# Taxes 2012



## drsparky (Nov 13, 2008)

I owe, I owe, its off to get my checkbook I go.


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## Potential11 (Nov 14, 2011)

drsparky said:


> I owe, I owe, its off to get my checkbook I go.


for both federal and state?


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## kbsparky (Sep 20, 2007)

Paid the CPA for the business corporate stuff, but used TaxACT software for the personal. 

Since Turbo missed an important deduction on me a few years ago, I have stayed away from them.


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## wendon (Sep 27, 2010)

A very sad time! Like my brother says they clean you out but leave you with just enough so you have a glimmer of hope that you might make it another year so you hang on!!!


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## Loose Neutral (Jun 3, 2009)

I was watching that Sunday show today and they said it was the 1040 100 year birth day. Back then it was a one page tax form, now it's 73,000.


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## wendon (Sep 27, 2010)

I've decided I need to do way more fishing this summer. It's not worth pushing it and paying through the nose.:no::no:


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## Potential11 (Nov 14, 2011)

I've never had to pay on my refund. This year I bought Turbo Tax and numbers say I owe on Federal but will receive State return. I will still need to come out of pocket. 

I just need to find a good tax guy. But then I will be paying him and not the government, maybe I'll be paying both.


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## drsparky (Nov 13, 2008)

Potential11 said:


> for both federal and state?


Close to even, refund from feds +$50 paid state.


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## manchestersparky (Mar 25, 2007)

drsparky said:


> Close to even, refund from feds +$50 paid state.


Thats sounds like good book keeping.:thumbsup:

The best way is to get it as close to perfectly 0 for both. Why let the Gov't use your money then wait for a refund.


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## brian john (Mar 11, 2007)

I owe state and fed AGAIN, every year I have more taken out and every year I owe more than last year.


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## 480sparky (Sep 20, 2007)

I filled out the 1040 SuperEZ this year.

Line 1. Enter how much money you made in 2012 : __________
Line 2. Send it in.


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## macmikeman (Jan 23, 2007)

Breaking and shattering a whole bunch of ribs last year caused me to earn quite a bit less than I had done the year before. I still payed but not as much cause I didn't earn as much. My CPA actually called me and asked why the gross went down so much. Is this like school where you need a doctor's note?


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## Acadian9 (Jun 6, 2009)

Potential11 said:


> How did everyone do on their Taxes 2012? Do you go to a good CPA or do Tax software?


I got back $54. I paid $60 to get it done professionally. 

Luckily my dad drove me there so I didn't spend money on gas! :thumbsup:


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## dthurmond (Feb 7, 2011)

I ended up paying 1006.00 fed and 100.00 state .  my wife is an accountant . I told her I was gonna get her some remedial classes this year .


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## GEORGE D (Apr 2, 2009)

I had to dish out $12,700.00 to fed and $500 to state. What a load of sh!t. It was my first complete year self employed and this was on top of quarterly payments equaling about $5,000 already. Well I know now, what's in your account might as well not be.


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## brian john (Mar 11, 2007)

Just remember we ALL PAID, anything you got back was yours in the first place.


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## 480sparky (Sep 20, 2007)

brian john said:


> Just remember we ALL PAID, anything you got back was yours in the first place.


Getting a refund is like loaning money out interest-free.


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## knowshorts (Jan 9, 2009)

GEORGE D said:


> I had to dish out $12,700.00 to fed and $500 to state. What a load of sh!t. It was my first complete year self employed and this was on top of quarterly payments equaling about $5,000 already. Well I know now, what's in your account might as well not be.


It might be time to look into maximizing your retirement funds.


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## GEORGE D (Apr 2, 2009)

knowshorts said:


> It might be time to look into maximizing your retirement funds.


Yeah, I definitely need to figure something out, this is still all new for me.


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## BDB (Jul 9, 2008)

480sparky said:


> Getting a refund is like loaning money out interest-free.


Not much different now days. You do not get squat in interest anyway.:no:


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## electricmanscott (Feb 11, 2010)

wendon said:


> I've decided I need to do way more fishing this summer. It's not worth pushing it and paying through the nose.:no::no:


Me too, minus the fishing part. Worked too hard, underpaid quarterlies, owed $13k between state and fed.


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## hardworkingstiff (Jan 22, 2007)

brian john said:


> I owe state and fed AGAIN, every year I have more taken out and every year I owe more than last year.


Probably because your K1 keeps getting bigger and bigger, :grin:

Not a bad problem to have.


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## hardworkingstiff (Jan 22, 2007)

electricmanscott said:


> Me too, minus the fishing part. Worked too hard, underpaid quarterlies, owed $13k between state and fed.


In 2007 I had the best year ever (for me). I paid the quarterly taxes based on the previous year's income. I about chit my pants when my accountant said I owed a little more than $30,000 to Fed and State taxes. Lucky for me I'm a saver, I had the money, but I sure didn't want to part with it.

At least I live in the USA. :blink:


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## 480sparky (Sep 20, 2007)

BDB said:


> Not much different now days. You do not get squat in interest anyway.:no:


What if you invest it _wisely _instead........ like in your own company? :whistling2:


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## erics37 (May 7, 2009)

My wife and I have three jobs between the two of us and working out the withholdings is tricky. I usually about break even on federal and owe Oregon. This year I owed each a few hundred bucks, which isn't bad considering!

Next year oughta be different because we just bought a house and took out a mortgage for it and stuff. I'll have enough deductions to make it worth itemizing.


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## hardworkingstiff (Jan 22, 2007)

erics37 said:


> I'll have enough deductions to make it worth itemizing.


Enjoy it while you can. I think some of these deductions are going to be tweaked pretty soon. Hopefully, they won't tweak them for people earning less than $250k/year.


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## John Valdes (May 17, 2007)

Loose Neutral said:


> I was watching that Sunday show today and they said it was the 1040 100 year birth day. Back then it was a one page tax form, now it's 73,000.


It's "Sunday Morning", on CBS. Very good show. I watch it every Sunday.



Potential11 said:


> I've never had to pay on my refund. This year I bought Turbo Tax and numbers say I owe on Federal but will receive State return. I will still need to come out of pocket.
> I just need to find a good tax guy. But then I will be paying him and not the government, maybe I'll be paying both.


Do you run your own business? If so you need a CPA. Paying a little on personal income is better than getting a big refund.



brian john said:


> I owe state and fed AGAIN, every year I have more taken out and every year I owe more than last year.


But more equipment! Upgrade your shop! Do anything to build the business and add deductions.



Acadian9 said:


> I got back $54. I paid $60 to get it done professionally.
> Luckily my dad drove me there so I didn't spend money on gas! :thumbsup:


There is free preparation software if you meet the income guidelines.
Most on this forum would not qualify. But some of the younger guys could easily qualify.
And it really is free. There is a free version of Turbo Tax. Its called the Freedom Edition. You can find it at www.irs.gov
You need to look hard to find it, but it is there and it does not cost one cent.



hardworkingstiff said:


> Enjoy it while you can. I think some of these deductions are going to be tweaked pretty soon. Hopefully, they won't tweak them for people earning less than $250k/year.


Mine is all personal income and I can remember when I had deductions. I do not qualify for any deductions anymore.

So you guys with kids and houses need to know these deductions erode with age.
Once your house is paid off or close and your kids move on, you will pay if you are working.
If you are retired by then, you may not have to pay. But if you are paying something, you are in better financial shape than most other retirees.


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## Acadian9 (Jun 6, 2009)

While I was in trade school, my EI was being taxed but not at my normal tax bracket. Add a 2000 dollar taxable grant, a taxable 500 dollar grant and a 10 percent income tax on EI and it brought my (supposedly) nice tax return to peanuts haha. Hopefully this year I'll get a decent return.


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## erics37 (May 7, 2009)

hardworkingstiff said:


> Enjoy it while you can. I think some of these deductions are going to be tweaked pretty soon. Hopefully, they won't tweak them for people earning less than $250k/year.


Yeah I hear ya. My mom is (among other things) a CPA and drilled good budgeting practices into me since I was a kid. My monthly household budget is based on my wife being unemployed and me working about 75% of my normal full-time. In reality my wife works part time, I work full time, plus I have a second job teaching at our local apprenticeship program. So we have a healthy safety margin each month. Plenty saved up for a rainy day.

If I could just get my wife to quit buying s**t then we'd be set :laughing:

Anyway I do my own taxes.... personal income taxes are easy enough, and because of my anal retentive record & book keeping it's a breeze to do each year.


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