How have you guy's done with your taxes this year?

[Kopy 559]

Same, better, worse. Notice anything different?

Getting mine done next week. Wondering what I'm in for. (Nothing different than I've always made/done)

 

[posty 2,614]

I owed this year, first time ever...

[Hardcore troubadour 14,976]

Didn’t have to pay this time. Didn’t get back much. 

[vomit 502]

Paying a ton, same as last year.

[Gladiators 1,964]

I make safe harbor estimated payments.  Waiting for my returns to be prepared, but I should be covered.

[Bert 1,128]

My effective tax rate went up this year.

[MTSkiBum 1,620]

Haven't even looked at them yet, it is still march. I have some time still.

 

[IGotWorms 4,057]

Fock, I have to do that soon, don’t I?

[Hardcore troubadour 14,976]

1 hour ago, vomit said:

Paying a ton, same as last year.

You need to do some better planning. Hit me up on the DM and I’ll help you out.  

[Nomad99 705]

Post is 6 hours old, 77 views, 8 replies & yet the title sill has not been edited....fail.

[Hardcore troubadour 14,976]

3 minutes ago, Nomad99 said:

Post is 6 hours old, 77 views, 8 replies & yet the title sill has not been edited....fail.

That’s Rusty dumb pointing that out. BFD. 

[Kopy 559]

11 hours ago, Nomad99 said:

Post is 6 hours old, 77 views, 8 replies & yet the title sill has not been edited....fail.

Oh yeah 

[vomit 502]

15 hours ago, Hardcore troubadour said:

You need to do some better planning. Hit me up on the DM and I’ll help you out.  

I'd rather end up paying at the end of the year than making estimated payments and getting some back.  I'm good

[avoiding injuries 1,519]

Dropped everything off to my accountant on Wednesday. I sold a property bc of the market boom and took some realized gains in my portfolio, so I’m expecting to owe. How much is what I’m worried about. 

[Cdub100 3,850]

I'm paying for the first time ever. The government still hasn't figured out how they want to tax crypto so they are treating everything as income.

Currently there is a lawsuit and the IRS attempted to refund the money but the couple refused and are instead looking for regulation guidance.

[edjr 6,578]

Already filed and already received my $200

[Bill E. 703]

The accountant has the business stuff.  They deduct monthly payments so I am usually good.  Sales were up and expenses were down during covid so  I paid a good bit last year.  Then they found an error late last year so I should have received about half of what I paid in April back.  They just added to this years payments so I am guessing I will get some back or owe just a little. 

[Cdub100 3,850]

Why are wage grade people spending hundreds of dollars on accountants doing their taxes? It's the easiest thing

[IGotWorms 4,057]

2 minutes ago, Cdub100 said:

Why are wage grade people spending hundreds of dollars on accountants doing their taxes? It's the easiest thing

Maybe they have their own business, or rental properties, or other issues that make it beneficial to have someone at least double check. Or it’s just a pain in the ass they don’t want (this is me, although it’s usually just as much if not more of a PITA to find an accountant who’s willing to do it).

[Cdub100 3,850]

1 minute ago, IGotWorms said:

Maybe they have their own business, or rental properties, or other issues that make it beneficial to have someone at least double check. Or it’s just a pain in the ass they don’t want (this is me, although it’s usually just as much if not more of a PITA to find an accountant who’s willing to do it).

I get that. I'm talking about people who have a W4 job and basic investments like a 401k. My neighbor and friend who don't have any of the listed above are paying $150-200 to get their taxes done.

[IGotWorms 4,057]

1 minute ago, Cdub100 said:

I get that. I'm talking about people who have a W4 job and basic investments like a 401k. My neighbor and friend who don't have any of the listed above are paying $150-200 to get their taxes done.

I think a lot of people also don’t understand that these days your typical person is very unlikely to itemize deductions.

Also a lot of people want to think they’re wealthy and successful and don’t want to comprehend that they’re really just spinning their wheels. A divorce attorney I know is always telling me that. He constantly has people coming in ranting about how their ex isn’t getting half and so forth, and it’s like…um when you add up your debts and your assets you don’t actually have sh1t  

[Bill E. 703]

2 hours ago, IGotWorms said:

I think a lot of people also don’t understand that these days your typical person is very unlikely to itemize deductions.

Agree if you have no debt it is hard to have enough deductions to need to itemize

Quote

. A divorce attorney I know is always telling me that. He constantly has people coming in ranting about how their ex isn’t getting half and so forth, and it’s like…um when you add up your debts and your assets you don’t actually have sh1t  

A friend of mine is one too and said guys (usually who got caught cheating) walk in and say to him that their wife wants everything in the divorce.  He says without looking at anything he wants to say "give it all to her" because he can just tell by talking to them for one minute that they are upside down in life.

[5-Points 3,405]

"Owe" the feds. Getting back from the state. 

I told y'all they'd want that covid money back. 

[IGotWorms 4,057]

1 hour ago, Bill E. said:

Agree if you have no debt it is hard to have enough deductions to need to itemize

A friend of mine is one too and said guys (usually who got caught cheating) walk in and say to him that their wife wants everything in the divorce.  He says without looking at anything he wants to say "give it all to her" because he can just tell by talking to them for one minute that they are upside down in life.

Sure, you can have it all… including the debts  

[MTSkiBum 1,620]

I can still answer no to this question. I better do something about that

[MDC 7,162]

Got back around $3000. Most of it will pay off city wage tax and we’ll net maybe a grand.  
 

Edit: This is all pretty typical for us.

[IGotWorms 4,057]

Got raped. Knew I would 

[Alias Detective 1,389]

On 3/12/2022 at 12:10 PM, Cdub100 said:

Why are wage grade people spending hundreds of dollars on accountants doing their taxes? It's the easiest thing

I make more than $250 an hour.

 

[Cdub100 3,850]

41 minutes ago, Alias Detective said:

I make more than $250 an hour.

 

That's great. If your income comes from a W2 you can do your taxes in 15 minutes. I'm talking about my neighbor who is a teacher and his wife manages a costume jewelry store. At most their investments come in the form of an IRA or 401k. 

[supermike80 1,816]

41 minutes ago, Cdub100 said:

That's great. If your income comes from a W2 you can do your taxes in 15 minutes. I'm talking about my neighbor who is a teacher and his wife manages a costume jewelry store. At most their investments come in the form of an IRA or 401k. 

Pretty much us.   Majority of our savings are in retirement funds which are a non item with taxes currently.   Some decent savings, but with savings rates so low, we could actually file and forget to include the income statement from our interest earnings and the IRS wouldn't give a hoot.

Since the standard deduction covers us and them some and no we longer need to itemize deductions(which I always did myself anyway) I have been using Credit Karma's tax file service.  We file fed and state, e-file the returns, and pay $0.   Easy as pie.

Got the same refund we pretty much get every year....I know the argument that we are lending the government $$ for free by not balancing better, but it is kind of a forced savings and as I mentioned, with the cost of money nearly 0, it doesn't matter anyway.

 

ETA:  An additional bonus.  When it was decided that unemployment would not be federally taxed..we had already filed and received our refund.   Credit Karma re did our return, refiled it, kept a record of our returns both before and after the change.

I had to manually send in a state amended return though, but it was nice that CK did all the leg work on the federal for me and I didn't have to do anything but validate their amendment.

[Utilit99 4,099]

16 minutes ago, supermike80 said:

Pretty much us.   Majority of our savings are in retirement funds which are a non item with taxes currently.   Some decent savings, but with savings rates so low, we could actually file and forget to include the income statement from our interest earnings and the IRS wouldn't give a hoot.

Since the standard deduction covers us and them some and no we longer need to itemize deductions(which I always did myself anyway) I have been using Credit Karma's tax file service.  We file fed and state, e-file the returns, and pay $0.   Easy as pie.

Got the same refund we pretty much get every year....I know the argument that we are lending the government $$ for free by not balancing better, but it is kind of a forced savings and as I mentioned, with the cost of money nearly 0, it doesn't matter anyway.

Yep. 

[easilyscan 870]

 I !@#$ed up. My 1st mistake was starting the return at 11 PM 

I got to the point where the H&R Block software asked about stimulus payments. 

"did you receive a 3rd stimulus check in 2021 ?

Screwed up & took that to mean I should've got a 3rd check in 2021, instead of the 3 total between 2020 & 2021, so I clicked NO.

Didn't realize the mistake until 'after' the e-file was accepted.

Got a letter from the IRS a couple weeks later in which they pointed out my mistake & adjusted my return accordingly.

Got a small refund check a couple days ago. 

I've heard that the IRS is in such disarray right now, that people who made small mistakes on their 2020 returns, are still waiting to hear back from them.

Guess I just got lucky 

 

 

[Utilit99 4,099]

18 minutes ago, easilyscan said:

 I !@#$ed up. My 1st mistake was starting the return at 11 PM 

I got to the point where the H&R Block software asked about stimulus payments. 

"did you receive a 3rd stimulus check in 2021 ?

Screwed up & took that to mean I should've got a 3rd check in 2021, instead of the 3 total between 2020 & 2021, so I clicked NO.

Didn't realize the mistake until 'after' the e-file was accepted.

Got a letter from the IRS a couple weeks later in which they pointed out my mistake & adjusted my return accordingly.

Got a small refund check a couple days ago. 

I've heard that the IRS is in such disarray right now, that people who made small mistakes on their 2020 returns, are still waiting to hear back from them.

Guess I just got lucky 

 

 

You got stimulus payments? 

[easilyscan 870]

5 minutes ago, Utilit99 said:

You got stimulus payments? 

Yes sir

[IGotWorms 4,057]

2 hours ago, Alias Detective said:

I make more than $250 an hour.

 

No you don’t

[IGotWorms 4,057]

51 minutes ago, easilyscan said:

 I !@#$ed up. My 1st mistake was starting the return at 11 PM 

I got to the point where the H&R Block software asked about stimulus payments. 

"did you receive a 3rd stimulus check in 2021 ?

Screwed up & took that to mean I should've got a 3rd check in 2021, instead of the 3 total between 2020 & 2021, so I clicked NO.

Didn't realize the mistake until 'after' the e-file was accepted.

Got a letter from the IRS a couple weeks later in which they pointed out my mistake & adjusted my return accordingly.

Got a small refund check a couple days ago. 

I've heard that the IRS is in such disarray right now, that people who made small mistakes on their 2020 returns, are still waiting to hear back from them.

Guess I just got lucky 

 

 

They’re in such disarray that people committing out and out tax fraud are probably going unnoticed. They have to worry that someday the IRS gets its sh1t together and backdates enforcement, which could happen. But probably not today

[MLCKAA 547]

Owed $9,249.

[Bier Meister 1,658]

On 3/12/2022 at 1:04 PM, 5-Points said:

"Owe" the feds. Getting back from the state. 

 

Same

[Alias Detective 1,389]

1 hour ago, IGotWorms said:

No you don’t

It’s close bud.  I’m fortunate, I don’t need to grind anymore.  I work less than 20 hours a week.  It averages out to a handsome hourly wage.  

[DuckStupid 40]

Owe $2500 to fed, $1200 to state.