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Wednesday, March 12, 2014

Taxes for 2013

We filed our joint taxes last February 20th. Before going to H&r Block, hubby and I knew that we won't get back an amount like we used to when he was in school and not working a job. I was shocked however of how much Social Security contribution I have to pay. Since I am a self employed, I don't pay my SS contribution until I file my tax.  It's sad too because I don't think I will be able to enjoy social security when I am old enough because  by then I assumed that SS will be broke and won't exist anymore.  Oh well.
Since my husband  earned  more last year and I also earned more from blogging, we lost our earned income credits that's why we got back less.  I guess "the more you make, the more they take".  The lady who prepared our taxes said that 8 more thousand and we will be in the next bracket of  tax.  Right now, we are paying 15%, the next bracket will be 25%, oh boy!  You can never win.  You desire to make more to  provide for your family but there is a downside to that, you also pay more taxes of what you earned. BUT, we'd rather  work and pay taxes than  not work and ask for assistance.

So after the deduction of taxes, we got back $409.66

  • H&R Block fee - $496.37
  • Bank Fee -$ 34.95
  • State Tax  - $138
  • Self Employment  tax (SS)  - $1,578
  • Self Employed Tax (Federal Tax) - $789
MOst of the online companies that I work with said that the third party which is the paypal,   will be responsible  for  supplying the tax document (1099) we need.  According to Paypal, they won't supply this doc   unless we make $20k which I doubt I would since I don't hire any consultant to do some job haunting  for me, what's the point?  So my resolution to this is to print my monthly report from paypal, I would use for next tax season.

Alrighty, till next tax time.  I gotta go to school today.  See you later peeps.  Thanks for  leaving your trails through comments.

26 comments:

  1. I know that I'm concerned about doing our taxes this year , incase we are over our tax credit limit. At least you got something back :-)

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  2. in my opinion, it is alright to pay taxes as long as we can see where our payment goes, well big time tax evaders are very common here, hope they will be sanctioned soonest

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    1. Ay dito ate nakakagigil kasi yung taxes ng mga ngatatrabaho eh napupunta sa mga taong di nagtatrabaho at umaasa sa bigay ng gobyerno.

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    2. Yes, Robert Kiyosaki talked about that. America has a culture of entitlement kaya if they get no job, it is the government's job to take care and feed them. At least, better pa rin diyan, because here sa Pinas, lawmakers think they are entitled to free use of our taxes via their projects which go to their pockets naman

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  3. wow, that's a lot of contribution you have there, it seems like what you've earn it shows your just giving it for the taxes.

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    Replies
    1. Painful right? But that's how it works.

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  4. On the brighter side - at least may bumabalik naman kahit papano hehehe

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    1. Yep, we got back at least one percent of the 15% we paid for the year hehehe.

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  5. We haven't done our taxes yet...hubby is still waiting for a document.
    Hopefully we'll have a refund too.

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  6. I also hate how the tax system works. But agree would rather work and pay than the opposite. It all balances in the end. Using H&R Block online would save you a lot of money though. Maybe you could consider that for next year and get back an additional $400 you paid them.

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  7. Our taxes will be done next week as soon as we go back to Kansas. My heavens! It is painful, but like you said, you would still rather work than not at all. The only downfall is you pay huge tax. Life is expensive.

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  8. Our taxes will be done next week as soon as we go back to Kansas. My heavens! It is painful, but like you said, you would still rather work than not at all. The only downfall is you pay huge tax. Life is expensive.

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  9. That's all you got in return sis? I am seeing now how taxes work here in US. We got more than you received but it's all because I do not work and I have more kids maybe that's it.

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  10. I will not complain to pay taxes if we can see where it's going.

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    1. Oh I can see where it goes alright, only that, yung mga di nagwowork ang nakikinabang dito.

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  11. You got ripped off! We quit using H & R block a long time ago. When we were about 17 years younger we used them for about 10 years and they over charged and we ended up owing taxes years later. Ended up being almost 4k because we had custody of a kid for almost the whole year. Had proof from the county the child was in our care. The dad also filed taxes and claimed a child he never even had during that year. In the end H & R block said they couldn't do nothing because so much time had passed since then. We had to make monthly payments for the longest time.

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  12. I agree sis....by that time SS is broke! It's our first time to use H&R. Normally we do our taxes using turbo tax online but due to our complicated situation with Cali property we hired them. We got a pretty good refund though.

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  13. So true. We have the same sentiments here. Sometimes, I-d rather not spend overtime cause it only means a higher salary compensation which equates to a higher tax percentile.

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  14. You have to pay taxes wherever you go, and an obligation of a citizen. Can't tell, maybe next year, may taces na rin ang bloogers.

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  15. Yikes! Self employed tax is too much! :(

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  16. OMG. Ang laki ng tax! But look on the bright side, a large amount of tax means you're earning more.

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  17. its okay to pay tax as long as we see where the money go...at wag na ma-janet napoles! hehhe

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  18. Hi
    I think it looks amazing. I'm not sure I would have had the patience that you had though!

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  19. WOW! Looks like H&R Block got more from you than you did. I also can't understand why the folks you worked with didn't send you 1099, they should not PayPal... odd. Cheer up!

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  20. Great you have your taxes done. Watch out for that next tax bracket

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A work-at-home-mom (WAHM) with  two  lovely kids and a loving husband.  Passionate in writing about  family, product reviews, and  other related articles.  A Mom, a Wife,  a Blogger/Writer, rolled into one.

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