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Tax man cometh

rockota said:
still false, no matter how many times you claim it to be true. :flipoff2:

but you probably make more than the limits the feds have put on some of the deductions.
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You claiming it to be false doesn't make it so. I get it, your MO is to argue, but this chart is directly from the IRS, so I've proved my point, I'll wait while you prove your claim.

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Roc Doc said:
You claiming it to be false doesn't make it so. I get it, your MO is to argue, but this chart is directly from the IRS, so I've proved my point, I'll wait while you prove your claim.

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well shoot... I'll have to doublecheck my returns. :homer:
 
On hold with the IRS currently. Blocked 3 incoming spam calls without fucking up this call and losing it. :lmao: Most I have paid was $10K Fed eral 2018 the year I retired and sold my house. Reading some of the posts here . . . . . fucking A' I am fortunate. Have always had a "tax professional" due mine since my divorce in 2016.

Edit: call dropped after 12 minutes and being on hold 3 times. :lmao:
 
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We're getting back $9500 :flipoff2::smokin:,


but we paid in 6 figures already. :barf:

My favorite tax is the obamacare tax. That 1% of everything over $250k. :shaking:
 
Splib said:
On hold with the IRS currently. Blocked 3 incoming spam calls without fucking up this call and losing it. :lmao: Most I have paid was $10K Fed eral 2018 the year I retired and sold my house. Reading some of the posts here . . . . . fucking A' I am fortunate. Have always had a "tax professional" due mine since my divorce in 2016.

Edit: call dropped after 12 minutes and being on hold 3 times. :lmao:
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That’s nothing I got dropped after being on hold for a hour 15. The anger was off the charts. Called back and got the we are too busy today call back tomorrow message :mad3:
 
Easiest tax year I’ve had. Went to the office thinking it would be hours on the computer. I freaking love TurboTax. Imported all my crap straight from my accounts and info and stuff. Ran me thru everything and 30 minutes later I filed and paid. Actually getting some money back this year. Not a ton, but it’s better than owing a shit ton of cash like we usually do.
 
Roc Doc said:
Yup, and that fucked me pretty hard. I'm an employee, but I work from home, drive my own vehicle (get paid mileage), use my home www connection, a dedicated office, etc., but nope, so sorry, pay up sucker.
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Since you work from home as an employee, you should be able to get a deduction on a portion your utilities, including internet. This is unless you are reimbursed by your employer for them.

I don't worry about what I can and can't deduct, my tax accountant tells me everything I need to bring when it's tax season. They take care of the mess for me and it's worth every penny.
 
Will Scarlet said:
Since you work from home as an employee, you should be able to get a deduction on a portion your utilities, including internet. This is unless you are reimbursed by your employer for them.

I don't worry about what I can and can't deduct, my tax accountant tells me everything I need to bring when it's tax season. They take care of the mess for me and it's worth every penny.
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That's how it used to be, but no longer. See the above flow chart
 
FUCK! We owe 4k to the feds. Getting $600 back from CA.
 
Roc Doc said:
That's how it used to be, but no longer. See the above flow chart
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All I can say is my tax account does deduct for my utilities, where that deduction happens I don't know. However, I'm interested in exactly where that flow chart from?
 
Gtrplyr78 said:
Wasn't DirtDevil(not 100 percent on user name) working Uber or something to show some business losses through it, and offset the tax paid to the man...
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Indeed I was, but I'm not sure it would be as much of a "losing proposition" these days as it was back then as the fees were much lower and there was no tipping thought the app. I specifically kept a ledger of mileage and wrote off every trip from the time I left my driveway until I returned. Today's calculation is 4.71 miles earns $10 minus fees, and in the end, the fees eat up to 42% of the earnings. So 5 miles for $10 that pays you $1 after fees... but the bright side is you can write off 65.5 cents per mile in 2023. So you're making $1 to earn a $3.275 tax deduction for a net "loss" of $2.275 over those 10 miles. In addition, I was running my own ledger, so those miles to get to a fare counted as well, and were usually more than the fare's mileage. Example: 12 miles to the airport, get a fare, take them 4 miles. Then 4 miles back to the airport. then a fare of 10 miles, with 10 in return, and a long run of 16 miles to the west side, with an 18 mile return to the house. That's 3 rides, 74 miles of deductions, 30 miles in pay at an average of $1/mile. Suddenly I "lost" $18.47 in a couple hours' time. In reality, I got 30 mpg and made $20. Additional deductions for the car wash unlimited membership (needed a clean ride) allowed me to keep my rides nice while further lowering my liability ($33/mo/car).

There's a little more to it than that, but that is the overview. You won't actually make much money doing rideshare in most places, but it can be a nice deduction. For reference, I did this in El Paso.
 
We've owed $5-$6k the last 3 years, we started new jobs 3 years ago. The tax form has changed from the old claim 0 or 1. I knew there was something screwed up, when my wife put her info in she'd be getting a $5k refund, with my stuff entered we were owing money.

Sceep said:
Wife somehow fucked up her taxes AGAIN so looks like we owe about $5k. :flipoff:
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Dead Pool said:
Owe $7500, don't have it. Guess the wife screwed up her withholding.
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I screwed up on my tax form when I started my new job and finally dug into why we were owing the IRS that much. There's the multiple jobs or spouse works section, you can use a work sheet or check a box, using the work sheet you enter an additional amount withheld per check. I must have checked the box or not checked the box and ignored the work sheet. When I used the work sheet it wanted me to withhold an additional $18k a year. We've owed $5-6k the last 3 years so I have them wit holding an additional $7,200 this year. We'll see how that works. It's also a set amount per check, I have one check that's pennies compared to the other each month so it's going to take a little budgeting

After seeing what we paid this year I doubled my 401k contribution and the wife is going to up hers. Hopefully that helps reduce our tax burden a bit.
 
I finally did my taxes Sunday and found I was getting a lot more back than I expected. I pondered it for a couple days before it hit me: I was in a coma when the year began, worked part-time from mid-April-late May, then went back full-time after Memorial Day. Taxes are withheld based upon the pay period, and I was earning at a rate nearly twice what my final income actually as, therefore most of the withholding was returned from both State and Federal taxes. A nice surprise, but I'd have rather invested the money as I went along instead.
 
barrelroll said:
We've owed $5-$6k the last 3 years, we started new jobs 3 years ago. The tax form has changed from the old claim 0 or 1. I knew there was something screwed up, when my wife put her info in she'd be getting a $5k refund, with my stuff entered we were owing money.





I screwed up on my tax form when I started my new job and finally dug into why we were owing the IRS that much. There's the multiple jobs or spouse works section, you can use a work sheet or check a box, using the work sheet you enter an additional amount withheld per check. I must have checked the box or not checked the box and ignored the work sheet. When I used the work sheet it wanted me to withhold an additional $18k a year. We've owed $5-6k the last 3 years so I have them wit holding an additional $7,200 this year. We'll see how that works. It's also a set amount per check, I have one check that's pennies compared to the other each month so it's going to take a little budgeting

After seeing what we paid this year I doubled my 401k contribution and the wife is going to up hers. Hopefully that helps reduce our tax burden a bit.
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Same. After ranting about my accountant earlier in this thread, this new guy actually pointed out the issue and told me how to fix it:smokin:. My last two just told me to contribute more to my 401k and get an hsa:mad3:. Trying married single for the both of us and some quarterly payments and he told us how to see how much we will be short and make adjustments. Finally some actionable advice!!!
 
small refund from the state, owe the feds $3500. increased fed deduction $300/month to account for the $3500 for next year.

last year was a disaster due to the covid bucks that were actually just the income tax credit advance.
 
I have been using OLT (On Line Taxes) for years. My income is from SSI, pension and stock dividends. Pension and dividends, I withold 25% for the man. SSI was zero but now set at 7% for 2023. Last year I owed ~$1500, this year it was ~$4K. I don't understand why I don't get penalized for underpayment??? :eek:
 
billdacat said:
I have been using OLT (On Line Taxes) for years. My income is from SSI, pension and stock dividends. Pension and dividends, I withold 25% for the man. SSI was zero but now set at 7% for 2023. Last year I owed ~$1500, this year it was ~$4K. I don't understand why I don't get penalized for underpayment??? :eek:
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Did your SSI get nicked by the Fed to assist in Medicare payment because your combined income was too high ?
 
Splib said:
Did your SSI get nicked by the Fed to assist in Medicare payment because your combined income was too high ?
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Yeppers! But not to bad. I will be taking the "Tax Torpedo" up the ass when I start my RMD's from the IRA.

70's now, waiting until 72 to go bat shit crazy spending like a fool! :lmao::lmao::lmao:
 
WTF is with the federal underpayment penalty?

First time I have ever owed federal taxes. I incorrectly assumed I could just pay the difference when I filed. Nope. Owe a penalty on top of that.

So the government can withhold too much tax all year, and then give you the difference back later without any interest. But if you pay too little all year, and then pay them the difference, you owe them interest. :shaking:
 
the conservative atheist said:
WTF is with the federal underpayment penalty?

First time I have ever owed federal taxes. I incorrectly assumed I could just pay the difference when I filed. Nope. Owe a penalty on top of that.

So the government can withhold too much tax all year, and then give you the difference back later without any interest. But if you pay too little all year, and then pay them the difference, you owe them interest. :shaking:
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Fucking bullshit right? My wife is currently dropping off our 1st qtr payment after we wrote their asses a check for last year earlier this week. :mad3:

My "favorite" part is if those thieving fucks withhold too much taxes and they give you a refund, they fucking tax that :flipoff:
 
the conservative atheist said:
WTF is with the federal underpayment penalty?

First time I have ever owed federal taxes. I incorrectly assumed I could just pay the difference when I filed. Nope. Owe a penalty on top of that.

So the government can withhold too much tax all year, and then give you the difference back later without any interest. But if you pay too little all year, and then pay them the difference, you owe them interest. :shaking:
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Taxes are due at the time the money was made. You don’t pay in that quarter bingo you get penalties.
 
In another thread I was questioning why you couldn't get all your money all year and pay your income tax as one payment at tax time, and that was the answer.
 
Filed for an extension this week. Just wasn't able to complete in time. No state taxes so that's nice. I am a regular W2 employee, but my wife has 3 businesses I do taxes for. We also sold a house this year, which affected both personal and business taxes. I need an accountant moving forward. This is too much for me anymore.

On the plus side, I think we will actually get some money back this year for the first time in a long time. IRS has sent me letters for years now requesting I do quarterly payments, but have not required it. I adjusted withholdings instead, and it looks like my adjustments are working out this year.

Now I have until October :flipoff2:
 
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