Value Buy
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Post by Value Buy on Apr 15, 2015 16:23:14 GMT -5
Well, yesterday the estimated tax payments for Federal and state income taxes for 2015 were electronically sent for the first quarter of this year.
We paid our 2014 taxes last week. Do you know your tax freedom day? This is when you have officially earned enough money, to pay your federal and state tax bill. This is for all taxes, not just income tax. Not what has been deducted, but what you earned. Here in Indiana, tax freedom day is April 18th. In Illinois it is April 30th. It takes us 100 days until you earn the money that in theory is yours.
The earliest tax freedom day belongs to Louisiana where April 2nd is freedom day. Illinois ranks 43rd, so I guess it could get worse. Do you know your tax freedom day?
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EVT1
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Post by EVT1 on Apr 15, 2015 16:45:13 GMT -5
No idea- all I know is had to pay like every year- sent mine in a couple weeks ago. I am sure there is some sort of calculator out there.
If you were a hedge fund billionaire you could reduce that time to 60 days or less
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Value Buy
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Post by Value Buy on Apr 15, 2015 16:49:47 GMT -5
No idea- all I know is had to pay like every year- sent mine in a couple weeks ago. I am sure there is some sort of calculator out there.
If you were a hedge fund billionaire you could reduce that time to 60 days or less Agreed. Maybe we should go to a system, where if it takes the average citizen until April 30th, it should apply to everyone, including CEO'S. Only problem, the big money usually kicks in in the end of the year, and might not apply under this system.
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wyouser
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Post by wyouser on Apr 16, 2015 11:08:18 GMT -5
Look at the bright side. Your blood pressure should be down as well as your BMI ! You've sent in your taxes and now don't have all that excess weight to drag around. All that heavy cash is no longer weighing you and your wallet down! You are FREE! Go where you will ! Do what you want! (At least if you still have enough for cab fare to get you there)
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Value Buy
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Joined: Dec 20, 2010 17:57:07 GMT -5
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Post by Value Buy on Apr 16, 2015 11:20:40 GMT -5
Look at the bright side. Your blood pressure should be down as well as your BMI ! You've sent in your taxes and now don't have all that excess weight to drag around. All that heavy cash is no longer weighing you and your wallet down! You are FREE! Go where you will ! Do what you want! (At least if you still have enough for cab fare to get you there) This year's filing was quirky for us. We both retired in October, so with holding stopped. That was three months on S.S. and investment income plus cashing in two small retirement accounts to simplify life in retirement. We thought social security was set up for 10%, but alas, it did not take affect, so we let it slide and still have not set it up correctly this year. We will, because paying quarterly is so depressing when it comes out of your pocket, rather than when working it just is mentally not seen in the check.
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wyouser
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Post by wyouser on Apr 16, 2015 11:25:56 GMT -5
not only is the quarterly filing a pain in the drain, so is the social security tab since you don't get an employer to pay half the tab! (may I add, being self employed, paying the "tax" that is Obamacare carries a very high "suck" factor as well)
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djAdvocate
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Post by djAdvocate on Apr 16, 2015 15:32:04 GMT -5
tax freedom day for the 47% is apparently January 1st.
tax freedom day for me is approximately the first day of Spring.
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