Pay to the order of: Internal Revenue Service - Chicagoland Sportbikes
Chicagoland Sportbikes
 
Open Forum This forum is for all off-topic discussion.

Reply
 
LinkBack Thread Tools Display Modes
post #1 of 46 (permalink) Old 02-11-2004, 11:56 AM Thread Starter
Grand Master Crash
 
OmniGLH's Avatar
 
Join Date: May 2002
Location: Avatar courtesy Sliderphoto
Posts: 1,079
Location: Avatar courtesy Sliderphoto
Sportbike: none for now
Years Riding: ...classified...
How you found us: My psychic advisor told me about it
 
Pay to the order of: Internal Revenue Service

So... who else owes money this year?

I owe a few grand thanks to being self-employed for a few months this year. Not as bad as I was expecting it to be (phew!) but I didn't get as big of a break as I was hoping for, either. I got a kick out of my "underpayment penalty" which was a whopping $1.

So who else gets to send Uncle Sam a check?

Jim Ptak
-bikeless-
OmniGLH is offline  
Sponsored Links
Advertisement
 
post #2 of 46 (permalink) Old 02-11-2004, 12:00 PM
 
Join Date: May 2003
Posts: 802
 
My accountant is digging through the pile-o-paperwork this week...we'll see.
larryg is offline  
post #3 of 46 (permalink) Old 02-11-2004, 12:11 PM
YO MAMA
 
Odysseys's Avatar
 
Join Date: Apr 2002
Location: balls deep in someones mom
Posts: 60,261
Location: balls deep in someones mom
Sportbike: 2010 Electra Glide Police Edition 103cu
Years Riding: a long time!
           
lol, dont get me started.



Odysseys is offline  
post #4 of 46 (permalink) Old 02-11-2004, 12:11 PM
Moderator
 
maks's Avatar
 
Join Date: Apr 2002
Location: Chicago
Posts: 3,613
Location: Chicago
Sportbike: 2002 CBR F4i
Years Riding: 3
How you found us: Original Gangsta
           
Send a message via AIM to maks
I did mine really quick online and it came out to me owing $72. So sad.
maks is offline  
post #5 of 46 (permalink) Old 02-11-2004, 12:25 PM
Registered User
 
Meulen's Avatar
 
Join Date: May 2002
Location: Romeoville
Posts: 19,186
Location: Romeoville
Sportbike: looking to get dirty!
Years Riding: long time
How you found us: SBN
           
Don't know yet. Hopefully I'll get some time to do my taxes in March over spring break

Brian (F.K.A. Crazy)

Gamertag: CRAZY403


“You can’t escape the responsibility of tomorrow by evading it today.”

-Abraham Lincoln


“Blessed are the young, for they shall inherit the national debt.”

-Herbert Hoover
Meulen is offline  
post #6 of 46 (permalink) Old 02-11-2004, 12:31 PM
Work In Progress...
 
BuzByU's Avatar
 
Join Date: Jul 2002
Location: Chicago-Midway Airport
Posts: 2,003
Location: Chicago-Midway Airport
Sportbike: 2005 Harley Night Train
Years Riding: I dunno ?
How you found us: Been around a couple years
     
Send a message via MSN to BuzByU
Quote:
Originally posted by Odysseys
lol, dont get me started.

ditto........ buisness owners get raped !

2005 Harley Night Train
2001 Golf GTI VR6 - Super Charged-Intercooler, Nitrous = 305 HP... stage 4 to come soon! .. can you say 400? HP? in a Go Kart!
1999 Ford SVT Lightning - Super Charged @ 600 ponies

Yea I am compensating..



Gregg
BuzByU is offline  
post #7 of 46 (permalink) Old 02-11-2004, 12:52 PM
Jim
Tgf Og
 
Jim's Avatar
 
Join Date: Apr 2002
Location: lith
Posts: 9,851
Location: lith
Sportbike: trek
Years Riding: 2
How you found us: the smell
           
nope getting back a few grand!!! whooo hooo love having kids!!! think i may have more of them!!!

Join the NRA, help protect our Second Amendment rights
GO Bears!!!!!!!!
Jim is offline  
post #8 of 46 (permalink) Old 02-11-2004, 12:53 PM
Registered User
 
Kruz's Avatar
 
Join Date: Apr 2002
Location: West of 59, North of 88
Posts: 18,885
Location: West of 59, North of 88
Sportbike: 05 CRF50
Years Riding: "Since 1992"
How you found us: You found me
           
You can claim a kid for a fraction of a year?
Kruz is offline  
post #9 of 46 (permalink) Old 02-11-2004, 01:03 PM
Enjoying Life!!
 
CHeYeNNe's Avatar
 
Join Date: Jan 2004
Location: Cruising Around Enjoying Life!!
Posts: 17,773
Location: Cruising Around Enjoying Life!!
Sportbike: 09 Night Rod Black Denim
Years Riding: Not Long Enuff!!!!
How you found us: Friends
           
Yep aslong as they were born by a certain date


I'll be getting back a decent amount of cashflow back..WooHoo!!

Now what can I buy


I'm sick of following my dreams. I'm just going to ask them where they're goin', and hook up with them later!!
CHeYeNNe is offline  
post #10 of 46 (permalink) Old 02-11-2004, 01:03 PM
Enjoying Life!!
 
CHeYeNNe's Avatar
 
Join Date: Jan 2004
Location: Cruising Around Enjoying Life!!
Posts: 17,773
Location: Cruising Around Enjoying Life!!
Sportbike: 09 Night Rod Black Denim
Years Riding: Not Long Enuff!!!!
How you found us: Friends
           
P.S. If not newborn then they have to live with you 6months out of the year.


I'm sick of following my dreams. I'm just going to ask them where they're goin', and hook up with them later!!
CHeYeNNe is offline  
post #11 of 46 (permalink) Old 02-11-2004, 01:07 PM
Jim
Tgf Og
 
Jim's Avatar
 
Join Date: Apr 2002
Location: lith
Posts: 9,851
Location: lith
Sportbike: trek
Years Riding: 2
How you found us: the smell
           
Quote:
Originally posted by Kruz
You can claim a kid for a fraction of a year?
yep!!

Join the NRA, help protect our Second Amendment rights
GO Bears!!!!!!!!
Jim is offline  
post #12 of 46 (permalink) Old 02-11-2004, 01:09 PM
Registered User
 
Meulen's Avatar
 
Join Date: May 2002
Location: Romeoville
Posts: 19,186
Location: Romeoville
Sportbike: looking to get dirty!
Years Riding: long time
How you found us: SBN
           
Quote:
Originally posted by Kruz
You can claim a kid for a fraction of a year?

Good question, but I believe the answer is no. I'm pretty sure your only supposed to claim a kid if it arrived before June of the previous year.

This should help Kruz

http://www.hrblock.com/taxes/plannin...nts/birth.html

Brian (F.K.A. Crazy)

Gamertag: CRAZY403


“You can’t escape the responsibility of tomorrow by evading it today.”

-Abraham Lincoln


“Blessed are the young, for they shall inherit the national debt.”

-Herbert Hoover
Meulen is offline  
post #13 of 46 (permalink) Old 02-11-2004, 01:11 PM
Enjoying Life!!
 
CHeYeNNe's Avatar
 
Join Date: Jan 2004
Location: Cruising Around Enjoying Life!!
Posts: 17,773
Location: Cruising Around Enjoying Life!!
Sportbike: 09 Night Rod Black Denim
Years Riding: Not Long Enuff!!!!
How you found us: Friends
           
Quote:
Originally posted by Crazy
Good question, but I believe the answer is no. I'm pretty sure your only supposed to claim a kid if it arrived before June of the previous year.

This should help Kruz

http://www.hrblock.com/taxes/plannin...nts/birth.html
Wrong crazy:

There are several requirements that qualify a child as your dependent. In the case of a newborn, there are just two:


He or she must be a U.S. citizen or a bona fide resident of the United States, Canada, or Mexico for some part of the year.


You must have provided more than half of your child's support in 2003. Support means the money you spent on providing for your child, whether necessity or luxury. It includes the value of housing, as well as diapers, formula, medicine, clothing, toys, and childcare expenses


I'm sick of following my dreams. I'm just going to ask them where they're goin', and hook up with them later!!
CHeYeNNe is offline  
post #14 of 46 (permalink) Old 02-11-2004, 01:13 PM
Registered User
 
Meulen's Avatar
 
Join Date: May 2002
Location: Romeoville
Posts: 19,186
Location: Romeoville
Sportbike: looking to get dirty!
Years Riding: long time
How you found us: SBN
           
Quote:
Originally posted by CHeYeNNe
Wrong crazy:

There are several requirements that qualify a child as your dependent. In the case of a newborn, there are just two:


He or she must be a U.S. citizen or a bona fide resident of the United States, Canada, or Mexico for some part of the year.


You must have provided more than half of your child's support in 2003. Support means the money you spent on providing for your child, whether necessity or luxury. It includes the value of housing, as well as diapers, formula, medicine, clothing, toys, and childcare expenses
Your absolutely right Cheyenne. I missed the newborn stipulation reading through the literature. Thanks bro All the info you need is in the link Kruz.


Moral of the story......December 31st is the best time to have a baby. So for sex it up in March march people.

Brian (F.K.A. Crazy)

Gamertag: CRAZY403


“You can’t escape the responsibility of tomorrow by evading it today.”

-Abraham Lincoln


“Blessed are the young, for they shall inherit the national debt.”

-Herbert Hoover
Meulen is offline  
post #15 of 46 (permalink) Old 02-11-2004, 01:16 PM
Jim
Tgf Og
 
Jim's Avatar
 
Join Date: Apr 2002
Location: lith
Posts: 9,851
Location: lith
Sportbike: trek
Years Riding: 2
How you found us: the smell
           
Quote:
Originally posted by Crazy
Moral of the story......December 31st is the best time to have a baby. So for sex it up in March march people.
hell yeah!!!!

Join the NRA, help protect our Second Amendment rights
GO Bears!!!!!!!!
Jim is offline  
post #16 of 46 (permalink) Old 02-11-2004, 01:36 PM
YO MAMA
 
Odysseys's Avatar
 
Join Date: Apr 2002
Location: balls deep in someones mom
Posts: 60,261
Location: balls deep in someones mom
Sportbike: 2010 Electra Glide Police Edition 103cu
Years Riding: a long time!
           
can i claim 3 kids that arnt mine but in the family? so far i spent maybe 10g's a peice last year.



Odysseys is offline  
post #17 of 46 (permalink) Old 02-11-2004, 01:39 PM
Enjoying Life!!
 
CHeYeNNe's Avatar
 
Join Date: Jan 2004
Location: Cruising Around Enjoying Life!!
Posts: 17,773
Location: Cruising Around Enjoying Life!!
Sportbike: 09 Night Rod Black Denim
Years Riding: Not Long Enuff!!!!
How you found us: Friends
           
Only if they lived with you for 6months and if there parents don't claim them...Then YES


I'm sick of following my dreams. I'm just going to ask them where they're goin', and hook up with them later!!
CHeYeNNe is offline  
post #18 of 46 (permalink) Old 02-11-2004, 01:40 PM
Registered User
 
Meulen's Avatar
 
Join Date: May 2002
Location: Romeoville
Posts: 19,186
Location: Romeoville
Sportbike: looking to get dirty!
Years Riding: long time
How you found us: SBN
           
Quote:
Originally posted by Odysseys
can i claim 3 kids that arnt mine but in the family? so far i spent maybe 10g's a peice last year.
I here ya bro. I'm in your same boat with 2 kids not in my family. They are my godkids. Unfortunately you can't claim that.

Brian (F.K.A. Crazy)

Gamertag: CRAZY403


“You can’t escape the responsibility of tomorrow by evading it today.”

-Abraham Lincoln


“Blessed are the young, for they shall inherit the national debt.”

-Herbert Hoover
Meulen is offline  
post #19 of 46 (permalink) Old 02-11-2004, 01:51 PM
YO MAMA
 
Odysseys's Avatar
 
Join Date: Apr 2002
Location: balls deep in someones mom
Posts: 60,261
Location: balls deep in someones mom
Sportbike: 2010 Electra Glide Police Edition 103cu
Years Riding: a long time!
           
oh well no biggy, i do it cause i love em no matter what like we all do



Odysseys is offline  
post #20 of 46 (permalink) Old 02-11-2004, 02:07 PM
Show me yo' twisties!!!
 
ERIC B's Avatar
 
Join Date: Jul 2002
Location: South Elgin, IL
Posts: 654
Location: South Elgin, IL
Sportbike: 2002 Honda Shadow, 2004 HONDA CRF50
Years Riding: since 1999
How you found us: Search engine, I forgot which one but probably google.
           
Send a message via AIM to ERIC B Send a message via Yahoo to ERIC B
Quote:
Originally posted by Odysseys
can i claim 3 kids that arnt mine but in the family? so far i spent maybe 10g's a peice last year.
I know some people that claim their nephews and nieces since their parents don't work. They just kick back a little of their refund to the parents. Unfortunately, I'm not one of them. I've seen them get close to $5k with their "dependents".

ERiC B.

2000 Honda CBR600F4
2004 Honda CRF50F

Team Hyperaktiv
ERIC B is offline  
post #21 of 46 (permalink) Old 02-11-2004, 02:41 PM
Moderator
 
Chills's Avatar
 
Join Date: Aug 2003
Location: Naperville, IL
Posts: 23,640
Location: Naperville, IL
Sportbike: Kawi ZX-10R
Years Riding: Since February 2012
How you found us: NESBA bbs
           
Send a message via Yahoo to Chills
I wrote the biggest check I've ever written in my entire life on Sunday. It was Pay to the Order: Internal Revenue Service.

I won't disclose how much it was, but I will say it was 5 digits. I was self employed this entire year

Never a bad time to climb... unless the weather is really horrible, and then you climb inside!

I bleed GREEN
Chills is offline  
post #22 of 46 (permalink) Old 02-11-2004, 02:51 PM
Head Stepper
 
Pirate's Avatar
 
Join Date: Jun 2003
Location: Warrenville
Posts: 4,244
Location: Warrenville
Sportbike: TREKK
Years Riding: 9
How you found us: member referal
           
Send a message via AIM to Pirate Send a message via Yahoo to Pirate
I thought I was going to owe this year, but I forgot to deduct 401K contributions. It was the difference between owing a couple K to getting a few hundo back.

Also, something to think about... I have a few mutual funds that did ok this year. But all gains got reinvested, so no capital gains came my way. However, I still have to pay taxes on this. However, when I go to sell my mutual fund, I already paid tax on these gains... Keep the paperwork! Something to think about.

<-------- Jeff


Hey baby! You ever been on the back of an expensive sportbike??


Property of Evil Monkey Racing
Pirate is offline  
post #23 of 46 (permalink) Old 02-11-2004, 02:54 PM
Registered User
 
Meulen's Avatar
 
Join Date: May 2002
Location: Romeoville
Posts: 19,186
Location: Romeoville
Sportbike: looking to get dirty!
Years Riding: long time
How you found us: SBN
           
Quote:
Originally posted by Pirate
I thought I was going to owe this year, but I forgot to deduct 401K contributions. It was the difference between owing a couple K to getting a few hundo back.

Also, something to think about... I have a few mutual funds that did ok this year. But all gains got reinvested, so no capital gains came my way. However, I still have to pay taxes on this. However, when I go to sell my mutual fund, I already paid tax on these gains... Keep the paperwork! Something to think about.

Your brokerage should send you everything you need in the year you sell it. It gets to be a pain when you buying and selling stocks and funds all the time. Try to keep as much as possible in your 401k so you don't have to deal with it till you retire.

Brian (F.K.A. Crazy)

Gamertag: CRAZY403


“You can’t escape the responsibility of tomorrow by evading it today.”

-Abraham Lincoln


“Blessed are the young, for they shall inherit the national debt.”

-Herbert Hoover
Meulen is offline  
post #24 of 46 (permalink) Old 02-11-2004, 02:57 PM
Head Stepper
 
Pirate's Avatar
 
Join Date: Jun 2003
Location: Warrenville
Posts: 4,244
Location: Warrenville
Sportbike: TREKK
Years Riding: 9
How you found us: member referal
           
Send a message via AIM to Pirate Send a message via Yahoo to Pirate
Quote:
Originally posted by Crazy
Your brokerage should send you everything you need in the year you sell it.
Not if you don't have one...

<-------- Jeff


Hey baby! You ever been on the back of an expensive sportbike??


Property of Evil Monkey Racing
Pirate is offline  
post #25 of 46 (permalink) Old 02-11-2004, 03:01 PM
Registered User
 
Meulen's Avatar
 
Join Date: May 2002
Location: Romeoville
Posts: 19,186
Location: Romeoville
Sportbike: looking to get dirty!
Years Riding: long time
How you found us: SBN
           
Quote:
Originally posted by Pirate
Not if you don't have one...
get one.....it makes life easier

Brian (F.K.A. Crazy)

Gamertag: CRAZY403


“You can’t escape the responsibility of tomorrow by evading it today.”

-Abraham Lincoln


“Blessed are the young, for they shall inherit the national debt.”

-Herbert Hoover
Meulen is offline  
post #26 of 46 (permalink) Old 02-11-2004, 03:06 PM
Jim
Tgf Og
 
Jim's Avatar
 
Join Date: Apr 2002
Location: lith
Posts: 9,851
Location: lith
Sportbike: trek
Years Riding: 2
How you found us: the smell
           
out source it !! hahahahaahaha

Join the NRA, help protect our Second Amendment rights
GO Bears!!!!!!!!
Jim is offline  
post #27 of 46 (permalink) Old 02-11-2004, 03:07 PM
Registered User
 
Meulen's Avatar
 
Join Date: May 2002
Location: Romeoville
Posts: 19,186
Location: Romeoville
Sportbike: looking to get dirty!
Years Riding: long time
How you found us: SBN
           
Quote:
Originally posted by JimGoFast
out source it !! hahahahaahaha


Brian (F.K.A. Crazy)

Gamertag: CRAZY403


“You can’t escape the responsibility of tomorrow by evading it today.”

-Abraham Lincoln


“Blessed are the young, for they shall inherit the national debt.”

-Herbert Hoover
Meulen is offline  
post #28 of 46 (permalink) Old 02-11-2004, 03:08 PM
Old Squid on a Blade
 
Blade Runner's Avatar
 
Join Date: Apr 2002
Location: Carpentersville
Posts: 9,389
Location: Carpentersville
Sportbike: 2000 929
Years Riding: Longer than most of you have been alive. And I'm still slow.
How you found us: The voices in my head told me to come here
           
Don't know, I need to wait till the 1099s stop trickling in.

There is nothing firm, nothing balanced, nothing durable in all the universe. Nothing remains in its original state, each day, each hour, each moment, there is change. Change is the essence of life. Embrace change as you do life. To fight change is to live in the past.
Blade Runner is offline  
post #29 of 46 (permalink) Old 02-11-2004, 03:51 PM
SICK OF IT ALL
 
Ocean's Avatar
 
Join Date: Aug 2003
Location: Dallas, TX
Posts: 4,471
Location: Dallas, TX
Sportbike: missing my RC51
Years Riding: 9+
How you found us: drove by Strats one night & stopped in
           
Don't want to think about it ---I don't know what I am looking at this year but I don't think it going to be good.

Wayne


Standing together
Side by side
Staying true to what’s inside
United as one, we fight

Ocean is offline  
post #30 of 46 (permalink) Old 02-11-2004, 03:53 PM
Registered User
 
Chunk's Avatar
 
Join Date: Jan 2003
Location: Chicago
Posts: 13,847
Location: Chicago
Sportbike: I don't ride
How you found us: google
           
how would you like to pay a gift tax of $75,000?

<---- Useless Mufugga
Chunk is offline  
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Chicagoland Sportbikes forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



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

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

 
For the best viewing experience please update your browser to Google Chrome