Taxes. Just great. :(

Bucit said:
Just remeber that there is 80 degrees and sunshine waiting for you! :smt038
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Not soon enough. This week is dragging!!


Shaun
Sent from my iPhone
 
I have you all beat.... I am going through 2 audits at the moment -- Business and Personal for the tax years of 2009-2011. I can say with 100% certainty that compared to an audit I would rather get a root canal without Novocain while simultaneously getting a 4 hour colonoscopy from a doctor with hands like John Madden because it is less painful and less invasive than the audit.

I can tell you what an audit is --- it's government extortion. They find small guys like me who report 100% of their income and who's taxes are done 100% legitimately by a professional. They then ask for more information than a reasonable person could possibly retain for the time period -- whether or not it pertains. They then beat you down for 6+ months causing considerable expense to produce the ridiculous information. Then, for any information that you can't produce they find an excuse to remove the deduction and re-do your taxes and force you to cough up $1000's + penalties. They do this for so long that you give up and pay any amount to get it over with. They literally beat you into submission.

My advice to business owners -- keep a copy of every dang piece of paper you ever touch in your entire life. Then when you get an audit you can shove 50 boxes of paper, receipts, statement, forms, etc straight up their wazzu and make them sort it out.

Bitter? No, not all. I am close renouncing my citizenship and moving the family to tax-free Grand Cayman.
 
Lucky's said:
I'm honestly thinking about having Heather work less so we can keep more of the money we make.
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Be careful with that too. My admiral works part time. Her employer takes out taxes based on what SHE makes, not what WE make (I work full time and am the primary breadwinner, by far). Because of that, she COSTS US upwards of 2k in refund (or [hopefully not] in payment to taxes) every year.

I'm still awaiting my tax professional's results for us for this year. My fingers are crossed.
 
If it makes you feel any better, those of us up in Canada in the upper tax brackets pay close to 50% in income tax. An average of 13% in sales tax and more for just about everything from Fuel to Boats to Cars....plus it's COLD 6 months of the year. Grand Caymen sounds pretty good....
 
yep...got the hose here too
own 2 houses and made several donations and writeoffs on the rental
and couldn't come up with enough deductions to file long form.
 
Bitter? No said:
Thought about that too! And, and we have both US and UK passports so we probably could if things get really rough here:) I know what you mean about audits used to work for a CPA many years ago they are tough, you truly have my deepest sympathy. We just keep our fingers crossed we never have one:)
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I have not done my taxes for this year yet. I almost have an anxiety attack at the mere thought of it. Last year on April 15 I had a surprise from my accountant that I owed an additional $32,000 over and above what had already been taken out. $9000 off that amount was the alternative minimum tax as if an extra $23,000 was not enough. Then six weeks later I was notified that I was going to be audited for the years 2009 through 2011. That resulted in an additional $9300.
Grand Cayman is sounding pretty good right now
 
Jmwarren said:
If it makes you feel any better, those of us up in Canada in the upper tax brackets pay close to 50% in income tax. An average of 13% in sales tax and more for just about everything from Fuel to Boats to Cars....plus it's COLD 6 months of the year. Grand Caymen sounds pretty good....
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Depends on where you are. Here the highest marginal tax rate is 39%, sales tax is 5% (GST only) and fuel is cheaper than where you are too.
 
I haven't done my taxes for this year but last year I had to write a check for almost $12,000. I had rolled a 401k into an IRA when I retired then rolled it into a Roth IRA. Bush's tax reconciliation act allowed you to pay half the taxes in tax year 2011 and half in tax year 2012. So for tax year 2011 I ante'd up and shelled out the big check. I think this year's will be smaller but won't know until I get my taxes done.
 
Lucky's said:
As if they colossal cost of moving us and the boat to FL weren't enough, I just got a call from our accountant and found out we owe 2k to federal this year! Perfect!! Anyone else getting hosed by taxes this year??


Shaun
Sent from my iPhone
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From the folks that don't wanna work and need health and everything else insurance......we thank you! Mr Obama.

Just keep packing.....you'll feel better in 80* weather
 
Most of us pay these high taxes because it came to a vote and a lot of people sat at home rather than voting. Those that voted believed the socialist propaganda that our houses would burn to the ground, all of our kids teachers would be layed off, there would be no police to stop crime, and the trash would pile up at the curb. So, they vote for tax increase after tax increase so the government gets bigger and more inefficient. When the tap gets threatened to be cut off, they scare the hell out of everyone by freeing thousands of illegals and intentionally inconveniencing the public at airports rather than evolving and adapting like the private sector would. If we let go half of the TSA officers, they couldn't streamline the screening process and not pull aside and grope every Barbie teen? We can't shorten the unemployment benefits to something less than 99 months? We can't do without a bunch of the "non-essential" government workers who get a paid day off due to a snow storm? People complain and let themselves get taxed to beyond 50% of their income. At what point will every taxpayer get it and vote to change things?
 
Tonka Boater said:
I have you all beat.... I am going through 2 audits at the moment -- Business and Personal for the tax years of 2009-2011. I can say with 100% certainty that compared to an audit I would rather get a root canal without Novocain while simultaneously getting a 4 hour colonoscopy from a doctor with hands like John Madden because it is less painful and less invasive than the audit.

I can tell you what an audit is --- it's government extortion. They find small guys like me who report 100% of their income and who's taxes are done 100% legitimately by a professional. They then ask for more information than a reasonable person could possibly retain for the time period -- whether or not it pertains. They then beat you down for 6+ months causing considerable expense to produce the ridiculous information. Then, for any information that you can't produce they find an excuse to remove the deduction and re-do your taxes and force you to cough up $1000's + penalties. They do this for so long that you give up and pay any amount to get it over with. They literally beat you into submission.

My advice to business owners -- keep a copy of every dang piece of paper you ever touch in your entire life. Then when you get an audit you can shove 50 boxes of paper, receipts, statement, forms, etc straight up their wazzu and make them sort it out.

Bitter? No, not all. I am close renouncing my citizenship and moving the family to tax-free Grand Cayman.
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If you lived in PA.....you could just take them Hunting. Problem solved.
 
Well I guess this move is really meant to be. Found out yesterday we owe 2k in additional federal taxes; found out today the hospital that Heather will be working for increased her sign on bonus due to the move being so far. Any guesses on how much they increased it by???? Yep, 2k!!


Shaun
Sent from my iPhone
 
Lucky's said:
Well I guess this move is really meant to be. Found out yesterday we owe 2k in additional federal taxes; found out today the hospital that Heather will be working for increased her sign on bonus due to the move being so far. Any guesses on how much they increased it by???? Yep, 2k!!


Shaun

Sent from my iPhone
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Beginning to think you are a "lucky son of a gun" Shaun:) Good luck with your move down. Weather is cooling off a bit this week-end but will no doubt pop back up soon:)
 
Lucky's said:
Well I guess this move is really meant to be. Found out yesterday we owe 2k in additional federal taxes; found out today the hospital that Heather will be working for increased her sign on bonus due to the move being so far. Any guesses on how much they increased it by???? Yep, 2k!!
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[video=youtube;prvm5ZFPIrE]http://www.youtube.com/watch?v=prvm5ZFPIrE[/video]
 
JV II said:
[video=youtube;prvm5ZFPIrE]http://www.youtube.com/watch?v=prvm5ZFPIrE[/video]
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That's a great episode!!


Shaun
Sent from my iPad using Tapatalk HD
 
BritLady said:
Beginning to think you are a "lucky son of a gun" Shaun:) Good luck with your move down. Weather is cooling off a bit this week-end but will no doubt pop back up soon:)
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I've never had as much " luck" as what we've had from day one that we got serious about this move. I'd literally have to spit in the face of fate and destiny to not recognize and capitalize on the blessings we've been given regarding this decision.


Shaun
Sent from my iPad using Tapatalk HD
 
Lucky's said:
I've never had as much " luck" as what we've had from day one that we got serious about this move. I'd literally have to spit in the face of fate and destiny to not recognize and capitalize on the blessings we've been given regarding this decision.


True that!!!!:thumbsup:
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