$35,000??????

[Smurfy]

Just saw a letter from my parents' accountant. They filed their taxes and have to write a check to the US Treasury for $35,000???? wtf...that's how much i make in a whole year LOL

 

[jenscats5]

Wow! I'd hate to have to write that check........

 

[Smurfy]

Wow! I'd hate to have to write that check........

I know right LOL I'm thinking maybe I could just quit my job and have them write me a check for $35,000.

 

[Gymgurl]

My father in law paid the 250,000 last yr in taxes.....yikes

 

[plowboy]

sounds like they need to find some serious tax write offs for next year.

 

[jenscats5]

I have a BS in Accounting......can we split it?? LOL

 

[gilly6993]

something must have gotten fucked up for them to have to right that big of a check at the end of the year......

 

[boss]

oh yea well i am so poor that the U.S. Treasury sent me money back last year so tell your parents THANKS!!!!

 

[BucNateR]

My father in law paid the 250,000 last yr in taxes.....yikes

That's just poor planning on their part....if someone has that much money, then they probably have a good accountant and financial planner that can help avoid such high taxes.

 

[hardrock]

My father in law paid the 250,000 last yr in taxes.....yikes

They must make upwards of a million dollars a year?

 

[MattTheSkywalker]

This is probably because some of their investments were tax deferred for a long time; they were earning returns for a long time but were able to avoid taxation. Now they are paying the cumulative effects.

Another posibility is that they received a large sum of money in a short period of time (do they have business where all their clients pay them at a certain time of year, for example)

Often, with taxes, a lot of deductions you may earn one year must actually be repid the next (or several years later).

I have written a check to Uncle Sam for $412,000. I actually went home early that day and felt physcially ill. The idea that there are all these tax evasion strategies for higher income earners is a gigantic lie fed to the middle class. Uncle Sam gets his due, period.

 

[the nature boy]

This is probably because some of their investments were tax deferred for a long time; they were earning returns for a long time but were able to avoid taxation. Now they are paying the cumulative effects.

Another posibility is that they received a large sum of money in a short period of time (do they have business where all their clients pay them at a certain time of year, for example)

Often, with taxes, a lot of deductions you may earn one year must actually be repid the next (or several years later).

I have written a check to Uncle Sam for $412,000. I actually went home early that day and felt physcially ill.

did you literally write a check? or did you put it on some sort of Amex card were at least you get some kind of points or rewards or something?

 

[MattTheSkywalker]

did you literally write a check? or did you put it on some sort of Amex card were at least you get some kind of points or rewards or something?

LOL

I wish. Nope, it was an actual bank check.

 

[anabolicmd]

Are they retired? Some accounts pay out the gross pension, and they retires write a check each year for what they owe.

 

[the nature boy]

LOL

I wish. Nope, it was an actual bank check.

I'm surprised. That seems like something you'd do.

 

[jh1]

My father in law paid the 250,000 last yr in taxes.....yikes

How can we feel sorry for someone that owes 35k in taxes at the end of the year, much less 250k?

I mean whoever owes that is pulling down some serious jack, so whats the sympathy for?

 

[gonelifting]

If you paid 35k in one payment, I would assume that includes some kind of penalty. The IRS does NOT want to be owed money for that length of time (1 year) I think they would now have to pay estimated taxes every quarter to the tune of $9,000 each payment for next year. UNLESS they don`t plan on making the same amount of money.

Still, there must have been some kind of penalty.

I had to do that a few years ago. (penalty/estimated taxes)

 

[MattTheSkywalker]

I'm surprised. That seems like something you'd do.

You know, if I could have, I would have. I was literally sick that day - I went home and felt like shit all day.

 

[Gymgurl]

They must make upwards of a million dollars a year?

Very close if not more...owns a huge company.

 

[sinjinsmythe33]

I have written a check to Uncle Sam for $412,000

was that for your income or payroll taxes for your employees?

 

[powerforward]

i feel like if you pay that much in taxes, you should get extra votes.

 

[MattTheSkywalker]

was that for your income or payroll taxes for your employees?

That was for me; it was due to a lot of clients paying all at once - typically they don't pay immediately when billed, instead preferring for the next quarter or next year, for their budget reasons.

A lot of them deicded to pay all at once. This coincided with having shown losses for previous returns.