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Auto-Trend Repairs and Service Information Forums -> Money, Business, Technology and Politics -> Motherfucker, so this is why I have to pay in $3500 to the IRS this year
Post Info TOPIC: Motherfucker, so this is why I have to pay in $3500 to the IRS this year
How are your 2018 tax returns? [4 vote(s)]

Less of a refund than usual
50.0%
More of a refund than usual
25.0%
Pay in for the first time EVER
25.0%
Pay in more than usual
0.0%
Pay in less than usual
0.0%
PowerStroker


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Motherfucker, so this is why I have to pay in $3500 to the IRS this year
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Since I adjusted my withholding I came out even this year overall. Had to pay $1200 in to the Fed, but I'm getting $1400 back from Minnesota. After tax prep fees I'll be left with about $70.

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SELLC


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So you admit the error was of your own withholding error now, eh?

Well at least you're honest!



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PowerStroker


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No, I have to withhold the normal 1 exemption PLUS 3% in order to come out this close.

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SELLC


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It's because you are single and making the big bucks!



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SELLC


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How much you going to pay in taxes this year PowerStroker?

Gonna cry about a little ole $3,500 again?

I'm already doing mine... because you know, the schools, the DMV, and lots of other things are closing down but don't you DARE be late paying your bills or taxes! The fucking world could be on fire, but you better send them fucking payments in on time!

What if I told you I pay over $20,000 a year in taxes, fee's and interest?



-- Edited by SELLC on Sunday 19th of December 2021 07:50:11 PM

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PowerStroker


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The $3500 wasn't my total, it was the amount ABOVE what was withheld from my paychecks. I won't know until the end of January what mine will be this year. I did raise my witholdings to ease the end of the year burden though.

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SELLC


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Oh... so instead of claiming "1" you decided to claim "zero"...



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Rastus


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Whow mule...

qt."Anybody, that is not doing their best to pay the least amount of tax possible, is a fool"...( Rupert Murdoch)...

en.wikipedia.org/wiki/Rupert_Murdoch

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SELLC wrote:

Oh... so instead of claiming "1" you decided to claim "zero"...

 

I was already claiming zero exemptions, now I claim zero exemptions plus withhold an extra 5 percent.



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SELLC


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Elon Musk says he is going to cut a check to the IRS for $11,000,000,000... that's eleven billion dollars... I guess since he's now a trillionare that works out to an effective tax rate of 11%, give or take?

And he is ultra-rich... on again, off again richest man in the world.

https://www.foxbusiness.com/business-leaders/musk-says-his-tax-bill-for-2021-was-over-11-billion



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Rastus


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Geez...If there's someone in the world that needs to find a tax haven, it would be Elon Musk, don't you think ?

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I don't know what he is crying about... the Government probably gave his company Tesla over $11 billion in tax subsidies to buyers of their vehicles... and I don't know how many billions the Government has given his SpaceX company but I'd imagine it's 1OX what he is paying in taxes...

The guy is a retard... 



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Rastus


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If I were Elon Musk (lol), I'd buy Epstein's island, turn it into my own country, & make it a tax haven for myself & other interested parties ;) !

But since the real Elon Musk is more-than-likely playing-the-game & kissing-the-right-asses, paying tax like he does comes with the deal...

Let's face it, rockets are 1940's technology, & the folks with that technology are happy for Elon to play with it, whilst keeping the real-good life changing modern technologies that the planet & us people really need, locked away in some cupboard...

So imo, Elon is not a retard, he's just playing-the-game perfectly ;) !

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Musk is on his way out the door Rastus...

You know who else made a stainless steel vehicle? Lee Iacocca!

But Lee's actually looked good and could travel thru time!



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PowerStroker


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You mean John DeLorean. Yeah the DMC-12 looked cool for it's time, but was grossly underpowered. From the guy who brought us the GTO, I'd have expected better.

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SELLC


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Well if you want to get real technical it was Georgette Giugiaro who designed the DeLorean. 

But you're right, Lee Iacocca brought us the Ford Pinto and actually worked for John DeLorean... Some say he was the failed experiment of DeLorean. I keep getting them mixed up.

And you don't have to tell me about how ALL Chrysler's were under powered back then! I cut my teeth on Chrysler 2.2 and 2.5 liter head gaskets back in the 1980's! 

Needless to say, it will come to pass that Elon Musk's Teslas will be remembered as the same cheap trash as Chryslers "K" car.  

Another interesting tid-bit of Chrysler info is the 1990's LeBaron Convertibles were actually rebranded as Masertati in Europe.

Chryslers OHC 3.0 V6 put the snap back in Chryslers turtle.



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I've seen the "Maserati" LeBarron in this country, and have absolutely NO desire to own one.

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An old girlfriend of mine had a Chrysler LeBarron convertible back when I was in high school... it was a lot of fun and pretty quick for a big heavy V6 convertible.

She also leased a sable for two years as well... that is the only car I ever seen go two years without an oil change! She literally turned it in with the same oil and filter she bought it with! lol, her Dad told her that oil changes were just a way for mechanics to milk customers! lol

Needless to say, things didn't work out for us. lol



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I have to pay in again. Uncle Sam wants me to pay in an extra $4100, but I'm getting back $2000 from Minnesota so it will be around $2100 out of pocket by the time it's all said and done for the 2021 tax year. Even after withholding an extra 5% all of 2021. My side buisness is just too good of a hussle I guess. For 2022 I'm raising my withholdings again to 7% to see where that leaves me. To answer a previous question Rex, yes I do pay the self employment tax.

 



-- Edited by PowerStroker on Monday 14th of February 2022 05:31:31 PM

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SELLC


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Congratulations, I think?

I think the main reasons you're having to pay so much income tax is 1) You're making a shitload of money, 2) You file as single and 3) You're now a small business owner.

It's great that the State is helping to offset these taxes though! What was the reason for such a big State return this year? Because 2022 is an election year? lol

All things being said, it sounds like you're doing pretty good! What kind of tools you making over there?

2022 will be the first year I don't have my kids to claim as a dependents, I got a feeling I'll be singing the blues with you in this thread next year!



-- Edited by SELLC on Monday 14th of February 2022 08:28:40 PM

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I don't make tools, just stainless fittings. Minnesota is in a budget surplus so that's probably why they are being more generous than the feds. Plus I got a $1200 bonus from FoMoCo for a rewards program, so that helps too. Someday I'll get the withholdings dialed in properly.

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SELLC


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You know... you could always have a few mini-PowerStrokers... that would dial that % down to -7% and you would probably be getting back what you're paying in, plus some!

But that is just a pittance of what they will cost you each year, for life... yeah I'm learning that even after you can't claim them as dependents, they still are! LOL

Or you could just keep living the dream... paying poor schmucks like me to repopulate the Country and keep our SSI solvent! LOL



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Yeah, I'll just keep paying the schmucks.

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Rastus


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PowerStroker wrote:

I got a $1200 bonus from FoMoCo for a rewards program, so that helps too.

 

Well done PowerStroker ! Quite a nice bonus to get, that's for sure ;) !



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SELLC


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Wow! Filed my taxes just now and it was a miserable $hit-show! 

I took a worse pounding in 2021 than I did in 2020! It doesn't help that three big jobs carried over from last year! What can I say, when I lost the kid in June the entire place bottle-necked. 

2022 should be a good year, but I won't have any dependents... unless I knock someone up in the next few weeks and they deliver a few weeks premature.

So basically no dependents next year, no child tax credits and I'll owe my last differed social security payment in December of 2022 to top it all off... I better get some Vaseline ready. 

My tax prep fee's were about $135... DAMN CRIPTO AND STOCK! lol, I had to buy the more expensive plan to report my DOGE profits and stock sales... 



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Ukrainian authorities say citizens don't need to declare captured Russian tanks and military equipment for tax purposes

 

Ukrainian authorities have reassured citizens that they don't need to declare captured Russian tanks or any equipment they pick up as personal income.

"Have you captured a Russian tank or armored personnel carrier and are worried about how to declare it? Keep calm and continue to defend the Motherland!" a statement from the Ukrainian National Agency on Corruption Prevention seen by Interfax-Ukraine said.

"There is no need to declare the captured Russian tanks and other equipment, because the cost of this ... does not exceed 100 living wages," or 248,100 Ukrainian hryvnia, the agency said, according to Interfax-Ukraine. The sum equates to about $8,300.

https://www.yahoo.com/news/ukrainian-authorities-citizens-dont-declare-063528451.html



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