Did you do your TAXES?

[walterick]

I owed nearly $9000 on a $34k year income. My H&R rep told me I am paying 30% of my income to uncle sam! Time to get a home office and recording truck mileage so I can get some deductions. Sheesh.

Rick

[racingpinarello]

I owed nearly $9000 on a $34k year income. My H&R rep told me I am paying 30% of my income to uncle sam! Time to get a home office and recording truck mileage so I can get some deductions. Sheesh.

Rick

With standard deductions, (without itemizing), you would have to pay income on $26k, which would be a couple of thousand at the most.

I don't think your HR block person is right, IMHO. I would redo them, and file an admendment to your taxes. I would also check your previous tax returns to make sure that they were right.

Loren

[walterick]

Hey Loren,

Thanks for responding.

I forgot to mention, I am self-employed so on top of my federal income tax I have an additional 15% tacked onto it - with no mortgage to deduct - TA-DA!! I'm paying 30% tax! Woo-hoo!

Thanks for the concern though buddy
Rick

[racingpinarello]

Hey Loren,

Thanks for responding.

I forgot to mention, I am self-employed so on top of my federal income tax I have an additional 15% tacked onto it - with no mortgage to deduct - TA-DA!! I'm paying 30% tax! Woo-hoo!

Thanks for the concern though buddy
Rick

Still check for the minimum threshold for the self-employment, but that sucks. My exwife was self-employed and that tax bites if it applys to all income levels.

Look at writing off your truck's depreciation since they allow pretty large deductions for it.

Loren "I don't wanna pay no taxes to Senior Bush" Crannell

[walterick]

My jaw hit the floor when she told me what I owed. I didn't believe her, so I went and bought tax software to redo it myself. Yup, same numbers So I'm stuck. I'll look into depreciating my truck. I remember we discussed that during our session but by that point my head was spinning so I don't remember how we had decided to depreciate it.

Thanks,
Rick

[FREEDDAWG]

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[samgood]

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