...who owes taxes this year?
Obviously, the majority of people I know are still graduate/professional students of some sort, who will be getting hefty refunds. My working friends all seem to have student loans and/or mortgages to write off. Aside from the tuition credit or deduction, I can deduct moving expenses (for work) and possibly that phone tax thing, but that's it. So why do I owe taxes? The main reason is because prior to my current job, I did a stint at a pharmaceutical marketing company, who hired me as a freelancer. Meaning I got paid straight, no deductions. Hence, I pay the price come Tax Time.
The second reason, which is more minor, is that my parents sold some funds that they held under my name, so there's taxes owed on those gains. But at least my parents have promised to pay me back for that.
Am I the only person...
March 13th, 2007 at 12:00 pm
March 13th, 2007 at 12:48 pm
March 13th, 2007 at 01:01 pm
Yes, we owe taxes every year, which is better than having overpaid, in my opinion. If you continue with the freelance work, you need to pay your taxes quarterly. The IRS will probably send you forms to do that this year when they see on your return that you have self-employment income.
March 13th, 2007 at 01:33 pm
March 13th, 2007 at 11:39 pm
March 14th, 2007 at 10:32 am
March 14th, 2007 at 01:29 pm