Taxes

[SilverDcab]

Did everybody fare okay on their tax returns this year? This was our first tax return with owning the business and we didnt know HOW much we would owe So we got the packet in the mail yesterday from the accountant and I think it was about half what my wife and I thought it could of been that we owed the IRS. This is our first year we didnt get a refund, but being self employed for the first time over 2008 is nice.

[03-blue-Powerstroke]

Im supposed to get 1100 back

[SilverDcab]

Sweet

[06strokerIsh]

To tell you the truth my return went down quite a bit since last year, not sure why though.

[SilverDcab]

Yeah that has happened to us before and we werent sure why either. We were using a family member who is a accountant. His employer who he was at for a long time played a dirty trick on him. They wanted him to sign a contract for 3 years saying if he ever left he would not be able to be a public accountant in the area for 3 years. This would mean he would of had to up and move his family to a different area for work. He wouldnt sign it so they told him they were making changes and let him go. Pretty crappy!!

So we found a accountant my Brother-in-law(attorney) uses and we use him now. However he is triple in price what the other guy was charging us, but he is good. Oh well!

[weareweird69]

I am gettin 5,600 back from the IRS, and 500 from the state, and owe 420 to the Local

But, Sadly it'll be used to pay bills, and some for savings No truck mods this spring.

[SilverDcab]

Yeah when we got refunds back, ours went towards paying bills as well to. Sometimes we would use half or so towards vacation for that year. Your getting back as much as I have to owe

[umfhockey66]

My refund was $2600 last year, this year my income increased by $140, which took me from the 7% to the 10% tax bracket, my refund was $1100 this year, I'm pretty fired up that I can contribute another $1500 to the general fund, I'm sure the government will spend it wisely.

[Jake]

The way our business is set up, it shows that i didn't make enough to pay taxes. All i have to pay is about 300 or 600 to socialist insecurity. Which pisses me off. I wish i could opt out of it, i don't want the gov taking care of my retirement for me. I can do it myself. Much better too. Ill never get back what i pay into it.

[mudrunninpig]

I owed 600 to the state and 8k to the gov.