tag:blogger.com,1999:blog-6334522028323028738.post7945967341584543180..comments2023-04-05T05:07:42.699-07:00Comments on Head Over Heels... in Debt!: T.A.X.E.S.Stephaniehttp://www.blogger.com/profile/09179245806672061033noreply@blogger.comBlogger16125tag:blogger.com,1999:blog-6334522028323028738.post-2026705399198464832012-10-22T16:27:39.025-07:002012-10-22T16:27:39.025-07:00Oh no! Sorry to hear that! But at least you found ...Oh no! Sorry to hear that! But at least you found out sooner rather than later and you've got a plan to pay off what's owed?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-8613273283150101862012-10-22T15:42:15.004-07:002012-10-22T15:42:15.004-07:00hmmm i do taxes for a living....and i am wondering...hmmm i do taxes for a living....and i am wondering if you input your information correctly. if you have no other income except for W-2 wages and you are claiming zero exemptions it would be rare that you end up owing millions...unless your salary is close to the half million range combined. putting money in an IRA is probably a better idea than paying extra to the government. Might also be a good time to make some big charitable contributions.undercover vixenhttps://www.blogger.com/profile/12253261178918528599noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-57829390971693078612012-10-07T21:25:38.448-07:002012-10-07T21:25:38.448-07:00We put our payroll numbers into the IRS withholdin...We put our payroll numbers into the IRS withholding calculator at http://www.irs.gov/Individuals/IRS-Withholding-Calculator.<br />Stephaniehttps://www.blogger.com/profile/09179245806672061033noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-44772331141601037832012-10-07T14:57:29.608-07:002012-10-07T14:57:29.608-07:00Exactly! I am thankful we discovered it now while ...Exactly! I am thankful we discovered it now while we still had a chance to fix it. Thanks for your positive words about our future home :)Stephaniehttps://www.blogger.com/profile/09179245806672061033noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-15495373149046782692012-10-07T14:56:17.743-07:002012-10-07T14:56:17.743-07:00Ugh, that's frustrating thinking you will be g...Ugh, that's frustrating thinking you will be getting money back and end up owing. Hopefully this year will be better for you.Stephaniehttps://www.blogger.com/profile/09179245806672061033noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-71010466688108860692012-10-07T14:54:39.906-07:002012-10-07T14:54:39.906-07:00Thank goodness for that! My husband would have pro...Thank goodness for that! My husband would have probably had a heart attack if we found out next year. Stephaniehttps://www.blogger.com/profile/09179245806672061033noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-31274045821496344122012-10-07T14:54:08.288-07:002012-10-07T14:54:08.288-07:00Hi Jennifer,
No, it's all base pay for us. Go...Hi Jennifer,<br /><br />No, it's all base pay for us. Good idea about taking advantage of the tax incentives when possible. We're thinking of maybe opening an IRA before the end of the year so that may help a little too. Thanks! Stephaniehttps://www.blogger.com/profile/09179245806672061033noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-90193919578966392552012-10-07T14:52:07.182-07:002012-10-07T14:52:07.182-07:00Exactly! 6 more pay periods and we'll be getti...Exactly! 6 more pay periods and we'll be getting back to normal.Stephaniehttps://www.blogger.com/profile/09179245806672061033noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-30484560824451801922012-10-07T14:51:33.346-07:002012-10-07T14:51:33.346-07:00I agree, it is confusing! So many loopholes to wat...I agree, it is confusing! So many loopholes to watch out for. Stephaniehttps://www.blogger.com/profile/09179245806672061033noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-53480654580475606502012-10-07T13:55:32.779-07:002012-10-07T13:55:32.779-07:00How did you figure out what you would owe? Like, d...How did you figure out what you would owe? Like, did you ask your accountant? Thanks. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-66340855600211169392012-10-07T05:17:41.865-07:002012-10-07T05:17:41.865-07:00Ouch. I think I'd have a good rant and then se...Ouch. I think I'd have a good rant and then several good cries over that. Still, a very good thing you found out earlier rather than when you filed - THAT would be a complete disaster.<br /><br />I bet you get the house of your dreams when you finally do buy.Eddiehttps://www.blogger.com/profile/08705986484657812416noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-2163796714702069412012-10-06T17:10:03.524-07:002012-10-06T17:10:03.524-07:00Yeah, taxes are tricky. Last year, I was expecting...Yeah, taxes are tricky. Last year, I was expecting a large refund, but I ended up owing the government money. It's good that you and your husband caught this sooner than later. SavingisSavvyhttps://www.blogger.com/profile/13070227733756649123noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-28997054621194426792012-10-06T14:24:38.221-07:002012-10-06T14:24:38.221-07:00wow that's scary! But at least you caught it b...wow that's scary! But at least you caught it before the end of the year and not when the bill would be due!Sarahhttps://www.blogger.com/profile/08449362949252022092noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-53687070348896736392012-10-06T12:43:44.206-07:002012-10-06T12:43:44.206-07:00Is a portion of your income a bonus? Bonus struct...Is a portion of your income a bonus? Bonus structures are taxed different - almost at 40%, but companies typically only take out the standard rate, which means - you will owe.<br /><br />We don't pay state tax, so I don't know about that. <br /><br />What we do to combat the owing - which one year was over $7,000 for us - is taking advantage of every tax incentive possible - flexible spending, disability insurance, 401(k) to lower our income, etc.<br /><br />It has helped tremendously. We do not have to claim 0 either.<br /><br />I am very sorry you were saddled with this realization right now. Such a blow. Jenniferhttps://www.blogger.com/profile/02863887265545701157noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-57666467832755431662012-10-06T11:37:52.936-07:002012-10-06T11:37:52.936-07:00Awww that stinks! Next year isn't too far away...Awww that stinks! Next year isn't too far away though.Michellehttps://www.blogger.com/profile/01699594650305506763noreply@blogger.comtag:blogger.com,1999:blog-6334522028323028738.post-76246722962431978502012-10-06T10:53:39.733-07:002012-10-06T10:53:39.733-07:00Bummer :( But like you said, it probably happened...Bummer :( But like you said, it probably happened for a reason. Ive learned quite a few things doing my own taxes. Like if you make over $120k and contribute to a Roth IRA you get penalized. Also, while our last house with the big payments and big taxes gave us enough to itemize, our new house with small payments and low taxes probably won't give us to itemize and the standard deduction will probably be more. Taxes...so confusing. Cash Only Livinghttps://www.blogger.com/profile/13658816214856647685noreply@blogger.com