Chicago: Jesus just left.

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I am unsure as to my refund. I think federal'll be about 250 and like 4 or 5 bucks again from IL (thanks dudes).

― dan m, Tuesday, 17 April 2007 19:45 (nineteen years ago)

I like how talking about your tax return is an acceptable form of talking about how much money you make, because the calculations that determine how much you owe or get from the government are all so baffling, it's not like it tells me anything.

― jaymc, Tuesday, 17 April 2007 19:47 (nineteen years ago)

almost every penny of my tax return was consumed. it was all absorbed by my body one way or another.

― chicago kevin, Tuesday, 17 April 2007 19:47 (nineteen years ago)

What is "withholding"? (I wish I could use the EZ form every year, but for this damn partnership.)

― jaymc, Tuesday, 17 April 2007 19:48 (nineteen years ago)

Basically it's paying your taxes bit by bit with each paycheck. The problem is that it's not exact so you can easily overpay, hence the refund.

― dan m, Tuesday, 17 April 2007 19:49 (nineteen years ago)

(note: I am no accountant, that's just how I understand it)

― dan m, Tuesday, 17 April 2007 19:50 (nineteen years ago)

And in many of our cases, there's nothing withheld on pay from music/freelancing/etc., and tax time is when they hit you up.

― Jordan, Tuesday, 17 April 2007 19:51 (nineteen years ago)

Yeah, you guys want to hear some tax horror stories, talk to 1099 contractor ppl like m@tttt.

― dan m, Tuesday, 17 April 2007 19:52 (nineteen years ago)

If anyone wants to email me about how the band/tax thing works, feel free. We keep talking about doing it but haven't made any moves.

― n/a, Tuesday, 17 April 2007 19:53 (nineteen years ago)

The best thing about freelancing was that I had an excuse to hire an accountant and didn't have to hear a bunch of ruckus about how it's really EASY to do your own taxes, GOD, what's WRONG with you blah blah blah.

I'm damn dumb as hell, that's what's wrong with me OKAY?

― Jenny, Tuesday, 17 April 2007 19:54 (nineteen years ago)

fuck dude, my taxes were so insanely complecated in the late '90s i used to have a cpa do them. he was the same guy our company used and we never paid a fucking dime. that guy was blood diamonds.

― chicago kevin, Tuesday, 17 April 2007 19:54 (nineteen years ago)

I'll e-mail you what I know about it, Nick.

― Jordan, Tuesday, 17 April 2007 19:57 (nineteen years ago)

If anyone wants to email me about how the band/tax thing works, feel free. We keep talking about doing it but haven't made any moves.

I have very little idea of how it works. Both years we've done it, we've had someone prepare the taxes for us (last year it was Ben's brother, this year it was a friend of Matt's who's a CPA). But basically we filed as an official partnership with the state of Illinois. And then someone sat down and calculated various expenses -- we've been very assiduous about keeping receipts from Kinko's, tolls and gas for out-of-town trips, etc., although this is obviously an inexact science -- to figure out what our total income/loss was for the year. I was able to say that I personally lost $366 as a result of my stake in the partnership, although I couldn't tell you where this figure actually came from.

― jaymc, Tuesday, 17 April 2007 20:00 (nineteen years ago)

Mine have been easy, though I can't use the "EZ" form because I claim a deduction for my student loan interest.

John, do you include practice space rent? (or is there any in your band anyway?)

― KitCat, Tuesday, 17 April 2007 20:01 (nineteen years ago)

Yeah, pretty sure practice-space rent is included. (We pay $150/month for our space.)

― jaymc, Tuesday, 17 April 2007 20:02 (nineteen years ago)

What is the advantage?

― KitCat, Tuesday, 17 April 2007 20:06 (nineteen years ago)

To what?

― jaymc, Tuesday, 17 April 2007 20:08 (nineteen years ago)

Uh, I think the main advantage is not getting audited because you don't report income from the band, and the club (or whoever hired you) does. Not likely but it does happen.

― Jordan, Tuesday, 17 April 2007 20:09 (nineteen years ago)

I meant, What is the advantage to reporting your band income (loss)?

― KitCat, Tuesday, 17 April 2007 20:11 (nineteen years ago)

I guess that would be alot more important if we made more money.

― KitCat, Tuesday, 17 April 2007 20:11 (nineteen years ago)

I doubt anyone would seek us out lookin' for mula.

― KitCat, Tuesday, 17 April 2007 20:11 (nineteen years ago)

Yeah, that's definitely a big part of it. We started doing it basically because Ben wanted to do things really clean and official. Of course, the income loss doesn't hurt, either.

xpost Unless I'm really dense, I think I owe the government less money this way? If I was just paying taxes on my day-job income alone, with a salary of $X, then I would owe $Y in taxes (using the table in the instruction booklet). But since my adjusted gross income is $(X-366) (and also minus some other stuff the form tells you to subtract), then the tax I owe is also lower.

― jaymc, Tuesday, 17 April 2007 20:15 (nineteen years ago)

Huh. I was thinking you'd submit a separate tax form for the partnership.

― KitCat, Tuesday, 17 April 2007 20:19 (nineteen years ago)

My memory is so bad. I just transferred a call to a coworker. Then I got a telemarketing call for toner. Then I listened to the lady talk, answered some questions I didn't need to, and then, finlly, when she asked for my email address to continue our correspondance, I finally said, "I'm sorry, but no. No." Then I hung up. I'm working on it, ok?
Anyway, right after that, coworker rings me. Who was that who just called her? I don't remember. Male or female? Don't remember. It was two seconds ago! I know. I seriously can't remember. Ay ay ay.

― KitCat, Tuesday, 17 April 2007 20:22 (nineteen years ago)

Huh. I was thinking you'd submit a separate tax form for the partnership.

I'm pretty sure we did. I'm assuming that form had all the expense calculations filled out. The form I got from our accountant had an "employer tax ID number" on it, presumably so that they can cross-check with the other form if need be.

― jaymc, Tuesday, 17 April 2007 20:30 (nineteen years ago)

1099-MISC

― Jordan, Tuesday, 17 April 2007 20:30 (nineteen years ago)

Kevin let me know next time you want to go for a pointless drive to farm country, I have gas to waste.

― dan m, Tuesday, 17 April 2007 20:32 (nineteen years ago)

thanks dan but no, it's a solitary thing. man, machine, and nature etc.

also, new office mate just farted and now it smells like an abattoir in here. wtf you eat for lunch woman?!?

― chicago kevin, Tuesday, 17 April 2007 20:34 (nineteen years ago)

Right on.

http://www.cbc.ca/disclosure/archives/images/030211_access_sunset.jpg

― dan m, Tuesday, 17 April 2007 20:36 (nineteen years ago)

You ever smell a fart that smells like rotting fruit? Like, it's sickly sweet. Those are the worst, I think, because they almost smell ok, which somehow makes them 10x nastier.

― kenan, Tuesday, 17 April 2007 20:40 (nineteen years ago)

ahahahahahahahahaha god I'm immature

― dan m, Tuesday, 17 April 2007 20:42 (nineteen years ago)

this smells like a case of white castle cheeseburgers were left in the trunk of someone's car on fourth of july weekend and you just opened the trunk of that car on august 17th.

― chicago kevin, Tuesday, 17 April 2007 20:43 (nineteen years ago)

You said this person was into teh Jeebus right? Maybe it's a personal form of purging.

― dan m, Tuesday, 17 April 2007 20:44 (nineteen years ago)

It's better for us to file jointly. Those lifetime learning and hope scholarship credits are really awesome and have helped us out immensely in the past 4 years. If you are married, you have to file jointly to get the lifetime learning one.

I was going to deal with converting an IRA to a Roth IRA this year, but I didn't want to deal with the tax implications. It would have caused another tax bracket jump. If Jenny doesn't work very much this year, we'll stay in 15%. That jump from the 15% to 25% bracket is a real bitch.

This has been the year I really pay attention to personal finance.

― Jeff, Tuesday, 17 April 2007 20:46 (nineteen years ago)

i'm getting some fucking vanillaroma car fresheners for this joint if this is going to be a daily thing.

― chicago kevin, Tuesday, 17 April 2007 20:47 (nineteen years ago)

like a thousand of them.

― chicago kevin, Tuesday, 17 April 2007 20:47 (nineteen years ago)

Also, I hate calculating withholdings. Usually I just err on the side of paying just a little too much.

― Jeff, Tuesday, 17 April 2007 20:47 (nineteen years ago)

This has been the year I really pay attention to personal finance.

Someday, someday...

― jaymc, Tuesday, 17 April 2007 20:50 (nineteen years ago)

Anyone want to get drunk tonight? I just found out we're losing all the Journals I work on.

― dan m, Tuesday, 17 April 2007 21:16 (nineteen years ago)

Which means within a year or so I could not have a job anymore.

― dan m, Tuesday, 17 April 2007 21:16 (nineteen years ago)

oh no, Dan! I'm so sorry.

― horseshoe, Tuesday, 17 April 2007 21:17 (nineteen years ago)

where you going dan? i can't stay out too late, i have actual work to do tomorrow.

― chicago kevin, Tuesday, 17 April 2007 21:18 (nineteen years ago)

but all the same i wouldn't mind having a couple of pops in hopes of shaking this goddamn insomnia that is fucking killing me over here.

― chicago kevin, Tuesday, 17 April 2007 21:18 (nineteen years ago)

I'm sorry to hear that, Dan.

― KitCat, Tuesday, 17 April 2007 21:20 (nineteen years ago)

Dan, maybe they will just keep paying you to not edit the journals?

― Jordan, Tuesday, 17 April 2007 21:20 (nineteen years ago)

or maybe they could move you to other journals?

― horseshoe, Tuesday, 17 April 2007 21:22 (nineteen years ago)

Fuck I dunno, Small Bar in LS probably, if I go anywhere.

There is no news about what's going to happen, just that the things are going away. There may be opportunities in other departments, who knows. Everything is very grey right now.

I am sure as shit using all of my vacation this year, though!

― dan m, Tuesday, 17 April 2007 21:24 (nineteen years ago)

That fucking sucks, Dan.

― jaymc, Tuesday, 17 April 2007 21:53 (nineteen years ago)

Jesse txted me to say he had a gross and smelly dentist appointment.

― Jordan, Tuesday, 17 April 2007 22:01 (nineteen years ago)

Jesse's the boy who cried dentist so I totally won't believe it until I see the shining white capped tooth.

― Jenny, Tuesday, 17 April 2007 22:03 (nineteen years ago)

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