Death By Taxes: HELP!
I need help here..I think we all do. Hear me out.
I am married. I raise my niece. So for tax purposes, I have a wife and a child. Me and my wife both work and we do OK. Middle class. Our tax with-holding is W1.
I have to pay $4,000.
I went to three different places and I did it myself. Same result.
We saved a few bucks by filing Married: filing Separate.
Then I get a letter from the IRS about the special money we are getting this summer, saying that if we file Separate, we get $300 a piece. If we file JOINT, we get $600 a person. WTF? Now I have to file an amended return. Thanks.
It gets worse…
I just heard that the money we get this summer, will come out of next year’s tax returns? Is this true or a nasty rumor? can somebody please give me a NO-SHIT reference? Is this really a sort of “loan” or “advance”?
Whoever gets elected next will do well by pulling their cock out of my ass.
Semper.
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sniff sniff, I smell revolution.
March 13th, 2008 at 12:05 pmHi Iggy,
This won’t help you this year but might next time: Have as much as you can deducted out of your paycheck if you are contributing to a QUALIFIED retirement/savings plan like a 401k, pension plan, etc. “Qualified” basically meaning your contributions (up to a certain amount) are pre-tax. So, the more you contribute, the less tax liabilty you have on that income. You will still pay taxes eventually, of course, like when you take loans, withdrawls, retire, etc.
When I became eligable for my company’s 401k, I initially contributed X percent of my gross income. I would gradually increase the amount of the contribution to where it was still comfortable for me. At one point, I was contributing the maximum pre-tax amount allowed. I noticed that when I lowered my contribution, my taxes increased. So have as much as you can stand taken out of your paycheck.
For this year, go back and see if there are any more deductions you can take (that were missed). Mortgage/home improvement related, education (or student loan) credits, etc.
As far as the “Economic Stimulus” coming out of next years taxes, I haven’t heard anything about that. Hopefully, just a vicious rumor.
I feel your pain. Good luck.
March 13th, 2008 at 12:38 pmHope this helps Iggy:
“No, you will not be taxed on this money next year. It is officially considered an ‘advance’ on 2008’s taxes - so you might have to pay it back, but you won’t get taxed on it.
You don’t have to file any special paperwork to get it; it will be mailed sometime in May automatically. However, you do have to file a tax return (even if you technically don’t have to). That’s why it’s on hold until May; the Treasury Department needs your taxes to figure your check amount.”
http://www.associatedcontent.com/article/605081/tax_rebate_check_update_the_2008_economic.html
Another link
http://minnesota.publicradio.org/display/web/2008/03/03/taxletters/
And to the IRS:
http://www.irs.gov/irs/article/0,,id=177937,00.html
March 13th, 2008 at 1:19 pmAsk Barack, I’m sure he’ll be able to make you feel better. He’s the candidate of “change”–yeah, spare change. That’s what he’s going to hand you after he taxes your whole paycheck away.
March 13th, 2008 at 1:38 pmThe only revolution being attempted is organized Socialism to ensure that places such as Berkley keep getting free money from the middle class taxpayer’s they hate. These perpetual entitlement leeches wish to disarm the working tax payer and keep them from getting ahead by taxing the shit out people like you for their own benefit. The government needs these people to need them. This way, they keep their jobs spending your money for the benefit of those who want to enslave you. 3% of the national budget goes to defense, including Iraq, 65% goes to entitlement programs.
Your tax dollars at work. The Fed is eating more taxes and income. The States are loosing ever more control and autonomy and now have to depend on Federal funding for more and more revenue also. Manufacturing knowledge and technology is slipping away from domestic sources to foreign sources by staggering rates, while our ecomony is being flooded by knock off product forgeries made by slave labor. And less and less real product is made here.
Available income for such things as housing and subsistence are slipping out of wallets from both sides via Over Taxation and Lack of Production. Having cheap money to borrow from banks is not going to cure that.
The infiltrated education system and the leftist propaganda machine has convinced the youth to rather be Proffesional videogamers, Sports athletes, Golfer, Rap starts, or Reality TV stars instead of engineers, scientists, and capitalists.
The “money for nothing” generation has hatched their eggs. A society that does not produce ceases to be a society. This pipe dream that America supposed to go from an Inndustrial society, to a Service Society, to an Information Society is pure leftist propaganda and is leading to our rapid demise.
Combine this with or unwillingness to stand up pro-American culture and ever increasing trend towards more political correctness with un-fettered multiculturalism we see that the United States of American is in trouble.
March 16th, 2008 at 1:58 pmWe are in deep doo doo.
March 16th, 2008 at 2:00 pmNo - the money you are getting as part of the stimulus isn’t a “loan” in the sense that you, as an individual, will be required to pay it back. It is a loan in the sense that we’re borrowing it from the Chinese and your neice will have to pay it back some day.
March 17th, 2008 at 12:55 pmEgfrow -
I seriously cringe at the misinformation.
Where in the world did you get this gem - “3% of the national budget goes to defense, including Iraq.” Go look at the actual budget: http://www.gpoaccess.gov/usbudget/fy08/browse.html
Add it up. You’ll see that defense spending, including iraq and homeland security, is closer to 40% of our spending.
March 17th, 2008 at 1:01 pmPerhaps you are looking at some different comparisons B. Veener.
If you look at the about of our Gross Domestic Product, we are closer to Egfrow. I know Wikipedia isn’t the end all be all, however there is a big difference between their 3.7% of the GPD and your 40%.
I looked around on the site you linked us to. Perhaps I was unable to find what you read, but all I could find was individual departments budgets which never stated what their percentage of the national budget was.
Perhaps a more direct link to the actual PDF you read.
March 17th, 2008 at 2:03 pmWell what I was going to post dissapeared so I’m going to shorten it.
My research I’ve found that we do only use 3.7% or our Gross Domestic Product (which is the money used to pay for the items budgeted) as of 2003. I didn’t find newer numbers.
That is a big difference from your 40%, perhaps you are measuring something else? The link you provided all I found were individual department budgets. I couldn’t find what their take from the total National Budget was.
March 17th, 2008 at 2:06 pmWhat we need to do is organize a massive…i’m talking millions upon millions of people…protest on the doorsteps of every IRS building across the nation, at the White House, in front of Congress, in front of the Supreme Court. The government must be reminded that it answers to the people.
The government has grown to think that we live in this country by their grace. We need to remind them that we ALLOW them to manage our country, and WE DECIDE how much money it takes to manage OUR COUNTRY.
Fairtax.
I know this doesn’t solve your problem, but your problem is rant-inspiring for sure.
Anybody up for it?
March 17th, 2008 at 8:39 pmTrindam - he didn’t say it was 3% of the GDP, he said it was 3% of the national budget. Do you understand the difference?
March 18th, 2008 at 6:54 amGDP is a measure of the size of the entire economy, not what the Government spent its (our) money on. The national budget is what the Government spent on - defense spending is second only to social security / medicare as to how much of your tax dollars are used to pay for them.
I’m not saying this is bad. I’m just saying it’s entirely incorrect to say that defense spending accounts for 3%, while “entitlement programs” account for 65%.
March 18th, 2008 at 6:57 am