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For those of you that owe during tax time

Anonymous
Posted by Anonymous
  • 12 Replies
Do you own your own business? If so, don't you pay quarterly taxes? If you don't owe taxes why do you owe so much? I've read people here paying 20k+ back. Why don't you save that throughout the year? We make 60k and we have 2 kids. My dh gets taxes taken out like crazy from his bonuses and on his regular checks its just 2 exemptions. I worked part time and had 3 exemptions so nothing was taken out. Our refund, after adding education expenses like books and computers and daycare came up to 5300. So....do y'all just not have anything deducted through the year from your paycheck and end up having to owe???
Posted by Anonymous on Jan. 25, 2013 at 2:24 PM
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Replies (1-10):
Anonymous
by Anonymous 1 - Original Poster on Jan. 25, 2013 at 2:26 PM
Bump
shymomof4
by Kristyn on Jan. 25, 2013 at 2:29 PM

My husband is an independent contractor for a trucking company.  So he makes like $70,000 a year but they take no taxes out on him.  That's why we owe.  We don't owe anywhere near 20k though.

Bigmetalchicken
by Ruby Member on Jan. 25, 2013 at 2:29 PM

We owe because I have my own home business, and we also have several investment portfolios that consistantly make us a good deal of money. That being said, over half of my husband's salary is taken out in taxes, and we save all year because we know we will always owe, because we do not take deductions that we feel are unethical, or that we are opposed to on principal.


Anonymous
by Anonymous 2 on Jan. 25, 2013 at 2:29 PM
I don't get it either.. X.x My dh and I onky get back taxes b/c we choose to pay so much in. We both file with no exemptions. So they take out more of our paychecks. At the end of the year we get some back.
LiesLiesLies
by on Jan. 25, 2013 at 2:30 PM
1 mom liked this
We owe from investments and interest we earn.

My 5 year old owes from her income.
Posted on the NEW CafeMom Mobile
momo3fgr8tteens
by Ruby Member on Jan. 25, 2013 at 2:30 PM

Its hard sometimes for people that are self employed to estimate their quarterly taxes. Sometimes their income is greater than what they estimate it will be. Some people like to hold onto their money and use it throughout the year rather than letting the government use it. We usually overestimate ours by quite a bit so we get money back. 

Anonymous
by Anonymous 3 on Jan. 25, 2013 at 2:31 PM

We only end up paying city taxes, and not much. That is because my husband works out of several cities. :P

Anonymous
by Anonymous 4 on Jan. 25, 2013 at 2:32 PM
My husband got some stock payout from his company this year that we owe $120K in taxes on.
Anonymous
by Anonymous 5 on Jan. 25, 2013 at 2:34 PM
We never owe federal but we have owed state the last 4 years. So much infact that we use our federal return to pay for filing and what we owe to the state. Dh claims married and zero throughout the year so the max amount is taken out.
onethentwins
by Platinum Member on Jan. 25, 2013 at 2:37 PM
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It makes financial sense to owe at the end of the year. If you took the money you would pay in taxes and put it in an account that pays interest, that money is working for you throughout the year instead of the government. However, most people would just end up spending that money and scrambling to find the money to pay their taxes come April. And, I'm one of those people, for the last couple of years my refund has been about 20k.

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