Comments on: Finished Our Taxes – All I Can Say Is My Wallet Is A Lot Lighter Now.

By: when will the irs refund checks come

when will the irs refund checks come — Thu, 08 May 2008 10:00:01 +0000

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By: Money Mistake Monday - Not Paying Enough In Taxes Syndrome. | My Two Dollars

Mon, 05 May 2008 14:00:57 +0000

[...] know I touched upon our tax issue briefly before, but this is a very important lesson to learn – either pay estimated taxes every [...]

By: david

david — Tue, 08 Apr 2008 04:57:31 +0000

Sorry to hear it PT – it stinks, but we live and learn I suppose!

By: PT

PT — Tue, 08 Apr 2008 04:56:06 +0000

We negelected to properly change our W-4s and we have a very similar tax bill. It stinks to pay this much out. Our’s even included a $51 penalty. Here’s hoping I made that while holding the govt’s money this past year.

By: david

david — Thu, 03 Apr 2008 20:19:48 +0000

Now that is a nice kind of a surprise!

By: FFB

FFB — Thu, 03 Apr 2008 20:00:06 +0000

We had a huge surprise in taxes this year. Lucky for us it was money owed to us not that we owe the gov’t. It had to do with the fact that our son was born in 07 and my wife was out of work for a bit, and I never changed my W-2 from when we got married. We’ve recently adjusted our W-2’s so hopefully next year we’ll come closer to zero.

By: Pasadena Financial Planner

Pasadena Financial Planner — Thu, 03 Apr 2008 00:07:56 +0000

Concerning item #1, blogging is a hobby until it starts yielding some revenue. Then, it switches to a hobby/business. I find that a side business is useful for a variety of reasons, but many people overlook the necessary overhead of running even a small business. Whatever entity you use (e.g. partnership, etc.), you still need to make quarterly tax payments to our buddy Uncle Sam and to Arnold. While this can be a bit painful, I find that quarterly payments force a bit of discipline to company bookkeeping. Perhaps, this is the dull silver lining to staying current on your business taxes.

By: Frugal Babe

Frugal Babe — Wed, 02 Apr 2008 23:16:10 +0000

My husband and I have an S-Corp that pays us each a monthly paycheck as well as dividends. The paycheck has taxes withheld and shows up on a regular W2, but the dividends don’t have anything withheld at all. So to compensate we have extra taxes withheld on our regular checks, and I also have an extra $300/month withheld from my part-time job. But it was all guess and check last year, and we’re getting $3800 back. So now I’m reducing the amount that I have withheld on the checks from my part-time job, in order to hopefully get it a little closer to right this year.

By: Getting A Tax Refund? Make More Money This Year Instead. | My Two Dollars

Getting A Tax Refund? Make More Money This Year Instead. | My Two Dollars — Wed, 02 Apr 2008 17:01:41 +0000

[...] nor behind, sometimes it just doesn’t work out that way. Take for example tax year 2007 – we owed $3,600 because of a few issues – but at least I wasn’t giving the government an interest-free loan! If you are getting a tax [...]

By: David

David — Wed, 02 Apr 2008 15:26:50 +0000

No, the penalty was because we underpaid – the big jump in income came in the last quarter so no quarterlies were paid.

And no, they are no liable. I wish they were though.