Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-15-2014, 01:57 AM
Junior Member
 
Join Date: Apr 2014
Posts: 1
In shock re: tax bill

For the past 10 years, my husband and I have received an income tax refund. In 2009, I went back to work as a nurse. I adjusted my withholdings so that I was married withholding as single, and my husband increased his withholdings as well. Since then, we've received between $500-1000 refund annually. That's as big as our refunds have ever been. I consider that breaking even.

This year, I increased my hours (busted my you-know-what) to pay for my daughter's college tuition. I also went back to school and created some tuition bills of my own. In essence, I made approximately $34k more, but when completing my tax return, I'm seeing that we owe 92% of that in taxes, leaving me with a whopping tax bill of almost $13k. While the government apparently thinks we are wealthy, this tax bill will represent a paycheck a month for me for the next year. I'm in shock... I feel like I would have been better off not working the extra hours!

We don't qualify for credits for educational expenses, nor deductions for IRAs. I'm just wondering if there are any tips or tricks for preventing this from ever happening again? I can no longer afford the Kleenex that I'm using to dry my tears!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Refund applied to Prior year Tax Bill TaxN00b For 2013 1 02-23-2014 08:00 AM
Spouse Died and Left Me a Bill I can't Pay patty Income 2 02-11-2012 05:10 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning