How much are getting back from taxes this year?

[Superman]

about $6,000

 

[The Ringer]

$200

 

[Vader AL]

I'll be writing a big check to Uncle Sam.

But that just means I didn't pay enough during the year so it's all good...thanks for the loan Uncle Sam. :emperor

 

[The Ween]

I wouldn't mind paying in as long as it means I'm making alot more money than I make now.

 

[Mad Old Lu]

That's what sucks about being a contract worker.... I did this at the end of 2008 for only about three months. I ended up paying about $800 out of my pocket!

So I feel your pain.... A full time job is always ideal. But I'm not sure what industry you're in..... What work do you do BTW?

I'm a graphic designer. I used to work in Manhattan, but I was commuting from the Jersey Shore and it was about 2hrs each way(!). So when my B-I-L needed help (he's also a designer) locally, I thought I'd give working freelance a go. The hours are great (my commute is now 12 minutes), but the taxes are HORRIBLE! I had no idea the self-employment tax was going to be so much!

I really just need to find more clients for myself, but the thought of having to pay SO much to the gov't really turns me off to the whole thing. Having your own design company with your own clients and making your own hours is all designers' ultimate dream, I think. But the taxes thing is a cruel wake up call.

 

[p!tu]

You guys SUCK!

I OWE almost 2 grand! I've been doing (full time) freelance for the past couple of years and the self employment tax is killing me! I pay about 40% of my income to taxes! No matter what deductions I put in, it's not nearly enough to make a dent.

Forget working for myself. I'm really going to have to find a real job this year.

Well, congratulations to you guys. Hmmph.

Papo! thats why you incorporate! Why haven't you?

 

[quadcent]

i'm getting just over $4k back and the wifey is getting about $1k
so $5k back together.

 

[The Ween]

i'm getting just over $4k back and the wifey is getting about $1k
so $5k back together.

You don't do better if you file joint?

 

[Mad Old Lu]

Papo! thats why you incorporate! Why haven't you?

I thought about it in the beginning, but I never explored it further. I had heard it was a little costly to set up. But I'll definitely look into it now.

Thanks, p!tu! Who would have thought I would get such great, intelligent business advice on a toy forum!

 

[p!tu]

I thought about it in the beginning, but I never explored it further. I had heard it was a little costly to set up. But I'll definitely look into it now.

Thanks, p!tu! Who would have thought I would get such great, intelligent business advice on a toy forum!

It cost some money but it really isnt that much compared to the saving in taxes! as you know very well that Self Employment tax is straight up rape.

By incorporating and write-off the stuff that pertains to your Business you Taxable income is going to be so much lower than it is now! Plus you wont have that stupid Self employment tax. Plus the extra Security you have with the Corporation if for some reason someone decides to so you for something you did wrong in your line of work they will be suing the company not you personally.

Anyway its a great idea. and im sure it will help you stay where you are at and make you more money.

Ill leave you with this.

Internal Revenue Code Section 162 (a) - There Shall Be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carry on on any trade or business..

Internal Revenue Code Section 212 - In the case of an individual, there shall be allowed asa deduction all the ordinary and necessary expenses paid or incurred during the taxable year for the production or collection of income..


Anyways good luck. This is stuff i have learned since i have been researching about incorporating and taxes for a while.

 

[Darth Madden]

We got about $1300 back... and it all went into the just in case house repair fund.

 

[devilof76]

____ you Washington.

 

[Jen]

I'm getting almost 10K back. Thank you first time home buyer's rebate!

 

[wofford29]

$14,837 between federal and state. This is all my wifes though, as I've been unemployed.

 

[Mad Old Lu]

It cost some money but it really isnt that much compared to the saving in taxes! as you know very well that Self Employment tax is straight up rape.

By incorporating and write-off the stuff that pertains to your Business you Taxable income is going to be so much lower than it is now! Plus you wont have that stupid Self employment tax. Plus the extra Security you have with the Corporation if for some reason someone decides to so you for something you did wrong in your line of work they will be suing the company not you personally.

Anyway its a great idea. and im sure it will help you stay where you are at and make you more money.

Ill leave you with this.

Internal Revenue Code Section 162 (a) - There Shall Be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carry on on any trade or business..

Internal Revenue Code Section 212 - In the case of an individual, there shall be allowed asa deduction all the ordinary and necessary expenses paid or incurred during the taxable year for the production or collection of income..


Anyways good luck. This is stuff i have learned since i have been researching about incorporating and taxes for a while.

Thanks again, p!tu! I'll be looking into this and talking to my accountant about it.

 

[p!tu]

Thanks again, p!tu! I'll be looking into this and talking to my accountant about it.

your welcome! and i meant to write "sue you" not "so you"

anyways! good luck!

 

[Darth Madden]

I'm getting almost 10K back. Thank you first time home buyer's rebate!

Thats always a nice little bonus isn't it. So where did you finally end up?

 

[Jen]

Thats always a nice little bonus isn't it. So where did you finally end up?

I'm still in West Seattle. About 1 mile from where I lived before.

 

[agen_kolar]

How much am I getting back? Not enough.

 

[SOLIDSNAKE]

I got to pay $500.
I am so dam pissed.