Who else owes taxes?

[Telephus44]

... I just finished mine, and I am not a happy camper right now. I figured we'd owe something (DH had some consulting income and I know unemployment didn't take enough out) but the grand total for us is around $2300 - that's about $1000 more than I had figured.




I've already adjusted my W-2 withholdings for next year - I think I over-compensated, but I'm sick of owing this much. Last year we owed $1300. My goal has always been to break even - I hate loaning the government money - but we always seem to have some "tax situation" that comes up and throws off my calculations (like DH's consulting income that came with nothing taken out at all). It just really burns me since we're trying to save for a down payment, and that's where the money to pay the tax man is going to have to come from... it seems like actually buying a house is just getting farther and farther away.

Sorry for the rant, but I just finished running the tax numbers and it really got me mad and upset. If we get that "economy stimulus tax refund" check it won't even cover what we'll be paying them.

[Michelle68]

Yuck, Sara! Did you take all your deductions?


--Michelle

[pammy]

I'm right there with ya. We both claimed married and 0, guess we didn't give them enough, they want more. Gees!! Waiting on a few more things (going through the hange of address system), but it looks like we'll owe at least a grand to federal alone. I was aiming to hit even.

Guess I can be thankful our new jobs don't come with the bigger income we used to have, get back down to a lower tax bracket.

[lwlynch]

Sending you another big hug..you need it these days.. hang in there.. I havent done taxes yet, I can only imagine...

[Bethany]

I'm so nervous to do my taxes. My employer didn't take much out and I didn't want to change that since I don't want to get a huge return, but now that the time is approaching, I"m really afraid that we will owe alot. I feel for you. On the flip side, we bought our house during a down market with only 3% down and the market turned abruptly (late 98) so we quickly built up equity. I'd encourage you to look at buying a house sooner rather than later. You're in MA right? I think there's a ton on the market right now. Even with very little down, being able to write off all that mortgage interest will help with next years taxes a ton. I'm not trying to tell you what to do, but I think it's such a great buyer's market right now. We owed 3 grand to the fed the year before we bought and the person who did our taxes said we had to buy a house to get some write offs.

[hollyhill]

I feel your pain......
I am worried about doing ours too...UGH.
I hate taxes.....

[frugalfriend]

Sorry to hear that! Ugh! I'm afraid to do ours ~ lots of changes in 2007. Sold a house, sold a business, etc. I'm scared to see what we owe!

[HisDaisy]

I am hoping that we don't owe this year, but we usually do. My DH was self employed has a freelance writer until this spring and was receiving some untaxed fellowship money. Last year we owed $1500. Now that is employed full time and I am not receiving fellowship money, I hope that we will not owe. We each claim 0 on our W-4s. It seems help, but is not enough.
I know what you mean about buying a house. We long to own one, but I wonder if we will never be able to get a down payment together. We seem to be saving to pay the taxes.

[forHISglory]

We're still waiting for some financial institutions to send us info, but I'm a little nervous about our taxes this year. It's been a year of a lot of changes for us, and I just hope that we thought thru things well enough. We usually end up owing the government, both feds and state.

On a slightly different note, I'm trying a computer program this year for the first time to do taxes. Have any of you used these? Do you like them? I bought the H and R Block Tax Cut. I also saw Turbo Tax, but it was twice as expensive.

[mikandmari]

Well, it's comforting to see I'm not the only one who gets stressed out about my taxes. We always owe.

Last year was the first year with no rental properties, so I'm HOPING that we will break even or maybe get a little refund.... that would be a miracle

[angeljzmom]

I owe this year. $213 to state and $293 to federal. Only because my ex finally paid some spousal support this year.

[Nantahala]

Yep, DH was a consultant pretty much all year and even though I had 0 taken out, we owe about $3200 after never owing anything and usually getting a refund. I am bummed to be sure.

[Laurie in Bradenton]

Since we are subcontractors we always owe. No matter how hard I try to keep current something always puts me behind. I wouldn't mind paying so much but when I hear that foreginers who come to this country and start a business get a five year grace period on NOT paying it burns my butt. Then we have such a problem here with illeagls working in the construction industry it only makes it worst. So many greedy contractors will use non-licensed workers because they are cheaper of course their cheaper they don't pay the insurances and licenses fees I do. None of their trucks are tagged or insursed. But the contractor will make a little more on a project and only get fined if he gets caught and to get caught an inspector has to show up and even if I call to report a problem by the time the inspector shows up 3 to 4 days later!!!!
AHHHHHH!!!!! Its just a no win situation.

So I owe I owe its off to work I try to go.
The IRS just places a new lien on my home every year, as lng as I don't try to sell life goes on.

Laurie in Bradenton

[dolphin]

I did our taxes the other night and we are getting a $900 refund but we still owe $500 from last year so that will come off the top so actually we'll get around $400. I'm just so thankful that we don't owe even more this year!

Sorry about all of you that have to pay, it sucks! We've had to do it many times due to unforeseen financial changes.

[C@rol]

We owe every year.
It's usually not over a thousand.