Fell off the wagon. - Page 2

KingTermite · 04-13-2005, 07:59 AM

Quote:

Originally Posted by Ford Freak

*shivers*flat tax*shivers more*

The rich people are going to love it or the poor people are going to hate it.

Yeah...I heard the same things. Funny how one side always blames the other saying that rich people get all the tax breaks, but when you truly boil it down, the rich are paying more....even proprtionally more.

BoWevil_abx · 04-13-2005, 08:43 AM

The current tax system blows. Rep. John Linder just introduced a bill in Congress that, if passed, will completely trash the current tax system by eliminating the IRS and all deductions for federal taxes (income, Social Security, Medicare, etc.) and replace it with a national sales tax system called the Fair Tax Act. Even if you don't agree that the Fair Tax is the way to go, contact your congressional delegation and express your displeasure with the current tax system. It is abusive, confiscatory, and penalizes hard work, success, and sound fiscal practices such as savings and investments.

The Fair Tax Act

Ford Freak · 04-13-2005, 09:08 AM

I wonder if the "national sales tax" is similar to what the VAT is over here. If it is, I would say it is going to suck. Could you imagine paying 16% tax on everything you buy... It probably isn't going to come out of our paychecks. I'd would much rather have it taken out of my pay than pay it when I buy something...

alien resident · 04-13-2005, 09:23 AM

Just because of this legal mumbo jumbo my wife and I decided to retain a Tax Attorney. Sure it costs about $190.00 for Tax Filings BUT the peace of mind is just great for us. Deer Slayer I really hope it works out for you and you are able to resolve this.

spookyload · 04-13-2005, 10:46 AM

Was this for personal tax or for a buisness? If it is for a buisness, then you are expected to make quarterly tax payments. For sure they will let you make payments. It is best to get it started right away as to avoid any further fines or penalties. Here is the IRS page that should help you. You should first ask for an abatement of fines by showing that you were saving the money for payment. If it is denied, you can ask for an appeal. Tax payers have amazing rights when it comes to IRS appeals. This advice is coming from a very inside source. My wife is an IRS Renenue Officer that does this sort of thing on a daily basis. Her advice is also to pay the owed taxes first, in a show of good faith. Pay as much of the fine as you can without selling your truck. Then apply for the abatement of fines. If approved, they will refund any fines you have already paid. If this is your first offense, they are likely to be lenient on you. Remember that you should always appeal if it is denied. Unfortunately she is in the side that handles $500,000 and higher back taxes, or she could help you more personally. Here is the link she gave me to pass on. If you have any questions feel free to PM me if you have more specific questions that you would like to keep more confidential.

http://www.irs.gov/faqs/faq-kw134.html
http://www.irs.gov/instructions/i843/ch02.html

BBThumper · 04-13-2005, 11:18 AM

.....almost at Page 3 and Deer Slayer is still passed out

............

kswiss · 04-13-2005, 11:29 AM

I had to pay a 6-figure amount to the feds this year, I'd say you got off good.

Also, it seems like you have some alcohol abuse issues that you should take care of, maybe this will help with your monetary issues as well.

KingTermite · 04-13-2005, 12:14 PM

Quote:

Originally Posted by kswiss

I had to pay a 6-figure amount to the feds this year, I'd say you got off good.

You aren't supposed to count the figures "after" the decimal point, man.

kswiss · 04-13-2005, 12:47 PM

I'll let my accountant know...thanks for the tip.

Quote:

Originally Posted by KingTermite

You aren't supposed to count the figures "after" the decimal point, man.

Markim · 04-13-2005, 01:11 PM

Quote:

Originally Posted by Ford Freak

I wonder if the "national sales tax" is similar to what the VAT is over here. If it is, I would say it is going to suck. Could you imagine paying 16% tax on everything you buy... It probably isn't going to come out of our paychecks. I'd would much rather have it taken out of my pay than pay it when I buy something...

Ford Freak,
I would pay 20% to 25% of everything I buy than 12% of everything I make.
I dont have to buy anything, and if I do it will be way less than what Im paying now. I can not spend 100% of my income.
Also, I get to choose wheather or not I pay Tax. Just dont buy anything other than you need.

But I am courios as to how it works there.

BoWevil_abx · 04-13-2005, 03:08 PM

Quote:

Originally Posted by Ford Freak

I wonder if the "national sales tax" is similar to what the VAT is over here. If it is, I would say it is going to suck. Could you imagine paying 16% tax on everything you buy... It probably isn't going to come out of our paychecks. I'd would much rather have it taken out of my pay than pay it when I buy something...

The good thing about it is that there are no federal deductions from your paycheck at all. Except for state deductions you get to keep your total earnings. And, like Markim said, I had rather be the one to decide if I want to spend on taxes or not, by deciding if I want to make a purchase. I can make a better decision that the government can. Just about any system would be an improvement over the one we have.

Qba73 · 04-13-2005, 03:51 PM

i remember in 2000 i owed like 700 to federal because of some hairbrained idea to claim 3 during the year. i never payed, what i did is refiled my w-4 and claimed 1 and in the 2 subsequent years my refund they would give me the each year covered a portion until it was was due was all gone.

Deer Slayer · 04-13-2005, 04:55 PM

Well, the taxes were due to some earnings on some investments that I made. I had no idea I was supposed to pay quarterly, nobody said a word to me about it! What's even worse is they are supposed to give me the information I need by a certain date, and I didn't get it until a couple weeks ago! I got mad and went off on the company where I have my investments, and they are supposed to re-imburse me for the taxes on the investments with the earnings if I tell them how much it was. I figured it's just better to pay the taxes myself, and let the money grow. Except this year the income exceeded the cap for annual tax payments, and it was supposed to be done quarterly. So I got hosed with this huge penalty, and the company I've been dealing with should have seen that. I spent about an hour chewing the person responsible for this stupidity a new bunghole, they took liability for their mistake after I threatened to sue! So I owe nothing actually, except for the original ammount, which I'm going to let them pay this year so I can have a little cash in my pocket. If I'm supposed to pay the taxes quarterly, I need the information to do so! They never sent it, so I didn't know anything was any different than last year. This year I'm going to be on them like cops on donuts.

I actually only slept for a few hours, then I woke up at about 8 A.M. with a headache, still halfarsed drunk. I drank a bunch of water, took some asprin, and some more B12. I felt OK after about a half hour, and got on the phone because I couldn't sleep. Imagine her suprise when I called at 8:30 this morning to let her have it. So I went back to bed about 9:30 and got back up at about 1:00 P.M.. I went to the bank to get the money the company sent me to pay the taxes, and sent the check out shortly after. Got some lunch, and went to my buddy's house and played some PS2 games.

Yep, my new years resolution was to at least cut down on drinking, and that I have. I only get drunk about once a month or so. I've been pretty good I'd say, a lot better than 2-3 nights a week like I was! So now I'm recovered from last night, with about $1500 that I can actually spend! It's not like drinking costs that much money, figure $20 at the most for a night. I don't go to the bars much, because somehow I have to get home. I don't drink while I'm working, and I don't drink and drive! It's just that getting drunk got old, so I've pretty much decided that it's not an acceptable form of entertainment (more like my body told me to stop!). My liver still works, but it's a little swollen, I can deal with that. I don't want to end up like my grandpa with a bunch of tubes jammed in everywhere just so I can lay there in bed and rot! No thanks, he drank all his life, and he paid for it in the end! That looked like a nasty way to die, I'll put a hole in my head long before that happens!

KingTermite · 04-13-2005, 05:44 PM

Quote:

Originally Posted by kswiss

I'll let my accountant know...thanks for the tip.

Whatever you say, man! We believe you....really we do.

(wink, wink, nod, nod, know what I mean?)

BBThumper · 04-14-2005, 01:41 AM

Quote:

Originally Posted by Deer Slayer

My liver still works, but it's a little swollen, I can deal with that. I don't want to end up like my grandpa with a bunch of tubes jammed in everywhere just so I can lay there in bed and rot! No thanks, he drank all his life, and he paid for it in the end! That looked like a nasty way to die, I'll put a hole in my head long before that happens!

......once the liver is swollen you only have one chance of survival. Quit drinking or die. If you know anything about me than you'll know I am an expert in this Field. Feel free to post here about your drinking because there are many members here that were just like you. Trust me, a day at a time you have a chance. I am writing this right after I got home from my buddies house. He already had one liver transplant 6 years ago and now the new one is bad. And that is with no drinking for the last 16 years. He was just told he was going to die and there is nothing anybody can do about it. Just keep that in mind next time you pick-up and your liver hurts. If you truly don't have a drinking problem than you can just stop. An alcoholic doesn't have to drink everyday but every time he drinks he gets drunk.......
BigBookThumper...........

04-13-2005, 08:43 AM	#17
BoWevil_abx Non-expert Join Date: Mar 2003 Location: Traveling full time Posts: 1,857	The current tax system blows. Rep. John Linder just introduced a bill in Congress that, if passed, will completely trash the current tax system by eliminating the IRS and all deductions for federal taxes (income, Social Security, Medicare, etc.) and replace it with a national sales tax system called the Fair Tax Act. Even if you don't agree that the Fair Tax is the way to go, contact your congressional delegation and express your displeasure with the current tax system. It is abusive, confiscatory, and penalizes hard work, success, and sound fiscal practices such as savings and investments. The Fair Tax Act
(Offline)

04-13-2005, 09:08 AM	#18
Ford Freak warranty voider Join Date: Oct 2001 Location: Valdosta, GA Posts: 3,833	I wonder if the "national sales tax" is similar to what the VAT is over here. If it is, I would say it is going to suck. Could you imagine paying 16% tax on everything you buy... It probably isn't going to come out of our paychecks. I'd would much rather have it taken out of my pay than pay it when I buy something... __________________
(Offline)

04-13-2005, 09:23 AM	#19
alien resident a xeno..what ?? Join Date: Oct 2003 Location: Michigan Posts: 2,104	Just because of this legal mumbo jumbo my wife and I decided to retain a Tax Attorney. Sure it costs about $190.00 for Tax Filings BUT the peace of mind is just great for us. Deer Slayer I really hope it works out for you and you are able to resolve this. __________________ My Rig AMD FX-60 \| Asus A8N32-SLI Deluxe \| 2x1Gb Corsair XMS 3500LL Pro \| 2X Asus 7900 GTX in SLI \| OCZ 600W PSU \| Koolance EXOS-1 with CPU-305-V06 Block \| Razer Copperhead Chaos with eXactmat My Laptop USED Alienware Area-51 : Intel P4 1.8 Ghz \| Intel i845M mobo \| 2x512 Corsair \| ATI Mobile 7500 Radeon \| Samsung 100Gb HD \| Dual boot OS : XP Home & Ubuntu Linux \| Razer Diamondback Wife's Rig Intel P4 3.4c @ 3.6 Vcore 1.5625v \| Kingston HyperX 1 Gb (512x2) DDR434 2.5,3,3,7 Vdimm 2.8v \| Gigabyte GA-8KNXP Rev 2.0 FH BIOS \| WIN XP Pro Sp 2 \| Powercolor X800 XT PE \| SB Audigy 2 ZS \| 36Gb Raptors X 2 RAID O 128k Stripe \| Liteon 52X/16X CD/DVD ROM \| Antec True 550W PSU \| MSI Floppy \|
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04-13-2005, 10:46 AM	#20
spookyload IN-n-Out Expert Join Date: Apr 2001 Location: Probably stuck in Iraq! Posts: 2,927	Was this for personal tax or for a buisness? If it is for a buisness, then you are expected to make quarterly tax payments. For sure they will let you make payments. It is best to get it started right away as to avoid any further fines or penalties. Here is the IRS page that should help you. You should first ask for an abatement of fines by showing that you were saving the money for payment. If it is denied, you can ask for an appeal. Tax payers have amazing rights when it comes to IRS appeals. This advice is coming from a very inside source. My wife is an IRS Renenue Officer that does this sort of thing on a daily basis. Her advice is also to pay the owed taxes first, in a show of good faith. Pay as much of the fine as you can without selling your truck. Then apply for the abatement of fines. If approved, they will refund any fines you have already paid. If this is your first offense, they are likely to be lenient on you. Remember that you should always appeal if it is denied. Unfortunately she is in the side that handles $500,000 and higher back taxes, or she could help you more personally. Here is the link she gave me to pass on. If you have any questions feel free to PM me if you have more specific questions that you would like to keep more confidential. http://www.irs.gov/faqs/faq-kw134.html http://www.irs.gov/instructions/i843/ch02.html
(Offline)

04-13-2005, 11:18 AM	#21
BBThumper Happy, Joyous and Free Join Date: Jun 2003 Location: Philly Posts: 2,024	.....almost at Page 3 and Deer Slayer is still passed out ............ __________________ ASUS M3A32-MVP Deluxe AMD Phenom 9600 XP-90c w/ a T.T. 92mm fan 2 x 2gig pc26400 Nvidia 8400 2 x Raptors in Raid 0 ......My City's moto: Welcome to Philly, now get the heck out!!!!!!!
(Offline)

04-13-2005, 11:29 AM	#22
kswiss the moon Join Date: Jun 2004 Location: Charlotte, NC Posts: 885	I had to pay a 6-figure amount to the feds this year, I'd say you got off good. Also, it seems like you have some alcohol abuse issues that you should take care of, maybe this will help with your monetary issues as well. __________________ DFI nF4 SLI-D, 3500+ Winchester, OCZ Plat. 2GB (2 x 1GB) PC3200, eVGA 7800GT, 2 x WD 36GB Raptor Raid0, Hitachi 80GB SATAII, Audigy 2, Zalman 7700-CU, OCZ Modstream 520W
(Offline)

04-13-2005, 03:51 PM	#27
Qba73 Bench This Join Date: Feb 2001 Location: Land of the lost Towers, NY Posts: 1,665	i remember in 2000 i owed like 700 to federal because of some hairbrained idea to claim 3 during the year. i never payed, what i did is refiled my w-4 and claimed 1 and in the 2 subsequent years my refund they would give me the each year covered a portion until it was was due was all gone. __________________ C2D Q6600 @ 3.6 Ghz 1800 FSB 4gb Corsair Dominators P5K Deluxe 812 Bios BFG 8800GTX 768mb OCZ Powerstream 700w Samsung 2693HM 25in PS3/X360 60" Panny
(Offline)

04-13-2005, 04:55 PM	#28
Deer Slayer Unscanable!!! Tatoo??? Join Date: Dec 2002 Location: Howell Michigan Posts: 3,847	I got it taken are of. Well, the taxes were due to some earnings on some investments that I made. I had no idea I was supposed to pay quarterly, nobody said a word to me about it! What's even worse is they are supposed to give me the information I need by a certain date, and I didn't get it until a couple weeks ago! I got mad and went off on the company where I have my investments, and they are supposed to re-imburse me for the taxes on the investments with the earnings if I tell them how much it was. I figured it's just better to pay the taxes myself, and let the money grow. Except this year the income exceeded the cap for annual tax payments, and it was supposed to be done quarterly. So I got hosed with this huge penalty, and the company I've been dealing with should have seen that. I spent about an hour chewing the person responsible for this stupidity a new bunghole, they took liability for their mistake after I threatened to sue! So I owe nothing actually, except for the original ammount, which I'm going to let them pay this year so I can have a little cash in my pocket. If I'm supposed to pay the taxes quarterly, I need the information to do so! They never sent it, so I didn't know anything was any different than last year. This year I'm going to be on them like cops on donuts. I actually only slept for a few hours, then I woke up at about 8 A.M. with a headache, still halfarsed drunk. I drank a bunch of water, took some asprin, and some more B12. I felt OK after about a half hour, and got on the phone because I couldn't sleep. Imagine her suprise when I called at 8:30 this morning to let her have it. So I went back to bed about 9:30 and got back up at about 1:00 P.M.. I went to the bank to get the money the company sent me to pay the taxes, and sent the check out shortly after. Got some lunch, and went to my buddy's house and played some PS2 games. Yep, my new years resolution was to at least cut down on drinking, and that I have. I only get drunk about once a month or so. I've been pretty good I'd say, a lot better than 2-3 nights a week like I was! So now I'm recovered from last night, with about $1500 that I can actually spend! It's not like drinking costs that much money, figure $20 at the most for a night. I don't go to the bars much, because somehow I have to get home. I don't drink while I'm working, and I don't drink and drive! It's just that getting drunk got old, so I've pretty much decided that it's not an acceptable form of entertainment (more like my body told me to stop!). My liver still works, but it's a little swollen, I can deal with that. I don't want to end up like my grandpa with a bunch of tubes jammed in everywhere just so I can lay there in bed and rot! No thanks, he drank all his life, and he paid for it in the end! That looked like a nasty way to die, I'll put a hole in my head long before that happens!
(Offline)

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