Taxes

[Sojourner]

I had mine done a couple of months ago, which is pretty unusual for me. But, I had an accountant friend do them so I figured once I got all my W-2s that I had no excuse. So they're done, filed, and refunds received.

Normally, though, I'd be working on them this weekend. Probably actually would be running to the post office with them at 11:30 p.m. on Monday. I hate doing taxes.

[Romans1513]

I got my refunds already too- my dad did my tax stuff.

[Thy Geekdom Come]

I'm not filing this year. I made way below the required amount...so little that the postage to get it back would cost more than the refund.

[Sojourner]

[quote name='Raphael' post='1242998' date='Apr 14 2007, 01:58 PM']I'm not filing this year. I made way below the required amount...so little that the postage to get it back would cost more than the refund.[/quote]
It's been a looooong time since I made that little and didn't have to file.


Those were the days ...


You know, if you aren't able to get a job that could be the one upside to your life ...

[Era Might]

I've had mine done for a while. Got a nice return, double what I got last year.

[Moneybags]

Did mine in February and already got my refund back.

[desertwoman]

I have mine done for free at the library.

[Ash Wednesday]

Sort of. Now that I'm self-employed this year I don't get a tax refund. Noooo, now I owe them money.

*spontaneously combusts *

[Socrates]

[quote name='Ash Wednesday' post='1243259' date='Apr 14 2007, 07:42 PM'] Sort of. Now that I'm self-employed this year I don't get a tax refund. Noooo, now I owe them money.

*spontaneously combusts *[/quote]
The government completely screws over self-employed people. I'll just say my experience with taxes this year has very much convinced me in my libertarian ideas toward taxes and government. I don't understand how the bleeding hearts keep complaining about "Capitalist America." We've become a socialist nation.

Edited April 15, 2007 by Era Might

[Ash Wednesday]

Small businesses and self employed folk most certainly get the short end of the stick.

[Sojourner]

[quote name='Socrates' post='1243265' date='Apr 14 2007, 07:45 PM']The government completely screws over self-employed people. I'll just say my experience with taxes this year has very much convinced me in my libertarian ideas toward taxes and government. I don't understand how the bleeding hearts keep bitching about "Capitalist America." We've become a socialist nation.[/quote]
or ... self-employed people have to actually think about the social security and medicaid taxes that are automatically taken out of everyone else's checks because they pay it all at the end.

It's not as though self-employed people are singled out by the IRS for special screwing-over.

Ash, a friend taught me a tip for the freelance writing I do (which has to be accounted for as self-employment) which could help you as you plan for next year. Whenever you get paid for a job, set aside 30 percent in a bank account that you don't touch. That will cover the self-employment tax, and will earn you a little interest in the meantime. That really comes in handy at tax time.

[Socrates]

[quote name='Terra Firma' post='1243269' date='Apr 14 2007, 07:55 PM']or ... self-employed people have to actually think about the social security and medicaid taxes that are automatically taken out of everyone else's checks because they pay it all at the end.

It's not as though self-employed people are singled out by the IRS for special screwing-over. [/quote]
Whether they're purposefully singled out by the IRS, that's the way it works out in practice. Employees of a company only have to pay half their ss and medicaid, while the self-employed have to pay it all. It is self-employed people and small businesses with lower incomes that get the short end of the stick. Thus, our tax system hurts self-reliance and entrepeneurship. Our system is a disgrace. Social-security and medicaid is a socialist scam, and federal income tax of citizens is unconstitutional.

[Ash Wednesday]

[quote name='Terra Firma' post='1243269' date='Apr 14 2007, 08:55 PM']Ash, a friend taught me a tip for the freelance writing I do (which has to be accounted for as self-employment) which could help you as you plan for next year. Whenever you get paid for a job, set aside 30 percent in a bank account that you don't touch. That will cover the self-employment tax, and will earn you a little interest in the meantime. That really comes in handy at tax time.[/quote]

Thanks for the tip. I will be all right, I just believe in not living beyond certain means, even if I'm making good money, I just don't assume it will always be that way and save for the leaner spells, taxes, etc. I'm a woman of simple needs. Except good espresso drinks. That is my financial achilles heel.

[Sojourner]

[quote name='Socrates' post='1243275' date='Apr 14 2007, 08:02 PM']Whether they're purposefully singled out by the IRS, that's the way it works out in practice. Employees of a company only have to pay half their ss and medicaid, while the self-employed have to pay it all. It is self-employed people and small businesses with lower incomes that get the short end of the stick. Thus, our tax system hurts self-reliance and entrepeneurship. Our system is a disgrace. Social-security and medicaid is a socialist scam, and federal income tax of citizens is unconstitutional.[/quote]
I don't think of small businesses as being at a disadvantage because of taxes ... I mean, you yourself note that the company pays the SS and Medicaid, money which could otherwise go in employees' pockets. You just don't miss it if you are not paying it all out of your own bank account.

Where I think small business/self-employed folks are truly at a disadvantage is in the area of health care. Health insurance for small groups is astronomical, more per person than in larger companies because the risk is spread over a larger group.

[quote name='Ash Wednesday' post='1243282' date='Apr 14 2007, 08:08 PM']Thanks for the tip. I will be all right, I just believe in not living beyond certain means, even if I'm making good money, I just don't assume it will always be that way and save for the leaner spells, taxes, etc. I'm a woman of simple needs. Except good espresso drinks. That is my financial achilles heel.[/quote]
you are much smarter than I, which is why I needed the tip

[journeyman]

[quote]
Got a nice return, double what I got last year.
[/quote][quote]
already got my refund back[/quote]


To paraphrase Neil Boortz in his "Fair Tax" book, looking at tax season in terms of refunds, instead of in terms of taxes paid, is one reason tax reform is likely to be a long way off