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  #1  
Old 09-17-2012, 10:49 PM
clayslandscape clayslandscape is offline
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Join Date: Dec 2011
Location: Blackstone, Va.
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Quarterly Estimated Tax Payment

I paid quarterly payments today and was FLOORED!
I recently got married so they suggested I increase my estimated payments. I was paying 1,000 to the feds and 510 to Va. They increase my payments to 1,850 federal and 800 state of Va.

Is this common? I feel as if I work my tail off to give half of it right back to the government....

Is there any way you all have plenty of deductions that you do not have this large payment due to self employment taxes... Please help!
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  #2  
Old 09-17-2012, 11:05 PM
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94gt331 94gt331 is offline
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Sucks to pay taxes, hopefully you might get a refund at the end of the year if you paid to much in. At least you can afford to pay your taxes.
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  #3  
Old 09-18-2012, 01:22 PM
32vld 32vld is offline
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It's your fault that your shorty makes too much money.
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  #4  
Old 09-18-2012, 01:30 PM
ArcSine ArcSine is offline
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Location: North Carolina USA
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Congrats on getting married, BTW.

The party ("they increase my payments...") doing the increasing: I assume your accountant? In any event they should've provided you with an informative explanation for the jump.

In the meantime, couple of random thoughts...

• Getting married anytime during 2012 puts you into a different tax picture for the whole year, as far as your 2012 return is concerned. Your first two quarterly payments earlier this year would've been based on an assumed filing status of single, and with just your income and deductions in the picture. Now your tax preparer is re-forecasting the entire year, but now with an inclusion of your spouse's income into the mix for the year.

• Thus this considerable jump in your 3rd (and presumably 4th) installment may be a matter of playing catch-up, where the first two installments fall short in hindsight.

But yeah, just make sure your tax advisor has included all relevant info (including that of your spouse) in this revised estimate, and further that s/he explains the increase to your satisfaction. Paying the correct amount in the first place trumps overpaying the quarterlies and then getting a refund later.
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Old 09-18-2012, 02:55 PM
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JB1 JB1 is online now
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CONGRATS, good to know your not in the 47%.
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  #6  
Old 09-18-2012, 10:28 PM
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PerfectEarth PerfectEarth is offline
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Hmmm, I just got married in July and I'm not doing anything different than before.... We're not filing jointly so I just keep on doing what I've been doing.

We run some very tight, strict accounting and deduct all business expenses, down to ice and gatorade, socks and stamps. Equipment purchases will help knock some chunks of tax off and so will IRA contributions.
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  #7  
Old 09-19-2012, 09:23 PM
Roger Roger is offline
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Join Date: Dec 1999
Location: McMurray, PA
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clay... rejoice in the fact that you Fed payment is only $1,850. Some of us wish our payment would be this much.

Who is the "they?" Arcsine is probably right. You obviously provided information to "they" and made decisions on how to file, estimated incomes, etc.
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  #8  
Old 09-20-2012, 02:42 AM
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charmill26 charmill26 is offline
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Join Date: Oct 2006
Location: Omaha, NE
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undereducated but I've noticed the more you make and provide for yourself you just have to give away more. paying taxes to the government on what you purchase isn't enough for the government to get their payoff without providing any work themselves.(taxes provide income for people that won't work to support themselves). Congrats though everyone on here that is self made has to give away their money to people that are too good to work. Yes a FEW people truly deserve to get their a$$ saved because they worked for what they have and got fucke* by the lovely government. But most won't keep a job because they feel they are too good to earn their own money and have someone else tell them what to do. and they deserve handouts from people that work their ass to the ground to provide for themselves.
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  #9  
Old 09-20-2012, 05:02 AM
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cgaengineer cgaengineer is offline
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Join Date: May 2007
Location: Winder, GA
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You know what floors me?

I read about a fella yesterday that died with 7 million worth of gold in his house and the only living relative (cousin) has to share it with the govt...highway robbery.

There is nothing legal, justifiable or ok with giving the govt part of something that you own or has already been taxed...it's wrong in so many ways I can't even think about it...makes my blood boil.

I feel the same way about property taxes.
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  #10  
Old 09-20-2012, 06:39 AM
grassmasterswilson grassmasterswilson is online now
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I wish there was a formula for figuring the estimated taxes. We do our taxes with the help of my business attorney and seem to under pay most of the time. I know there is never a set figure, but with deductions and a growing business the projected payment stubs sent by the IRS are always wrong.

Guess it's my fault for growing!!

I had a guy one time who never wanted to make any overtime cause "too much taxes were taken out." I for the life of me couldn't explain to him that they don't take 100%
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