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Tax man cometh

bigun said:
All I can say is Damn you'll make a lot of money!
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Was thinking the same. It's not been very long for me that I could buy groceries and not have to keep tabs on the $$ to make sure I could pay for it.
 
Texas97 said:
Yeah my wife and I both have the zero on the withholding. Still getting screwed
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Same here. Made more in 2022 than any year before by a pretty big margin. Got a fed refund of $46, and had to pay the state $900 something. On top of that my territory got reduced so I'll likely make $50k less in 2023. As soon as these big chip plants and supporting chemical plants are finished, I will be too, I was hoping for 3 more years like 22 before retiring, but that doesn't look like it's going to happen, and the fucking stock market is a disaster.

The little guy can't win.
 
AKnate said:
Was thinking the same. It's not been very long for me that I could buy groceries and not have to keep tabs on the $$ to make sure I could pay for it.
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I never spent wildly but since mom has passed things have tightned up considerable. Setting aside money for the taxes and house insurance bill I know will be coming in December
 
bigun said:
I never spent wildly but since mom has passed things have tightned up considerable. Setting aside money for the taxes and house insurance bill I know will be coming in December
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I've been focusing more on saving.

I'm kind of regretting selling my house and buying land and needing to build a house.

Was a nice place, nice area, just only had 1/2 acre.

I've gotten a few off the cuff quotes to build a house and my idea of 125-150k ain't going very far.
Was thinking ~1500ish sq feet with a basement.
 
rockota said:
To what?

Off shore, most likely… hidden under LLC’s.

We’ll see a lot of corporate HQ’s move out of country as well.

But no mean tweets
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Off shore really doesn't provide that much benefit in the grand scheme of things. And unless you plan to retire outside the US you pay taxes on the money when you bring it back into the country.
 
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Will12785 said:
Off shore really doesn't provide that much benefit in the grand scheme of things. And unless you plan to retire outside the US you pay taxes on the money when you bring it back into the country.
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Why would anyone of means retire in the US at this point?
 
Texas97 said:
apparently, i made too much money last year and now i owe some MORE money to the government. its the most i ever had to pay.

in years past i was getting pretty decent sized refunds. not anymore.


taxation is theft.
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I guess you make more than $400,000 a year.
 
We pick ours up Sunday, but it sounds like we’re doing it right. I prefer to pay the correct amount throughout the year to avoid penalties, and avoid letting the .gov use my money interest free. Think we’re getting a couple/few hundred back. I try to keep it neutral. Pay a couple/few hundred or get a couple/few hundred back is where I want to be. The IRS is not my savings account.
 
Texas97 said:
I'm not old enough


Explain what they did to jack withholding around?
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I wish I knew...
we claim 0/single... They only took out about 60% of what they "should" have... Never had that big of a problem before. This year is the first.
Resulted in me sending 100% of my income to the feds for the last 2 months of the year to try to "buy down" what we owed... still ended up writing a massive check.

So.. IMHO... they f'd something up, and I think intentionally...
 
Texas97 said:
i maxed my 401k contributions last year, hit the $22,500 max yearly contribution.

ill get a pay raise this year as i just changed my percentage contributed back down so i can still hit the max but it will be up through the last paycheck and not hit the max in August.
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Smart. It’s better to buy over time than buy quickly. I made that mistake a few years as well
 
Gtrplyr78 said:
Isn't 250k and after filled with certain loopholes not available to the ones bellow it? Anyone care to share some real life input on this?
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No. We get no write offs what so ever because of the alternative minimum tax. There are no income tax loopholes for those that make more.

If we donate $1000, on the end of the tax form they add it back in to income like we never donated it.

For discussion purposes let’s say you paid $200k in income taxes this year. My problem with it all is that I would have blown that 200k on shit that stimulates the economy. People rarely just save any $ and don’t adjust their lifestyle. It would have all gone into good and services helping everyone more than a government ever could.
 
Poke said:
No. We get no write offs what so ever because of the alternative minimum tax. There are no income tax loopholes for those that make more.

If we donate $1000, on the end of the tax form they add it back in to income like we never donated it.

For discussion purposes let’s say you paid $200k in income taxes this year. My problem with it all is that I would have blown that 200k on shit that stimulates the economy. People rarely just save any $ and don’t adjust their lifestyle. It would have all gone into good and services helping everyone more than a government ever could.
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The stimulate the economy deal is exactly right on.

I'd have taken that tax check and used it on a new smoker, poured a new concrete patio with cover too. I'd have generated business revenue for 4 or 5 different people/companies. Not anymore.

I guarantee this happening all over. Tax time has meant economy stimulus because of all the "refunds" in years past. But I think this year its going to grind the economy down even further.

Of course those who pay no taxes and get a check for $8k will use it in their own ways. Swisher sweet sales will remain high, McDonald's will get a boost and wheel shops will remain solvent
 
Roc Doc said:
Same here. Made more in 2022 than any year before by a pretty big margin. Got a fed refund of $46, and had to pay the state $900 something. On top of that my territory got reduced so I'll likely make $50k less in 2023. As soon as these big chip plants and supporting chemical plants are finished, I will be too, I was hoping for 3 more years like 22 before retiring, but that doesn't look like it's going to happen, and the fucking stock market is a disaster.

The little guy can't win.
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You're in sales right? What industry is going to be so screwed by having the new chip plants. I thought the new chip plants were a good thing for basically everyone.
 
Clemson13 said:
You're in sales right? What industry is going to be so screwed by having the new chip plants. I thought the new chip plants were a good thing for basically everyone.
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once they're constructed, the construction will slack off

especially if they're running well below profitability due to a shrinking economy and the glut of post-war surplus hits the market (or at least the parallel thereof)
crypto mining hit a bust and high end silicon got less stupid expensive
all the cars stacked in storage are getting sold
 
Texas97 said:
The stimulate the economy deal is exactly right on.

I'd have taken that tax check and used it on a new smoker, poured a new concrete patio with cover too. I'd have generated business revenue for 4 or 5 different people/companies. Not anymore.

I guarantee this happening all over. Tax time has meant economy stimulus because of all the "refunds" in years past. But I think this year its going to grind the economy down even further.

Of course those who pay no taxes and get a check for $8k will use it in their own ways. Swisher sweet sales will remain high, McDonald's will get a boost and wheel shops will remain solvent
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If governments are going to debt spend anyway, I see zero reason to collect taxes at all.
 
got-taxes-done-owe-ukraine-money.jpg
 
[486] said:
buy here pay here lots are the new american dream and control scheme
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I don't know about control scheme. It's a way to pray on irresponsible people. I'd say 1 out of 10 come out ok from those lots. Meaning they don't miss payments and get repo'd.

Now their terms? It's always caveat emptor. Just illustrates why high school should be teaching finance and budgeting instead of how to hide from your parents the fact you are/want to cut your boobs or weiner off
 
Texas97 said:
Of course those who pay no taxes and get a check for $8k will use it in their own ways. Swisher sweet sales will remain high, McDonald's will get a boost and wheel shops will remain solvent
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More like 12k. Guy at work was bitching about his daughter. She has 2 kids and doesn't work due to some imaginary disability. Her BF works occasionally but mostly collects unemployment. Together they are getting almost 12K worth of tax "refunds".

Sometimes I get the feeling I chose the wrong path in life.
 
bdkw1 said:
More like 12k. Guy at work was bitching about his daughter. She has 2 kids and doesn't work due to some imaginary disability. Her BF works occasionally but mostly collects unemployment. Together they are getting almost 12K worth of tax "refunds".

Sometimes I get the feeling I chose the wrong path in life.
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Gross
 
I am glad that my HSA contributions stopped when we switched payroll companies because i had to go and dump 5k into it to get my fed down to getting like $30 back. I think this year i am going to owe a ton so i will probably have to save and max out the HSA again and my IRA.
 
Gtrplyr78 said:
Why I asked, don't remember repeating it prior to this thread.

Thanks for input.
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Texas97 said:
rockota got it already, but the answer is an emphatic no.

and there's an extra medicare tax on income above a certain level, and i think its a 3.5% rate. and they are talking about adding to that because screw anyone who is successfull and working.
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Following up on this, talked to a friend yesterday who combined with his wife made $475k last year. His total tax liability was $120,000.

Crazy.

It doesn't feel like they are "rich" especially since everything cost wise has increased by 25-30% over the last two years.
 
Texas97 said:
Following up on this, talked to a friend yesterday who combined with his wife made $475k last year. His total tax liability was $120,000.

Crazy.

It doesn't feel like they are "rich" especially since everything cost wise has increased by 25-30% over the last two years.
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It sounds like he needs to spin up some money losing businesses if he has the time for it.

Cut down that $120k paid into bottomless pit, and at least have machinery/vehicles/something to show after claiming losses on it.

Robbery is what that is.
 
Gtrplyr78 said:
It sounds like he needs to spin up some money losing businesses if he has the time for it.

Cut down that $120k paid into bottomless pit, and at least have machinery/vehicles/something to show after claiming losses on it.

Robbery is what that is.
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Everyone talks about that like it happens so easy.

I know on my taxes I have farm income/losses and if I show losses too heavy too many years in a row they'll disavow the deductions. Not to mention audit potential.

My business got audited last year, first time ever. They are looking. Imagine having to defend fake businesses.
 
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