Go Back   Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > The Pub
GL4x4 Live! GL4x4 Casino

The Pub A friendly forum where everybody is nice, and will answer any questions you have about life.







Search
Reply
 
Thread Tools
Old February 17th, 2006, 07:44 AM   #21
Sandals
Fucking Zen as Shit
 
Sandals's Avatar
 
Join Date: 11-05-05
Location: Lindenhurst, IL
Posts: 15,296
iTrader: (7)
Mentioned: 1 Post(s)
Default

You even have $30k in 1099's????? The 40K in W2's isn't enough to balance it :)


Yeah, I'm getting back almost a grand this year...... not normal, I think I did my quarterly's wrong or something
Sandals is offline   Reply With Quote
Old February 17th, 2006, 08:53 AM   #22
Miffy
Senior Member
 
Miffy's Avatar
 
Join Date: 11-05-05
Location: My home
Posts: 5,826
iTrader: (0)
Mentioned: 3 Post(s)
Send a message via Yahoo to Miffy
Default

Quote:
Originally Posted by 84Scrambler
Technically it isn't the value of the dollar that changes and causes you to lose money. It is the time value of money you have lost. If you over-pay, you are giving the government a tax and interest free loan. If you owe them, then you should invest roughly the amount you underpay and earn the interest yourself. Then cash it out and send them the principal and pocket the interest(minus the taxes you pay on the interest earned, etc...)

I hate taxes. Add in a 1099, unemployment compensation, a Schedule A, C, and D. Home office deductions, schedule 179 deductions, etc... I paid my CPA $400 to do my taxes last year. But, I also had a refund of about $12k too. First year business start up deductions and credits added up WAY more than I expected. This year will be worse after getting married, and trying to figure out both of our information. I've spent literally 25+ hours on them already before I can even take them to the CPA.

CPA--$400......... thats Cheep for a CPA

I pay in every 3 months
Miffy is offline   Reply With Quote
Old February 17th, 2006, 10:20 AM   #23
84Scrambler
Senior Member
 
Join Date: 11-07-05
Location: Lansing
Posts: 5,943
iTrader: (8)
Mentioned: 0 Post(s)
Send a message via AIM to 84Scrambler
Default

Quote:
Originally Posted by Miffy
CPA--$400......... thats Cheep for a CPA

I pay in every 3 months
I had everything already organized and basically had my taxes done. With all the business start-up stuff and a $12k refund, I was able to get my taxes within $400 of what my CPA came up with. He got me $400 more in my refund, so he paid for himself. This year will cost more since I am married now.
84Scrambler is offline   Reply With Quote
Old February 17th, 2006, 10:35 AM   #24
Yetti
Buy a Fiat! Save the UAW!
 
Yetti's Avatar
 
Join Date: 11-05-05
Location: 20 minutes south of Hell...
Posts: 14,383
iTrader: (10)
Mentioned: 1 Post(s)
Default

I have used a CPA for the last 17 years.. its worth every penny.
if your in Ann Arbor and need a good CPA look up 'Brewster & Brewster"
__________________
Yetti
Yetti is offline   Reply With Quote
Old February 17th, 2006, 11:44 AM   #25
shawn
Resident HVAC/R Jambi
 
shawn's Avatar
 
Join Date: 11-05-05
Location: Milford/Commerce
Posts: 9,932
iTrader: (24)
Mentioned: 1 Post(s)
Send a message via Yahoo to shawn
Default

Yup, pretty much what I am getting at. Who takes the time through out the year to make sure they are investing those stupid little penies so in the end they can pay unlce sam and tel lthemselves "sweet I stuck it too the man this year." In this market how can anybody be successful in it. But hey, if you make that much money and pay that much in taxes to where you make a significatn amount off investing that through the year than good for you, I find it a waste of time to even try.
shawn is online now   Reply With Quote
Old February 17th, 2006, 11:50 AM   #26
amc78cj7
Senior Member
 
amc78cj7's Avatar
 
Join Date: 11-07-05
Location: Ann Arbor, MI
Posts: 5,352
iTrader: (9)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by shawn
In this market how can anybody be successful in it. .
I have two mutual funds earning 20% growth last year. I have an individual stock that grew 100% in the past 6 months. If I had put my $2500 into those i'd have $500-$2500 extra in my account right now.......

BTW Shawn, those two mutual funds are available to our 401K if you're interested.
amc78cj7 is offline   Reply With Quote
Old February 17th, 2006, 11:54 AM   #27
shawn
Resident HVAC/R Jambi
 
shawn's Avatar
 
Join Date: 11-05-05
Location: Milford/Commerce
Posts: 9,932
iTrader: (24)
Mentioned: 1 Post(s)
Send a message via Yahoo to shawn
Default

Not only am I utilizing them, but also have two other IRA's and two other Roth's, plus the 401 itself. I have not seen those numbers that yo uare seeing, not even close! And I was just looking at all ther performances and options yesterday!
shawn is online now   Reply With Quote
Old February 17th, 2006, 01:11 PM   #28
shawn
Resident HVAC/R Jambi
 
shawn's Avatar
 
Join Date: 11-05-05
Location: Milford/Commerce
Posts: 9,932
iTrader: (24)
Mentioned: 1 Post(s)
Send a message via Yahoo to shawn
Default

OH, and about those mutual funds through our 401, are you putting that money in before taxes? If so then this is irrelevant, you didn't pay income tax on that money. Is it after taxes? If so, then if you want to use that money after filing taxes then you will still pay a penalty and transactions fees on it.

And about 1099 folks. The issue is no differnt. You need to be disciplined enough to put money away EVERY paycheck to cover taxes. That is what a company does when they have you fill out a w2, they do it for you and send it to the feds.
shawn is online now   Reply With Quote
Old February 17th, 2006, 02:04 PM   #29
84Scrambler
Senior Member
 
Join Date: 11-07-05
Location: Lansing
Posts: 5,943
iTrader: (8)
Mentioned: 0 Post(s)
Send a message via AIM to 84Scrambler
Default

It is relevant if you did your contributions pre-tax. By doing so, you lower your taxable income, which in turn lowers your effective tax rate. Every little bit adds up. Maybe not quickly, but over time it does.
84Scrambler is offline   Reply With Quote
Old February 17th, 2006, 04:43 PM   #30
phittie1100
Senior Member
 
phittie1100's Avatar
 
Join Date: 11-26-05
Location: Burton, MI
Posts: 1,769
iTrader: (15)
Mentioned: 1 Post(s)
Default

You guys are depressing. I come here to escape from my 12 hour days preparing tax returns, and instead of talking about Jeeps, wheeling and the potential end of MJ and GL4x4 in the same week, you guys are talking about WORK.

:miff:

By the way, only 59 more days left to file your return without extension.....
__________________
Paul - 2005 Wrangler Unlimited
KD8PAV
phittie1100 is offline   Reply With Quote
Reply
Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > The Pub
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump



All times are GMT -5. The time now is 01:57 PM.


Powered by: vBulletin, Copyright 2000 - 2012, Jelsoft Enterprises Ltd.
User Alert System provided by Advanced User Tagging (Lite) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Copyright 2005 - 2012 Cracker Enterprises - Powered by Linux
vB Ad Management by =RedTyger=
Page generated in 0.12540 seconds with 30 queries