Frustrated and angry

[jkust]

Just got done with my taxes and I owe another $130k for 2013. That's in addition to paying W2 income taxes on two jobs and 8 quarterly tax checks (state and federal). The total amount I paid for 2013 is just staggering as the 130k is just a small amount of the overall. Not even talking my massive property taxes. I just feel raked over the coals. I need to figure out how to start using some of this government I am paying for.

 

[alldodge]

Re: Frustrated and angry

Sorry to here, and with the another upper tax bracket coming in 2014 it will only get worst.

 

[WIMUSKY]

Re: Frustrated and angry

I guess that's what happens when you make the big bucks.......

 

[jkust]

Re: Frustrated and angry

What is your tax strategist telling you to do and why didn't he tell you last year?

There was a culmination of worst case scenario tax increases both state and federally along with a severe decrease in the deductions formula including even charitable deductions. Lots of complex background stuff as well. At a certain point, the income number is so large, you are just at the mercy of the tax code and there is nothing that can be done.

 

[kahuna123]

Re: Frustrated and angry

Good for you making that much. Bad for you living a very liberal state.

 

[ziggy]

Re: Frustrated and angry

I guess that's what happens when you make the big bucks.......

yep, and along those lines. when i whine to my tax accountant about having to pay to much. he just says, well, it could be worse, if ya didn't make any money ya wouldn't have to pay taxes... imho, i'll pay the taxes and count myself lucky i had to pay (at least i made something to pay taxes on, which a lot of folks may not fit into this category) in this day and age.

 

[nwcove]

Re: Frustrated and angry

I guess that's what happens when you make the big bucks.......

wish i had that problem.

 

[bruceb58]

Re: Frustrated and angry

Such an interesting narcissistic topic/post/thread if I may say!

Making sure you let everyone know how much money your wife makes?

 

[ezmobee]

Re: Frustrated and angry

Such an interesting narcissistic topic/post/thread if I may say!

Making sure you let everyone know how much money your wife makes?

My thoughts exactly.

 

[bajaunderground]

Re: Frustrated and angry

#firstworldproblems

Whoa is me...sorry for your good fortune!

 

[1stgenbird]

Re: Frustrated and angry

My thoughts exactly.

And mine too. "Wah. Wah Wah," "Look at how much money I make and poor me, how much I have to pay in taxes." Wah Wah Wah"

 

[agallant80]

Re: Frustrated and angry

Such an interesting narcissistic topic/post/thread if I may say!

Making sure you let everyone know how much money your wife makes?

And how big her boobs are while you are at it.

I mean really dude? There are people on this site who fish in leaking John boats that are older then they are. I view my tax bill this year as a blessing and a reminder of how fortunate I am. Not as a chance to sit on a soap box and show off income. Any ways I choose to owe taxes because I'm not in the business of giving the government a 0% loan.

I would not call it envy I would just call it poor taste and tacky to "inadvertently" brag to the internet on how much you allegedly make.

Im calling BS on this whole thing. Anyone making what you allegedly make would not be boating in a 2003 Chaparral 183SS. Or is that all you can swing due to your large tax bill?

 

[bajaunderground]

Re: Frustrated and angry

Hmmm, so if he was making $50K a year and complaining about high taxes that would be ok?

I don't think it's the whining about paying taxes that is at issue here (I think any sane person could pretty much make an argument against it? whether making $50K or $800K a year.) It's the specifics of HOW MUCH? He could've have the same gripe w/o detailing dollar amounts and it would seem more sincere?

 

[sublauxation]

Re: Frustrated and angry

I think the key is that it's okay to whine about having to pay the taxes. The "narcissistic" part possibly comes when adding the actual $ amount paid.

 

[sublauxation]

Re: Frustrated and angry

A client of mine always whined about his property taxes to a point where I could tell he wanted me to ask how much they were. After a couple years I finally obliged him and the $ amount was staggering. I fed his ego by telling him that was about 6X more than mine. It made him happy. I raised his rates.

 

[jkust]

Re: Frustrated and angry

Interesting responses to my venting.

 

[rogerwa]

Re: Frustrated and angry

The response to this post are interesting in that they encapsulate the different attitudes about taxes. I am not one that agrees with the perspective that its a good problem to have. Whatever the situation, Jkust is having to pay an egregious amount with no increase in returned benefit. This "good problem" is largely funding people who are not working their butts off but riding on the tails of others. It is very real and unfair situation when you look at the acutal numbers. Part of the problem is that even at a set percentage higher earners will pay more, but the percentage increases, the deductions decrease, and AMT ( a separate punishing tax code) also kick in. It brings a whole new meaning to bohica. I stand with JKUST in his disgust.

 

[jkust]

Re: Frustrated and angry

I'm still waiting for a few simple answers so I can offer a bit of advice / input.

Sure, I am a W2 employee and of course taxes are taken out of my pay. My wife owns a mergers and acquisitions company and does some consulting as well. I do not work for her company. This is a business she started in her 20's after our second child was born so she didn't have to work for someone else. She started with a land line phone and zero dollars. Some years her company does good and some years not as good. She worked about a year and a half on one particular acquisition...all hours of the day and night to the point that I almost couldn't deal with it any longer. She nurtured the relationship for years prior. Several companies were attempting to acquire the target and it didn't look as though it would happen for her. The odds didn't look good and amazingly and shockingly she got it done. I was giving it 100 to 1 odds at best and was possibly a once in a lifetime sized deal. Toward the end of the year then, she received her compensation. She is a sole proprietor with very limited expenses which translated into very little by way of deductions. Even so, the deduction formula this year was curtailed as part of 2013 tax reform plus MN added a new top tax bracket, the feds increased the top bracket, PPACA added a brand new tax and multiple other changes as well.
Taxes are relatively simple given the nature of her company. We are phased out of most deductions and exemptions that most people are used to and just come to expect.
My issue is our effective tax rate ended up right at 50%. Not the marginal rate...every single dollar earned, half was taken away.

 

[Jeep Man]

Re: Frustrated and angry

I would hate to think that this forum is not just for lower income folks with leaky boats. Some of this forum membership have income that is far less than the amount of taxes that the poster has too pay obviously take offense on this point alone. To have nearly 3400 posts in 5+ years tells me that he/she has and is an active contributor to this forum, and to be labelled as "narcissistic" is uncalled for and requires an apology. When you step outside your door you encounter rich and poor. Each have their share of problems, some financial, personal, physical etc. To me, this forum and Dockside Chat allows us a place to vent. The fact that jkust makes a lot of money doesn't mean he has less problems or smaller problems than the rest of us, in fact, probably more. I applaud jkust for his success and assume he has worked hard for it. I appreciate that he pays his fair share of taxes as it pays for the streets. boat launches, bridges,and conveniences that we all use. Those that make a lot of money and pay little or no tax I have more of an issue with. And for you jkust, thanks for contributing, to the forum and the tax base. If your paying more than your fair share, there are methods to fix it. If you are paying your fair share thank you and suck it up pal. We are all in the same boat.

 

[ziggy]

Re: Frustrated and angry

imho, look into changing your sole proprietorship into a corp.
doing this was a proper step tax wise even for my one man show small biz i run.