Anyone's income tax ugly this year?

disneyjoe7

Last year $1600 back this year own $208?


Bottom line paid more in tax like 50%, but have a $4k difference in tax to be paid vs. last year?



WTF

danger boy

something is wrong there big Steve... mine was within a few bucks of what i got back last year. like $30 or so only.

Polkitup2

Any big capital gains? Did you make a lot more this year? Forget to deduct your mortgage interest? Unless you had some major financial difference it should be pretty much the same as last year. Maybe you screwed up last year

hoosier21

something is wrong, if everything is the same as last year, your refund should should be close to what you got last year.

janmike

Looks like something go missed. All the claims are in? Good luck Steve.

jdhdiggs

Unless something drastically changed, one of your two returns is wrong.

tcrossma

If you paid in 50% more in taxes it sounds like you might have made more this year and possibly got bumped to a higher tax bracket?

AsSiMiLaTeD

Assuming it's all correct, I'd take a tax return of $200 over a tax return of $1600 every time...

Strong Bad

Joe, how many times do I have to tell you...

When you **** yourself out, only accept cash from clients. Keep receipts from all the motels you stay in with clients and for the exotic toys. They are tax deductable business expenses.

VSchneider

I sent my check in and don't even want to THINK about taxes until the next year... The term "acquaintance/date rape" starts to take the whole new meaning.

m00npie

Did you get bit by AMT?

VSchneider

A combination of things, actually, but it's ok. It could have been worse.
There are people how EARN about how much many of others PAY in Federal tax.

nadams

With my part-time job I got bumped up in my tax bracket but didn't have an equivalent taken out. This sucked for me. Last year, I was living at my dad's, and got $260 back. This year, I bought a house, had all that extra expense and closing costs which forced me to get a part-time job... and got $80 back. $60 of which went to the guy who "prepared" my taxes. Last time I go through that racket... I'm buying TurboTax next year.

steveinaz

I had big plans for my return...but then LIFE happened. You know the old saying about plans and life. My brother needed some help, as he took a double-hit by being both a real estate agent, and having an "in-the-red" home that he is in the process of trying to sell.

It's cool though, he'd do the same for me.

We also had a totally unexpected death in the family that required an expensive trip. But--being a silver lining kind of guy--at least the tax return took the hit, and not our "other" money.

disneyjoe7

Well a couple of things to add here, I use TurboTax and have been for years. Income for last year to this year is up 15k (don't ask where that went I couldn't tell you). I do Itemize and this is down about $900 bucks (but nothing looks wrong here) When comparing from last year to this year my taxable income is up 17k so my tax is up 4k from the year before.

I'm thinking I step into another tax bracket is there a table somewhere which shows this?

AsSiMiLaTeD

One thing to keep in mind about tax brackets that most people don't think about...

When you step into a new bracket, not all of your income is taxed at that higher rate...only the income above the next bracket down...if that makes sense.

MKZ

Same story here. Last year $1700 refund. This year $2000 Tax due. I'm on W-2 and Itemized doesn't help for me. I think the tax brackets are 30,55,110 I guess. I might be wrong. Anybody knows?

disneyjoe7

MKZ wrote: »

Same story here. Last year $1700 refund. This year $2000 Tax due. I'm on W-2 and Itemized doesn't help for me. I think the tax brackets are 30,55,110 I guess. I might be wrong. Anybody knows?

Is that 30k 55k 110k if so yes that's the problem, but is that AGI or what?

disneyjoe7

IRS Tax table for 2007

Schedule Y-1 — Married Filing Jointly or Qualifying Widow(er)
If taxable income is over-- But not over-- The tax is:
$0 $15,650 10% of the amount over $0
$15,650 $63,700 $1,565.00 plus 15% of the amount over 15,650
$63,700 $128,500 $8,772.50 plus 25% of the amount over 63,700
$128,500 $195,850 $24,972.50 plus 28% of the amount over 128,500
$195,850 $349,700 $43,830.50 plus 33% of the amount over 195,850
$349,700 no limit $94,601.00 plus 35% of the amount over 349,700


Reviewed 25-NOV-2007



So if my AGI is over $63,700 than I triggered the 25% tax table right? Last year I must of been just at the edge, but this year a blow past that level.


At this level I properly better to take a pay cut, or something?

tcrossma

I don't really see a problem here. You made more, didn't pay quite as much in taxes throughout the year (as a percentage of your income), and you break about even at the end of the year. All is good.

If you want to get money back at the end of the year you can increase your withholdings, but it's better to break even so that you, and not the IRS, are sitting on that money throughout the year.

Gaara

disneyjoe7 wrote: »

So if my AGI is over $63,700 than I triggered the 25% tax table right? Last year I must of been just at the edge, but this year a blow past that level.


At this level I properly better to take a pay cut, or something?

Why would you ever want a pay cut? If you are over $63,700 you get taxed at 25% over that amount, not on the total amount. Gotta love progressive tax rates.

MKZ

Based on that the tax I have to pay would be 20347. But I did paid 36925.10 for federal alone. I should get 16000 back. I think I need to go see consultant.

tcrossma

That schedule is for "Married filing jointly". Here's the list for Single

Schedule X — Single
If taxable income is over-- But not over-- The tax is:
$0 $7,825 10% of the amount over $0
$7,825 $31,850 $782.50 plus 15% of the amount over 7,825
$31,850 $77,100 $4,386.25 plus 25% of the amount over 31,850
$77,100 $160,850 $15,698.75 plus 28% of the amount over 77,100
$160,850 $349,700 $39,148.75 plus 33% of the amount over 160,850
$349,700 no limit $101,469.25 plus 35% of the amount over 349,700

janmike

Well I did the taxes about a week and a half ago for my wife and myself and filed them electronically. Today we both received our refunds. That has to be the quickest year yet for receiving a refund after filing. So, what do you think the odds are of my wife anteing up some of the refund I go her for a new Pre or Amp? Right, I thought so.

VR3

Refund.

Hehe.

Funny. I paid 550 total. I felt raped. I still feel raped.

janmike

Time to change your tax strategy then Trey. I have never paid when filing in all of my working years. Tax shelters my friend.

honda cber

www.taxact.com

it is a lot, umm, free-er than turbo tax.

a

Shizelbs

You could say mine is ugly. I paid a ton of money in taxes. Money that probably is being very poorly spent. And I still owe. At least I owe a lot less than last year. Hopefully we don't get a nasty audit warning from the IRS this year.

Gaara

I thought you were in college Trey? Your not getting any tuition deductions? I got my taxable income down to 0 by deducting tuition and interest paid on loans.

engtaz

refund. 3 kids help, but only at tax time. LOL

engtaz

shack

Looks like I'll be writing a check for around $4,500.00 (I lost several deductions that would have taken care of most of that (college tuition credits and catch-up IRAs) because our income was up too much this year. Direct federal taxes (IRS, Social Security and Medicare) totaled about $30,000 for 2007. That doesn't count gas taxes, real estate taxes, sales taxes, etc...

On top of all this...Clinton and Obama think I should pay more. F*** 'em.