Wednesday, March 14, 2007

Death and Taxes

I hired a tax accountant this year and I just sent all my documents to him. I bought TurboTax to do my parent's taxes so I thought I would try to see what my taxes will be if I did it myself. After dropping in numbers for about 30 minutes, the result is that I owe ~$11k for federal taxes and ~$5k in state taxes. Yup, in addition to all the taxes I paid on my paychecks and stock option exercises, I have to pay ~$16k more. I knew being single and living in an apartment is bad but this is crazy. I even have to pay $1,500 of AMT taxes... I thought that was for millionaires. Sigh, I feel like I just got robbed. :(

Sh*t! I hope I really screwed up in TurboTax and my tax accountant can lower that $16k tax bill. Any politician trying to raise taxes will definitely not get my vote.

1 comment:

closetmusician said...

holy crap, are you serious? That's some mad tax man. I've also gotten hit by AMT a starving grad student working on a stipend, can you believe it? How ridiculous is that? I think some part of the equation where if you have relatively high salary income w/ no assets (house) and are single, then your risk of AMT goes up a lot more.

Anyhow, let me know if you find any good offshore accts to invest in ;)