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Well, I got OBAMA'd on my taxes *RANT*
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Well, I got OBAMA'd on my taxes *RANT* - March 9, 2010, 09:30 AM

I will preface this with "yes, i should have known better and made adjustments to compensate".

Especially after reading this thread a while back:
Obama Stimulus in effect (less federal taxes)


So... Even with my wife and I having a total of 1 exemption on her W2 and 1 on my W2, AND adding a kid this year, we still owe 4K in taxes.

So basically the Obama loan is kicking me in the nuts right now. We shoulda changed the W2's to 0 exemptions AND told the company to withhold even more.

In short, he had everyone withhold less to give us more money per month, but now we gotta pay it back at the end. Obviously more money we make, the more you gotta pay back.

They gotta pay the lower income folks somehow right?

Was gonna use 2K for new gutters on the house. And the other 2k was gonna go towards the DINAN software stage 2 ECU upgrade on my 135i which would have brought the HP from 300/300 torque to 385/415 torque..

Fak dat shit!

Again, yes i should have been more on top of it, but I wasnt.

Anyone else get messed up by this? Live and learn, others should learn off my mistake also.

I voted for Obama, i like the guy as a person.. But now that I am seeing the "socialism" hit my pocket, I am rethinking my vote.


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March 9, 2010, 09:36 AM

rob said it best in the other thread:

Quote:
Just because you're getting more money doesn't necessarily mean its correct. Did your salary increase? If not, that means they are withholding less for federal, medicare, etc . Whether or not this is the right thing you will find out at the end of the year when you do your taxes...

If you ever get a tax refund at the end of the year you know they were talking too much money out and your checks should have been bigger (to you). Ideally you want 0 money back and 0 payment at the end of the year.


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March 9, 2010, 09:39 AM

yes... i got hosed... but not just by the Feds. I claim zero and still owe over a grand. it only pays to pop out kids and own a house. what about single middle america?


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March 9, 2010, 09:41 AM

Man I hope I dont end up in the same boat. Havent seen our return yet. Thinking that I should re-evaluate my exemptions.


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March 9, 2010, 09:41 AM

Quote:
Originally Posted by JMURACN View Post
yes... i got hosed... but not just by the Feds. I claim zero and still owe over a grand. it only pays to pop out kids and own a house. what about single middle america?
dude we have a house and a kid, and still got wacked!


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March 9, 2010, 09:42 AM

Quote:
Originally Posted by zx6rfool View Post
Man I hope I dont end up in the same boat. Havent seen our return yet. Thinking that I should re-evaluate my exemptions.
I would b/c im sure the taxes are changed again for this year.

It doesnt help that i am not accounting literate as i should be.


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March 9, 2010, 09:43 AM

I'm happy with my return, yet not happy... I should be breaking even or getting a minimal return, I don't want the Gov. to make interest of me. At this point though, I'm scared to change my exemptions... I owed 25k in 2005 and 6k in 2006... don't want to EVER be in that position again.
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March 9, 2010, 09:45 AM

Sorry, I am confused?
You miscalculated your taxes throughout the year and now you want to blame Obama.


Moreover, when you get a return I NEVER understand why people are happy. It's the most assinine (to me) sense of elation people have. It simply means you gave the government an INTEREST FREE loan. Why are you so happy?!


(About that Dinan though? A simple ECU upgrade gives you +85hp/+115tq?! Or do you have to do other engine upgrades as well?)



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March 9, 2010, 09:45 AM

Well then you make too much money! I thought I was gonna call it close but having 2 kids in the same year bailed my arse out. But then again I gotta pay out the arse to feed, clothes and raise them.


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March 9, 2010, 09:45 AM

Quote:
Originally Posted by spud View Post
dude we have a house and a kid, and still got wacked!
everyone i know that owned a home got hit harder... a kid softened the blow for you my friend.


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March 9, 2010, 10:11 AM

Oh, and let me preface this by saying I'm sure most of us on here who own homes and have kids are adults - and as such, you surely know by now to have three things on retainer:
(1) A Doctor
(2) A Lawyer
(3) A CPA
(Option is a Financial Planner if you're not good at this kind of stuff)

Your accountant is not someone you're supposed to just parachute in on once a year when your income taxes are due. You need to speak to them each year LONG BEFORE taxes are due and discuss your year's tax strategy or anytime there's a significant change in your financial or family status (married, buying a house, having a kid, etc.)

It should take about an hour at most and maybe cost $100-200 bucks, or nothing at all if you're a big enough client.

Conversely, your CPA should make you aware of tax code changes that happen which could positively or negatively affect you and instruct you on how to make adjustments to the strategy.

If your CPA isn't doing that - my advice to you, GET A NEW ACCOUNTANT! Turbo Tax, HR Block, and the like are NOT helpful once you get beyond a certain income range or have a particularly complicated tax situation. Additionally they don't know the tricks to get the IRS agents to look in one direction, while you stretch the rules a bit in the other.



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March 9, 2010, 10:17 AM

obama plan.. stop trying to make money! just be average!


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March 9, 2010, 10:20 AM

Heist...He hasn't done a fucking thing. For real dude. Stop being his cheerleader.

That's a full on non-partisan based assessment.


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March 9, 2010, 10:34 AM

Quote:
Originally Posted by Stillie View Post
Heist...He hasn't done a fucking thing. For real dude. Stop being his cheerleader.

That's a full on non-partisan based assessment.
Easy Stillie, I'm not cheerleading anyone.
I just don't see the correlation or logic between not calculating your taxes correctly and blaming the President.

When people got big fat returns, there was no rant posts that, "President XYZ took too much of my money! Look at all this money I'm getting back!"

Then at least I could understand the logic and thought process, flawed as it may be.

It you want to be 20/20 focus about this, you can look at this as a byproduct of deficit spending for 8 years.

At some point the piper was going to have to be paid. You can't have an unfinanced $1 Billion dollar a day war effort and not expect taxes codes to get reshifted to rebalanced and reallocate in short order.

God forbid we continued to "cook the books" ... look at what happening to Greece right now. Debt is equal to 13% of the their GDP because of the deficit spending and book cooking they've been doing for the better part of a decade.



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

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March 9, 2010, 11:00 AM

Quote:
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Heist...He hasn't done a fucking thing. For real dude. Stop being his cheerleader.

That's a full on non-partisan based assessment.
+1
Heist it is almost sad what a little Obama-drone you are. Have a clue or independant thought and stop barfing up everything your left-wing neo-socialist party and media tell you to think.

I'm sorry for you Spud, and everyone else who got Obama'd this year!
This was the best year I've had and it barely made a difference. I busted my ass to gross an extra 32k but only saw in extra 12k in my pocket, cause I was a good lil worker and worked myself into the highest tax bracket! So let me get this striaght... I should work a lot harder for only a lil more money... great system. Oh and the days of geta break on my student loan interest... gone!


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