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harpes 02-28-2008 07:11 PM

Tax Time Trouble
 
Dam am I in trouble. My income jumped this year and I did not withhold anywhere near enough. I owe close to 15K, it wouldnt be bad but last year was a flook and my income looks like it could drop 40K this year. I'll probably be watching preseason from the pin. The middle class guy seems to get screwed every year.

Pneuma 02-28-2008 07:55 PM

Quote:

Originally Posted by harpes (Post 4606879)
Dam am I in trouble. My income jumped this year and I did not withhold anywhere near enough. I owe close to 15K, it wouldnt be bad but last year was a flook and my income looks like it could drop 40K this year. I'll probably be watching preseason from the pin. The middle class guy seems to get screwed every year.

Get a good lawyer and settle with the IRS...you wouldn't have to pay as much...

Skip Towne 02-28-2008 08:34 PM

Ask about income averaging. It used to be you could average the last five years to account for an exceptionally good year. I don't know if it is still allowed.

Rain Man 02-28-2008 08:59 PM

You may need to consider selling one of the houses that you don't visit as much. Maybe the one in Italy.

Extra Point 02-28-2008 09:04 PM

H & R Block, or income average.

That's Hermanos and Rufus' Block.


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