Comments on: I Owe, I Owe, It’s Off…Oh Forget It, I Owe The IRS Money. Again. http://www.mytwodollars.com/2009/03/19/i-owe-i-owe-its-offoh-forget-it-i-owe-the-irs-money-again/ A place to discuss money...for the rest of us. Fri, 10 Feb 2012 05:21:23 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Patrickhttp://www.mytwodollars.com/2009/03/19/i-owe-i-owe-its-offoh-forget-it-i-owe-the-irs-money-again/#comment-32238 Patrick Thu, 26 Mar 2009 19:04:44 +0000 http://www.mytwodollars.com/?p=1973#comment-32238 I haven't done my taxes yet this year, and I'm scared. I Think I will owe about $8k-$10k. I have the cash set aside, but it's ugly to think about! I also need to do my estimated taxes, which I've never done before (and part of the reason why I will owe so much this year). Ah, I hate taxes. I don't mind paying my share, just hate how complicated they are. I haven’t done my taxes yet this year, and I’m scared. I Think I will owe about $8k-$10k. I have the cash set aside, but it’s ugly to think about!

I also need to do my estimated taxes, which I’ve never done before (and part of the reason why I will owe so much this year). Ah, I hate taxes. I don’t mind paying my share, just hate how complicated they are.

]]> By: davidhttp://www.mytwodollars.com/2009/03/19/i-owe-i-owe-its-offoh-forget-it-i-owe-the-irs-money-again/#comment-32159 david Sun, 22 Mar 2009 15:52:37 +0000 http://www.mytwodollars.com/?p=1973#comment-32159 No worries, I can see where the confusion would have come from! No worries, I can see where the confusion would have come from!

]]> By: my journeyhttp://www.mytwodollars.com/2009/03/19/i-owe-i-owe-its-offoh-forget-it-i-owe-the-irs-money-again/#comment-32158 my journey Sun, 22 Mar 2009 15:48:41 +0000 http://www.mytwodollars.com/?p=1973#comment-32158 Ah that makes much more sense....the wife did the exact same thing except not for medical bills. Sorry for the confusion - I thought you meant you had your taxes done today and needed to pay but didn't have it. Ah that makes much more sense….the wife did the exact same thing except not for medical bills.

Sorry for the confusion – I thought you meant you had your taxes done today and needed to pay but didn’t have it.

]]> By: davidhttp://www.mytwodollars.com/2009/03/19/i-owe-i-owe-its-offoh-forget-it-i-owe-the-irs-money-again/#comment-32154 david Sun, 22 Mar 2009 05:30:30 +0000 http://www.mytwodollars.com/?p=1973#comment-32154 We don't need the extension, we have the money to pay the taxes due. But I did not pay enough estimated through 2008 because we were paying off the medical bills instead, which are now also paid off. We don’t need the extension, we have the money to pay the taxes due. But I did not pay enough estimated through 2008 because we were paying off the medical bills instead, which are now also paid off.

]]> By: my journeyhttp://www.mytwodollars.com/2009/03/19/i-owe-i-owe-its-offoh-forget-it-i-owe-the-irs-money-again/#comment-32153 my journey Sat, 21 Mar 2009 22:28:49 +0000 http://www.mytwodollars.com/?p=1973#comment-32153 MTD, Maybe I am missing something (or maybe I am pointing out something not thought about)? Why not file for an extension on your taxes...this way you pay the medical bills and then you save until octoberish when you Know your bill anyway? MTD,

Maybe I am missing something (or maybe I am pointing out something not thought about)?

Why not file for an extension on your taxes…this way you pay the medical bills and then you save until octoberish when you Know your bill anyway?

]]> By: davidhttp://www.mytwodollars.com/2009/03/19/i-owe-i-owe-its-offoh-forget-it-i-owe-the-irs-money-again/#comment-32119 david Fri, 20 Mar 2009 02:58:51 +0000 http://www.mytwodollars.com/?p=1973#comment-32119 Nice going LAL! Nice going LAL!

]]> By: LALhttp://www.mytwodollars.com/2009/03/19/i-owe-i-owe-its-offoh-forget-it-i-owe-the-irs-money-again/#comment-32118 LAL Fri, 20 Mar 2009 01:14:35 +0000 http://www.mytwodollars.com/?p=1973#comment-32118 This year I might owe $240 to the federal and $120 from the state. That's AWESOME! I won! But my worse year we owed around $6k to the federal government. I was sick. This year I might owe $240 to the federal and $120 from the state. That’s AWESOME! I won!

But my worse year we owed around $6k to the federal government. I was sick.

]]> By: Abigailhttp://www.mytwodollars.com/2009/03/19/i-owe-i-owe-its-offoh-forget-it-i-owe-the-irs-money-again/#comment-32115 Abigail Thu, 19 Mar 2009 23:07:57 +0000 http://www.mytwodollars.com/?p=1973#comment-32115 I have this problem this year. Last year, I knew my husband's taxes would take care of it. But this year he's unemployed and I'm earning throughout the whole year -- not a lot but still... We don't know if/when he'll be working again. His unemployment benefits will be running out soon. So we have literally no idea what our income will be. The biggest thing that i like to remember: So long as you pay at least as much in taxes during 2009 as you paid in 2008, you won't receive penalties. The IRS more or less figures you made payments in good faith. So you might still owe money, but you won't accrue interest. Since money's tight this year, we may have to shoot for this goal, rather than paying 15.3% of earnings for Social Security/Medicare plus 10-15% for actual income tax each and every quarter. I have this problem this year. Last year, I knew my husband’s taxes would take care of it.

But this year he’s unemployed and I’m earning throughout the whole year — not a lot but still… We don’t know if/when he’ll be working again. His unemployment benefits will be running out soon. So we have literally no idea what our income will be.

The biggest thing that i like to remember: So long as you pay at least as much in taxes during 2009 as you paid in 2008, you won’t receive penalties. The IRS more or less figures you made payments in good faith. So you might still owe money, but you won’t accrue interest.

Since money’s tight this year, we may have to shoot for this goal, rather than paying 15.3% of earnings for Social Security/Medicare plus 10-15% for actual income tax each and every quarter.

]]> By: Gail Franceshttp://www.mytwodollars.com/2009/03/19/i-owe-i-owe-its-offoh-forget-it-i-owe-the-irs-money-again/#comment-32113 Gail Frances Thu, 19 Mar 2009 22:28:04 +0000 http://www.mytwodollars.com/?p=1973#comment-32113 I've been in a similar position for the past 2 years and ended up not being able to send in much $ on my estimated payments. I am still paying installments/penalties on 2007, but was able to send in more in 2008 for estimated, so I am hopeful that I will not owe too much when I do my taxes this month. I have recently been hired as a full time employee so won't have that problem in 2009. Hope to get all taxes squared away in the next six months! I’ve been in a similar position for the past 2 years and ended up not being able to send in much $ on my estimated payments. I am still paying installments/penalties on 2007, but was able to send in more in 2008 for estimated, so I am hopeful that I will not owe too much when I do my taxes this month. I have recently been hired as a full time employee so won’t have that problem in 2009. Hope to get all taxes squared away in the next six months!

]]> By: Jason @ MyMoneyMinutehttp://www.mytwodollars.com/2009/03/19/i-owe-i-owe-its-offoh-forget-it-i-owe-the-irs-money-again/#comment-32112 Jason @ MyMoneyMinute Thu, 19 Mar 2009 22:17:19 +0000 http://www.mytwodollars.com/?p=1973#comment-32112 Looks like we're gonna owe about $2k as well. I've only sketched it out, so I'll have to sit down w/Turbo Tax this weekend and see what really happens w/the numbers. We just had work that didn't pull enough money out, and didn't monitor it closely enough until later in the year. Looks like we’re gonna owe about $2k as well. I’ve only sketched it out, so I’ll have to sit down w/Turbo Tax this weekend and see what really happens w/the numbers. We just had work that didn’t pull enough money out, and didn’t monitor it closely enough until later in the year.

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