Taxes - big jump this year?

[Anonymous]

Anonymous wrote:I feel better reading this and knowing that we aren't alone with the massive increase. Our total tax bill (state plus Fed) was $88k last year and $105k this year. We made quarterly payments based on last year's taxes so this was a very unpleasant surprise. My earnings from self-employment have a huge impact. Ugh - we really don't have cash laying around to pay the unexpected bill either. We make good money, but it really feels like we will never catch up.

+1 same here we had to empty out our savings to pay this years tax bill.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I feel better reading this and knowing that we aren't alone with the massive increase. Our total tax bill (state plus Fed) was $88k last year and $105k this year. We made quarterly payments based on last year's taxes so this was a very unpleasant surprise. My earnings from self-employment have a huge impact. Ugh - we really don't have cash laying around to pay the unexpected bill either. We make good money, but it really feels like we will never catch up.

+1 same here we had to empty out our savings to pay this years tax bill.

I feel for you. I also posted in the thread "2013 HHI and Paid Tax". We made almost $35k less in 2013 than in 2014 (husband's business had a bad year), but for some reason, our tax liability only went down by $2k.

We are in the process of cashing out all of our (modest) stock investments in order to pay the taxes we owe.

[Anonymous]

Anonymous wrote:Just sent off an unexpected 18K check to the IRS.

Our landscaping will be not happen this year

So high taxes can hurt jobs? Someone needs to bring this up to the powers that be.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just sent off an unexpected 18K check to the IRS.

Our landscaping will be not happen this year

So high taxes can hurt jobs? Someone needs to bring this up to the powers that be.

No, because the landscaper will simply find a client who is better prepared and ha s refund to blow.

All this and the other posts means is that there are some unprepared people out there. You should be preparing and saving from January for the highest/worst case scenario for taxes. You have a good idea of your income, your tax bracket, and the changes in the tax code at the beginning of every year.

None of this should ever be that big a surprise for people at these income levels and for anyone with a modicum of common sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just sent off an unexpected 18K check to the IRS.

Our landscaping will be not happen this year

So high taxes can hurt jobs? Someone needs to bring this up to the powers that be.

No, because the landscaper will simply find a client who is better prepared and ha s refund to blow.

All this and the other posts means is that there are some unprepared people out there. You should be preparing and saving from January for the highest/worst case scenario for taxes. You have a good idea of your income, your tax bracket, and the changes in the tax code at the beginning of every year.

None of this should ever be that big a surprise for people at these income levels and for anyone with a modicum of common sense.

They keep changing stuff and it really makes it difficult for every day folks. Most of us have lives and a million other things to think about like how to feed your family or pay for childcare.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just sent off an unexpected 18K check to the IRS.

Our landscaping will be n. happen this year

So high taxes can hurt jobs? Someone needs to bring this up to the powers that be.

No, because the landscaper will simply find a client who is better prepared and ha s refund to blow.

All this and the other posts means is that there are some unprepared people out there. You should be preparing and saving from January for the highest/worst case scenario for taxes. You have a good idea of your income, your tax bracket, and the changes in the tax code at the beginning of every year.

None of this should ever be that big a surprise for people at these income levels and for anyone with a modicum of common sense.

What if he can't find another client? What if he was counting on this job to buy milk for the baby and puppy chow for Scrappy?

[Anonymous]

Besides mortgage interest we can't take anymore deductions. The only way we can get our tax bill down is to give our money away.

[Anonymous]

Anonymous wrote:Besides mortgage interest we can't take anymore deductions. The only way we can get our tax bill down is to give our money away.

Does anyone know of a good tax consultant we might see to help us better plan for 2014?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just sent off an unexpected 18K check to the IRS.

Our landscaping will be not happen this year

So high taxes can hurt jobs? Someone needs to bring this up to the powers that be.

No, because the landscaper will simply find a client who is better prepared and ha s refund to blow.

All this and the other posts means is that there are some unprepared people out there. You should be preparing and saving from January for the highest/worst case scenario for taxes. You have a good idea of your income, your tax bracket, and the changes in the tax code at the beginning of every year.

None of this should ever be that big a surprise for people at these income levels and for anyone with a modicum of common sense.

They keep changing stuff and it really makes it difficult for every day folks. Most of us have lives and a million other things to think about like how to feed your family or pay for childcare.

They don't change things mid year. We know at the beginning of every year, and these particular hikes were well-known. Anyone who didn't know had his buried deep in the sand. And the "We have lives" argument is bunk: we all have bills and responsibilities, taxes are no different.
You have no excuse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just sent off an unexpected 18K check to the IRS.

Our landscaping will be not happen this year

So high taxes can hurt jobs? Someone needs to bring this up to the powers that be.

No, because the landscaper will simply find a client who is better prepared and ha s refund to blow.

All this and the other posts means is that there are some unprepared people out there. You should be preparing and saving from January for the highest/worst case scenario for taxes. You have a good idea of your income, your tax bracket, and the changes in the tax code at the beginning of every year.

None of this should ever be that big a surprise for people at these income levels and for anyone with a modicum of common sense.

They keep changing stuff and it really makes it difficult for every day folks. Most of us have lives and a million other things to think about like how to feed your family or pay for childcare.

They don't change things mid year. We know at the beginning of every year, and these particular hikes were well-known. Anyone who didn't know had his buried deep in the sand. And the "We have lives" argument is bunk: we all have bills and responsibilities, taxes are no different.
You have no excuse.

It's impossible to predict on January 1 how investments will perform during the year. Directly impacts tax liability.

[Anonymous]

This year was full of hidden sneaky taxes. I am surprised people weren't protesting them last year. The politicians did a remarkable job deceiving and confusing the public.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just sent off an unexpected 18K check to the IRS.

Our landscaping will be not happen this year

So high taxes can hurt jobs? Someone needs to bring this up to the powers that be.

No, because the landscaper will simply find a client who is better prepared and ha s refund to blow.

All this and the other posts means is that there are some unprepared people out there. You should be preparing and saving from January for the highest/worst case scenario for taxes. You have a good idea of your income, your tax bracket, and the changes in the tax code at the beginning of every year.

None of this should ever be that big a surprise for people at these income levels and for anyone with a modicum of common sense.

They keep changing stuff and it really makes it difficult for every day folks. Most of us have lives and a million other things to think about like how to feed your family or pay for childcare.

People who make enough to have a 100k tax bill aren't "everyday folks."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just sent off an unexpected 18K check to the IRS.

Our landscaping will be not happen this year

So high taxes can hurt jobs? Someone needs to bring this up to the powers that be.

No, because the landscaper will simply find a client who is better prepared and ha s refund to blow.

All this and the other posts means is that there are some unprepared people out there. You should be preparing and saving from January for the highest/worst case scenario for taxes. You have a good idea of your income, your tax bracket, and the changes in the tax code at the beginning of every year.

None of this should ever be that big a surprise for people at these income levels and for anyone with a modicum of common sense.

They keep changing stuff and it really makes it difficult for every day folks. Most of us have lives and a million other things to think about like how to feed your family or pay for childcare.

People who make enough to have a 100k tax bill aren't "everyday folks."

Stop judging

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just sent off an unexpected 18K check to the IRS.

Our landscaping will be not happen this year

So high taxes can hurt jobs? Someone needs to bring this up to the powers that be.

No, because the landscaper will simply find a client who is better prepared and ha s refund to blow.

All this and the other posts means is that there are some unprepared people out there. You should be preparing and saving from January for the highest/worst case scenario for taxes. You have a good idea of your income, your tax bracket, and the changes in the tax code at the beginning of every year.

None of this should ever be that big a surprise for people at these income levels and for anyone with a modicum of common sense.

They keep changing stuff and it really makes it difficult for every day folks. Most of us have lives and a million other things to think about like how to feed your family or pay for childcare.

People who make enough to have a 100k tax bill aren't "everyday folks."

Stop judging

It's a fact. If you make X amount of money, you're in the top Y percent. If you are in the top 20 percent, even 30 percent, you are not "everyday folks". You are well above what most people make.

Complain all you want about taxes. But don't act like you're "everyday folks."

[Anonymous]

Obama!