April 15th....Taxes.
04-14-2005, 05:35 PM
#1
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April 15th....Taxes.
Seeing that tomorrow is the 15th, I figured we could post how the Tax Man treated us.
Bottom line: Tonight, I get to write checks to the IRS & CA FTB for a total of $5K!!
Percentage-wise, I did better in 2004 than 2003; dropped from 11% effective to 8%.
This is due, partially, to the fact that I purchased two new vehicles in 2004 (thanks eric!), and could deduct the state sales tax from Federal Income Tax.
Because I sold an investment house, I got hit for capital gains, but not too bad.
The downer part is that the escrow company & myself failed to turn over 3% of the selling price to the State...oops.
Because of this, California has me paying $560/quarter for 2005.
Something about "estimated taxes", as I underpaid by $3K!!
Oh, well, guess the Oafettes will be attending Cal State instead of Princeton!
I haven't calculated it yet, but I guessing that at least 30% of my income went to all taxes(sales, income, capital gains, unemployment ins, SSI, disability, etc).
Bottom line: Tonight, I get to write checks to the IRS & CA FTB for a total of $5K!!
Percentage-wise, I did better in 2004 than 2003; dropped from 11% effective to 8%.
This is due, partially, to the fact that I purchased two new vehicles in 2004 (thanks eric!), and could deduct the state sales tax from Federal Income Tax.
Because I sold an investment house, I got hit for capital gains, but not too bad.
The downer part is that the escrow company & myself failed to turn over 3% of the selling price to the State...oops.
Because of this, California has me paying $560/quarter for 2005.
Something about "estimated taxes", as I underpaid by $3K!!
Oh, well, guess the Oafettes will be attending Cal State instead of Princeton!
I haven't calculated it yet, but I guessing that at least 30% of my income went to all taxes(sales, income, capital gains, unemployment ins, SSI, disability, etc).
04-15-2005, 12:57 PM
#4
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I guess I got off lucky....I got around 1k back from federal and 250 back from state but, I was in school part time all year and I bought a house this year too....Gotta love the education credits and the homeowner write offs.... 
04-15-2005, 12:59 PM
#5
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Originally Posted by SilverScoober02
I guess I got off lucky....I got around 1k back from federal and 250 back from state but, I was in school part time all year and I bought a house this year too....Gotta love the education credits and the homeowner write offs....
04-18-2005, 11:02 AM
#6
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I made good decisions on my W-4 form so I got 950 from the feds and 400 from my favorite state.
*That and I started my job in August last year, so my yearly earnings for 04 didn't get me into the bracket I will be in for 05 on...
*That and I started my job in August last year, so my yearly earnings for 04 didn't get me into the bracket I will be in for 05 on...
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