My parents are getting taxed to death!

[bsobel]

You sure about that? I mean yeah he keeps mentioning NJ but I doubt he did their taxes for them so they may have just mentioned that they have to pay 16k in taxes (total)... which is even better for them if that's it.

After re-reading the original post, no. I realize now he says they 'owe' 16k. Since they own a small business you have to assume they've been filing quarterly estimated over the year. So I don't think we have any clue what their actual tax burden was, just that they underpaid the total by 16k. Maybe the OP can elaborate more.

 

[EndGame]

Originally posted by: Mookow

Originally posted by: EndGame

Originally posted by: grohl

Originally posted by: Descartes
I paid almost $100k in taxes, so... that doesn't sound that bad.

OWNED.

And...ouch.

No, I'd say piss poor accounting or accountant is to blame for under paying by that amount.......

He could have been talking about paying that much last year, total.

My parents owe over 16k in taxes this year.

 

[RbSX]

Originally posted by: tec699

Originally posted by: HappyPuppy
We all pay taxes. Your parents owe a lot because they made a lot. Shut the fvck up. You aren't the one who slaved to earn the money.

I'm not whining about this issue but I do think it's a Jersey thing and I have a hunch my parents would be paying much less if they were in another state. Well let's exclude California and New York.

NJ treats small business owners like sh*t in my opinion.

Well dude, if you lived in Canada your tax rate would be 54% so I think you should shut up and stop complaining. :thumbsdown:

Edit: This thread reminds me of an argument my dad got into with some people complaining about how the wealthy got off easy in their taxes (in Canada). These two people that my dad as arguing with were artisans, together they made about 100k a year, my dads rebuttal was that he paid more in taxes than they made a year,

Anyhow dude, your parents aren't be taxed that much, and regardless, it's nothing for you to be worried about.

 

[RbSX]

Originally posted by: EndGame

Originally posted by: grohl

Originally posted by: Descartes
I paid almost $100k in taxes, so... that doesn't sound that bad.

OWNED.

And...ouch.

No, I'd say piss poor accounting or accountant is to blame for under paying by that amount.......

Or he makes alot more money than you do

 

[FrustratedUser]

Originally posted by: tec699
My parents owe over 16k in taxes this year. They are self employed and have a business, but 16k? NJ sucks when it comes to taxes.

Does 16k seem a bit much? Does anyone here pay that much in taxes? I swear I think it's a Jersey thing.

I'm sorry but that's just how things work when you have a business. It's not like they get taxed more than everyone else.

 

[tec699]

Originally posted by: RyanSengara

Originally posted by: tec699

Originally posted by: HappyPuppy
We all pay taxes. Your parents owe a lot because they made a lot. Shut the fvck up. You aren't the one who slaved to earn the money.

I'm not whining about this issue but I do think it's a Jersey thing and I have a hunch my parents would be paying much less if they were in another state. Well let's exclude California and New York.

NJ treats small business owners like sh*t in my opinion.

Well dude, if you lived in Canada your tax rate would be 54% so I think you should shut up and stop complaining. :thumbsdown:

Edit: This thread reminds me of an argument my dad got into with some people complaining about how the wealthy got off easy in their taxes (in Canada). These two people that my dad as arguing with were artisans, together they made about 100k a year, my dads rebuttal was that he paid more in taxes than they made a year,

Anyhow dude, your parents aren't be taxed that much, and regardless, it's nothing for you to be worried about.

You pay 54% because Canadian residents are covered when it comes to healt care and other services.

 

[Kishan]

Originally posted by: Amol
i'm sorry that you guys won't be able to afford that backyard swimming pool and jacuzzi this year . . .

ummm, I believe your parents are well off.

 

[EndGame]

Originally posted by: RyanSengara

Originally posted by: EndGame

Originally posted by: grohl

Originally posted by: Descartes
I paid almost $100k in taxes, so... that doesn't sound that bad.

OWNED.

And...ouch.

No, I'd say piss poor accounting or accountant is to blame for under paying by that amount.......

Or he makes alot more money than you do

No, if you pay your quarterlies and give correct information about your earnings to your accountant and he figures them correctly, you should owe very little at tax time. My wife and I have owned and operated a restaurant/nightclub since the 90's and owe very little when tax time comes.

Above that, I was referring to the OP......didn't even see that post before I posted. LOL!

 

[Colt45]

you're bitching about 6%?

fuckin' greedy idiot

 

[Kishan]

Originally posted by: Colt45
you're bitching about 6%?

fuckin' greedy idiot

WHOA! To get down to 6% at 16k is one of HELL of an accountant.

 

[RossMAN]

Can anyone else feel the love in this thread?

 

[alent1234]

Originally posted by: DAGTA
Wow, what a bunch of ignorance in this thread.

How many of you know that when you go self employed you automatically get hit with an additional 15.3% in taxes called, get this... "Self Employment Tax"? Before deductions, my base tax rate is 40.3%. How many of you pay that much? At that rate, 16K is 40% of $40,000. So, if they claimed no deductions, that's what their gross income would have been if they had to pay 16K in taxes. I started my own business two years ago. I'm not even close to being rich, but I'm doing better each year. I go to an accountant for help with my taxes. After claiming every deduction we both could think of, I still paid about 25% of my gross income in taxes.

Before I started my own business, my tax bracket was about 25% BEFORE deductions. My first year in business I made about the same and was in the same bracket (lower middle class) but had that extra 15.3 Self Employment tax, thus putting me at 40.3%. Once you cross over the 100k a year gross income, you get to pay even more taxes as you move into a higher bracket.

The Federal Gov't spreads a bunch of BS about 'helping the self-employed and small businesses'. It's just the opposite. As soon as you start a business, you get hit with MORE taxes. It truly is the small business owners that shoulder the biggest tax burdens in this country. That's why self-employed contractors have hourly rates that others think are 'outrageous'. When you consider that their base tax rate is roughly 40.3%, and they have business expenses that are often NOT 100% deductable, they're not making all that much money.

i'm about to have my kitchen redone and the contractor is a friend and is charging me half the rate of the next lowest quote I got. Of course he probably won't report that income to uncle sam, but the money is better off in my pocket than the government's.

 

[alent1234]

Originally posted by: tec699
My parents owe over 16k in taxes this year. They are self employed and have a business, but 16k? NJ sucks when it comes to taxes.

Does 16k seem a bit much? Does anyone here pay that much in taxes? I swear I think it's a Jersey thing.

if your parents do a lot of business in cash, then you can figure the rest out for yourself.

 

[bret]

my parents just paid 48k because their tax guy was sitting on his ass all year and not adding the extra money my dad was amking...


he works for remax

 

[bret]

oh and dont hate on people that make more money...


me personally i make like... 18-20k military... it sucks

 

[jadinolf]

Originally posted by: RossMAN
Can anyone else feel the love in this thread?

No, Rossman, it's sympathy. Poor folks.

 

[alent1234]

Originally posted by: bret
oh and dont hate on people that make more money...


me personally i make like... 18-20k military... it sucks

but that's all beer money

i used to be in the army and so much of military pay is tax free it's not funny

 

[grohl]

The bottom line is...the top 10% of the income earners in this country pay more than 50% of the total tax burden.

I'm approximating but it's something like that.

 

[PlatinumGold]

Originally posted by: tec699

Originally posted by: HappyPuppy
We all pay taxes. Your parents owe a lot because they made a lot. Shut the fvck up. You aren't the one who slaved to earn the money.

I'm not whining about this issue but I do think it's a Jersey thing and I have a hunch my parents would be paying much less if they were in another state. Well let's exclude California and New York.

NJ treats small business owners like sh*t in my opinion.

i'm a small business owner living in NJ and i wouldn't live anywhere else.

NJ's taxes are definitely high, but it also has the best markets. NJ state has the highest income per capita of any state including CA or NY. guess what, that means you can make more money as a small business owner in this state than you can in any other state.

nj taxes are pretty typical, 6% sales tax and 6% state income tax.

where NJ taxes are ridiculous is in property taxes.

 

[PlatinumGold]

Originally posted by: DAGTA
Wow, what a bunch of ignorance in this thread.

How many of you know that when you go self employed you automatically get hit with an additional 15.3% in taxes called, get this... "Self Employment Tax"? Before deductions, my base tax rate is 40.3%. How many of you pay that much? At that rate, 16K is 40% of $40,000. So, if they claimed no deductions, that's what their gross income would have been if they had to pay 16K in taxes. I started my own business two years ago. I'm not even close to being rich, but I'm doing better each year. I go to an accountant for help with my taxes. After claiming every deduction we both could think of, I still paid about 25% of my gross income in taxes.

Before I started my own business, my tax bracket was about 25% BEFORE deductions. My first year in business I made about the same and was in the same bracket (lower middle class) but had that extra 15.3 Self Employment tax, thus putting me at 40.3%. Once you cross over the 100k a year gross income, you get to pay even more taxes as you move into a higher bracket.

The Federal Gov't spreads a bunch of BS about 'helping the self-employed and small businesses'. It's just the opposite. As soon as you start a business, you get hit with MORE taxes. It truly is the small business owners that shoulder the biggest tax burdens in this country. That's why self-employed contractors have hourly rates that others think are 'outrageous'. When you consider that their base tax rate is roughly 40.3%, and they have business expenses that are often NOT 100% deductable, they're not making all that much money.

hmmm, mb you need to read, he said NJ taxed him too much, all you posted was about Fed taxes.