May 2007 Weddings
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I'm going to vomit

I hate tax season.

Just got off phone with my accountant.

I hate tax season.

Ick!

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Re: I'm going to vomit

  • I dislike it too but for different reasons than your's.

    Just think of it this way, you are doing well if you owe ;o)

    I'm sure that doesn't help at all.  Does your accountant have you pay in quarterly estimates?  Maybe that wouldn't make this hit so hard at 4/15.

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  • I do pay estimateds but we redid the partnership last year.  Basically, he's always had us pay on the previous year's income.  But last year we decided to make it more fair to the partners who bill the most (me and one other partner) by giving everyone a guaranteed % of what they bring in.  Which meant that I drastically underpaid.  As in I paid less than half of what I needed to for the year.
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  • As long as you were paid in safe, you shouldn't be incurring any penalties and interest.

    It sucks when things happen that way but at least at the partnership level you are getting treated more fairly.

    Just think of it this way, you are not like most people that get a W-2 and have the income w/h. In your case, you notice the tax more since you receive it gross where as we that get paychecks see a net check and don't notice the difference. If we all had to pay in at 4/15 (assuming nothing was ever w/h on our W-2) we'd all be having the same feeling.

    Did they try putting anything in a SEP retirement account to knock it down a bit?

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  • We do have a SEP.  I think we did 9 or 10% into them this year.  I'm not sure how that was decided.  So it did knock it down quite a bit from what it could have been.  I had estimated what I would owe (without taking into consideration the SEP) and honestly thought I would owe a lot more than I do so it's not THAT bad, but seeing the number on paper still makes me a little sick.  Especially since I owe more than I made my first year as an attorney. 

    I keep telling myself "This will be the ONLY year this happens" because of the partnership change though.  So that makes me feel better.

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  • Sorry you have to pay so much...but like Mel said the more you have to pay the better you are doing financially ;)
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  • Ok...completely done with taxes.  Checks and forms are in the mail (except my state ones which I will hand deliver later today).  At least that's over...
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