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2011 Filing for Taxes Rant!


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Old 02-01-2012, 08:16 PM   #1
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Default 2011 Filing for Taxes Rant!

I just did my pre-run of my taxes for the wife and myself for 2011. Last year we got money back and this year - negative we owe!

Everything is going up and to afford the necessary items you have to earn a little more; but, you get in the rear at tax time. Worst of all I am having them take out more deductions during 2011.

Sorry had to get this off my chest!
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Old 02-02-2012, 01:01 AM   #2
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there's more entitlement to cover
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Old 02-02-2012, 01:14 AM   #3
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Particularly in times of change like getting married, moving, changing jobs, and such it is often worth the money to meet with a CPA for some tax planning. If you don't have rental property, six part-time jobs, and a small business, it shouldn't take longer than a couple of appointments with a tax planner. Look for an older, experienced CPA with a very active individual income tax prep. practice, but don't go to some guy who ONLY does income tax. Now that the year is done, there isn't much you can really do about it, except maybe a last minute IRA contribution if you have some extra cash to stash.


When i was working two jobs and had a very predictable income stream, i managed to keep my federal and state income tax refunds under $5 for years. That means uncle fed didn't get to borrow my money all year for free.
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Old 02-02-2012, 03:59 AM   #4
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I always have to pay. I have my deductions set up so I have more money during the year AND I don't give the government a "free" loan of MY money. I usually end up paying around $160 or less (mostly less). My deduction to my 401k reduces my income, which is north of $60K, enough that I don't take it "in the end" from Uncle Sugar each year.
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Old 02-02-2012, 04:07 AM   #5
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Quote:
Originally Posted by partdeux View Post
there's more entitlement to cover
Tax rates did not increase on anything in 2011. At least not at the federal level.
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Old 02-02-2012, 05:06 AM   #6
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Quote:
Originally Posted by mes227 View Post
Tax rates did not increase on anything in 2011. At least not at the federal level.
I am going to do a comparison from 2010 to 2011 timeframe.
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