Home > Am I the only person...

Am I the only person...

March 13th, 2007 at 07:00 pm

...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.

6 Responses to “Am I the only person...”

  1. JanH Says:

    We owe this year, too!

  2. Joan.of.the.Arch Says:

    Congratulations on the doctorate, I know it took lots of hard work!
    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.

  3. tinapbeana Says:

    yup, we owe to... bluh... even with mortgage interest, we're better off taking the standard deduction. see what we get for buying less house that 'we could afford' Big Grin

  4. baselle Says:

    I usually rig it up so I owe about $100. Next year I'll owe because did the Roth for 2007 rather than the regular IRA. No sense in letting the government use your money for free ... especially when 4 wk T-bills are paying 5.2%. Let them pay for your money! Big Grin

  5. PauletteGoddard Says:

    I owe this year. I try to owe every year but it doesn't always work out that way, as our income varies.

  6. katwoman Says:

    I owe state taxes and I don't work! How's that for a kick in the pants?!?!?!?!

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