Comments on: The End of the Tax Saga http://beingfrugal.net/2008/04/02/paying-taxes/?&owa_medium=feed&owa_sid= Save Money @ BeingFrugal.Net Wed, 01 Feb 2012 18:52:59 -0800 hourly 1 http://wordpress.org/?v=3.3.1 By: hank http://beingfrugal.net/2008/04/02/paying-taxes/#comment-6628 hank Thu, 03 Apr 2008 00:23:18 +0000 http://beingfrugal.net/?p=618#comment-6628 Yea, that one is a killer; I'm on Kacie's boat (comment #2) did you get a refund from the accountant at least? What a crappy way to find out, but glad you were able to pay it off! Yea, that one is a killer; I’m on Kacie’s boat (comment #2) did you get a refund from the accountant at least? What a crappy way to find out, but glad you were able to pay it off!

]]> By: Frugal Babe http://beingfrugal.net/2008/04/02/paying-taxes/#comment-6620 Frugal Babe Wed, 02 Apr 2008 22:44:51 +0000 http://beingfrugal.net/?p=618#comment-6620 I feel your pain. In 2005, I was still getting the hang of self-employment, and didn't understand the ins and outs of self-employment taxes. We didn't pay anywhere near enough in estimated payments that year, and when I did our taxes in 2006, we owed the IRS $7000. We had been diligently paying off debt throughout 2005, and thought we were doing great, so it was a huge disappointment when I did our taxes. I absolutely remember crying about the whole thing. Luckily I did our taxes in January that year, and we saved every penny we earned for the next three months and were able to write a big ugly check to the IRS in April. We did fall back on our credit card for those three months, and it took us until June that year to pay them off. Painful tax lesson learned. Good for you for being able to come up with the money without going into debt! I feel your pain. In 2005, I was still getting the hang of self-employment, and didn’t understand the ins and outs of self-employment taxes. We didn’t pay anywhere near enough in estimated payments that year, and when I did our taxes in 2006, we owed the IRS $7000. We had been diligently paying off debt throughout 2005, and thought we were doing great, so it was a huge disappointment when I did our taxes. I absolutely remember crying about the whole thing. Luckily I did our taxes in January that year, and we saved every penny we earned for the next three months and were able to write a big ugly check to the IRS in April. We did fall back on our credit card for those three months, and it took us until June that year to pay them off. Painful tax lesson learned. Good for you for being able to come up with the money without going into debt!

]]> By: Sue http://beingfrugal.net/2008/04/02/paying-taxes/#comment-6606 Sue Wed, 02 Apr 2008 18:19:16 +0000 http://beingfrugal.net/?p=618#comment-6606 Shannon: Beware that, because you are not paying the full amount that is due to the IRS by April 15, you will have an additional penalty and interest added onto the amount you owe, even after your stimulus check is credited to your account. To All: If you're seeing an 'accountant' about tax matters, make sure he or she has had CURRENT training in taxation - not all do. If you're looking for tax advice, better to seek our an Enrolled Agent (an IRS certification). Shannon: Beware that, because you are not paying the full amount that is due to the IRS by April 15, you will have an additional penalty and interest added onto the amount you owe, even after your stimulus check is credited to your account.
To All: If you’re seeing an ‘accountant’ about tax matters, make sure he or she has had CURRENT training in taxation – not all do. If you’re looking for tax advice, better to seek our an Enrolled Agent (an IRS certification).

]]> By: Liza's Eyeview http://beingfrugal.net/2008/04/02/paying-taxes/#comment-6605 Liza's Eyeview Wed, 02 Apr 2008 18:10:44 +0000 http://beingfrugal.net/?p=618#comment-6605 Glad to hear God provided to pay for your taxes. He will bless you even more because you trusted Him. More blessings to you. Liza Glad to hear God provided to pay for your taxes. He will bless you even more because you trusted Him. More blessings to you.

Liza

]]> By: Joanna http://beingfrugal.net/2008/04/02/paying-taxes/#comment-6604 Joanna Wed, 02 Apr 2008 18:07:32 +0000 http://beingfrugal.net/?p=618#comment-6604 Lynnae..good post. I am curious though, how do you make money blogging? I'd love to know! Lynnae..good post. I am curious though, how do you make money blogging? I’d love to know!

]]> By: Rachel http://beingfrugal.net/2008/04/02/paying-taxes/#comment-6602 Rachel Wed, 02 Apr 2008 17:59:39 +0000 http://beingfrugal.net/?p=618#comment-6602 "For your Heavenly Father knows what you need all these things. But seek first the kingdom of God and His righteousness, and all these things shall be added to you." Matt. 6:32b-33 Thank you for modeling for the rest of us complete trust in God as our provider. My mom always said that our paycheck comes from God. It's so true isn't it? Keep the faith! Your example means a lot to people like me! “For your Heavenly Father knows what you need all these things. But seek first the kingdom of God and His righteousness, and all these things shall be added to you.”
Matt. 6:32b-33

Thank you for modeling for the rest of us complete trust in God as our provider. My mom always said that our paycheck comes from God. It’s so true isn’t it? Keep the faith! Your example means a lot to people like me!

]]> By: David http://beingfrugal.net/2008/04/02/paying-taxes/#comment-6593 David Wed, 02 Apr 2008 16:38:41 +0000 http://beingfrugal.net/?p=618#comment-6593 I thought my bill was rough...that's a biggie. But at least you owe taxes on money you received and not money you didn't have, right? :-) I thought my bill was rough…that’s a biggie. But at least you owe taxes on money you received and not money you didn’t have, right? :-)

]]> By: MichelleH http://beingfrugal.net/2008/04/02/paying-taxes/#comment-6592 MichelleH Wed, 02 Apr 2008 16:19:21 +0000 http://beingfrugal.net/?p=618#comment-6592 Hi Lynnae! I feel your pain - we went through something similar a couple of years ago. It's scary, but God is faithful to help us through when we trust Him. You did the right thing! You go girl! Blessings! Hi Lynnae!
I feel your pain – we went through something similar a couple of years ago. It’s scary, but God is faithful to help us through when we trust Him. You did the right thing! You go girl!
Blessings!

]]> By: Shannon http://beingfrugal.net/2008/04/02/paying-taxes/#comment-6589 Shannon Wed, 02 Apr 2008 16:02:19 +0000 http://beingfrugal.net/?p=618#comment-6589 We, like you, had to pay the IRS a little under 4500K!!! UGH! We had anticipated that we would owe something but we didn't think it would be quite this month. We are supposed to receive our stimulus check at the beginning of May, but we are going to pay the difference between the amount we owe and the amount of the stimulus check to the IRS and then let them put the stimulus towards the balance. We still have to write a check for $1300, but I feel a lot better about this than if we would be responsibe for the entire 4500K. I've been praying on this for awhile, trying to figure out how to pay the balance. For us, the stimulus was a blessing. We, like you, had to pay the IRS a little under 4500K!!! UGH! We had anticipated that we would owe something but we didn’t think it would be quite this month. We are supposed to receive our stimulus check at the beginning of May, but we are going to pay the difference between the amount we owe and the amount of the stimulus check to the IRS and then let them put the stimulus towards the balance. We still have to write a check for $1300, but I feel a lot better about this than if we would be responsibe for the entire 4500K. I’ve been praying on this for awhile, trying to figure out how to pay the balance. For us, the stimulus was a blessing.

]]> By: Finished Our Taxes - All I Can Say Is My Wallet Is A Lot Lighter Now. | My Two Dollars http://beingfrugal.net/2008/04/02/paying-taxes/#comment-6588 Finished Our Taxes - All I Can Say Is My Wallet Is A Lot Lighter Now. | My Two Dollars Wed, 02 Apr 2008 15:58:07 +0000 http://beingfrugal.net/?p=618#comment-6588 [...] bloggers paying their owed taxes this week are Patrick from Cash Money Life($1100) and Lynnae from Being Frugal ($5300). Have you had any tax issues this year that you were prepared for? Did any of them come as [...]

[...] bloggers paying their owed taxes this week are Patrick from Cash Money Life($1100) and Lynnae from Being Frugal ($5300). Have you had any tax issues this year that you were prepared for? Did any of them come as [...]

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