(Closed) UGH I actually have to PAY taxes this year?

posted 8 years ago in Money
Post # 3
Member
5263 posts
Bee Keeper
  • Wedding: June 2012

Not sure yet about this year, but I was slammed last year. I was working two jobs for the first time, so my income nearly doubled and my financial aid for school was taxed. Or maybe it was my student loan? Either way – Eek!

Post # 4
Member
5498 posts
Bee Keeper
  • Wedding: September 2010

that’s lame! I don’t have to…

But last year me best friend had to pay 8 bucks (I was hoping you’d get a laugh! Please don’t take it the wrong way!)

Post # 5
Member
1580 posts
Bumble bee

I’m not a financial expert, but I actually think it is better to have to pay at the end of the year. Because if you overpaid and get a refund, you missed out on investing that money over the year.

Maybe I am just trying to make myself feel better because I usually have had to pay 🙂 Either way you are paying the same amount, whether you paid too much over the year or if you have to pay more by tax day.

Post # 8
Member
5498 posts
Bee Keeper
  • Wedding: September 2010

@Jacqi-I think of it more as a savings thing when I over pay and get it back because the money we get back pays off bills or goes to savings. = )

Post # 9
Member
1207 posts
Bumble bee
  • Wedding: December 2009

Yeah, my husband had a big gambling win last year.  We’re actually freaking out a bit because we bought a condo with cash and then were planning to pay the IRS with a mortgage, but we’re pretty sure our bank is going to turn us down, so now we’re scrambling around trying to find another bank that will take the mortgage.  The problem is with the building we bought the condo in, it’s brand new, so it’s not full, there are definitely more people living there now then when we moved in, but most banks won’t do a mortgage on a condo under 75% full.  Ugh…. it’s kind of a mess.  The worst case scenario is that we have a payment plan with the IRS, but we’re trying to roll our student loan debt into the mortgage so we only have one loan to pay every month and a good interest rate.  Lol, I wrote a lot more than I intended, but yeah, it sucks when you owe the government money.

Post # 10
Member
1051 posts
Bumble bee
  • Wedding: April 2010

@Jacqi’s right – as great as it feels to receive a check, that’s money you were owed all along, so you missed out on earning any interest.  Even if you’re not into investing, the paltry sum you would have received in a traditional checking or savings account is still greater than ZERO.  As painful as it is to write that check, 9 out of 10 times it’s better to owe.

 

Oh – and and BOO taxes!! >:0

Post # 11
Member
1585 posts
Bumble bee
  • Wedding: September 2010

I have an appointement to get my taxes done today… Last year I got money from the feds but I had to pay the state…

I am keeping my fingers crossed that I get $ back from both.

Post # 12
Member
532 posts
Busy bee
  • Wedding: July 2010

I owe for the first time this year. It’s no fun having to pay up, but it must be done.

Post # 14
Member
153 posts
Blushing bee
  • Wedding: October 2010

ugh, the making work pay credit got me too. boo.

the rational part of me knows it was better to be receiving that money all along…but i was so counting on having a tax refund to pay off some bills now that i’m in school and not working. oh well — lesson learned!

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