Your taxes go up??

[JR]

Was doing the turbo tax thing last night and I am at a loss. With the same AGI I got back 3k 2 years and broke even last year because wifey had unemployment she didn't get taxed  :o

Now she works FT and we get all our forms in.

TT says with the same AGI this year we owe north of 10k and I am at a loss as to why. :o :( :-X :-\

Any other story's??

[Nate]

Are.you filing as head of household or your wife as head of household?

[TexasRedNeck]

That's one of those things that I found worthwhile to hire a professional to do.  At least I only have one explosive blood pressure moment when I get the package with the note telling me what to write a check for instead of the entire time I'm fiddling with them.

Taxes have gone up on the "middle class" as well as the "rich"  They do it by loss of deductions many times.  Then the AMT is not indexed so many people lose their entire deduction strategy because the AMT kicks in.

I've been paying the same guy $350 a year to do my taxes for the past 10 years.  He's creative but never illegal or unethical.

[Dawg25385]

Taxes have gone up on the "middle class" as well as the "rich"  They do it by loss of deductions many times.  Then the AMT is not indexed so many people lose their entire deduction strategy because the AMT kicks in.

I am really sweating our appointment with our accountant this year because of that...

[JR]

I was using a CPA but he got so darn $$$ when we had a rental. I am going to see another on this as it just can't be right. We don't skim on our deductions at all so something is up. Plus it has cost me an evening of sweating after seeing that.

Filing married-joint. Head of household doesn't seem to apply when they are your kids!! BUT, I am no expert!!!!!!!!!!!!!!

[cruizng]

Something is definitely up for tax rates. I was at our CPA last night and he estimated our return at $3500.00. Last year it was $5400.00. We are about as vanilla as they come for filing. 2013 I reported $1300.00 cap gains. 2014 was a small loss so that should have improved 2014. No other changes other than a 3 percent wage increase. My wife doesn't work other than on the kinds and house.

So something is up. The accountant is going to go through ours by line to see why there is such a big difference. Also 2013 was smaller than 2012 as well. So over the past few years the tax base seems to be rising by a bunch. And hey! I'm not even registered as a Tea Partier so that can't be it. 

Obama can't collect an additional $1trillion dollars of taxes from the 49%'rs.... :)

[moto123]

If you think personal taxes are bad, I am a small/medium business owner.  We found out the hard way that we get to pay both the employer and employee portion of taxes on all "profit".  So basically of the profit we made last year, 45% went back out again at the end in taxes.  On top of that, the affordable care act actually PROHIBITED us from providing health care for our employees because even thou it was better than nothing and the employees asked for it, the coverage didn't meet the required minimum and is no longer available.  So now our employees have to find their own coverage.  Go figure.

If anyone tells you that Obama is helping small businesses, slap them in the face please on my behalf.  He is not only not helping, but making it VERY difficult to save up "profit" to cover for future costs.  The only way to "save money" is to spend it ahead of time so there is no profit to pay tax on.

[KensAuto]

If you think personal taxes are bad, I am a small/medium business owner.  We found out the hard way that we get to pay both the employer and employee portion of taxes on all "profit".  So basically of the profit we made last year, 45% went back out again at the end in taxes.  On top of that, the affordable care act actually PROHIBITED us from providing health care for our employees because even thou it was better than nothing and the employees asked for it, the coverage didn't meet the required minimum and is no longer available.  So now our employees have to find their own coverage.  Go figure.

If anyone tells you that Obama is helping small businesses, slap them in the face please on my behalf.  He is not only not helping, but making it VERY difficult to save up "profit" to cover for future costs.  The only way to "save money" is to spend it ahead of time so there is no profit to pay tax on.

Exactly what I've been having to do for the last three years. Can't spend anything on myself or my family, has to be for the shop. Still recovering from 2011 & 2012....me and the mafia...urrrr...irs,  didn't see eye to eye.

[JR]

Did a little checking and found I am short a deduction for interest, but that won't fix it all. Also found we are in the 25% bracket now even though our AGI is just a tad over 100K.

Of course it is all for the "shop", just like my guns were all for work!!!!!!!!

Wifey was at home for the last 12 years, now it is my turn, but I get retirement. Hope this is just a bad year.

[cudakidd53]

As long as Obumer is around, they're all gonna be bad!

[OldKooT]

My CPA handed me the paperwork, told me to sign it and return it. I told her she couldn't make me.

She said for an additional $350 she could. LoL