay in what is automatically being taken out. Sorry about owing...no fun.

Yes, running a business is a HUGE eye-opener, isn''t it, in relation to the tax take.

We are a small business, our margins are not that great, and the tax we must pay quarterly, including the income tax for all staff, sales taxes (known as GST) and then our preliminary company tax, is HUGE.

None of us (that is, either ourselves or our employees) are on really great wages, so the money is not really representative of us doing fantastically as far as living standards go... To be honest, it''s quite flabbergasting (and scary)!!

 

[April20]

Date: 3/14/2009 12:16:12 PM
Author: Chrono
Another positive way to look at it is that you kept all your money in 2008; Uncle Sam wasn''t holding back what is rightfully yours.

Very good point. I was actually really good about putting 40-50% of my earnings in savings to cover these expenses. It at least earned me some interest! I just hate giving up the cash!!!

 

[AmberGretchen]

Date: 3/14/2009 12:17:15 PM
Author: Skippy123

Date: 3/14/2009 12:16:12 PM

Author: Chrono

Another positive way to look at it is that you kept all your money in 2008; Uncle Sam wasn''t holding back what is rightfully yours.

Ditto. sorry you owe though and AG too.

Thanks Skip - I honestly don''t mind the concept of it, its just that normally we are really careful to make sure it comes out right, or very close (last year we were literally $1 off), so its more that we are upset about the surprise

 

[bebe]

Date: 3/14/2009 12:52:21 PM
Author: mrssalvo
my husband owns his own business and we have to pay in quarterly taxes. I swear there would be a huge tax revolt in the US if folks had to actually pay in what is automatically being taken out. Sorry about owing...no fun.

Ditto, ditto

business owner here as well. the amount we pay is obscene. and it''s going up.
we cringe writing those checks.

but, ahhhh, the priviledge of living in America
tax, tax, taxes.
I do know it could be worse, we actually pay some taxes
on business in the UK