Alexander Kai
Gabriel Ryan
Benjamin Tyler
Tuesday, April 8, 2008
Stupid Taxes!!!!!!
We finally sat down and did our taxes last night! UGH!!!!!!! We owe this year!!!!!! We also got two 1099-G things and have no clue what to do with them! Umm Michelle any advice? LOL So we are supposed to get that tax relief thing in June-ish so that will even out what we owe. But having to pay makes me irritated! David was like "Well thats what we have our savings for!" LOL NO ITS NOT!!!!!!! Our savings are for emergencies or fun stuff LOL Not for paying taxes! LOL So we changed our with holdings and all that stuff today! So hopefully next year we could get some back!
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9 comments:
bummer, that stinks! I hope that the 'economic stimulus package' helps refill your savings account anyways =o/ Owing taxes (or owing anyone money at all) is NO fun...
Yeah, I was hoping to get one of those economic stimulus packages, but I am too poor to get one.
1099 means that they paid you as a outside business or contractor, and didn't pay any taxes for you. It's much easier for them, but it means that you have to pay ALL taxes for that amount at the end of the year.
Are you sure? It's exactly how much we got from our refund last year....
I was so worried about this, I called H&R Block LOL They said its an itemized income! UGH!
Oh sad! The funny thing is, supposedly it is smarter to owe taxes at the end of the year because it means you get to invest the money the way you want rather than have the IRS keeping your money all year interest free. But I hate owing money too! 1099-G's are usually income from the goverment. Go to this link http://www.irs.gov/pub/irs-pdf/f1099g_07.pdf - page 4 gives you instructions based on which lines have amounts. Matt is partly right though, some 1099's are for Independent Contractors...but there are lots of kinds! :)
By the way, if you pay by EFT, you get your Electronic Stimulus quicker...see http://www.irs.gov/irs/article/0,,id=180250,00.html
Matt, you don't make even $3,000 a year?? That is the income limitation for the Economic Stimulus payment.
Ok, sorry to write all over your wall Tania!
Cool! I guess I'll pay it this week, and hopefully by early ext month it will be back in my accoutn LOL
OUCH . . . that was not a fun surprise . . . =o(
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