Uncle Sam just took a giant bite out of my C10

[BigDaddyDave]

I am a contractor as well. That good old 1099 shows up every year.
If i was you, i would pay a little estimated taxes through out the year. Always remember, it could be worse. I payed $13,000 fed and $2,000 state this year.Sucks!

[JesseSimon]

Yeah, i know Idol is younger but Sly and Elvis are still current in their own ways. Elvis is immortal and Sly still does movies and has the Contender show...Idol had his five minutes in the 80's and was out, you know what Im sayin?

Newspapers are definately dying thats why they dont pay their carriers. I ran two routes each night. 7 days a week. Threw between 350 and 500 papers depending on what day. This was when gas was 3.80 a gallon, I made just enough to justify being awake after I paid for my gas but then with taxes....it wasnt worth it...

Hell, its just a speed bump....

[67ChevyRedneck]

I may be wrong, but I believe that you can deduct your gasoline expenses...

[67slammer]

a friend of mine cleans cars for a living and dont get paid sh#%, but since he has 2 kids he got back $8000.

[72BlckButy]

Hang in there buddy... and as mentioned above, be sure to take more out as far as tax purposes are concerned. I worked a part time job when we were getting married and the same thing happened to me. I learned that year to have any part-time employer take up to 15% out of each check (IIRC from my accountant). I think that 15% might even be the max you want taken out.

Keep you fingers crossed for us... we get ours done tomorrow night.

[leddzepp]

Originally Posted by 67ChevyRedneck

Sorry man

I can't complain about uncle sam this year, he gave me damn near $5,300 back this year (fed & state).

Uncle sam didn't give you that money. You earned it yourself. You are simply getting back what you overpaid in taxes. This is why I pay every year. I will not let them keep my money, make interest off of it, and give it back to me calling it a refund.

[67ChevyRedneck]

Originally Posted by leddzepp

Uncle sam didn't give you that money. You earned it yourself. You are simply getting back what you overpaid in taxes. This is why I pay every year. I will not let them keep my money, make interest off of it, and give it back to me calling it a refund.

I figured someone would comment on that. It was a huge surprise to me too.

What happened was my wife finished Vet school in May and started working in June. She paid taxes like she was going to make a full year's salary. I also didn't realize that we could deduct her school tuition, which was a big deduction, (her parents had been claiming her tuition on their taxes because she had to go to school year-round and had no income anyway), and we got married this year. I also had my hours cut at work for several months and was laid off, so I paid taxes for most of the year like I was going to make X amount and ended up making thousands less than that. We'll be back "in line" on next years taxes...

I only got $300 back last year and about the same in 2006.

[Skirkpat]

That sucks, I feel your pain...but I will leave my personal whining to another day.

[leddzepp]

Originally Posted by 67ChevyRedneck

I figured someone would comment on that. It was a huge surprise to me too.

What happened was my wife finished Vet school in May and started working in June. She paid taxes like she was going to make a full year's salary. I also didn't realize that we could deduct her school tuition (her parents had been claiming her tuition on their taxes because she had to go to school year-round and had no income anyway), and we got married this year. I also had my hours cut at work for several months and was laid off, so I paid taxes for most of the year like I was going to make X amount and ended up making thousands less than that. We'll be back "in line" on next years taxes...

I only got $300 back last year and about the same in 2006.

Sorry, I did not mean to dog you in any way....in fact congrats on getting all that money back. I love to hear the working man getting back what is rightfully his.

[El Jay]

Originally Posted by big_al_71

I would much rather owe, I have not had a refund in I dont know how many years.....

I agree. I hate giving the governments interest free loans.
My checks will be posted about 14 Apr., just to avoid the rush.

[67_C-30]

Originally Posted by leddzepp

Uncle sam didn't give you that money. You earned it yourself. You are simply getting back what you overpaid in taxes. This is why I pay every year. I will not let them keep my money, make interest off of it, and give it back to me calling it a refund.

Everybody has there own way of looking at that. Before I had my business, I would file single, and "0" and get back a really good return every year. Back then I was only bringing home $600 a week, and if I took out the correct deductions, I would have $40 or $50 on extra on my paycheck every week. I know myself. I would walk through $50 in a day or two, and a lot of other people do that same. Having them take the extra and getting in a lump sum at the end of year worked well. We bought things we needed for the house and paid off bills with it. You can chalk that up as being irresponsible with your money, but getting it on your check every week and blowing it with nothing to show for it is worse IMO. To me, that is even more irresponsible. At least I know my limitations!

[67ChevyRedneck]

Originally Posted by 67_C-30

Everybody has there own way of looking at that. Before I had my business, I would file single, and "0" and get back a really good return every year. Back then I was only bringing home $600 a week, and if I took out the correct deductions, I would have $40 or $50 on extra on my paycheck every week. I know myself. I would walk through $50 in a day or two, and a lot of other people do that same. Having them take the extra and getting in a lump sum at the end of year worked well. We bought things we needed for the house and paid off bills with it. You can chalk that up as being irresponsible with your money, but getting it on your check every week and blowing it with nothing to show for it is worse IMO. To me, that is even more irresponsible. At least I know my limitations!

We put ours straight into a savings account. We now have 10% to put down on a house combined with what we had in there already
It's really hard saving... I could buy two to three nice restored trucks with what we have in there... must... resist... temptation...

I filed online myself for around $15. I also did direct deposit. They say to wait 3 weeks, but we got ours back in well under 2!

[spinning wheels]

Originally Posted by JesseSimon

Yeah, i know Idol is younger but Sly and Elvis are still current in their own ways. Elvis is immortal and Sly still does movies and has the Contender show...Idol had his five minutes in the 80's and was out, you know what Im sayin?

Newspapers are definately dying thats why they dont pay their carriers. I ran two routes each night. 7 days a week. Threw between 350 and 500 papers depending on what day. This was when gas was 3.80 a gallon, I made just enough to justify being awake after I paid for my gas but then with taxes....it wasnt worth it...

Hell, its just a speed bump....

JesseSimon, I think you can write off your mileage. IRS, allows something like .50 per mile. You may also deduct vehicle expenses, like repairs.

Instead of paying $950 in taxes, check and see if you can open or increase the amount in an IRA. Check with your taxman, or taxperson

That way your money won't go to a corporate welfare program.

[yotaforce]

Originally Posted by JesseSimon

You're very right it did cost me 1850. I dont get a W-4, its a 1099 MSC. Newspaper companies screw the carriers by not employing them but signing them as independent contractors. So you pay taxes as a self-employed person would.

I estimate my taxes every quarter to be about 15%, and then I send the US Treasury dept. their money four times a year. I don't usually make alot of money (that they know of) and I get most of it back! Never wait till the end of the year to pay taxes.

[leddzepp]

Originally Posted by 67_C-30

Everybody has there own way of looking at that. Before I had my business, I would file single, and "0" and get back a really good return every year. Back then I was only bringing home $600 a week, and if I took out the correct deductions, I would have $40 or $50 on extra on my paycheck every week. I know myself. I would walk through $50 in a day or two, and a lot of other people do that same. Having them take the extra and getting in a lump sum at the end of year worked well. We bought things we needed for the house and paid off bills with it. You can chalk that up as being irresponsible with your money, but getting it on your check every week and blowing it with nothing to show for it is worse IMO. To me, that is even more irresponsible. At least I know my limitations!

You are correct, it takes a lot of discipline (luckily, I am very disciplined) and it is not for everybody. If you are paying bills and improving your home, that is not irresponsible at all.

"A man's got to know his limitations..."

[67_C-30]

Originally Posted by 67ChevyRedneck

We put ours straight into a savings account. We now have 10% to put down on a house combined with what we had in there already
It's really hard saving... I could buy two to three nice restored trucks with what we have in there... must... resist... temptation...

I filed online myself for around $15. I also did direct deposit. They say to wait 3 weeks, but we got ours back in well under 2!

Enjoy that money saving, grasshopper! I could have just about bought a Jerry Brown restored truck before we mae the down payment on the house, furnished it, got the mortgage payment, 2 kids with all their expenses, $630 a month daycare, SUV payment to carry the kids, $400 a month gas bill (winter) to keep the big house warm, dance lessons, school pics AND daycare pictures, and on and on and on and on! (they nickel and dime you to death!) PLUS my old car and truck habit! We still save money, and we have a decent rainy day fund, but I also send in a lot of extra money towards principal on the house. According to the last time I checked my Amortization schedule, we are due to have it paid in about 7 more years. My goal was to cut the 30-year mortgage in half, and I'm just about right on schedule. I'll be less than 40, and the house will paid off, and things will be much better. That will happen before my oldest is in high school, so I'll be ahead of the game. We decided when we bought our house to not go the "starter home" route, and I'm so glad we did. We have 6 acres, we love our house, and love where we live. It was really hard at times, especially when the first baby was born and we made a whole lot less money, but I'm glad now we took the plunge! If I can make it until the kids are out of college, Daddy's going to have some toys then!

[67_C-30]

Originally Posted by leddzepp

"A man's got to know his limitations..."

Best one-liner ever!

[leddzepp]

Originally Posted by 67_C-30

Enjoy that money saving, grasshopper! I could have just about bought a Jerry Brown restored truck before we mae the down payment on the house, furnished it, got the mortgage payment, 2 kids with all their expenses, $630 a month daycare, SUV payment to carry the kids, $400 a month gas bill (winter) to keep the big house warm, dance lessons, school pics AND daycare pictures, and on and on and on and on! (they nickel and dime you to death!) PLUS my old car and truck habit! We still save money, and we have a decent rainy day fund, but I also send in a lot of extra money towards principal on the house. According to the last time I checked my Amortization schedule, we are due to have it paid in about 7 more years. My goal was to cut the 30-year mortgage in half, and I'm just about right on schedule. I'll be less than 40, and the house will paid off, and things will be much better. That will happen before my oldest is in high school, so I'll be ahead of the game. We decided when we bought our house to not go the "starter home" route, and I'm so glad we did. We have 6 acres, we love our house, and love where we live. It was really hard at times, especially when the first baby was born and we made a whole lot less money, but I'm glad now we took the plunge! If I can make it until the kids are out of college, Daddy's going to have some toys then!

Dude, you got your act together! Right on....I thought I was the only one. I bought my house 10 yrs ago at a 30 yr fixed mortgage. I also opted to buy the house I will live in forever (4 car wide garage, pool), as opposed to a starter home. When rates dropped 2 years later, I refied to a 15 yr fixed (for only $150 more a month). I also send in extra when I can. I will own my home in 2 years and my kids won't even be in kindergarten, and I will be 37 years old. I already have my 2 trucks (daily driven)...hoping to add a Chevelle (will never be able to afford a 62-67 Vette) to the mix after the house is paid for. I have never had car payments, as I refuse to buy new.

[metalman1968]

MMMMMMMMMMM, thought this was a truck forum?

[ksjh1316]

Originally Posted by 67ChevyRedneck

I can't complain about uncle sam this year, he gave me damn near $5,300 back this year (fed & state).

I wish that was the case I changed out my IRA to gold (that is hidden under the bed shhhhhhhhhh) this year and had to pay $36000 to Uncle Obama this year because of the transfer and penalty. I quess it could be worse even with the tax hit I only lost 13% of my retirement this year.

[jbristo67]

Originally Posted by GOPAPA

Bummer about your Income taxes .. You arn't alone on that one .

As for the frown on your truck ,yep ! it does look like a frown ..and while we are imagining what it looks like ..How about the Elvis Lip ?

Speak for yourself I got 11 grand back..............too bad I also got laid off

[6packed]

I went from $8900.00 tax return for 2007, Got hurt the first month in 2008, been on disability ever since, so the money I receive from L&I is non-taxable, So I got a whole $840.00 back for 2008 taxes. There goes my plans.

[mrein3]

Originally Posted by JesseSimon

Well, looks like my plans to get started on my c10 just got derailed! Did my taxes last night, looks like 6 brutal months of 3am paper routes as a second job Just cost me a grand. I watched my tax refund go from $900 down to -$950...unbelievable....

Anyone else feel like you gotta be a CEO of a horribly run company to get a help in hard times?

Anyway bye-bye nice new wood bed!

Hold on a second. You are looking at this the wrong way. If you took a second job, and didn't account for that in your withholdings, it is your own darn fault that you owe.

Good people of the truck board, you are not "getting money" in your tax return, you are getting YOUR money back that you loaned the govenment over the course of the year through extra withholdings on your pay check. (Except for Kalifornia and Kansas in which case I hear you are geting an IOU). If your income is expected to go up from working more, you should expect your tax to go up and you should account for that in your with holdings. I'm guessing in your paper route you WAY under with held thus the huge difference from last year.

I'll bet you the amount of money this post is worth that you had extra take home all year, didn't account for that, blew it all, and now you have to pay the piper - or in this case the Obama.

When you have a large tax liability there is only one person to blame. To see who that is go in your bathroom and look in the mirror.

For you folks who are gettin an IOU for a state return this year - I'd make darn sure you manage your state withholdings for 2009 to be +/- $1 from what you OWED the state last year. For that case with what we're hearing out of DC this winter I'd make darn sure both state and federal withholdings are +/- $1 from what you OWED this year regardless of what you paid in or got back. Your return or payment has NOTHING to do with how hard you work. It has everything to do with how well you manage YOUR money in YOUR paycheck.

[yote1234]

i feel your pain! ..... crap!

[brad_man_72]

i was doin pretty good since about november, was saving and getting some little projects done. then had my hours cut, and had to get really creative to not have to pay more taxes. ill be lucky if i can get the boat ready for summer.

not exactly the change i was looking for.

seems like id be better off not having a job and knockin someone up.