Started on my 2012 Personal taxes!

[ThreatMatrix]

Woot woot!
Only three more years to go.

 

[URGatorBait]

Woot woot!
Only three more years to go.

So what the **** have you been doing for the last 4 years?

 

[ThreatMatrix]

So what the **** have you been doing for the last 4 years?

Procrastinating

 

[bradgator2]

My brother-in-law is an orthopedic sales rep. So he is not getting paid from his surgeries until the bill gets generated, contested by insurance, collected from patient, etc, etc. Bottom line... his income is from work done months ago and therefore, his taxes are always a year behind. They always file an extension, and always make quarterly payments throughout the year to try to get it close. They've done it this way for over 10 years.

About 6 months ago, my sister goes to use her debit card. Denied, no funds. Which was odd, because there was over $30,000 in there. Long story short... the IRS came in in the middle of the night and took every penny. They claim they sent a certified letter. It was to a ****ing address that my sister hasnt lived in over 8 years.

That money was going to be due (which is why it was sitting in the checking account). But the way it was done was criminal, imo.

 

[bradgator2]

I always try to hum it in real close. Last year, I owed $300. This year, I owed $175. For 2016.. I'm going get that sucker within 50 bucks.

 

[URGatorBait]

My brother-in-law is an orthopedic sales rep. So he is not getting paid from his surgeries until the bill gets generated, contested by insurance, collected from patient, etc, etc. Bottom line... his income is from work done months ago and therefore, his taxes are always a year behind. They always file an extension, and always make quarterly payments throughout the year to try to get it close. They've done it this way for over 10 years.

About 6 months ago, my sister goes to use her debit card. Denied, no funds. Which was odd, because there was over $30,000 in there. Long story short... the IRS came in in the middle of the night and took every penny. They claim they sent a certified letter. It was to a ****ing address that my sister hasnt lived in over 8 years.

That money was going to be due (which is why it was sitting in the checking account). But the way it was done was criminal, imo.

Is he a conservative?

 

[Durty South Swamp]

he voted for Romney didn't he?

 

[78]

My brother-in-law is an orthopedic sales rep. So he is not getting paid from his surgeries until the bill gets generated, contested by insurance, collected from patient, etc, etc. Bottom line... his income is from work done months ago and therefore, his taxes are always a year behind. They always file an extension, and always make quarterly payments throughout the year to try to get it close. They've done it this way for over 10 years.

About 6 months ago, my sister goes to use her debit card. Denied, no funds. Which was odd, because there was over $30,000 in there. Long story short... the IRS came in in the middle of the night and took every penny. They claim they sent a certified letter. It was to a ****ing address that my sister hasnt lived in over 8 years.

That money was going to be due (which is why it was sitting in the checking account). But the way it was done was criminal, imo.

He didn't make estimated payments while he waited to file? Ouch.

 

[78]

I always try to hum it in real close. Last year, I owed $300. This year, I owed $175. For 2016.. I'm going get that sucker within 50 bucks.

I laugh because so many people consider getting a big refund a good thing. You're just lending money to the government.

 

[Swamp Queen]

My brother-in-law is an orthopedic sales rep. So he is not getting paid from his surgeries until the bill gets generated, contested by insurance, collected from patient, etc, etc. Bottom line... his income is from work done months ago and therefore, his taxes are always a year behind. They always file an extension, and always make quarterly payments throughout the year to try to get it close. They've done it this way for over 10 years.

About 6 months ago, my sister goes to use her debit card. Denied, no funds. Which was odd, because there was over $30,000 in there. Long story short... the IRS came in in the middle of the night and took every penny. They claim they sent a certified letter. It was to a ****ing address that my sister hasnt lived in over 8 years.

That money was going to be due (which is why it was sitting in the checking account). But the way it was done was criminal, imo.

What ortho company? Can he get me grant or exhibit money for CME courses? That'd be great, thanks.

 

[crosscreekcooter]

What ortho company? Can he get me grant or exhibit money for CME courses? That'd be great, thanks.

I want money too.

 

[bradgator2]

I laugh because so many people consider getting a big refund a good thing. You're just lending money to the government.

That's how I feel too.

But my best friend is, self-admittedly, horrible with his money. So he purposefully sets up his withholdings to get a large refund as a way of forced savings. Of course, knowing this... he starts getting himself in the hole because he knows a large check is coming in February.

 

[playzwtrux]

I laugh because so many people consider getting a big refund a good thing. You're just lending money to the government.

.....lending at a horrible interest rate - 0%.

 

[daytonacane]

I laugh because so many people consider getting a big refund a good thing. You're just lending money to the government.

I have no earned income and live off social security and RMD from my IRA and pay quarterly taxes. I generally take the RMD the first of the year depending upon how the market is doing and have no tax taken out as I agree that is like lending money to the government I am upset enough over having to pay taxes anyway as I paid taxes on monies going into the IRA and now pay taxes on withdrawals. A friend of mine stated I should be thanksful to have enough money to be taxed which I suppose is true.

 

[divits]

Woot woot!
Only three more years to go.

 

[78]

I have no earned income and live off social security and RMD from my IRA and pay quarterly taxes. I generally take the RMD the first of the year depending upon how the market is doing and have no tax taken out as I agree that is like lending money to the government I am upset enough over having to pay taxes anyway as I paid taxes on monies going into the IRA and now pay taxes on withdrawals. A friend of mine stated I should be thanksful to have enough money to be taxed which I suppose is true.

I'm a little confused by your comment. You did or did not pay taxes on the IRA contributions? If you did, then those dollars when withdrawn are not counted as income. Social security is taxed based on your provisional income, which means everything from lines 7 through 21 of the 1040 and including 50% of the social security benefits themselves. The higher that provisional income, the more your benefits are included as income, up to a cap of 85%.

 

[divits]

I'm a little confused by your comment. You did or did not pay taxes on the IRA contributions? If you did, then those dollars when withdrawn are not counted as income. Social security is taxed based on your provisional income, which means everything from lines 7 through 21 of the 1040 and including 50% of the social security benefits themselves. The higher that provisional income, the more your benefits are included as income, up to a cap of 85%.

 

[G 2]

I always try to hum it in real close. Last year, I owed $300. This year, I owed $175. For 2016.. I'm going get that sucker within 50 bucks.

Impressive. However I prefer to owe more. Just get it within 10% and you are fine. :cool:

 

[78]

There's a phaseout on deductibility for IRA contributions after you pass a certain income threshold and you are "covered" by a retirement plan at work. Before the introduction of the Roth, a lot of taxpayers fell into this trap. The IRS allows you to use a ratio method to pull out the post-tax money as non-income.

 

[GatorJ]

I'm dragging ass on paying taxes this year. I owe 2K.