Comments on: I owe $7,000 in taxes http://okdork.com/2007/05/11/i-owe-7000-in-taxes/ A blog about marketing, online communities and other business musings. Come join the fun! Wed, 09 Nov 2011 02:14:19 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: beth m http://okdork.com/2007/05/11/i-owe-7000-in-taxes/comment-page-1/#comment-104323 beth m Thu, 14 Jun 2007 11:58:10 +0000 http://okdork.com/2007/05/11/i-owe-7000-in-taxes/#comment-104323 We just found out we owe 3,500.00 due right now for 2006. We also have to "pre pay" 5,000.00 set up in quarterly payments for 2007 to the IRS. We own a small buisness and have four children. One who is special needs. We were surprised and a little ticked. My car is only worth $750.00 no joke. We are the classic middle class getting the beanie weanie. Sorry, just had to vent. We just found out we owe 3,500.00 due right now for 2006. We also have to “pre pay” 5,000.00 set up in quarterly payments for 2007 to the IRS. We own a small buisness and have four children. One who is special needs. We were surprised and a little ticked. My car is only worth $750.00 no joke. We are the classic middle class getting the beanie weanie. Sorry, just had to vent.

]]> By: Chris Johnston http://okdork.com/2007/05/11/i-owe-7000-in-taxes/comment-page-1/#comment-93595 Chris Johnston Fri, 25 May 2007 19:19:29 +0000 http://okdork.com/2007/05/11/i-owe-7000-in-taxes/#comment-93595 I would rather owe $2500 than be like those morons that are excited that they overpaid their taxes and the governent was nice enough to give it back to them after using it for a year interest free! I would rather owe $2500 than be like those morons that are excited that they overpaid their taxes and the governent was nice enough to give it back to them after using it for a year interest free!

]]> By: Noah Kagan http://okdork.com/2007/05/11/i-owe-7000-in-taxes/comment-page-1/#comment-90357 Noah Kagan Thu, 17 May 2007 03:41:50 +0000 http://okdork.com/2007/05/11/i-owe-7000-in-taxes/#comment-90357 I accidentally put in $2,000 more in tax withholdings. The bulk of the money was that my stock grant was double counted since it was already included in my W-2. Lucky me the IRS guy asked about that! I accidentally put in $2,000 more in tax withholdings. The bulk of the money was that my stock grant was double counted since it was already included in my W-2. Lucky me the IRS guy asked about that!

]]> By: Jerry http://okdork.com/2007/05/11/i-owe-7000-in-taxes/comment-page-1/#comment-90247 Jerry Wed, 16 May 2007 20:01:31 +0000 http://okdork.com/2007/05/11/i-owe-7000-in-taxes/#comment-90247 Noah, that's great! Did you miscalculate somehow or did they forgive some penalties? Jerry Noah, that’s great!

Did you miscalculate somehow or did they forgive some penalties?

Jerry

]]> By: Noah Kagan http://okdork.com/2007/05/11/i-owe-7000-in-taxes/comment-page-1/#comment-89936 Noah Kagan Tue, 15 May 2007 22:42:40 +0000 http://okdork.com/2007/05/11/i-owe-7000-in-taxes/#comment-89936 Arjun That totally sucks. You definitely win in terms of most money! Did you end up refiling and showing that you made a loss? I had the same issue and then just refiled with a Schedule D to show I made much less than the actual gross proceeds of my stock sale. Arjun

That totally sucks. You definitely win in terms of most money! Did you end up refiling and showing that you made a loss?

I had the same issue and then just refiled with a Schedule D to show I made much less than the actual gross proceeds of my stock sale.

]]> By: Tomasz Gorski http://okdork.com/2007/05/11/i-owe-7000-in-taxes/comment-page-1/#comment-89327 Tomasz Gorski Sun, 13 May 2007 09:48:55 +0000 http://okdork.com/2007/05/11/i-owe-7000-in-taxes/#comment-89327 Thanks for very interesting article Noah. btw. I really enjoyed reading all of your posts. It’s interesting to read ideas, and observations from someone else’s point of view… makes you think more. So please keep up the great work. Greetings Thanks for very interesting article Noah. btw. I really enjoyed reading all of your posts. It’s interesting to read ideas, and observations from someone else’s point of view… makes you think more. So please keep up the great work. Greetings

]]> By: Brian Balfour http://okdork.com/2007/05/11/i-owe-7000-in-taxes/comment-page-1/#comment-89123 Brian Balfour Sat, 12 May 2007 20:21:53 +0000 http://okdork.com/2007/05/11/i-owe-7000-in-taxes/#comment-89123 Its the 20oz coke issue. When coke released the 20oz version no one bought it because they thought it was too much. So then coke released a larger version (24 oz maybe?) and everyone started buying the 20oz coke. After awhile they took the larger version away and people stayed with the 20 oz version. Its the 20oz coke issue.

When coke released the 20oz version no one bought it because they thought it was too much.

So then coke released a larger version (24 oz maybe?) and everyone started buying the 20oz coke. After awhile they took the larger version away and people stayed with the 20 oz version.

]]> By: sri http://okdork.com/2007/05/11/i-owe-7000-in-taxes/comment-page-1/#comment-89065 sri Sat, 12 May 2007 17:15:46 +0000 http://okdork.com/2007/05/11/i-owe-7000-in-taxes/#comment-89065 I dictate to uncle sam how much i am willing to pay them. I use turbo tax and keep trying over and over again until i reach a figure that i think is reasonable. Lets hope i dont get audited. Read about the couple who always withold 30% of what they owe uncle sam and they write a nice letter saying that the reason they withold 30% is because they dont want that money to go towards financing the war in Iraq. Every year its the same story, IRS freezes their account and takes out the money that is due. But the couple feel good that they are not contributing willingly. Talking about relative price points....I just purchased a home and now, everything seems cheap. Change the kitchen fridge...sure...its only $1000.00 One more thing i noticed about myself after purchasing a home is that since the house search was so exhausting, i am less keen to do price comparison with the stuff i want to buy for the home. Every store u go to, the item varies slightly....so its hard to do real comparison. Besides there is so much hidden costs when purchasing appliances. Their selling point is "we will remove and haul ur old appliances away for free" Off course u bastards! The old appliances are in perfectly good working order. I know ur gonna keep em. I dictate to uncle sam how much i am willing to pay them. I use turbo tax and keep trying over and over again until i reach a figure that i think is reasonable. Lets hope i dont get audited.

Read about the couple who always withold 30% of what they owe uncle sam and they write a nice letter saying that the reason they withold 30% is because they dont want that money to go towards financing the war in Iraq.

Every year its the same story, IRS freezes their account and takes out the money that is due. But the couple feel good that they are not contributing willingly.

Talking about relative price points….I just purchased a home and now, everything seems cheap.
Change the kitchen fridge…sure…its only $1000.00
One more thing i noticed about myself after purchasing a home is that since the house search was so exhausting, i am less keen to do price comparison with the stuff i want to buy for the home. Every store u go to, the item varies slightly….so its hard to do real comparison. Besides there is so much hidden costs when purchasing appliances.
Their selling point is “we will remove and haul ur old appliances away for free” Off course u bastards! The old appliances are in perfectly good working order. I know ur gonna keep em.

]]> By: Mike Macadaan http://okdork.com/2007/05/11/i-owe-7000-in-taxes/comment-page-1/#comment-89013 Mike Macadaan Sat, 12 May 2007 15:05:59 +0000 http://okdork.com/2007/05/11/i-owe-7000-in-taxes/#comment-89013 You need to use TurboTax's Grey Zone Edition - only available on Mac from a called 'Uncle Scam.' The interview asks you questions like 'Are you sure you didn't donate 100K to one of the following organizations?' and 'While incarcerated, did you do any 'volunteer work?' You need to use TurboTax’s Grey Zone Edition – only available on Mac from a called ‘Uncle Scam.’ The interview asks you questions like ‘Are you sure you didn’t donate 100K to one of the following organizations?’ and ‘While incarcerated, did you do any ‘volunteer work?’

]]> By: Peter Cooper http://okdork.com/2007/05/11/i-owe-7000-in-taxes/comment-page-1/#comment-88912 Peter Cooper Sat, 12 May 2007 08:14:12 +0000 http://okdork.com/2007/05/11/i-owe-7000-in-taxes/#comment-88912 Jeez, while I hate the US tax system, I wish you could get such "reductions" so easily in the UK! Mine's three times more than your original figure this year (and they wonder why people find it so hard to save, lol). Jeez, while I hate the US tax system, I wish you could get such “reductions” so easily in the UK! Mine’s three times more than your original figure this year (and they wonder why people find it so hard to save, lol).

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