Is anyone else scared of doing their taxes for 2012?

[Anonymous]

I wasn't "worried" per se, I just assumed we would owe a crap ton. For reference, last year we owed federal and got a state refund, so broke even. I was really expecting to owe 1-2k (which to us IS A CRAP TON)... not because of anything specific, just a gut feeling. We made slightly more in 2012 (like 5k).
Well, I did our taxes over the weekend and we are getting 2k BACK. Not sure how... I triple-checked everything... everything is accounted for. Woot!

[Anonymous]

Anonymous wrote:I dont get this, because if I'm doing my DC and federal taxes at the same time, why wouldnt the amount be correct in the first place? It's not like it would be an estimate on the federal return.

It's just a timing issue. You could file your federal taxes before your DC taxes (and in fact in most states you have to since the state forms require you to enter data from your federal return). So it's based on what you actually "paid" to DC in taxes during the year, which may be more or less than you actually owe. On the flip side if you end up owing DC and paying that amount in 2013, your 2013 deduction will include your 2013 withholdings plus the amount you paid in 2013 for 2012 taxes. It all works out in the end and the approach actually better matches your cash outlays - you deduct it when you pay it, you claim it when you get it.

[Anonymous]

No, but I'm already freaked out about my 2013 taxes.

I think it is going to be very ugly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I dont get this, because if I'm doing my DC and federal taxes at the same time, why wouldnt the amount be correct in the first place? It's not like it would be an estimate on the federal return.

It's just a timing issue. You could file your federal taxes before your DC taxes (and in fact in most states you have to since the state forms require you to enter data from your federal return). So it's based on what you actually "paid" to DC in taxes during the year, which may be more or less than you actually owe. On the flip side if you end up owing DC and paying that amount in 2013, your 2013 deduction will include your 2013 withholdings plus the amount you paid in 2013 for 2012 taxes. It all works out in the end and the approach actually better matches your cash outlays - you deduct it when you pay it, you claim it when you get it.

Thank you for taking the time to explain that, it makes me feel better.

[Anonymous]

Not scared but I realized late in 2012 that we hadn't adjusted our withholding after we sold our second house back in 2011 and don't have that extra mortgage interest. So I made appointment with the accountant for mid-February rather than late March so we have time to raise the money for the additional taxes we will owe.

[Anonymous]

Anonymous wrote:We owe 3,500 federal.

Fuck you Uncle Sam. I actually said " if only I hadn't gotten that raise this year"

Let me guess, you think if you're pushed into a higher tax bracket, your ENTIRE income is taxed at a higher rate.

[Anonymous]

Anonymous wrote:

No, but I'm already freaked out about my 2013 taxes.

I think it is going to be very ugly.

Why will 2013 be worse?

[Anonymous]

Anonymous wrote:I prepare my own taxes. Last year we had a bunch of financial changes, including a large bonus (withheld at 25%) and a mortgage refi. We also earned more taxable income than ever before in my career ($280k, thanks in large part to that one-off bonus). I'm worried I was underwithheld after looking at my last few W-2s (before I could really do much about it) and am really worried we're into AMT territority. I guess I"m just really anxious about tax prep this year. Eek.

We are in the same income levels and have been paying AMT for a number of years. I am just used to writing out a big check to IRS every April 15th. We prefer to pay in April rather than letting govt have free loan all year round.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

No, but I'm already freaked out about my 2013 taxes.

I think it is going to be very ugly.

Why will 2013 be worse?

removal of temporary deductions and new tax brackets

[Anonymous]

I has already stated that more tax revenue is needed-- at least in his opinion. You may have escaped the first go around but it is doubtful the masses will escape the next. It isn't just going to be somebody else's money they are going after. Prepare to bend over and grab your ankles.

[Anonymous]

Anonymous wrote:I has already stated that more tax revenue is needed-- at least in his opinion. You may have escaped the first go around but it is doubtful the masses will escape the next. It isn't just going to be somebody else's money they are going after. Prepare to bend over and grab your ankles.

I make well under 100K a year and I think taxes need to go back to Clinton levels for everyone. I also think SS and Med need fixing urgently, to include raising the minimum age at the very least. Did you see the CBO's projections that were released this week? I honestly dont know how I could afford a tax hike, but I think its necessary for our children.