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

[MTSkiBum 1,626]

4 hours ago, IGotWorms said:

No you don’t

I bet he does, most professional's should in late career and he has talked about his boy driving a 4runner a few years ago. I am unsure how old he is, but that probably puts him ~55 ish. 

It does not sound unreasonable.

[Thornton Melon 653]

10 minutes ago, MTSkiBum said:

I bet he does, most professional's should in late career and he has talked about his boy driving a 4runner a few years ago. I am unsure how old he is, but that probably puts him ~55 ish. 

It does not sound unreasonable.

Most professionals late in their career should make $250 an hour? I guess I did it all wrong, then.

[MTSkiBum 1,626]

2 minutes ago, Thornton Melon said:

Most professionals late in their career should make $250 an hour? I guess I did it all wrong, then.

 

My apologies, I posted quickly, I meant "many", not most. It is not a number that is shocking.

 

Also I it depends on if you compare your salary verse someone that would work as a contractor. We pay our contractors a lot of dollars per hour, but they don't get vacation or benefits. 

 

[Utilit99 4,099]

3 hours ago, MTSkiBum said:

 

My apologies, I posted quickly, I meant "many", not most. It is not a number that is shocking.

 

Also I it depends on if you compare your salary verse someone that would work as a contractor. We pay our contractors a lot of dollars per hour, but they don't get vacation or benefits. 

 

Contractors get paid a shltload. I'm sure my company charges $170 an hour or more for my work on projects..

About double what they pay me. Although, I do get a crap load of good benefits.I'm not an actual independant contractor.

[vomit 502]

I get billed at $295/hr

[Thornton Melon 653]

57 minutes ago, vomit said:

I get billed at $295/hr

To post here? Nice! 

[MTSkiBum 1,626]

It is good Friday, taxes do not need to be filed until April 18 this year.

 

A couple more days of procrastination

[IGotWorms 4,063]

3 hours ago, vomit said:

I get billed at $295/hr

What you bill at versus what you actually make is quite a bit different, right? Can’t bill all hours, some maybe don’t pay, got your costs and kickbacks…

[vomit 502]

Just now, IGotWorms said:

What you bill at versus what you actually make is quite a bit different, right? Can’t bill all hours, some maybe don’t pay, got your costs and kickbacks…

correct.  In my current role by billable target is only about 15 hours per week.  I get paid salary regardless of what I bill, and my bonus is based on what my team bills.  I have gone independent before, and think about it often, but it's much harder.  I could probably get steady work for like $200/hr, but then you gotta pay your own taxes, buy your own insurance, find your own work, it's much harder.  Plus I like supporting others as opposed to just billing customers.

[Bill E. 703]

Finishing last minute things for the Accountant now.  Should do well.  After I paid last year the IRS caught an overpayment (Accountant focked up)  so that got added to this years payments.  Also spent just over $100k on a boat in an unexpected purchase and it can be expensed in one year for some reason. 

[vomit 502]

2 minutes ago, Bill E. said:

 Also spent just over $100k on a boat in an unexpected purchase and it can be expensed in one year for some reason. 

Sounds like an illegal reason

[Gladiators 2,035]

4 minutes ago, Bill E. said:

Finishing last minute things for the Accountant now.  Should do well.  After I paid last year the IRS caught an overpayment (Accountant focked up)  so that got added to this years payments.  Also spent just over $100k on a boat in an unexpected purchase and it can be expensed in one year for some reason. 

Section 179 deduction IIRC.

[MTSkiBum 1,626]

18 minutes ago, Bill E. said:

Finishing last minute things for the Accountant now.  Should do well.  After I paid last year the IRS caught an overpayment (Accountant focked up)  so that got added to this years payments.  Also spent just over $100k on a boat in an unexpected purchase and it can be expensed in one year for some reason. 

What did you get?

 

And I know, trust me I know, I have been busy the last month, but I will have time shortly.

 

[Bill E. 703]

6 hours ago, vomit said:

Sounds like an illegal reason

The IRS does not like "I am writing it off for some reason."?

[Bill E. 703]

6 hours ago, Gladiators said:

Section 179 deduction IIRC.

Yea that's it. 

[Bill E. 703]

6 hours ago, MTSkiBum said:

What did you get?

 

And I know, trust me I know, I have been busy the last month, but I will have time shortly.

 

Yea I was going to message you. 

This exact boat Parker 2520 XLD.  Same year but with twin Yamaha 200's . https://www.boattrader.com/boat/2017-parker-2520-xld-sport-cabin-7991679/  I got a deal because mine was $115K with 300 hour 200s .  This one is $15k more for 150s and 800 hours. 

I have a 2005 Parker 2520 XL (Modified V one engine) and I love it.  I just re-powered it with a 2022 Suzuki 250.  I had a 300 hp on order for a year and a 250 came available so I got it.  I really love these Parkers. 

So my boat expenses have been wiping me out over the last year. 

 

[MTSkiBum 1,626]

Just now, Bill E. said:

This exact boat Parker 2520 XLD.  Same year but with twin Yamaha 200's . https://www.boattrader.com/boat/2017-parker-2520-xld-sport-cabin-7991679/

I have a 2005 Parker 2520 XL (Modified V one engine) and I love it.  I just re-powered it with a 2022 Suzuki 250.  I had a 300 hp on order for a year and a 250 came available so I got it.  I really love these Parkers. 

Nice boat, I know those are extremely popular further north from you. 

Do you run 2 boats or will you mostly use your newer one.

I had e-tec 225's, so I kind of understand, but why did you both repower your older boat and get a new one?

[Bill E. 703]

10 minutes ago, MTSkiBum said:

Nice boat, I know those are extremely popular further north from you. 

Do you run 2 boats or will you mostly use your newer one.

I had e-tec 225's, so I kind of understand, but why did you both repower your older boat and get a new one?

I always say if you want a boat in the water you need two boats.  I run out of two marinas so I like to have two boats ready to go.  I also have a 2018 Key West 19 foot skiff for a backup if one of the Parkers is out of service. 

So the 2005 was good but the engine was starting to get old.  Last March I was sure it would not go another year so I ordered a new engine due in June.   No sign of a new engine last summer and they said it could be another year and nobody had any.  My gas tank started to leak in the summer on the 2005 so I knew that needed replacing.  I decided to get another boat because the skiff is useless in the winter.  Too cold.  it seemed stupid to get a cheaper boat because I like the Parker 2520s so much.  So I found this boat in October and jumped on it.  I got the gas tank fixed in the 2005. 

Then last month the engine came available so I got it.  Glad I did because the new one is currently in the shop.  One of the engines just quit after just 300 hours.  They are looking at it now.  Afraid it is major but it is in warranty. 

[Bill E. 703]

11 minutes ago, MTSkiBum said:

Nice boat, I know those are extremely popular further north from you. 

Do you run 2 boats or will you mostly use your newer one.

I had e-tec 225's, so I kind of understand, but why did you both repower your older boat and get a new one?

How are the e-tecs holding up?  I had one years ago and a lot of trouble with it.  All the injectors needed replacing one by one.  then the computer went bad.  It would read hot all the time.  Then all the sudden it ran great for like 5 years.  I got rid of that boat (25 Robolo)  because of the hull not the engine. 

[Cdub100 3,996]

6 hours ago, MTSkiBum said:

It is good Friday, taxes do not need to be filed until April 18 this year.

 

A couple more days of procrastination

I finally sent mine in. 

[huskyhater75 242]

On 3/11/2022 at 9:49 AM, Kopy said:

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)

 

Gopt 46K back last year, don't know about this year yet, haven't sat down to figure it out. Good luck!

[Hardcore troubadour 16,039]

6 minutes ago, huskyhater75 said:

Gopt 46K back last year, don't know about this year yet, haven't sat down to figure it out. Good luck!

A guy who does his own taxes gets back 46k.  Uh huh. 

[MTSkiBum 1,626]

1 hour ago, Bill E. said:

How are the e-tecs holding up?  I had one years ago and a lot of trouble with it.  All the injectors needed replacing one by one.  then the computer went bad.  It would read hot all the time.  Then all the sudden it ran great for like 5 years.  I got rid of that boat (25 Robolo)  because of the hull not the engine. 

I sold the boat, but I am getting a 19 foot sea fox bay boat next weekend.

It is a really small, crappy, underpowered boat but the price is right.

 

Are you able to run ac in your cabin? Do you have a genset on the boat?

 

I am curious how you do not burn to death in the cabin during the summer.

[Horseman 2,707]

Owe 30K. Good problem to have I guess.  

[shorepatrol 1,871]

Owed fed, state return didn't make up for the fed. 

[naomi 361]

On 3/11/2022 at 9:56 AM, posty said:

I owed this year, first time ever...

Likewise with federal. But CA refund was surprisingly big. 

[KSB2424 3,174]

On 4/15/2022 at 10:13 AM, MTSkiBum said:

It is good Friday, taxes do not need to be filed until April 18 this year.

 

A couple more days of procrastination

I just did mine today.  I thought I was going to pay this year but getting a couple thousand from Federal and owe a couple hundred to State.  I'll take it, I try to set up all my taxes taken out during the year to hopefully get close to zero when I file.  I don't want to pay a big number in April and I think its crazy to let the gov't hold your money interest free as well.   

Unlike most Geeks I don't own multiple homes, have my own business etc.  I've been in Finance  / Accounting my whole career so feel comfortable doing them myself using TaxSlayer online.  They make it really easy for you and walk you through every scenario; You just plug in all your W2's, 1099's etc and then you can itemize all your deductions and it compares against the standard deduction and chooses the best option.  It files for you and you set up either a direct deposit or direct bank pay if you owe.  Unbelievably easy.  

Now if I owned my own business, had multiple rental homes, was an independent contractor or what have you I'd probably pay a professional.  

[Alias Detective 1,474]

Overpaid estimates and still owe federal.  That’s with maxing out my SEP.

[KSB2424 3,174]

The more interesting question is what is your tax percentage.  Basically divide how much the government says you owe in total for federal divided by all your taxable income.   Mine was  right at 15% Federal.  

 

[jerryskids 7,195]

On 4/15/2022 at 3:35 PM, MTSkiBum said:

I sold the boat, but I am getting a 19 foot sea fox bay boat next weekend.

It is a really small, crappy, underpowered boat but the price is right.

 

Are you able to run ac in your cabin? Do you have a genset on the boat?

 

I am curious how you do not burn to death in the cabin during the summer.

You have a boat addiction.  You might want to find a cheaper one, like heroin and fentanyl.   

On 4/15/2022 at 3:00 PM, Hardcore troubadour said:

A guy who does his own taxes gets back 46k.  Uh huh. 

And waits until the last minute to do it.  Brilliant$#@!   

1 hour ago, KSB2424 said:

I just did mine today.  I thought I was going to pay this year but getting a couple thousand from Federal and owe a couple hundred to State.  I'll take it, I try to set up all my taxes taken out during the year to hopefully get close to zero when I file.  I don't want to pay a big number in April and I think its crazy to let the gov't hold your money interest free as well.   

Unlike most Geeks I don't own multiple homes, have my own business etc.  I've been in Finance  / Accounting my whole career so feel comfortable doing them myself using TaxSlayer online.  They make it really easy for you and walk you through every scenario; You just plug in all your W2's, 1099's etc and then you can itemize all your deductions and it compares against the standard deduction and chooses the best option.  It files for you and you set up either a direct deposit or direct bank pay if you owe.  Unbelievably easy.  

Now if I owned my own business, had multiple rental homes, was an independent contractor or what have you I'd probably pay a professional.  

My wife does ours; we are in a similar boat.  Couple thousand back feds, about even state.  She used TaxSlayer for our daughters for the first time this year and really liked it.  Apparently TurboTax makes you answer a bunch of questions that you might not need, whereas TaxSlayer let you get right to the forms you need.  Also they are part of the free e-filing where TurboTax isn't.

[KSB2424 3,174]

I find how the government does taxes fascinating.   Every company or business has people looking for process improvements, efficiencies, root cause problems making things less red tape and more reasonable.  The federal government?  Nah, lets layer in all sorts of B.S. to try and either drive behavior or award / degrade certain things.  To subjective. 

Taxes could be so much easier, even a progressive tax system.   All these credits and deductions are the things people take advantage of and game the system.   Just make a progressive tax code by like 50k increments.  You make X, you owe Y.  Boom.  Done.  

Save in all the admin costs, cut down on corruption and fraud, probably could lower rates and collect more money (efficient).  Makes to much sense to happen.

[Gepetto 1,469]

I got a big refund back the first week of February, more than last year.

[MTSkiBum 1,626]

2 hours ago, jerryskids said:

You have a boat addiction.  You might want to find a cheaper one, like heroin and fentanyl.   

 

 

I do like boats, but this one i am splitting with a friend. He is an engineering manager and from the island of Trinidad and grew up around boats. However, he is in the same situation as me and really can only use a boat 5-10 times a year. At that usage it does not make sense to own a boat outright.

It is an older/cheaper boat with a small engine. Typically small boat engines last longer than larger ones and are significantly cheaper to maintain. The boat is slow though, it will top out around 28 knots with a family on board, which is much slower than my previous boats. My last boat would hit ~60 knots and maybe more if i propped it right.

I will be able to take my family ~4 times a year on very short trips. We can fish for an hour then go pull up to a restaurant on the dock, eat and then fish for another hour. A few short trips a year with my kids is what I really want to do right now.

Although, I will also fish with my dad/friends a few times a year as well. Probably not too much though to be honest.

[Hardcore troubadour 16,039]

How come everyone is from Trinidad but never Tobago? 

[Utilit99 4,099]

2 minutes ago, Hardcore troubadour said:

How come everyone is from Trinidad but never Tobago? 

I'm from Kokomo.

 

[MTSkiBum 1,626]

2 minutes ago, Hardcore troubadour said:

How come everyone is from Trinidad but never Tobago? 

The country is "Trinidad and Tobago", and it is 2 islands,  but Trinidad has 1.1 million and Tabago has ~200k i think.

[Hardcore troubadour 16,039]

11 minutes ago, MTSkiBum said:

The country is "Trinidad and Tobago", and it is 2 islands,  but Trinidad has 1.1 million and Tabago has ~200k i think.

I know it’s one country,  but no one says they are form the United Kingdom. They say England, Scotland, Ireland, Wales. I’m sure the tobagans have a chip on their shoulders about Trinidad getting all the play. Just sayin. 

[Alias Detective 1,474]

11 hours ago, KSB2424 said:

The more interesting question is what is your tax percentage.  Basically divide how much the government says you owe in total for federal divided by all your taxable income.   Mine was  right at 15% Federal.  

 

20% federal

[Gladiators 2,035]

11 hours ago, KSB2424 said:

The more interesting question is what is your tax percentage.  Basically divide how much the government says you owe in total for federal divided by all your taxable income.   Mine was  right at 15% Federal.  

 

31.9% here

[Alias Detective 1,474]

33 minutes ago, Gladiators said:

31.9% here

You need more tax deductions.   Finance a second home….