Quarterlies

It's a vicious cycle. We owed taxes 2 years ago when we filed our return and did pay but that took away from paying quarterly the last year. Then hubby's work really slowed down last year. I think he only worked 150 days or so, so by paying 2006 taxes in 2007, we couldn't squeeze out quarterly payments for that year.

I am employed but cover the health insurance, life and disability, and also have a percentage taken for a 401K. After all the deductions (taxes included), I only take home half of what I earn. So I'm really hurting, too.

What hurts the most is that the truck payments alone come to over $1400 a month and we can't deduct those payments. I think it's ridiculous but I've talked to at least 3 tax men and they all said the same thing. His income after all his deductions was around $11,000 for the year (with the payments), but without being able to deduct the truck payments, his "supposed" income was over to $31,000.

I just hope we can get over the "hump" this year, pay 2007 plus quarterlies for 2008. Thanks for listening.

• Every year same old, same old at tax time Venting- - Backwards typist
  • Taxes - sugarbaby
    • Quarterlies - Backwards typist
      • Is the truck necessary for his job?? If not, - sm
        • Second part of answer - Backwards typist
        • It's a construction truck and - Backwards typist
          • If he uses it for only job-specific activity, - then why not deductible? (NM)
  • Even if you can't pay the entire quarterly tax - see message

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