Income Taxes

[The Wolf]

Getting a larger than normal refund (Thank you buying a new house mid year), and use an accountant.

 

+1

[driveby]

Well, at least our tax dollars aren't being wasted.

[evil_gop_liars]

You're gonna be one happy mofo.

 

House Ways and Means Committee Republicans have issued a summary of the 25 tax increases signed into law by Mr. Obama so far. They total $670 billion over the next 10 years, including 14 tax hikes (including an annual tax on every insurance policy and an annual tax on brand-name drugs) that break Mr. Obama's solemn 2008 campaign pledge never to raise taxes on families making less than $250,000 a year.

 

 

Recent polling shows that most people believe President Obama has either left taxes the same for this past year or actually raised them. The truth could not be more different. The President cut taxes for 98 percent of working people in 2009

[bpwallace49]

You're gonna be one happy mofo.

 

House Ways and Means Committee Republicans have issued a summary of the 25 tax increases signed into law by Mr. Obama so far. They total $670 billion over the next 10 years, including 14 tax hikes (including an annual tax on every insurance policy and an annual tax on brand-name drugs) that break Mr. Obama's solemn 2008 campaign pledge never to raise taxes on families making less than $250,000 a year.

 

OMG an op-ed piece written by Karl Rove . . Dude cant you find a better source? If it is true, then I am sure that you can find it somewhere besides an opinion piece written by a Republican strategist . . . . cant you?

[driveby]

Recent polling shows that most people believe President Obama has either left taxes the same for this past year or actually raised them. The truth could not be more different. The President cut taxes for 98 percent of working people in 2009

Your attempt to access the requested site may be in violation of ******** policy and has been restricted by the Technology Services Department.

 

Site Category: "Political/Activist Groups"

 

Blocked web page: http://www.ctj.org/obamastaxcuts.php

 

[driveby]

OMG an op-ed piece written by Karl Rove . . Dude cant you find a better source? If it is true, then I am sure that you can find it somewhere besides an opinion piece written by a Republican strategist . . . . cant you?

Do you dispute the information you quoted in your reply?

[bushwacked]

Clearly, we are all victims.

[evil_gop_liars]

 

Oh that's right you're in Texas.

 

Texas school books and Texas internet ...I think China does the same thing.

[bpwallace49]

Do you dispute the information you quoted in your reply?

 

Can you provide any gard evidence besides an OPINION piece that uses the HOUSE REPUBLICANS as its source?

 

real information has things like foot notes and references to prove validity . . sadly enough Karl Rove doesnt use those pesky details.

 

http://ctj.org/pdf/truthaboutobamataxcuts.pdf

[cre8tiff]

Recent polling shows that most people believe President Obama has either left taxes the same for this past year or actually raised them. The truth could not be more different. The President cut taxes for 98 percent of working people in 2009

 

For those that are reading-impaired, here is a graphic:

 

[CaP'N GRuNGe]

Almost made a $200 mistake.

 

State/Fed combined pay in $92.40. Anyone else get that close?

[Furd]

Dude, I dialed the diaper dirt in this year. Paid $256 federal and applied my $4 from the state to next year.

 

Not as good as grunge, but close.

[Azazello1313]

we try (and fail miserably every year) to adjust my withholding so that we don't have to make quarterly payments on my wife's income as a musician. in 2007, we owed like a grand, and in 2008 we owed like $2500, then this year we got back $2500

 

this year I am going to look at it at least once or twice during the year to try and at least get it into three digits one way or the other.

[cre8tiff]

then this year we got back $2500

 

I'll bet that's because your taxes went down.

 

Thank you, Obamessiah!

Edited April 16, 2010 by cre8tiff

[Gopher]

I've used TurboTax for several years, now... Always gotten money back, or at the very worst, had to pay in a few hundred. This year, however, we got crushed to the tune of about 8 grand. Biggest change is that this is the first year (in its entirety) that we didn't pay any mortgage interest (currently renting since September 2008). I knew that was going to make a significant difference, and that we were going to have to pay in. I underestimated the impact, however, and we're taking the hit because of it.

 

I guess the good news is that we didn't "let the government use our money" during the year. The downside of that is that we were charged a "Penalty for Underpayment of Estimated Tax"... something I never knew even existed. Oh well... that penalty is pocket change compared to what we would have been charged for filing/paying late.

 

First thing on my agenda, going forward, is to adjust what is being withheld from our paychecks. Since we're already nearly a third of the way through 2010, it's going to have to be a pretty drastic adjustment, in order to avoid the same thing happening next April. In all honesty, it's probably too late at this point (to completely avoid paying in next year), but at least we can soften the blow by increasing our withholdings for the remaining 8 and 1/2 months.

 

Lesson learned... mortgage interest truly is your best friend, come tax season. One of our goals is definitely to get back into the housing market within the next couple of years. This will also be the last year, more than likely, that I avoid going to a CPA for taxes... We completed a short-sale on our previously owned home in January. Ended up selling for about 40% of what we bought the house for. Very ugly situation, and a LONG story. Needless to say, I'll need some expert advise next year, as our lender may be sending us a fairly hefty 1099 due to the short-sale.

[Ursa Majoris]

We completed a short-sale on our previously owned home in January. Ended up selling for about 40% of what we bought the house for. Very ugly situation, and a LONG story. Needless to say, I'll need some expert advise next year, as our lender may be sending us a fairly hefty 1099 due to the short-sale.

Ouch.

[Jimmy Neutron]

I've used TurboTax for several years, now... Always gotten money back, or at the very worst, had to pay in a few hundred. This year, however, we got crushed to the tune of about 8 grand. Biggest change is that this is the first year (in its entirety) that we didn't pay any mortgage interest (currently renting since September 2008). I knew that was going to make a significant difference, and that we were going to have to pay in. I underestimated the impact, however, and we're taking the hit because of it.

 

I guess the good news is that we didn't "let the government use our money" during the year. The downside of that is that we were charged a "Penalty for Underpayment of Estimated Tax"... something I never knew even existed. Oh well... that penalty is pocket change compared to what we would have been charged for filing/paying late.

 

First thing on my agenda, going forward, is to adjust what is being withheld from our paychecks. Since we're already nearly a third of the way through 2010, it's going to have to be a pretty drastic adjustment, in order to avoid the same thing happening next April. In all honesty, it's probably too late at this point (to completely avoid paying in next year), but at least we can soften the blow by increasing our withholdings for the remaining 8 and 1/2 months.

 

Lesson learned... mortgage interest truly is your best friend, come tax season. One of our goals is definitely to get back into the housing market within the next couple of years. This will also be the last year, more than likely, that I avoid going to a CPA for taxes... We completed a short-sale on our previously owned home in January. Ended up selling for about 40% of what we bought the house for. Very ugly situation, and a LONG story. Needless to say, I'll need some expert advise next year, as our lender may be sending us a fairly hefty 1099 due to the short-sale.

 

That blows - sorry for you hugh loss. Contemplating a decision that might have similar ramifications - whether or not to buy a home in CA, which is still listed as a declining housing market. I hate to buy and get upsidedown in a house, but would also hate to lose out on all that beautiful interest in a new mortgage....

[bushwacked]

We completed a short-sale on our previously owned home in January. Ended up selling for about 40% of what we bought the house for. Very ugly situation, and a LONG story. Needless to say, I'll need some expert advise next year, as our lender may be sending us a fairly hefty 1099 due to the short-sale.

 

[piratesownninjas]

Can't you children stay on topic and not go on your political witch hunts just once?

[bushwacked]

Can't you children stay on topic and not go on your political witch hunts just once?

 

Some Huddler's come across as a chives when they talk politics.

 

Some Huddler's come across as a chives when they talk football.

 

Some Huddler's just come across as a chives.

 

It's all good.

[BYoder]

Lesson learned... mortgage interest truly is your best friend, come tax season. One of our goals is definitely to get back into the housing market within the next couple of years. This will also be the last year, more than likely, that I avoid going to a CPA for taxes... We completed a short-sale on our previously owned home in January. Ended up selling for about 40% of what we bought the house for. Very ugly situation, and a LONG story. Needless to say, I'll need some expert advise next year, as our lender may be sending us a fairly hefty 1099 due to the short-sale.

 

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

http://www.irs.gov/individuals/article/0,,id=179414,00.html

 

I don't know your situation but you probably won't have to pay tax on the debt forgiven in the short sale.

[Clubfoothead]

Got the usual refund. I got to H&R Block and pay them to prepare my taxes. I have the maximum tax withheld each paycheck to make sure I don't owe the government any extra once a year.

[Sugar Magnolia]

In '08 we over paid by $16,400, and in '09, we over paid $7,300. If we over pay, we just put in towards the following year's estimates, so we never see a check, which is probably a good thing.

[Chargerz]

"Got crushed" is too mild to describe what the Federal Government did to me this year. "Dismemberment" might be a better description.

[Jimmy Neutron]

"Got crushed" is too mild to describe what the Federal Government did to me this year. "Dismemberment" might be a better description.

 

 

Hope it wasn't your important member.