tax bill for 2013 :(

2ForMe · 03-22-2014, 11:16 AM

I just got the bad news about how much I owe the IRS next month. Might be backing out of my M235 deal now. Yeah...it was that bad.

jwzimm · 03-22-2014, 01:02 PM

Might consider adjusting your W-4 so you don't end up like this again next year.

upstatedoc · 03-22-2014, 01:04 PM

Quote:

Originally Posted by 2ForMe

I just got the bad news about how much I owe the IRS next month. Might be backing out of my M235 deal now. Yeah...it was that bad.

How bad was it and I'll tell you if it was as bad as our 2012 return

NemesisX · 03-22-2014, 06:40 PM

So what exactly are you looking for from other members? I don't understand the point of this topic.

italia · 03-22-2014, 07:12 PM

If you're not paying a penalty for under withholding, then paying as much of your tax bill on April 14 simply means that you've had possession of your after tax earnings; instead of the government holding onto it during the year and giving it back to you after you file. Given that investment markets were quite bullish in 2013, I certainly would rather have had my money to invest than letting the government hold on to it. People who want a big return either don't understand this, or can't trust themselves to not foolishly spend it during the year.

P1 · 03-22-2014, 07:37 PM

I reckon that means you didn't pay in enough during the year. Not sure what you want us to do about that?

My335iTT · 03-22-2014, 09:16 PM

Quote:

Originally Posted by NemesisX

So what exactly are you looking for from other members? I don't understand the point of this topic.

It's off topic half the threads don't have a point if you don't want to read the thread then leave and don't act like a douche.

NemesisX · 03-22-2014, 10:37 PM

Quote:

Originally Posted by My335iTT

It's off topic half the threads don't have a point if you don't want to read the thread then leave and don't act like a douche.

No, this is me acting like a douche: try learning some basic, grade school reading comprehension.

I was simply asking the original poster what he wants others to contribute in terms of this topic. Is he looking for advice? Is he simply looking to vent? It doesn't matter to me either way. I never said or even implied that he shouldn't make this topic. I was simply asking what he was looking for.

If he's simply looking to vent, that's totally fine with me. If he's looking for advice, then he probably needs to elaborate on his story a little bit so other members can help.

M_Six · 03-22-2014, 10:54 PM

Quote:

Originally Posted by italia

If you're not paying a penalty for under withholding, then paying as much of your tax bill on April 14 simply means that you've had possession of your after tax earnings; instead of the government holding onto it during the year and giving it back to you after you file. Given that investment markets were quite bullish in 2013, I certainly would rather have had my money to invest than letting the government hold on to it. People who want a big return either don't understand this, or can't trust themselves to not foolishly spend it during the year.

We're once again surprised at our return. We'd rather not loan the gov't a bunch of money. We keep adjusting our W-4s, but we still end up with a return. We upped the pre-tax retirement fund amounts this year, and I think we underestimated the net effect.

MediaArtist · 03-23-2014, 12:04 AM

haha. Return. I literally have not had a dollar given back to me since 1997.

My335iTT · 03-23-2014, 12:27 AM

Quote:

Originally Posted by NemesisX

No, this is me acting like a douche: try learning some basic, grade school reading comprehension.

I was simply asking the original poster what he wants others to contribute in terms of this topic. Is he looking for advice? Is he simply looking to vent? It doesn't matter to me either way. I never said or even implied that he shouldn't make this topic. I was simply asking what he was looking for.

If he's simply looking to vent, that's totally fine with me. If he's looking for advice, then he probably needs to elaborate on his story a little bit so other members can help.

firstkill · 03-23-2014, 12:31 AM

every year I fight to keep as much as I can.

I basically work for FREE January to June

fk

yogi · 03-23-2014, 02:17 AM

Quote:

Originally Posted by italia

If you're not paying a penalty for under withholding, then paying as much of your tax bill on April 14 simply means that you've had possession of your after tax earnings; instead of the government holding onto it during the year and giving it back to you after you file. Given that investment markets were quite bullish in 2013, I certainly would rather have had my money to invest than letting the government hold on to it. People who want a big return either don't understand this, or can't trust themselves to not foolishly spend it during the year.

nailed it!

2ForMe · 03-23-2014, 03:13 PM

Point of this thread is I completely underestimated what I was gonna owe uncle sam this year and a large portion of the funds I set aside for M235 now have to be diverted to my tax bill.

It involves income from a sold property in a business I have a small stake in from last year. Did not realize how much of that money was from interest. Ok I did know but really didn't put two and two together to contemplate the impact that would be felt on my taxes.

All it really means is I'll have to wait till much later this year to get into this car rather than next month.

Extremely disappointing because I was very excited and was looking forward to picking up my pre ordered car in a few weeks. The extent at which I was following and posting on these forums the past few months had reached obscene levels - like a new addiction - just so I could know as much about my new upcoming toy as possible and to bask in the same joy others here are experiencing. Now it's like it was all a friggin waste, plus I'm gonna have to fight with dealer to get my deposit back.

Nothing you guys can do to help but there was no other place to post this. It is what it is. What do I get? A one way ticket to palookaville.

You don't understand..I coulda had class! I coulda been a contender!

BenchRacerYo · 03-23-2014, 04:22 PM

Quote:

Originally Posted by My335iTT

Quote:

Originally Posted by NemesisX

No, this is me acting like a douche: try learning some basic, grade school reading comprehension.

I was simply asking the original poster what he wants others to contribute in terms of this topic. Is he looking for advice? Is he simply looking to vent? It doesn't matter to me either way. I never said or even implied that he shouldn't make this topic. I was simply asking what he was looking for.

If he's simply looking to vent, that's totally fine with me. If he's looking for advice, then he probably needs to elaborate on his story a little bit so other members can help.

LOLOL

KwlAznKid · 03-23-2014, 06:57 PM

i guess no 2 for u!

2ForMe · 03-23-2014, 09:53 PM

Quote:

Originally Posted by KwlAznKid

i guess no 2 for u!

Took me a minute to figure out what you were doing here. Clever

Whostheboss · 03-24-2014, 08:33 AM

Quote:

Originally Posted by 2ForMe

Quote:

Originally Posted by KwlAznKid

i guess no 2 for u!

Took me a minute to figure out what you were doing here. Clever

lol

KwlAznKid · 03-24-2014, 10:24 AM

Quote:

Originally Posted by 2ForMe

Took me a minute to figure out what you were doing here. Clever

Quote:

Originally Posted by Whostheboss

lol

Templar · 03-24-2014, 10:39 AM

I think he should request a name change.

Vic311 · 03-24-2014, 10:50 AM

One word OP.

Deductions.

Litos · 03-24-2014, 12:35 PM

for those of you getting returns - you're welcome....

robbing peter to pay paul......

03-22-2014, 11:16 AM	#1
2ForMe Private 8 Rep 53 Posts Drives: 235 maybe? Join Date: Feb 2014 Location: US iTrader: (0)	tax bill for 2013 :( I just got the bad news about how much I owe the IRS next month. Might be backing out of my M235 deal now. Yeah...it was that bad.
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03-22-2014, 01:02 PM	#2
jwzimm Colonel 687 Rep 2,770 Posts Drives: '16 M3 Join Date: Jun 2011 Location: Renton, WA iTrader: (17)	Might consider adjusting your W-4 so you don't end up like this again next year. __________________ 2008 Honda S2000 - Current 2016 F80 M3 - SOLD!! 2011 e92 X-Drive Coupe - SOLD!!
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03-22-2014, 06:40 PM	#4
NemesisX Captain 317 Rep 905 Posts Drives: '19 Infiniti Q60S Join Date: Jul 2009 Location: TX iTrader: (0)	So what exactly are you looking for from other members? I don't understand the point of this topic.
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03-22-2014, 07:12 PM	#5
italia Private 0 Rep 71 Posts Drives: Cars:German\|Motorbikes:Italian Join Date: Feb 2014 Location: Tennessee iTrader: (0)	If you're not paying a penalty for under withholding, then paying as much of your tax bill on April 14 simply means that you've had possession of your after tax earnings; instead of the government holding onto it during the year and giving it back to you after you file. Given that investment markets were quite bullish in 2013, I certainly would rather have had my money to invest than letting the government hold on to it. People who want a big return either don't understand this, or can't trust themselves to not foolishly spend it during the year. __________________ Past BMWs: '85 325e - E30, MT '88 M3 - E30, MT '94 530i - E34, MT '97 540i - E39, MT
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03-22-2014, 07:37 PM	#6
P1 Lieutenant General 11566 Rep 11,135 Posts Drives: 2004 3/4 ton Duramax Join Date: Aug 2007 Location: United States iTrader: (1)	I reckon that means you didn't pay in enough during the year. Not sure what you want us to do about that?
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03-23-2014, 12:04 AM	#10
MediaArtist There is No Substitute 72 Rep 1,186 Posts Drives: Audi A6, 997 GT3 RS, E90 335i Join Date: Apr 2010 Location: Laguna Beach, CA iTrader: (0)	haha. Return. I literally have not had a dollar given back to me since 1997. __________________ '13 Audi A6 '07 Porsche GT3 RS '08 BMW E90 335i
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03-23-2014, 12:31 AM	#12
firstkill Second Lieutenant 12 Rep 247 Posts Drives: e93 Join Date: Dec 2005 Location: Alhambra iTrader: (0)	every year I fight to keep as much as I can. I basically work for FREE January to June fk
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03-23-2014, 03:13 PM	#14
2ForMe Private 8 Rep 53 Posts Drives: 235 maybe? Join Date: Feb 2014 Location: US iTrader: (0)	Point of this thread is I completely underestimated what I was gonna owe uncle sam this year and a large portion of the funds I set aside for M235 now have to be diverted to my tax bill. It involves income from a sold property in a business I have a small stake in from last year. Did not realize how much of that money was from interest. Ok I did know but really didn't put two and two together to contemplate the impact that would be felt on my taxes. All it really means is I'll have to wait till much later this year to get into this car rather than next month. Extremely disappointing because I was very excited and was looking forward to picking up my pre ordered car in a few weeks. The extent at which I was following and posting on these forums the past few months had reached obscene levels - like a new addiction - just so I could know as much about my new upcoming toy as possible and to bask in the same joy others here are experiencing. Now it's like it was all a friggin waste, plus I'm gonna have to fight with dealer to get my deposit back. Nothing you guys can do to help but there was no other place to post this. It is what it is. What do I get? A one way ticket to palookaville. You don't understand..I coulda had class! I coulda been a contender! Last edited by 2ForMe; 03-23-2014 at 03:23 PM..
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03-23-2014, 06:57 PM	#16
KwlAznKid Brigadier General 354 Rep 3,036 Posts Drives: BMW/MERCEDES/PORSCHE Join Date: Jun 2005 Location: Los Angeles/Fremont USC/UCSD Alum iTrader: (6)	i guess no 2 for u! __________________ BMW E93 M3 / Mercedes Benz W209 CLK500 BMW E64 650I(sold) / BMW E92 328I(sold) / BMW E46 M3(sold) / BMW E92 335I(sold) Porsche 996 911 C2(sold) / BMW E46 325CI(totaled)
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03-24-2014, 10:39 AM	#20
Templar Lieutenant Colonel 268 Rep 1,883 Posts Drives: 2011 E92 M3 Join Date: Feb 2009 Location: One of the coasts... iTrader: (1) Garage List 2011 BMW M3 [10.00]	I think he should request a name change. __________________ '11 BMW E92 ///M3 - ZCP and DCT '15 Ford F-250 - Lariat, 6.7 Powerstroke Turbo-diesel
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03-24-2014, 10:50 AM	#21
Vic311 Banned 42 Rep 1,463 Posts Drives: 2011 e92 M3 Join Date: Dec 2012 Location: NY iTrader: (0)	One word OP. Deductions.
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03-24-2014, 12:35 PM	#22
Litos Banned 220 Rep 2,991 Posts Drives: 2012 Challenger RT Junk Join Date: Dec 2010 Location: Houston/Pearland iTrader: (1)	for those of you getting returns - you're welcome.... robbing peter to pay paul......
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